coronavirus news and archive

UK economy shrank 2.6 percent during November lockdowns

The UK’s economy shrank by as much as 2.6 percent in November as the nation’s industries were hit hard by yet more lockdowns. According to The Office for National Statistics (ONS), November GDP fell back to 8.5 percent below the pre-pandemic levels seen in February 2020 compared with 6.1 percent below in October 2020. GDP fell by 8.9 percent in...

15 Jan 2021

Business

N Brown sales drop by 8.8 percent but recover over Q1

Product revenue at N Brown Group plc continued to recover from the sudden and sharp decline experienced in the first quarter of FY’21 caused by the impact of Covid-19. Group revenue declined 8.8 percent compared to 21.9 percent drop in the first quarter. Within apparel, the company saw strong growth in leisurewear and nightwear offset by a...

15 Jan 2021

Fashion

A subdued start to the season, Italy's menswear sector must deal with significant losses

Usually at this time of year buyers and press would be mid-show in a bustling Pitti Uomo in Florence, before heading to Milan for the first round of the men’s catwalk season. Pitti Uomo ends on Thursday, but its all-digital format means another menswear season goes by without a physical tradeshow, without the real-life connections between...

14 Jan 2021

Business

Boohoo ups full year guidance on strong holiday sales

For the four months to December 31, 2020, Boohoo Group plc reported strong revenue growth of 40 percent to 660.8 million pounds, with growth across all brands and geographies. Gross margin for the four months was 53 percent, down 50 bps year on year. Following the strong peak trading performance, the group expects revenue growth for the...

14 Jan 2021

Business

Fast Retailing: Q1 revenue declines but operating profit up 23.3 percent

Consolidated revenue at Fast Retailing, totalled 619.7 billion yen, down 0.6 percent year-on-year, while operating profit totalled 113 billion yen, up 23.3 percent year-on-year driven by large increases in profit from Uniqlo operations in Japan and Greater China including Mainland China, Hong Kong and Taiwan, as well as rising profit and a...

14 Jan 2021

Business

Nordstrom holiday sales drop by 22 percent

Nordstrom, Inc. has reported a net sales decline of approximately 22 percent for the nine-week holiday period ended January 2, 2021. The company said, combined November and December sales were in-line with its expectations for a decrease in the low-twenties percentage range for the fourth quarter. Sales trends increased sequentially by...

14 Jan 2021

Podcast

Podcast: The Glossy Podcast interviews the founders of loungewear brand Monrow

In this episode, The Glossy Podcast interviews the founders of loungewear brand Monrow, Michelle Wenke and Megan George. They discuss the benefits of focusing on the direct-to-consumer experience, how to acquire and keep customers and dodging pandemic-driven inventory issues. Listen to the podcast below. Source: The Glossy Podcast via Megaphone

13 Jan 2021

Business

Sosandar sales improve by 6 percent

Sosandar reported revenue of 3.98 million pounds for the three-month period ended 31 December 2020, up 6 percent year on year delivered with a 1.61 million pounds (66 percent) reduction in marketing spend. The company said in a statement that EBITDA loss reduced by 60 percent compared to the same period in the prior year. The company saw...

13 Jan 2021

Business

Asos reports strong sales momentum across holiday season

For the four months to December 31, 2020 Asos Plc said, group sales were up 23 percent to 1,364.1 million pounds, supported by investment into capturing available demand and building customer momentum. Gross margin in the period was negative 90bps reflecting continued ‘lockdown’ category product mix, investment into customer acquisition and...

13 Jan 2021

Retail

John Lewis temporarily suspends click and collect services

Retailer John Lewis has announced that it is temporarily suspending its click and collect services based within its department stores. In a statement, the retailer said that it was “conscious of the increased need to remove reasons for non essential travel during the current lockdown, to help encourage the public to stay at home” and would be...

12 Jan 2021

Business

Land’s End raises Q4 outlook on strong holiday season

Lands’ End, Inc. has raised its guidance for the fourth quarter ending January 30, 2021 and now expects net revenue to be between 528 million dollars and 533 million dollars, an increase from prior guidance of 500 million dollars to 520 million dollars. The company said, net income is expected to be between 17.5 million dollars and 19 million...

12 Jan 2021

Business

Landsec collects just 65 percent of rent owed

British shopping centre operator Landsec has seen a year-on-year drop in collected rent for the final three months of the year as retailers struggle to make payments. The company announced Tuesday that 112 million pounds worth of rent was due on the 25 December payment date, but only 65 percent of that was paid, compared with 94 percent for the...

12 Jan 2021