Articles by Prachi Singh
Tom Long to replace Blake Krueger as Wolverine Worldwide chairman
17 Mar 2023 - Business
Wolverine World Wide, Inc. has announced that its chairman and retired CEO, Blake Krueger, will be retiring from the board on May 4, 2023. Tom Long, the board’s lead independent director, has been appointed to serve as chairman upon Krueger’s retirement. “On behalf of the board of directors, I would like to thank Blake for his many years of...
Erik Gast to join Shoe Carnival as chief financial officer
17 Mar 2023 - Business
Shoe Carnival, Inc. has named Erik Gast as the company’s executive vice president, chief financial officer, effective April 24, 2023. Bringing over 30 years of finance experience with both private and public companies, Gast will join the company from Fleet Farm Group, LLC, where he has been the executive vice president & chief financial officer...
HanesBrands appoints Lorenzo Moretti as president of Champion Europe
16 Mar 2023 - Business
HanesBrands has named Lorenzo Moretti as president of Champion Europe. Moretti will join HanesBrands in July and will be based in Carpi, Italy. In this role, the company said, Moretti will drive growth in the Champion brand across Europe, with a focus on continuing to elevate the business by delivering innovative products and building brand...
Destination XL's Q4 comparable sales increase by 10.8 percent
16 Mar 2023 - Business
For the fourth quarter of fiscal 2022, total sales were 143.9 million dollars compared to 133.5 million dollars for the fourth quarter of fiscal 2021. Comparable sales for the quarter increased 10.8 percent, driven by a 13.2 percent comparable sales increase from stores and a 6.2 percent increase in the direct business. For fiscal 2022, total...
Cato Fashions cuts Q4 loss
16 Mar 2023 - Business
The Cato Corporation reported a net loss of 3 million dollars or 14 cents loss per diluted share for the fourth quarter compared to a net loss of 6.5 million dollars or 30 cents per diluted share for the same quarter last year. Sales for the fourth quarter were 177.5 million dollars, an increase of 2 percent, while same-store sales for the...
Lands' End reports loss, revenues decrease
16 Mar 2023 - Business
Lands’ End, Inc. reported fourth quarter net revenue decreased 4.6 percent to 529.6 million dollars, For the fiscal year, net revenue decreased 5 percent to 1.56 billion dollars. Global ecommerce net revenue decreased 10.1 percent to 1.1 billion dollars for the fiscal year. Commenting on the fourth quarter and full year trading, Andrew McLean,...
John Lewis Partnership posts loss, withdraws staff bonus
16 Mar 2023 - Business
John Lewis Partnership, which owns its namesake department store chain as well as supermarket chain Waitrose, has cut its staff bonus scheme after posting a loss in its most recent full-year results ended January 28, 2023. The company posted a loss before exceptional items and tax of 78 million pounds, down from a profit of 181 million pounds a...
LVMH to propose appointment of Laurent Mignon as new board member
16 Mar 2023 - Business
At its next annual general meeting, to be held on April 20, 2023, LVMH Moët Hennessy Louis Vuitton will propose the appointment of Laurent Mignon as new member of the board of directors. Since December 2, 2022, the company said in a statement, Mignon has served as chairman of the executive board of Wendel, one of Europe’s leading listed...
Zara owner Inditex's profit jumps, sales rise by 17.5 percent
15 Mar 2023 - Business
In 2022, Inditex sales reached 32.6 billion euros, up 17.5 percent versus 2021, while sales in constant currencies grew 18 percent. Gross profit for the year increased 17 percent to 18.6 billion euros and gross margin reached 57 percent. EBITDA increased 20 percent to 8.6 billion euros and EBIT 29 percent to 5.5 billion euros. PBT increased 28...
H&M posts sales increase of 12 percent
15 Mar 2023 - Business
Net sales at H&M Group increased by 12 percent to 54,872 million Swedish krona in the first quarter, compared with the corresponding period last year. In local currencies, the company said, net sales increased by 3 percent. Excluding Russia, Belarus and Ukraine the increase was 16 percent in Swedish krona and 7 percent in local currencies. The...