Articles by Huw Hughes
Designer Brands lowers profit outlook
2 Dec 2022 - Business
US fashion retailer Designer Brands has cut its full-year profit outlook as it saw a slight uptick in sales in the third quarter of the year. Net sales in the three months to October 29 rose 1.4 percent to 865 million dollars. On a comparable basis, sales were up 3 percent. Net income in the third quarter fell to 45.2 million dollars from 80.2...
Lands' End cuts full-year outlook after swinging to Q3 loss
2 Dec 2022 - Business
US fashion and home decor retailer Lands' End has cut its guidance for the current year after falling into the red in the third quarter. The company swung to a net loss of 4.7 million dollars in the three months to October 28 from a profit of 7.4 million dollars the prior year. Gross margin decreased approximately 440 basis points to 40 percent...
Victoria’s Secret reports drop in Q3 profit
2 Dec 2022 - Business
Victoria’s Secret has reported a drop in profit in the third quarter of the year, but still beat expectations. The intimates specialty retailer made a net income of 24 million dollars in the three months to October 29, down from 75 million dollars a year earlier. Its profit was above the high-end of its previously communicated guidance. It came...
PVH swings to Q3 loss, but revenue beats estimates
1 Dec 2022 - Business
Tommy Hilfiger owner PVH Corp fell into the red in the third quarter despite stronger-than-expected revenue. The US fashion giant made a net loss of 186.7 million dollars in the period compared to a profit of 279.7 million dollars a year earlier. Revenue of 2.281 billion dollars was 2 percent below the previous year, but 7 percent higher on a...
Unbound Group appoints former Next CFO to board
1 Dec 2022 - People
Unbound Group, the parent company of British footwear chain Hotter Shoes, has appointed New Look’s former finance chief Alastair Miller to its board of directors. He will be appointed as chair of the group’s audit and risk committee and a member of the remuneration committee and the nomination committee, effective December 31. The appointment...
G-III reports increase in Q3 sales, but profits narrow
1 Dec 2022 - Business
G-III Apparel Group has reported a drop in profit in the third quarter of the year amid logistical issues at its distribution centers. The Nasdaq-listed group posted net profit of 61.1 million dollars in the three months to October 31, down from 106.7 million dollars a year earlier. Chief executive Morris Goldfarb said higher inventory levels in...
Pure London announces keynote speakers for February show
30 Nov 2022 - Fairs
UK fashion trade fair Pure London has announced the line-up of talks for its edition taking place between February 12 and 14 at Olympia London. The two keynote speakers for the upcoming show are Ed Burstell, a retail executive who served for eight years as managing director of Liberty London, and Piers Carpenter, a jewellery designer who won the...
Foot Locker CFO to step down in executive team shake-up
30 Nov 2022 - People
Foot Locker has announced a number of changes to its top team, including the departure of its chief financial officer and the appointment of a new chief operating officer. The New York-based specialty athletic retailer announced Thursday that Andrew Page will step down as CFO following the company's Q4 earnings report. A search for a successor...
Mulberry swings to H1 loss as UK shoppers rein in spending
30 Nov 2022 - Business
British luxury brand Mulberry has reported a loss in the first half of the year as its UK retail sales were hit by the cost of living crisis. The Somerset-based handbag specialist posted a pre-tax loss of 3.8 million pounds in the six months to October 1, compared to a profit of 10.2 million pounds a year earlier. It came as consumers tightened...
H&M to cut 1,500 jobs amid cost savings programme
30 Nov 2022 - Business
Swedish fashion giant H&M is to cut 1,500 jobs as part of a previously announced plan to reduce costs and improve efficiency across the business. The cost-cutting programme, which will also see the retailer cut other administrative and overhead costs, is expected to result in a restructuring charge of just over 800 million Swedish krona (63...