coronavirus news and archive

Can gift cards help attract shoppers back to the high street post-Covid?

As the UK high street prepares to reopen, new research suggests that gift cards could be the key to encouraging anxious shoppers back to stores and boost sales. The ‘State of the Nation 2021’ research, carried out by the Gift Card and Voucher Association (GCVA), found that almost two-thirds (65 percent) of shoppers have been introduced to a new...

8 Apr 2021

Retail

Pent up demand for brick & mortar retail reopening 12 April

As the UK prepares to ease retail restrictions, pent up demand from shoppers for brick and mortar stores was more than evident in March when shoppers to the high street and other retail destinations. Footfall appeared to recover strongly in March according to Springboard, which cited an annual decline of -28.1 percent, up from from -61 percent...

8 Apr 2021

Business

Fast Retailing reports 22.9 percent increase in H1 profit

The Fast Retailing Group reported a decline in revenue but a large jump in profits in the first half of fiscal 2021 with consolidated revenue totalling 1.2028 trillion yen, down 0.5 percent and operating profit rising to 167.9 billion yen, up 22.9 percent. The company said in a release that rise in profit can be attributed primarily to large...

8 Apr 2021

Business

Asos posts surge in H1 profit, sales jump 25 percent

Retail sales at Asos plc grew 25 percent to 1,976 million pounds, while pre-tax profit increased by 253 percent to 106.4 million pounds, with consistently strong performance throughout the period. The company said in a statement that growth was in part driven by exceptional performance in the UK where retail sales grew by 36 percent in P1 and...

8 Apr 2021

Fairs

Geneva opens virtually before physical event in Shanghai

Geneva's international expo of fine watches opened Wednesday with an online 2021 edition before shifting next week to Shanghai, where the coronavirus is under control. The fair, one of the major annual gatherings for luxury watchmakers, was cancelled last year due to the pandemic but is going ahead virtually this year. The Salon International de...

7 Apr 2021

Business

Ahlers revenues decline by 56.3 percent in Q1

Ahlers Total group revenues in the first quarter of FY 2020/21 declined by 28.8 million euros or 56.3 percent at Ahlers Ag to 22.4 million euros. However, the company witnessed 20 percent growth rates in e-commerce revenues, mainly attributable to the company’s own online shops, which doubled their revenues. The company said in a statement that...

7 Apr 2021

Retail

An estimated 80,000 US retail stores to close by 2026

A prognosis on the state of US retail shows 80,000 stores may close by 2026. The impact of the pandemic has shooed global consumers to shop online, with investment analysts at UBS estimating 27 percent of all goods purchased at retail will be made online by the end of 2026. That’s up 18 percent of total retail today. The store closures equate to...

7 Apr 2021

Retail

Easter weekend saw surge in footfall as shoppers await reopenings

The cold weather on Easter Monday put only a slight damper on the long weekend as consumers are eager to see an end to restrictions. Footfall across all UK destinations rose 8.5 percent last week, with high streets up 9 percent and retail parks 9.7 percent, according to the latest figures from Springboard. Having passed the anniversary of...

7 Apr 2021

Business

Next records drop in full year profit but raises forecast

Full price sales at Next plc were down 15 percent and total sales including markdown sales were down 17 percent on last year, while profit before tax dropped to 342 million pounds. The company said that total brand full price sales guidance remains unchanged and flat against 2019/20, while the central profit guidance is raised by 30 million...

1 Apr 2021

Business

Restoque posts 39.5 percent decline in revenue

Restoque’s gross revenue in 2020 was 0.2 percent above the projections disclosed to the market in may 2020 of 751.4 million Brazilian real, but 39.5 percent lower than the gross sales revenue of 2019. The company said, decline results in part due to the reduced flow in stores as a result of the pandemic and the restrictions on operation and...

1 Apr 2021

Business

Guess Q4 earnings fall, revenues drop 23 percent

For the fourth quarter of fiscal 2021, Guess recorded GAAP net earnings of 70.4 million dollars, an 11.5 percent decrease from the fourth quarter of fiscal 2020. The company said, GAAP diluted earnings per share decreased 9.3 percent to 1.07 dollars for the quarter compared to 1.18 dollars for the same prior-year quarter, while adjusted net...

1 Apr 2021

Business

Iconix Brand Group Q4 revenue drops 22 percent

For the fourth quarter of 2020, total revenue at Iconix Brand Group was 33.9 million dollars, a 22 percent decline compared to the fourth quarter of 2019. For the twelve months ended December 31, 2020, total revenue was 108.6 million dollars, a 27 percent decline compared to 2019 driven by decreases in woman’s, men’s and international segments....

31 Mar 2021