Articles by Prachi Singh
Esprit’s net loss widens, revenues drop by 16 percent
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Hong Kong-based fashion retailer Esprit Holdings posted an annual net loss of 2.3 billion Hong Kong dollars. Revenue for the year to December 31, 2023, declined by 16 percent to 5.9 billion Hong Kong dollars. Esprit said in a statement that the group’s performance was severely impacted by the unrelenting poor macroeconomic environment in Europe,...
Boots posts strong digital and retail sales growth
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Boots continued its strong performance for the second quarter, reporting retail sales growth of 5.9 percent, on top of a 16 percent increase in the prior year second quarter. Digital sales through Boots.com and the Boots app were up 16.8 percent, driven by strong sales of beauty and personal care products. The company said, in-store sales growth...
JD Sports Q4 LFL sales improve, outlook remains 'challenging'
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JD Sports annual sales were 10.5 billion pounds, up 3.6 percent on the previous year, including a negative 6.2 percent impact from disposals and a 1.4 percent benefit from the 53rd week. The company said in a statement that PBT for the year to January 2024 is expected to be in line with the revised guidance range of 915 million pounds to 935...
Revolution Beauty raises FY24 outlook
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In a trading update for the full year, Revolution Beauty said that the group has continued to deliver a strong operational performance and year-on-year improvement in profitability since its capital markets event (CME). As a result, the board now expects to report adjusted EBITDA of at least 12.5 million pounds and revenue growth of...
Lands’ End Q4 and FY23 revenues decline
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Lands’ End reported fourth quarter net revenue decreased 2.8 percent to 514.9 million dollars compared to the fourth quarter of fiscal 2022. For the fiscal year 2023, the company’s net revenue decreased 5.3 percent to 1.47 million dollars. Commenting on the results, Andrew McLean, the company’s CEO, stated: “We pursued our solutions-based...
H&M proposes election of Helena Saxon as board member
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H&M’s nomination committee has proposed the election of Helena Saxon as a new member of the company’s board. The committee also proposed the re-election of Stina Bergfors, Anders Dahlvig, Danica Kragic Jensfelt, Lena Patriksson Keller, Christian Sievert and Christina Synnergren and Karl-Johan Persson as chair of the board. The company said in a...
H&M posts improved operating profit in Q1
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First quarter net sales at the H&M group declined to 53,699 million Swedish krona, while gross profit increased by 7 percent to 27,655 million Swedish krona, corresponding to a gross margin of 51.5 percent. The H&M group’s sales from March 1 to March 25, 2024 increased by 2 percent in local currencies compared with the same period the previous...
Mister Spex revenues increase by 6 percent in 2023
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Revenue at Mister Spex for the year increased by 6 percent to 224 million euros within the company’s guidance range of mid to high single digit percentage growth. The company said in a release that the strong growth was driven by key product categories, sunglasses and prescription glasses with the core market, Germany, being the key driver...
Marcolin posts increase in 2023 sales and profit
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Despite the period, characterised by international geopolitical instability and logistical complexity, Marcolin said that the company recorded net sales of 558.3 million euros, up 2 percent at current exchange and 3.8 percent at constant exchange rates. Marcolin further said in a statement that there was a significant increase in terms of...
Vince CEO Jack Schwefel steps down
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Vince Holding chief executive officer Jack Schwefel has resigned from the company. The company’s board of directors has appointed David (Dave) Stefko, current director and former chief financial officer as interim CEO, effective immediately. “The Board thanks Jack for his work in positioning Vince for its next chapter of growth and wishes him...