Latest Headlines – Page 66
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ArticleAllbirds cuts costs and jobs as loss widens
Allbirds reported a net loss of nearly $29.4 million in the second quarter ended June 30 against a loss of $7.6 million a year earlier. The operating loss was $29.3 million versus a loss of $4.17 million. Total revenues increased by15 percent, or 18 percent currency-neutral, to $78.2 million from ...
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ArticleWeyco’s main brands rise sharply, Forsake’s relaunch scheduled next year
Weyco Group reported double-digit sales increases for its each of its four major footwear brands in the second quarter ended June 30, prompting total revenues to rise by 29 percent to $74.4 million from $57.6 million a year earlier. The group’s brands Florsheim and Stacy Adams saw their sales rise ...
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ArticleRocky Brands to hike prices in September to improve margins
Despite having increased prices at the beginning of 2022, Rocky Brands suffered a significant decline in second-quarter gross margin due to higher product and inbound freight costs coupled with higher logistics expenses. The company now plans another round of price increases in September. ”We raised our prices at the start ...
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ArticleCrocs lowers its full-year outlook
Crocs lowered its annual revenue guidance and reported a significant decline in its second-quarer operating margin,. The company is now forecasting 14 to 17 percent constant currency revenue growth for its Crocs brand (10 to 13 percent on a reported basis) for the fiscal year to a range of ...
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ArticleAlibaba’s e-commerce sales decline
In Alibaba’s first quarter ended on June 30 revenues fell very slightly to RMB 205.555 billion ($30.689bn) from RMB 205.740 billion a year earlier due to a 1 percent decline in revenues in the China commerce segment to RMB 141.935 billion ($21.190bn), offset by revenue growth of the cloud segment ...
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ArticleZalando sees return to growth in H2
Zalando expects to return to growth in the second half of the year after posting a 4 percent drop in second-quarter revenues to €2.6 billion and seeing its adjusted Ebit slump to €77.4 million from €184.1 million a year ago. In the second quarter, the number of active customers grew ...
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ArticleDella Valle wants to delist Tod’s
Tod’s’ main shareholder, Diego Della Valle, is offering €40 per share with the objective of delisting the Italian luxury goods company. The bid is being made by DeVa Finance, which is controlled by DI.VI. Finanziaria di Diego Della Valle & C,. and concerns 25.55 percent of Tod’s capital. The price ...
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ArticleJD Sports to sell Footasylum to Aurelius
On July 29, JD Sports Fashion exchanged contracts to sell Footasylum and its associated subsidiaries to the German private equity Aurelius Group for £37.5 million (€44.8m). JD Sports bought the chain of sports fashion stores in May 2019 but the acquisition was blocked last year by the British Competition and ...
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ArticleGlobal footwear production up 8.6% in 2021
In 2021, global footwear production increased by 8.6 percent, exceeding 22 billion pairs. Nonetheless, production is still 2 billion pairs below pre-pandemic level, according to the World Footwear 2022 Yearbook released by the Portuguese footwear association Apiccaps. The footwear industry continues to be strongly concentrated in Asia where almost ...
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ArticleGeox expects a double-digit growth rate in annual revenues
Following a strong second quarter and a good performance in physical shops, Geox confirmed its guideline for the full year. The Italian footwear company expects a double-digit growth rate in annual revenues to over €700 million. Geox reported €340.6 million of consolidated net sales for the first half of 2022 ...
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ArticleHow OpenMall plans to hold its first metaverse fashion show early 2023
OpenMall, an Italian startup specializing in social commerce, plans to hold its first virtual fashion show in the metaverse early 2023. Source: OpenMall Massimo Spica “We expect to finalize agreements with several brands by the end of the summer, and each brand will have its fashion show,” ...
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VF suffers quarterly loss, but EMEA is strongest region
VF Corp. reported a first-quarter loss, related mainly to a $92 million non-cash pension charge. Still, the EMEA region, The North Face and Timberland were the strongest performers for the company in the period ended June 30. In the face of expected currency headwinds, the company is maintaining its fiscal ...
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ArticleBoot Barn will benefit from door expansion, own brands
Boot Barn, the lifestyle Western and work-related retail chain, is targeting a 15.0 percent operating margin, annual operating income of $247 to $255 million, and 13 to 14 percent sales growth in the financial year ending in April 2023. With consolidated same store sales growth forecast to increase 2 percent ...
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Hoka hits new heights, aims for more
Deckers Brands is working to further enhance Hoka’s escalating sales trajectory and increase its brand awareness with a new “Fly Human, Fly” global marketing campaign, additional expansion outside the U.S. and a broader product reach that will tap into the trail, hike, walking, and lifestyle segments desired by key age ...
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ArticleSteve Madden confirms full-year guidance despite a drop in consumer demand
Steve Madden posted a strong second quarter, beating earnings and revenues expectations, and confirmed its full-year targets despite a slowdown in consumer demand. The company saw a 34.5 percent increase in revenues in the second quarter of 2022 to $535.0 million, up from $397.9 million a year earlier and better ...
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ArticleCaleres’ CEO to step down in January
Diane Sullivan, who has served as Caleres’ chief executive officer for more than a decade, will retire as CEO on Jan. 15, 2023, and will assume the role of executive chairman. At that time, Jay Schmidt will succeed her as chief executive officer. Schmidt was named president of the ...
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ArticleSkechers adopts cautious H2 outlook, plans further distribution center investments
Skechers – citing currency impacts, persistent supply chain woes, a slower pace of recovery in China, and an overall uncertain global economic environment – is taking a “cautious view” for the remainder of 2022 after reporting record quarterly revenues. Describing a volatile supply chain environment over the last 4 to ...
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ArticleHow the exodus out of Russia is creating opportunities for locals
Western footwear retailers that pulled out from the Russian market over the past few months in the wake of Russia’s invasion of Ukraine sold products worth 51.2 billion rubles (€911m) in the country in 2021, estimated Chestny Znak, a Russian regulator supervising the labelling of fashion products on the domestic ...
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ArticleUnbound raises funds for its growth
Hotter Shoes’ parent company, Unbound Group, raised a gross £3.3 million by selling 22,004,615 shares at a price of 15 pence each in a placement. In addition to the placing, certain of Unbound’s directors and senior managers subscribed for 1,221,281 shares, under a subscription scheme, at a similar price and ...
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ArticleManagement changes at Primark aim at boosting international expansion, digital sales
Associated British Foods (ABF), the parent company of Primark, has poached the finance chief of Marks & Spencer (M&S) and reinforced the management structure of its apparel retailing subsidiary. The two moves are expected to help Primark in its international expansion, especially in the U.S., and improve its online offering. ...
