Articles by Huw Hughes
Macy's lowers FY outlook as Q1 sales, profits drop
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Macy’s has downgraded its full-year outlook as sales fell 7 percent in the first quarter amid falling consumer demand. The US department store giant made net sales of 5 billion dollars in the first quarter, with brick-and-mortar sales down 6 percent and digital sales down 8 percent. CEO and chair Jeff Gennette told investors: “We planned the...
Farfetch announces new Off-White CEO, New Guards Group co-founders exit
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Farfetch has announced a number of leadership changes at New Brands Group (NGG), including the exit of the group’s founders, and the appointment of a new CEO at Off-White. NGG co-founders Davide De Giglio and Andrea Grilli are exiting the business - De Giglio served as CEO of NGG, while Grilli served as the CEO of luxury streetwear brand...
Victoria’s Secret posts drop in sales, profit in ‘challenging’ Q1
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US intimates giant Victoria’s Secret has reported a hit to its top- and bottom-line performance in the first quarter of the year amid “a volatile macro environment”. The specialty retailer posted a 5 percent drop in net sales to 1.407 billion dollars in the three months to April 29 against a “challenging” economic backdrop and an increase in...
Dr Martens posts record FY revenue, but profits slip amid ‘operational mistakes’
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British bootmaker Dr Martens reported record revenue surpassing 1 billion pounds in its preliminary results for the year ended March 31, but its profits took a hit. The company’s revenue jumped 10 percent in the year, or 4 percent on a constant currency basis, as a strong performance in EMEA offset a softer performance in America. “Reaching this...
PVH reports uptick in Q1 sales, reaffirms FY outlook
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Tommy Hilfiger parent company PVH has reaffirmed its full-year outlook after reporting a 2 percent increase in revenue in the first quarter, beating its Q1 guidance. The US fashion giant generated revenue of 2.158 billion dollars in the first quarter, up from 2.123 billion dollars a year earlier, as growth in its DTC business offset a drop in...
Capri Holdings Q4 revenue down 10.5 percent, swings to loss
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Michael Kors parent company Capri Holdings has reported a double-digit drop in revenue in the fourth quarter as it swung to a loss. The US fashion group generated revenue of 1.34 billion dollars in the three months to April 1 compared to revenue of 1.49 billion dollars a year earlier. However, the decrease amounted to a less significant 3...
Data and collaboration key moving forward, says PVH supply chain director
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Strong collaboration and data-driven systems are key to building resilient and adaptable supply chains. That’s according to Marian Temmen, senior director of supply chain transformation and innovation at PHV, the US fashion giant behind labels Calvin Klein and Tommy Hilfiger. Speaking Tuesday at the PI Apparel Supply Chain Forum, which took...
Zadig & Voltaire appoints new North America CEO
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French label Zadig & Voltaire has appointed Kristen Sosa as the new chief executive of its North America business. A luxury fashion veteran, Sosa spent 23 years at US department store chain Saks Fifth Avenue, most recently serving as executive vice president and chief merchant. She was also previously the president of Americas at designer label...
US retailer Buckle reports drop in Q1 sales, profit
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US fashion retailer Buckle has reported an 8.5 percent drop in sales in the first quarter of the year as its profits narrowed. The Nebraska-based company made net sales of 282.8 million dollars in the three months ended April 29, down from 309.1 million dollars a year earlier. Comparable store net sales were down 9.2 percent, while online sales...
More changes at Nike as new Converse CEO announced
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US sportswear giant Nike is continuing to reshuffle its leadership team, this time with the appointment of Jared Carver as the new CEO and president at footwear label Converse. Carver has worked for the past four years as the vice president and general manager of Converse’s North America business, where he was credited with unlocking “strong...