Articles by Huw Hughes
Scotch & Soda files for bankruptcy for Dutch operations amid 'severe cash flow issues'
20 Mar 2023 - Business
Fashion retailer Scotch & Soda has filed for bankruptcy for its Dutch operations following “a chain of events that accelerated severe cash flow issues”. The company said in a LinkedIn post that the pandemic combined with high inflation forced it to declare bankruptcy in the Netherlands despite reporting record sales of 342.5 million euros in...
Foot Locker reports drop in Q4 profit, but beats expectations
20 Mar 2023 - Business
Sportswear retailer Foot Locker has reported a drop in profit in the fourth quarter as its sales fell slightly, but its overall results were ahead of expectations. The New York-based company made a net profit of 19 million dollars in the quarter ended January 28, down from a profit of 103 million dollars a year earlier. That came as the...
Beauty giant Revlon swings to Q4 loss
17 Mar 2023 - Business
US beauty giant Revlon swung to a loss in the fourth quarter of the year as its revenue fell 4.1 percent. In the quarter ended December 31, the company made a net loss of 178.5 million dollars compared to a profit of 9.9 million dollars in the prior-year period, which it said was primarily due to 172.7 million dollars in charges linked to its...
G-III revenue up 14 percent in Q4, but swings to loss
16 Mar 2023 - Business
G-III Apparel Group swung to a loss in the fourth quarter ended January 31 despite revenue increasing 14.2 percent year-on-year. The Nasdaq-listed company, whose portfolio includes brands Karl Lagerfeld, DKNY, and Donna Karan, made a net loss of 261.1 million dollars compared to a profit of 48.4 million dollars a year earlier. That came as...
German department store Galeria to streamline estate, 52 branches to close
16 Mar 2023 - Business
German department store chain Galeria Karstadt Kaufhof has announced plans to close 52 of its 129 branches as it looks to streamline its estate to “secure” its future. The branches will be closed in two waves - on June 30 of this year and January 31 next year - with a total of around 4,000 employees affected, and a further 300 jobs lost at...
Spring Budget a ‘missed opportunity’ for businesses, say retail bodies
15 Mar 2023 - Retail
British retail bodies say the government has missed a key opportunity to offer more support for businesses with its Spring Budget, as there were no changes to VAT-free shopping, Sunday shopping hours, or business rates. UK chancellor Jeremy Hunt revealed his Budget in the House of Commons on Wednesday, which included various measures to support...
John Lewis Partnership taps new CEO amid ongoing transformation
15 Mar 2023 - Business
John Lewis Partnership, which comprises department store chain John Lewis and supermarket chain Waitrose, has announced Nish Kankiwala as its new chief executive officer, effective March 27. Kankiwala joined the partnership’s board in 2021 and has over 40 years of experience at retail and consumer brands including PepsiCo, Unilever, and Burger...
Guess Q4 profits widen as Europe shines, but stock falls on earnings outlook
15 Mar 2023 - Business
Guess has reported an increase in earnings and revenue in the fourth quarter as its Europe market performed strongly, but its shares fell due to a lower-than-expected profit outlook. The US fashion retailer made GAAP net earnings of 95.8 million dollars in the quarter ended January 28, up from 68.4 million dollars a year earlier. That came as...
Fred Perry sees increase in 2021 profit, revenue amid Covid recovery
14 Mar 2023 - Business
British fashion label Fred Perry saw its revenue increase 10.4 percent in 2021 despite a “very mixed” year “dominated” by the Covid-19 pandemic. Revenue for the year came in at 112.4 million pounds, up from the 101.8 million pounds it reported in 2020 when the company was hit hard by lockdowns, like many fashion businesses. It said store...
Caleres enjoys ‘record-setting’ year following bumper Q4 sales
14 Mar 2023 - Business
US footwear group Caleres has reported record sales in both its Q4 and full-year results. The company made net sales of 696.4 million dollars in the quarter ended January 28, up 2.5 percent from the 679.3 million dollars it made a year earlier. Breaking it down by segment, Famous Footwear segment sales increased 0.1 percent, while Brand...