Articles by Prachi Singh
Uniqlo Japan September same-store sales up 11 percent
4 Oct 2022 - Business
September 2022 same-store sales including online sales at Uniqlo Japan increased by 11 percent year on year while total sales including online sales increased by 14.1 percent. The company, part of the Fast Retailing Group, attributed this same-store sales increase in September to the drop in temperature from the latter half of the month boosting...
Takko Fashion reports sales growth and improved profitability
4 Oct 2022 - Business
Takko Fashion posted strong revenue growth in the second quarter translating into 3 percent adjusted EBITDA growth versus pre pandemic levels. During the quarter under review, the company generated net revenues of 344 million euros, a 12 percent revenue growth compared to pre-pandemic levels. The company said in a release that with an adjusted...
Naver Corp to acquire Poshmark for 1.2 billion dollars
4 Oct 2022 - Business
Korean firm Naver Corp. has signed an agreement with Poshmark, Inc., an e-commerce marketplace for new and secondhand style, to acquire all shares of Poshmark for 17.90 dollars in cash, representing an enterprise value of approximately 1.2 billion dollars. The company said in a statement that the transaction represents a premium of 15 percent to...
Kering Eyewear completes acquisition of Maui Jim
3 Oct 2022 - Business
Kering Eyewear has announced that it now holds more than 90 percent of the sunglasses brand Maui Jim, with the remaining shares expected to be acquired by year-end. The company said in a statement that Maui Jim was consolidated in Kering accounts starting from October 1, 2022. Founded in 1987, Maui Jim, headquartered in Peoria, Illinois, is one...
Spanx announces senior leadership appointments, names Kim Jones as CEO
3 Oct 2022 - Business
Womenswear brand Spanx founded by Sara Blakely, has announced the promotion of Kim Jones to the role of chief executive officer, effective immediately. A company veteran, the company said in a release, Jones most recently served as president and CFO, and in her new role, will oversee the company’s corporate strategy and global operations. “Kim...
Joules says turnaround plan in good progress
30 Sept 2022 - Business
British lifestyle group Joules has said that under its new leadership team, led by Jonathon Brown and supported by Tom Joule in an executive capacity as product director, is making good progress in developing its turnaround plan. The company was responding to media speculation that it is considering an insolvency procedure. Joules said in a...
Nike's Q1 sales up but net income declines by 22 percent
30 Sept 2022 - Business
First Quarter revenues at Nike, Inc. increased 4 percent to 12.7 billion dollars compared to the prior year and were up 10 percent on a currency-neutral basis. However, gross margin decreased 220 basis points to 44.3 percent, while net income was 1.5 billion dollars, down 22 percent and diluted earnings per share were 93 cents, decreasing 20...
Next cuts guidance as rising inflation dampens consumer demand
29 Sept 2022 - Business
Full price sales at Next plc were up 12.4 percent versus 2021 and up 22.3 percent versus 2019. Total trading sales including markdown sales were up 12.8 percent versus 2021 and up 21.3 percent versus 2019. Profit before tax was 401 million pounds, which was up 15.5 percent versus 2021 and up 22.4 percent versus 2019. However, Next has reduced...
H&M's Q3 results hit by Russia exit
29 Sept 2022 - Business
The H&M group’s net sales in the third quarter increased by 3 percent to 57,450 million Swedish krona and in local currencies, net sales decreased by 4 percent. In the current quarter, the company said in a statement, the autumn collections have been well received and sales increased by 7 percent in local currencies in the period. The company...
Boohoo issues profit warning as consumer demand slumps
28 Sept 2022 - Business
For the six months to August 31, Boohoo Group’s net revenue declined 10 percent to 882.4 million pounds amid “macro-economic headwinds facing both consumers and businesses”. The company said it expects for a similar rate of revenue decline to persist over the remainder of the financial year if the “current conditions” continue. Boohoo now...