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Dillard's reported its net profit for full year slipped on Tuesday. Revenues slipped by 2.4 percent from the same period last year.
For full year, the company's net profit was 111.1 million dollar, slipped from 170.3 million dollar last year. Revenues slipped to 6,204 million dollar. The profit margin of the company decreased to 2 percent compared to 3 percent a year ago.
Dillard's (NYSE: DDS) is an American upscale department store chain. The first Dillard's store was opened in 1938 by William T. Dillard. Dillard's stores offer a broad selection of merchandise and feature products from both national and international brands. The company operates an online store and over 292 Dillard's retail locations and 27 clearance centers in the United States.
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Macy's reported its net profit for Q4 dropped on Tuesday. Compared with the same period last year, revenues also decreased by 1.4 percent.
For Q4, the company's net profit was 777 million dollar, dropped from 1,287 million dollar last year. Revenues dropped to 8,337 million dollar. Compared to 15 percent a year ago, the profit margin of the company decreased to 9 percent.
Macy's Inc (NYSE: M) is best known for its mid-range chain of department stores Macy's. It also owns upscale Bloomingdale's department stores. The company was founded in 1858 and currently operates 641 retail stores across the United States. Macy’s is headquartered in Cincinnati.
As of 2019, Macy's has more than 130,000 employees and operates over 900 stores.
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Wolverine World Wide, Inc. reported revenue of 607.4 million dollars, an increase of 4.8 percent, while adjusting for currency, revenues increased 5.1 percent. The company said in a statement, reported gross margin of 37.8 percent, decreased 140 basis points versus the prior year. Reported operating margin was negative 0.8 percent, and adjusted operating margin was 10.1 percent. Reported diluted loss per share was 1 cent, compared to earnings per share of 39 cents in the prior year, while adjusted diluted earnings per share increased 13.5 percent to 59 cents.
“We delivered a strong finish to the fiscal year reflecting progress on our Global Growth Agenda, which drove over 5 percent constant currency revenue growth and record fourth quarter adjusted earnings per share of 59 cents. Our fourth quarter revenues were highlighted by mid-teens growth from our largest brands - Merrell and Sperry, acceleration in our digital-direct DTC offense and improved international expansion,” said Blake Krueger, Wolverine World Wide’s Chairman, Chief Executive Officer and President.
Wolverine Worldwide’s full year revenues up 1.5 percent
For the full year, the company reported revenue of 2,273.7 million dollars, an increase of 1.5 percent compared to the prior year and adjusting for currency, increased 2.3 percent. Reported gross margin of 40.6 percent, decreased 50 basis points versus the prior year and reported operating margin was 7.5 percent, while adjusted operating margin was 11.5 percent. The company added that reported diluted earnings per share were 1.44 dollars, compared to 2.05 dollars in the prior year, while adjusted diluted earnings per share increased 3.7 percent to 2.25 dollars.
Providing its initial revenue and earnings outlook for the full-year, the company said that this guidance includes the current estimated impact related to the coronavirus for the first half of 2020. China is expected to represent less than 20 percent of its global production, down from approximately 40 percent in fiscal 2019. Wolverine Worldwide added that revenue is expected to be approximately 2.29 billion dollars to 2.34 billion dollars, representing growth of approximately 3 percent at the high-end of the range, while constant currency revenue growth is expected to be approximately 3.5 percent at the high-end of the range. This outlook includes an estimated revenue impact from the coronavirus of approximately 30 million dollars in the first half of 2020. Excluding the estimated coronavirus impact, constant currency growth in 2020 is expected to be 4.5 percent at the high-end of the range.
The company’s gross margin is expected to be approximately 41 percent, reported operating margin is expected to be approximately 11 percent and adjusted operating margin is expected to be approximately 12 percent. Reported diluted earnings per share are expected to be approximately 2.05 dollars to 2.20 dollars and adjusted diluted earnings per share are expected to be approximately 2.25 dollars to 2.40 dollars. Excluding the estimated coronavirus impact and the impact of foreign currency, adjusted EPS on a constant currency basis is expected to be 2.60 at the high-end of the range.
New York – Sustainable fashion took this year’s Oscars’ ceremony by storm, with a rising number of actors making a statement via their attire choices. Kaitlyn Denver's sustainably made custom Louis Vuitton gown, Olivia Coleman's velvet and sustainable viscose cape gown by Stella McCartney or Saoirse Ronan's gown made from upcycled fabric from her BAFTA gown were good examples of this rising consciousness and concern about the fashion industry’s impact on the environment.
