H&M Profit Rises on Tariff Refunds as Sales Remain Sluggish
US tariff refunds drove an increase operating profit, even as the fast-fashion retailer has struggled to deliver consistent sales growth.
earnings
Retail
Foot Locker Slumps as Weak Demand, Heavy Discounts Drive Annual Forecast Cut
Shares of Foot Locker Inc plunged 25 percent premarket on Friday after the footwear retailer cut its annual sales and profit forecasts.
Retail
What Shein’s Lower Valuation Means for the Future of Fast Fashion
The fast fashion retailer reportedly raised funding this week at a lower valuation. But the e-commerce giant remains immensely popular — and may have some more tricks up its sleeves.
Retail
Farfetch Returns to Sales Growth
The online luxury retailer’s revenue rose 8 percent year on year in the first quarter of 2023, above analyst’s expectations.
Luxury
Canada Goose Caution on US Eclipses Upbeat Annual Sales Forecast
Canada Goose Holdings Inc on Thursday struck a cautious note on its business in the United States as luxury spending cooled in the market.
Technology
Alibaba Misses Revenue Estimate, Approves Cloud Unit Spinoff
China’s Alibaba Group Holding Ltd posted a 2 percent rise in quarterly revenue that missed expectations on Thursday and said it would list its cloud computing business in the next year.
Luxury
Burberry Americas Slowdown Sours China Rebound
Shares fell 6 percent after deteriorating sales in the Americas overshadowed a resurgence in Chinese demand. The British megabrand is in the midst of a transformation under CEO Jonathan Akeroyd and designer Daniel Lee.
Retail
JD Sports’ Profit to Top £1 Billion This Year
The group reported profit before tax and exceptional items for the year to Jan. 28 of £991.4 million.
Retail
Boohoo Profit Halves as Shoppers Face Squeeze
Boohoo said on Tuesday it made adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), its key profit measure, of £63.3 million ($79.9 million) in the year to Feb. 28, slightly ahead of analysts’ consensus forecast of £62.1 million but down from the £125.1 million made in 2021-22.
Beauty
THG Shares Fall After Failed Takeover Talks With Apollo
THG has ended talks about a possible takeover bid by Apollo, saying the private equity company’s offer is an inadequate valuation of the online retail tech company.
Sports
Adidas Will Sell Its Yeezy Inventory
At its annual meeting Thursday, the company confirmed plans to sell its remaining stock of Yeezy sneakers rather than destroy the merchandise. Adidas also told investors that an investigation into Ye’s workplace misconduct did not substantiate claims of harassment.
Luxury
Tapestry Lifts Forecast as Coach Bags Defy US Luxury Gloom
Tapestry Inc raised its annual profit forecast on Thursday, betting that price increases, strong demand for its Coach handbags and a sharp rebound in China would shield it from a wider slowdown in US luxury purchases.
Luxury
Prada’s Q1 Revenues Jump 22 Percent, Surpassing €1 Billion
Prada reported a strong rebound in Asia and shook off fears of a US slowdown.
The News in Brief
Arnault Clan to Change LVMH Holding Structure to Ensure Control
Under the plan, the world’s biggest luxury group will be controlled by one entity, Agache SCA, after Christian Dior SE, one of the current holding companies of LVMH, is delisted.
JD Sports Says Nike Turnaround Is Only a Matter of Time
Dominic Platt, chief financial officer of the British sportswear retailer, told Reuters, ‘Much as there's a lot of talk about Nike, it's still the most popular brand out there and it's still a very strong brand.’
Chanel Plans to Keep Investing in China Despite Demand Downturn
CEO Leena Nair pointed to the brand’s recent renovation of its Plaza 66 boutique in Shanghai, calling China ‘a market where the clients understand sophistication, refinement.’
Meta Expected to Unveil Smart Glasses Without Camera
Smart glasses have become a target of criticism in recent months amid growing concerns they can be used to record people without their consent.
Record Global Fibre Production Pushes Fashion’s Environmental Footprint Higher
Planet-warming emissions associated with the raw materials used to make fashion, footwear and home textiles have risen 30 percent since 2019, according to a new report.
Novo Nordisk Looks to Target Hair Loss in Consumer Push
The maker of Ozempic and Wegovy seeks to expand its direct-to-consumer pharmaceutical business as rival Eli Lilly outpaces in weight-loss drugs.
On Targets High-Teens Growth Through 2029
The Swiss brand revealed its plan to keep up its momentum with new products in sports such as golf and its Mbappé-supported entry into football ahead of its investor day Tuesday.