Latest Articles in Management

Designer Brands lowers profit outlook

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...

Dec 2, 2022

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Lands' End cuts full-year outlook after swinging to Q3 loss

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...

Dec 2, 2022

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Victoria’s Secret reports drop in Q3 profit

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...

Dec 2, 2022

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Next acquires majority stake in Joules for 34 million pounds

British clothing retailer Next has acquired a majority stake in struggling heritage brand Joules through a newly formed company for 34 million pounds in cash. In a regulatory filing, Next said it has partnered with Joules’ founder Tom Joule to acquire the company out of administration. The company has already acquired the current Joules head...

Dec 1, 2022

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PVH swings to Q3 loss, but revenue beats estimates

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...

Dec 1, 2022

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G-III reports increase in Q3 sales, but profits narrow

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...

Dec 1, 2022

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Foot Locker CFO to step down in executive team shake-up

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...

Nov 30, 2022

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Mulberry swings to H1 loss as UK shoppers rein in spending

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...

Nov 30, 2022

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Shaftesbury hails ‘rapid rebound’ in West End economy

London’s iconic West End has enjoyed a “strong recovery” in footfall and spending following the end of lockdowns as deep-pocketed shoppers flocked back to physical stores. Shaftesbury, the property giant that owns a 16.4-acre portfolio in the popular luxury shopping hub, said average monthly sales for its retailers are now 6 percent ahead of...

Nov 29, 2022

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Very Group reports drop in revenue, profit

The Very Group has reported a drop in revenue and profit in the first quarter of the year against a backdrop of “economic headwinds and industry challenges”. The group, which owns brands Very and Littlewoods, reported a 3 percent drop in total revenue to 469.4 million pounds, which it described as “a robust performance against the challenges...

Nov 28, 2022

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Pepco Group to nominate ex-CEO Andy Bond as the next board chairman

Pepco Group, owner of the Pepco and Dealz brands present across Europe and Poundland in the UK, has announced the nomination of Andy Bond as chairman and Neil Galloway as chief financial officer. The company said in a release that the board will propose the appointment of Bond – who was the former CEO of Pepco Group and led it through its...

Nov 25, 2022

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Frasers Group buys Saville Row tailor Gieves & Hawkes

Another day, another acquisition by Frasers Group. This time, the British retail giant has bought iconic Saville Row tailor Gieves & Hawkes for an undisclosed sum. “We are delighted to have acquired Gieves & Hawkes, securing a long term future for an iconic 250 year old brand,” Frasers Group CEO Michael Murray said in a statement. “This...

Nov 25, 2022