FashionUnited interviews Albino Riganello, Design Director for the sustainable fashion brand AMUR (A Mindful Use of Resources) about green fashion, celebrities’ commitment to being more mindful about their fashion choices and what’s next in sustainable apparel. Created in New York City, AMUR is a clothing collection that was born from the concept that great style does not have to come at the expense of our environment—and that design can strike a balance between beauty and good intentions.
FashionUnited: What are the main drivers for the rising commitment to green fashion on red carpet events?
I think globally the world is beginning to realize the impact the fashion industry is having on our environment. More celebrities and influential people are beginning to really support the movement towards being green and use their platform to help initiate a much-needed change. It was amazing to see sustainability be a focus on the red carpet at the Oscars.
Is this a trend? Do you think it would stay?
For the sake of our environment, I hope so......and hope will be seen more as a responsibility than a trend.
Would you consider re-using old looks as green fashion?
I believe using clothing you already have or wearing archived pieces is one way to be green -you are not using unnecessary resources to produce something new. But green fashion is a broad category; it can be from a material standpoint.
AMUR for example only uses fabrics within 3 sustainable fabric categories-natural, cellulosic + regenerated. It can be from a production standpoint-using only certain types of manufacturing facilities that reduce carbon emissions. It can be from a logistical perspective and having goods sourced and produced locally to reduce the carbon emissions produced from transporting goods around the world There are so many ways the fashion industry can take steps towards being green.
Who has pioneered this cause?
My personal hero in the sustainable fashion world is Stella McCartney which unapologetically established a sense of consciousness within a very distracted industry.
What's the opportunity for fashion brands?
Consumers are asking for goods that are sustainably produced and willing to pay more for them. A few years ago there were just a handful of "green" fashion brands, but as the consumer demand increased, more and more companies are taking steps to fulfill that demand while also helping to save the future of our environment.
Photo credits: Collection Fall 2019, AMUR
In 2019, adjusted EPS at Hammerson plc decreased by 2.6 pence or 8.5 percent to 28 p, which the company said was driven by the reduction in NRI associated with disposals in 2018 and 2019 and a weaker performance across the UK like-for-like portfolio. The group’s adjusted profit was 214 million pounds (277 million dollars), 26.3 million pounds or 10.9 percent lower than in 2018. Net rental income was down 11.2 percent to 308.5 million pounds (399.8 million dollars), while the company added, total disposals of 975 million pounds (1,263 million dollars), including 542 million pounds generated in 2019 were ahead of 500 million pounds target.
Commenting on the company’s annual trading, David Atkins, Chief Executive of Hammerson, said in a statement: “Against a challenged retail and investment backdrop, we have exceeded our 2019 disposal target, exited the retail parks sector as we said we would and reduced debt by a third. With the outlook for the UK retail market remaining uncertain, we believe we should maintain our focus on reducing debt during 2020.”
“The magnitude of the challenge facing UK retail is significant. However, as brands look to optimise their store estates and strike the right balance between online and physical retail, the best destinations continue to be highly relevant - this is highlighted by the rise in visitor numbers across all our regions. We will build a stronger business for the future with our focus on this, alongside improved performances in France and Ireland, the extensive opportunity offered by City Quarters and the outstanding contribution from premium outlets,” Atkins added.
During 2019, the group’s properties produced a total return of negative 5.6 percent. For flagship assets, the total returns were negative 15.8 percent in the UK, negative 6.5 percent in France and negative 3.6 percent in Ireland, while premium outlets produced the group's highest return of 13.6 percent. Like-for-like NRI declined by 4.2 percent during 2019. Hammerson said, negative movements of 6.7 percent and 5 percent respectively at its UK and Ireland flagships were partially offset by an increase of 2.1 percent in France.
Picture: Birmingham Bullring, courtesy of Hammerson
After New York and London, two relatively lacklustre fashion weeks, all eyes were on Milan to deliver a jolt of excitement. It has been a challenging season so far under the black cloud of an uncontainable coronavirus that is widely expected to ricochet the bottom line of brands globally, as the forecast of declining sales in China extends across borders and territories.
On the runway, it’s not all about fashion
Fashion with a capital F may not have been the main dish in Milan, but there was plenty of messaging to divert our attention elsewhere. At Moschino, Jeremy Scott had his cake and wore it too. Models reminiscent of Marie Antoinette wore pastry-inspired gowns, delectably kitsch in macaron colours, topped off with frosting and giant wigs. It was a comment on elitism and excess, “the confectionery cocktail dresses stand as a sly comment on the denseness of certain people in power,” the show notes read. Touché.
