Financial Results – Page 8
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ArticlePrimark’s Q3 sales up 13%
In the 12 weeks to May 27, corresponding to its third fiscal quarter, Primark’s sales rose by 13 percent at constant currency rates to £1,998 million (€2,327m), with like-for-like sales up by 7 percent, thanks to higher average selling prices. In the first nine months of the fiscal year, revenues ...
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ArticleEcco’s 2022 sales rise by 30% to €1,586m but earnings remain below pre-Covid levels
In 2022, Ecco’s revenues rose by 30 percent to €1,586 million from €1,218 million a year earlier and exceeded a pre-Covid-19 turnover of €1,360 million posted in 2019. Comparable sales were up by 18 percent. In January 2022, the Danish footwear and leather group acquired a controlling interest in Ecco ...
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ArticleAsos returns to profitability and Frasers Group lifts its stake
Asos, the struggling British online fashion retailer, returned to profitability in the third quarter and said its turnaround strategy was starting to bear fruit, prompting Frasers Group to lift its stake in the company to 10.6 percent. Adjusted Ebit rose more than £20 million (€23.3m) in the three months to ...
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ArticleDesigner Brands to resume selling Nike in Q4
Designer Brands unexpectedly announced that it will resume selling Nike shoes from the fourth quarter of this year, as the U.S. sportwear brand reverses its policy of dropping wholesale clients to focus on direct-to-consumer channels. Earlier, on June 1, Macy’s announced that it would be selling Nike apparel from October, ...
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ArticleInditex’s Q1 sales rise 13%
Inditex, the Spanish group that owns the brands Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius and Oysho, said that in the first quarter ended April 30 sales reached €7.6 billion, up by 13 percent year-over-year on a reported basis and grew 15 percent in constant currencies. Gross profit rose by 14 ...
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ArticleDr. Martens warns of declining margins in the current fiscal year
Shares in Dr. Martens nosedived as the British bootmaker warned that operating margins for the full year ending in March 2024 could be lower than in the previous 12 months because of extra costs stemming from blunders at its Los Angeles distribution center. Current full-year Ebitda margins are expected to ...
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ArticleCaleres launches a cost-savings program as business softens
Caleres is the latest of string of footwear companies announcing weaker-than-expected sales because of a “challenging” U.S. retailing environment. To maintain its adjusted earnings guidance for the full year, the group launched a cost-saving program. In the first quarter ended April 29, net sales were down by 9.8 percent year-over-year ...
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ArticleJimmy Choo posts record sales and is set to continue growing
In the full year end April 1, Jimmy Choo posted record revenues of $633 million, up by a reported 3.3 percent year-over-year and by 11.4 percent at constant currency rates, while its operating margin widened to 6.0 percent from 2.1 percent. The footwear brand is expected to increase sales in ...
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Hoka sales seen rising 20% in FY24, continuing to underpin Deckers growth
Deckers Brands expects Hoka will continue to lead sales growth in the current financial year, forecasting the brand will see a 20 percent increase in its top line after a 58.5 percent jump in the financial year that ended March 31. The majority of Hoka’s growth is expected to come ...
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ArticleGenesco slashes its FY earnings guidance on “dramatic” change in consumer sentiment
Genesco will seek more “newness” across its brands and products and accelerate store closures as it reported a loss in the first quarter ending April 29 and slashed its earnings guidance for the full year. The Nashville, Tennessee, based specialty footwear retailer cited a “dramatic change in consumer sentiment” as ...
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ArticleVF Corp. has a “realistic” turnaround strategy in place
VF Corp., which has begun a rigorous six- to 12-month process to find a new CEO, says it has a plan in place that will improve its sales and profitability fortunes over the next 12 months. It centers on continued growth for its The North Face (TNF), EMEA, and direct-to-consumer ...
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ArticleAlibaba misses revenue forecast but steps up investments
Alibaba reported that its revenues had missed the forecasts for its fourth quarter. The company is struggling to attract new users as the Chinese e-commerce market matures and new competitors chip away at market share. However, the Chinese e-commerce group released an update on its restructuring and plans to step ...
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ArticleUnbound puts itself up for sale as funding crisis continues
Unbound, the owner of Hotter Shoes, is putting itself up for sale as the beleaguered British retailer started another restructuring of its operations amid an ongoing funding crisis. The firm said that it was facing constraints after failing to secure fresh cash in light of weaker-than-expected first-quarter trading. It expects ...
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ArticleFarfetch resumes growth in Q1 and confirms its full-year guidance
Farfetch resumed growth and narrowed its adjusted losses in the first quarter of 2023. It confirmed its full-year guidance of about 20 percent in gross merchandise value (GMV) and a positive Ebitda margin. Quarterly GMV totaled $931.7 million, up by a reported 0.1 percent year-over-year and by 4 percent at ...
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ArticleU.S. footwear stocks tumble after Foot Locker’s profit warning
Shares in U.S. footwear companies nosedived after Foot Locker issued a profit-warning due to the softening of market conditions and the need to increase markdowns to reduce inventories. Mary Dillon, Foot Locker’s president and chief executive officer, said that since the launch of the company’s Lace Up Strategy at its ...
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ArticleBoot Barn reports lower-than-expected Q4 revenues, expects weak sales in Q1
Boot Barn posted lower-than-expected revenues in the fourth quarter that ended on April 1 and anticipates weak sales in the first quarter of its new fiscal year, sending shares sliding as much as 13 percent on the news. The American Western-style footwear and apparel retailer reported net sales of ...
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ArticleShoe Zone's half-year sales surge, but profit halved
Shoe Zone reported a strong rise in half-year sales as consumers sought value for money during the cost-of-living crisis hitting the U.K., but inflation and labor costs meant profits for the period were halved. Sales for the 26 weeks to April 1 grew by 8 percent to £75.4 million (€86.6m) ...
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ArticleCoats’ sales are hit by destocking
In the first four months of 2023, Coats suffered a 20 percent year-over-year decline in revenues, organically and at constant currency rates, largely due to continued widespread industry destocking affecting its Apparel and Footwear divisions. On a reported basis, group revenues were down by 12 percent. Organic revenues were down ...
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ArticleBoohoo swings to FY loss but forecasts return to profit this year
For the fiscal year end on Feb. 28, Boohoo reported annual pre-tax losses of £90.7 million (€104.2m) and a sharp fall in sales but predicted a return to underlying profit in the current fiscal year and produced a surprise positive cash flow which pleased investors on the London Stock Exchange ...
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ArticleSteve Madden’s Q1 sales decline despite growth outside the U.S.
In the first quarter of 2023, Steve Madden suffered a 17.1 percent year-over-year decrease in revenues to $463.8 million due to declines in both its wholesale and direct-to-consumer (DTC) businesses. International revenues were a bright spot for the company, increasing by 13 percent in the quarter and accounting for over ...
