Latest Headlines – Page 42
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ArticlePrimark expected to grow sales and earnings in 2024
Primark, the fast-fashion retailer owned by Associated British Foods (ABF), posted sales of £9.0 billion (€10.4bn) in the full year ended Sept. 16, up by 17 percent at actual exchange rates and 15 percent at constant currency rates. Like-for-like sales growth was 8.5 percent for the year. ”Trading was much ...
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ArticleBoot Barn cuts guidance as sales continue to soften through October
Boot Barn cut its guidance for the full year after its sales performance progressively worsened during the second quarter ended on Sept. 30 and continued to soften at the start of its third quarter, amid signs of slowing consumer demand. Boot Barn now expects to post full-year sales of $1,677 ...
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ArticleCrocs taking steps to reset Heydude business
There will be some immediate pain, largely negative wholesale growth in the fourth quarter, as Crocs takes additional steps to shore up the fortunes of its Heydude business. Those efforts are focused on distribution clean-up, greater segmentation by distribution channel coupled with stronger control of digital pricing, and the establishment ...
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ArticleRocky Brands margins, profits rise in Q3 despite 15% sales decline
Rocky Brands posted higher profits and margins in the third quarter of 2023, benefiting from lower freight costs, improved distribution center efficiencies and an increased share of higher-margin retail sales. Profitability gains came despite a decline in the top line, which decreased by 14.8 percent to $125.6 million in the ...
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ArticleZalando cuts its full-year guidance for GMV, revenues
After third-quarter revenues were affected by a “macroeconomic environment of low consumer sentiment and declining online sales”, Zalando cut its full-year gross merchandise volume (GMV) and revenues expectations due to continued pressure on demand for the rest of the year. “The quarter was also adversely impacted by the warmest September ...
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ArticlePrada’s footwear sales slow down sharply in Q3
In the first nine months of 2023, footwear sales for Prada Group in the retail channel rose by 16 percent year-over-year at constant currency rates to €556 million. Shoes represented 19 percent of the group’s retail sales. In the sole third quarter, footwear sales grew by 10 percent, half the ...
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ArticleNext hikes its FY guidance again
Next reported in the third quarter ended Oct. 28 full-price sales up by 4.0 percent on last year, £23 million (€26.5m) ahead of the British fashion retailer’s guidance which was for a 2.0 percent increase. Full-price sales achieved online were up by 6.5 percent year-over-year in the quarter, and by ...
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ArticleVF drops guidance, launches turnaround plan
Admitting its U.S. business “isn’t working well” and its cost structure is too high, VF Corp. reported its second-quarter results with a comprehensive plan to turn around its flagging businesses under CEO Bracken Darrell, who joined the group in late July. Key elements of the strategy focus on fixing its ...
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ArticleHow Serafini is relaunching itself after exiting creditor protection
After seeing €3 million of credits “go up in smoke” for having sold its footwear to financially weak resellers, the Tuscan footwear company Serafini entered a debt restructuring program agreement known in Italy as “concordato preventivo di continuità”, from which it exited early 2022. Serafini was a very successful sneaker ...
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ArticleDeckers raises full-year guidance again, plans to divest Sanuk
Bolstered by sales contribution from its Ugg brand and continued momentum in its Hoka business, Deckers Brands generated a 76 percent increase in second-quarter operating income to $224.6 million on nearly 25 percent total net sales growth to $1.09 billion for the three months ended Sept. 30. Net income was ...
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ArticleGerman industry association fears new wave of insolvencies due to Covid aid repayments
Germany’s textile, shoes and leather goods trade association BTE warned of a new wave of insolvencies and closures, as fashion and footwear retailers continue to struggle with the fallout from the coronavirus pandemic while possible repayments of pandemic state aid loom, adding to the already challenging conditions. According to ...
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ArticleAldo in licensing agreement with ABG’s Roxy brand
Aldo Group has entered into another licensing agreement with Authentic Brands Broup (ABG), Jonathan Frankel, the president of Aldo Product Services told Footwear News. The new agreement involves the design, production and distribution of footwear for ABG’s newly acquired Roxy brand. The first collection of Roxy footwear for women’s ...
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ArticleSkechers raises full-year earnings guidance as DTC continues to bolster Q3 sales gains
Skechers once again raised its earnings guidance for the full year after reporting better-than-expected results in the third quarter and despite continued uncertainty about the macroeconomic environment and consumer spending. Sales in the three months ended Sept. 30 reached a record $2,025.0 million, up by 7.8 percent compared to the ...
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ArticleHermès could consider investments in Italian shoe, fashion suppliers
Hermès could invest in some of its Italian footwear and fashion suppliers to further integrate its supply chain, said Eric du Halgouët, the company’s executive vice president of finance. “We could consider vertical integration with investments to consolidate partnerships with some suppliers that share our standards,” he said during a ...
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ArticleStella benefits from demand for premium categories
Stella International Holdings, the Hong-Kong based footwear manufacturer and retailer, said that in the third quarter of 2023 it posted a decline in manufacturing revenues to $377.1 million from $453.6 million a year earlier as footwear shipment dropped to 12.2 million pairs from 15.0 million. Shipments were affected by a ...
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ArticleFerragamo misses sales expecations in Q3
In the third quarter of 2023, Salvatore Ferragamo’s sales fell by 16 percent to €244 million euros, about €5 million below the market consensus. Citi noted that the deterioration in third-quarter sales was expected, but stressed that the brand seems to have suffered more than its peers from macroeconomic headwinds. ...
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ArticleArnault family’s control over LVMH now secured for decades
On Oct. 23, 2023, Jean Arnault, the son of Bernard Arnault, turned 25 ensuring that the control of the LVMH group remains in the hands of the Arnault family for the coming decades, reported the Italian daily, Il Sole 24 Ore. In Dec. 22, 2008, Bernard Arnault, the chairman and ...
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ArticleNice Footwear FY sales up 43.1%
In the full year ended on April 30, 2023, Nice Footwear posted sales of €46.9 million, up by 43.1 percent from a year earlier, while net profits surged by 122.7 percent to €2.8 million, beating the company’s own expectations. The Ebitda of the Italian footwear company rose by 75.0 percent ...
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ArticleVF shareholder pushes for turnaround plan
In a presentation, California-based activist investor Engaged Capital outlined that the parent company of Vans, The North Face (TNF), Timberland, Supreme and others is suffering from bloated overhead that is driving down shareholder value and called for a more detailed turnaround plan for VF Corp. It said that the overhead ...