At Prada, strength and femininity were centre stage, with a version of Atlas, the Greek God who carries the weight of the world on his shoulders, built into the set of the Fondazione Prada. It drove the point home, reflected in boxy jackets that were belted with pillbox bags and fringing on skirts and dresses. Chunky boots in pastels were poignantly made for walking, worn with puffy leather blazers that exuded an armor of strength.
At Fendi, women’s liberation was a theme, from the boardroom to the bedroom, with no doubt who is charge. From the sumptuous wrapped coat of the opening look to a full-on cognac leather two-piece worn by Gigi Hadid, there was plenty to mean business and what one might like to wear after dark.
The powerhouses weren’t so powerful
After Versace’s internet breaking SS20 collection with Jennifer Lopez closing the show in that infamous jungle-print dress, it would be a moment difficult to top for any brand. Sure, there were flashes of Versace-isms, like a thigh-skimming animal-print dress worn by Gaia Gerber, teamed with a faux fur coat in swirls of brown and yellow and lined with zebra, that delivered the expected levels of octane. But there was also streetwear, and Americana influences (rugby polos from Versace?) and so much daywear perhaps better suited to the erstwhile Versus collection. When a brand presents an intersection of options it confuses its customers which direction to go. Maybe this was a directive from Versace’s American parent company Capri Holdings, who are eyeing expansion and a broader customer base, but this collection lacked an edit.
At Gucci, guests made their way via a staff-like entrance through a back door, walking onto the set with models in hair and makeup, a reversal of audiences one might say. A revolving room revealed stylists making a final tweak to models’ looks and elsewhere the house’s seamstresses and design team were in full view. It made for a mesmerizing, live experience show, but the clothes were less impactful. Less impactful in the sense of familiarity and deja vu with Alessandro Michele’s aesthetic, leaving the burning question how many seasons of geek-chic apparel will remain enticing to shoppers?
Bottega Veneta and Missoni were hits
Kering is already reaping rewards with the appointment of Daniel Lee at Bottega Veneta, and should Gucci’s growth inevitably slow down there is a new multi-billion euro possibility in town. The bags and shoes at Bottega have been reaching new audiences (and selling out) and the ready-to-wear shown on the catwalk felt fresh and covetable, proving Kering has a new It-brand in its portfolio. The house’s woven signature – intrecciato – has been updated and refreshed, like the double-faced leather gilets or soft-as-butter-bags exposing the kind of craftsmanship that spells money without a logo stamped on to justify it. The clothes, too, had plenty of appeal, like a creamy bouclé-knit sweater dress with a woven chain neck, or the way the silhouette of a ribbed dress moved on the wearer, its hems ending in fringes. Even the 70s brown shirt collars worn wide over tailoring were a good look. Prepare to be seduced next season.
When times are tough, we turn to comfy clothes, and Missoni is the go-to brand for chic knitted separates, like geometric belted cardigans, patchwork knits and lurex shirts. There is comfort in the timeless elegance of its intarsias, and the knowledge that the money spent will be for a wardrobe classic. Not every designer needs to reinvent the wheel of fashion each season.
Prada and Raf Simons forge a new future together
Miuccia Prada and Raf Simons, two designers who favour an intellectual and creative approach to fashion, announced a partnership with Simons appointed as co-creative director of the Prada brand. This is new territory when it comes to designers collaborating, extending far beyond the drop of a capsule collection or pairing of brands to sell merchandise. The result will be exploring new possibilities that neither Prada nor Simons could execute on their own, “a propagation of thought and culture, with the product a vehicle for those thoughts.” The first joint collection will be revealed in September.
The coronavirus arrives in Italy, brands adjust forecasts
On the last days of Milan fashion week a lockdown of 50,000 inhabitants in Northern Italy shook the industry. No one is exempt from the COVID-19 virus, certainly not luxury brands. A report by Altagamma, BCG and Berstein predicts the luxury industry could see a decline of 30 to 40 billion euros in sales this year, as stock markets crash and the Chinese skip global fashion weeks, in addition to canceling their own.
Retailers, airports and tourist destinations around the world as varied from Bond Street to the Vatican are feeling the pinch from the homebound Chinese. So far only Giorgio Armani canceled his show in Milan, but buyers are weary shows in Paris may follow suit.
