Victoria’s Secret Jumps as Sales Decline Moderates
The lingerie maker said Thursday that its preliminary sales and adjusted profit for the quarter ended May 4 were at the high end or above its prior projections.
This week, the question was more pressing than ever as a US presidential election, which has dominated the divided country’s cultural conversation this year, approached an end.
The season represents about 20 percent of annual retail sales each year, and stores need some relief after enduring months of turmoil as the health crisis roiled the world economy.
The denim brand reported a 62 percent drop in net revenue in the second quarter and said it will cut 700 jobs in order to save $100 million annually.
With retailers looking to sell old inventory and seasonless basics, new orders for factories in garment hubs like Bangladesh are down by as much as 45 percent compared to last year.
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From billboards to Pinterest, there are new opportunities for brands looking to get a bigger bang for their advertising buck.
But the American company is facing a mounting crisis at home, where it will furlough all its retail store staff.
As American parents are expected to spend $507 on average on school-related items in the upcoming season, retailers are urged to look towards consumers for product cues.
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With its latest martial arts-inspired collaboration, the brand joins the ranks of Converse, Swarovski and Levi’s as more global players partner with Chinese designers in the hopes of boosting profits. Will it work?
Shares of the denim company sank as much as 6.6 percent after Goldman Sachs issued its first sell rating.
For most of its 166-year history, Levi’s was known solely for its jeans. But in the last few years it’s built T-shirts and tops into a $1 billion business.
Earnings slipped 21 percent from the prior year, affected by $29 million of expenses associated with Levi's IPO.
The lingerie maker said Thursday that its preliminary sales and adjusted profit for the quarter ended May 4 were at the high end or above its prior projections.
The American apparel chain has returned to the Manhattan retail neighbourhood for the first time since 2017.
Revenues totalled 227 million euros ($244.5 million), below analyst expectations of 237 million euros according a LSEG consensus.
Researchers have expressed concerned that AI-generated content could be used as misinformation in an attempt to interfere with US elections this autumn.
Sticky inflation has forced shoppers in various categories to trade down to more affordable products.
The company’s net sales came in at $1.48 billion in the quarter ended March 30, compared to analysts’ average estimate of $1.50 billion, according to LSEG data.
The company’s main growth driver was its continued store openings, with eight new locations during the quarter and a total of 40 anticipated for 2024.
New analysis shows that 162,000 tourists from outside the European Union sought refunds on VAT — a sales tax — exclusively in Britain in 2019. One fifth of those tourists are now claiming rebates in other parts of the EU, where the tax break still applies.