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Walmart profits rise on strong sales from wealthier shoppers

Walmart reported higher profits Thursday behind solid gains at US stores as the retail giant pointed to increased purchases by wealthier shoppers and improving e-commerce sales. Profits more than tripled to 5.1 billion USD for the quarter ending April 30 on a six percent rise in revenues to 161.5 billion USD. Earnings in the 2023 period were...

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Under Armour announces restructuring and layoffs

Sportswear company Under Armour, Inc. has announced a restructuring strategy alongside the release of its annual results, for which net income almost halved and sales fell by several percent. The company's revenue came to 5.7 billion dollars, at a 3 percent year-on-year decline. The decline was largely due to worse results from the company's...

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Richemont reports slow Q4 sales growth, appoints Nicolas Bos as CEO

For the full financial year, Richemont sales increased by 3 percent at actual exchange rates and 8 percent at constant exchange rates to 20.6 billion euros, driven by the jewellery maisons, while operating profit came in at 4.8 billion euros, a 13 percent improvement at constant exchange rates. Fourth quarter sales were down by 1 percent at...

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Canada Goose Q4 revenues grow 22 percent

Canada Goose revenue increased 22 percent or 23 percent on a constant currency basis to 358 million Canadian dollars for the fourth quarter. Gross profit grew 22 percent to 233 million Canadian dollars and gross margin for the quarter was 65.1 percent. “Our fourth quarter results came in ahead of guidance, reflecting the power of our iconic...

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Watches of Switzerland Q4 sales rise, "cautiously optimistic" about FY25

In the fourth quarter, revenue of 380 million pounds at Watches of Switzerland increased 4 percent at constant currency and 3 percent at reported rates, while luxury watches revenue rose 5 percent at constant currency and 3 percent at reported rates, with particularly strong performance in the US. Full year group revenue of 1,538 million pounds,...

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Shiseido reports Q1 loss, net sales up 3.9 percent

First quarter net sales at Shiseido increased 3.9 percent to 249.5 billion Japanese yen on a reported basis and decreased 2.7 percent on a FX-neutral basis. The company said in a release that net sales rose 3.2 percent on a like-for-like basis, excluding the impacts of foreign exchange translation and business transfers, as well as the...

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Burberry's sales slump signals struggle to realise potential

In a seemingly perpetual turnaround, Burberry's latest results, unveiled on Wednesday, illustrate the ongoing struggle for the brand to attract shoppers to its contemporary British luxury wares. Despite its efforts, Burberry's sales plummeted by 12 percent in the first quarter, accompanied by a sharp decline in share prices over the past year,...

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The Brand Group acquires British label Roksanda

London-based luxury womenswear brand Roksanda has been acquired by The Brand Group (TBG), a global consumer-driven brand development and operating business headed up by fashion entrepreneur and brand builder Damian Hopkins. In a statement, TBG said that its acquisition of popular London Fashion Week label Roksanda is part of its new growth...

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Canada Goose names Haider Ackermann as creative director

Luxury outerwear brand Canada Goose has named Colombian-born French designer Haider Ackermann as its first-ever creative director to “shape” its future products and “elevate the brand’s creative aesthetic”. In a statement, the luxury parka brand said that Ackermann will be based in Paris and work alongside chairman and chief executive officer...

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Burberry forecasts challenging H1 ahead

Burberry’s revenue for FY24 remained flat at CER and declined 4 percent reported to 2,968 million pounds, while comparable store sales were down 1 percent offset by a challenging second half year performance, down 8 percent. Adjusted operating profit fell 25 percent CER and 34 percent reported, while adjusted profit before tax was 383 million...

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Sharp decline in wholesale impacts Geox results

Geox reported first quarter sales of 193.6 million euros, down 13.5 percent or 11.7 percent at constant exchange rates due to the performance of the wholesale channel and franchising, partially offset by the positive trend of the digital DOS channel. Considering the uncertain geopolitical and macroeconomic short-term scenario, the company...

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Tory Burch names new president of North America

American luxury fashion and lifestyle brand Tory Burch is bolstering its leadership team with a new president of North America, a chief people officer, and a president, chief merchandising, and global supply chain officer. Christophe de Pous, a seasoned global executive, will join Tory Burch as president of North America on June 3. He joins from...