The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Walmart Inc raised its full-year earnings forecast on Tuesday and beat estimates for same-store sales as it benefited from additional stimulus checks that put more money in consumers’ pockets and boosted demand for apparel and electronics.
Sales at US stores open at least a year rose 6 percent, excluding fuel, in the first quarter ended April 30. Analysts had estimated growth of 0.86 percent, according to IBES data from Refinitiv.
“Our optimism is higher than it was at the beginning of the year. In the US, customers clearly want to get out and shop ... We anticipate continued pent-up demand throughout 2021,” Chief Executive Officer Doug McMillon said.
Online sales lost some momentum, rising 37 percent, compared with a surge of 74 percent in the year-earlier period and 69 percent in the prior quarter.
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Walmart said it now expects fiscal 2022 earnings to increase in high single digits, while previously the company had forecast a slight drop in profit for the year.
Operating income rose 32.3 percent to $6.91 billion in the quarter, while adjusted earnings was $1.69 per share.
By Aishwarya Venugopal; Editor: Anil D’Silva
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
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