Images Bottega Veneta, Missoni AW20, via their brand websites
For its further quarter, Carter’s, Inc. reported consolidated net sales increase of 14.1 million dollars or 1.3 percent to 1.1 billion dollars, driven by growth in the company’s US retail and international segments. The company said in a statement that favourable changes in foreign currency exchange rates improved consolidated net sales by 0.3 million dollars. Net income in the quarter decreased 5.4 million dollars or 4.1 percent to 125.1 million dollars or 2.82 dollars per diluted share compared to 130.6 million dollars or 2.83 dollars per diluted share, in the fourth quarter of fiscal 2018, while adjusted net income decreased 6.2 million dollars or 4.7 percent to 124.7 million dollars compared to 130.9 million dollars in the fourth quarter of fiscal 2018. Adjusted earnings per diluted share decreased 1.1 percent to 2.81 dollars.
“For the year, Carter’s is reporting a record level of sales, earnings and cash flow, and its 31st consecutive year of sales growth,” said Michael D. Casey, the company’s Chairman and Chief Executive Officer, adding, “During the November and December holiday period, we saw good demand for our brands with comparable retail sales up over 2 percent. Profitability in the quarter was lower than last year, and reflects continued investments in our business and higher inventory-related costs.”
Carter’s full year net sales improve by 1.6 percent
Consolidated net sales increased 57 million dollars or 1.6 percent to 3.5 billion dollars, driven by growth in the company’s US retail and US wholesale segments. The company added that changes in foreign currency exchange rates adversely affected consolidated net sales in fiscal 2019 by 6.1 million dollars, while on a constant currency basis consolidated net sales increased 1.8 percent in fiscal 2019. Net income in fiscal 2019 decreased 18.3 million dollars or 6.5 percent to 263.8 million dollars or 5.85 dollars per diluted share compared to 282.1 million dollars or 6 dollars per diluted share, in fiscal 2018. Adjusted net income decreased 3.8 million dollars or 1.3 percent to 291.7 million dollars compared to 295.4 million dollars in fiscal 2018. The company further said, adjusted earnings per diluted share increased 2.7 percent to 6.46 dollars compared to 6.29 dollars in fiscal 2018.
In the fourth quarter, US retail segment sales increased 13.5 million dollars or 2.2 percent to 619.9 million dollars, while US retail comparable sales increased 1.6 percent, driven by growth in ecommerce sales. In the fourth quarter of fiscal 2019, the company opened 20 stores and closed three stores in the United States. For the full year US retail segment sales increased 33 million dollars or 1.8 percent to 1.9 billion dollars, while US retail comparable sales increased 0.4 percent, driven by growth in ecommerce sales. In fiscal 2019, the company opened 43 stores and closed 25 stores in the United States. As of the end of the fourth quarter of fiscal 2019, the company operated 862 retail stores in the United States.
US wholesale segment sales in the fourth quarter decreased 2.5 million dollars or 0.7 percent to 348.9 million dollars reflecting an 8.8 million dollars decrease in off-price channel sales and increased demand for the company’s exclusive Carter’s brands. For the full year, US wholesale segment sales increased 25 million dollars or 2.1 percent to 1.2 billion dollars.
Fourth quarter international segment sales increased 3.1 million dollars or 2.4 percent to 131.7 million dollars, reflecting growth in Canada and markets outside of North America, partially offset by the change in the company’s business model in China. Favourable changes in foreign currency exchange rates improved international segment net sales by 0.3 million dollars and on a constant currency basis, international segment net sales increased 2.2 percent. For the full year, international segment sales decreased 0.9 million dollars or 0.2 percent to 429.5 million dollars. Changes in foreign currency exchange rates adversely affected international segment net sales by 6.1 million dollars, while on a constant currency basis, international segment net sales increased 1.2 percent. As of the end of fiscal 2019, the company operated 201 retail stores in Canada and 46 retail stores in Mexico.
Carter’s reveals 2020 business outlook
For fiscal 2020, the company projects net sales will increase approximately 2 percent to 3 percent and adjusted diluted earnings per share will increase approximately 4 percent to 6 percent compared to adjusted diluted earnings per share of 6.46 dollars in fiscal 2019. For the first quarter of fiscal 2020, the company projects net sales will be comparable to the first quarter of fiscal 2019 and adjusted diluted earnings per share will be approximately 60 cents compared to 87 cents in the first quarter of fiscal 2019.
The company said that it is closely monitoring the situation in China. Carter’s plans to source approximately 15 percent of its products from China in 2020. Additionally, Carter’s added, the company’s suppliers throughout Asia are yet to determine the impact of production delays, so the financial impact of any delayed receipts from China is not known at this time. The company’s guidance for fiscal year 2020 and the first quarter of fiscal 2020 does not include any adjustments for potential effects of the coronavirus situation.
During the fourth quarter of fiscal 2019, the company paid a cash dividend of 50 cents per share totalling 22.1 million dollars and in fiscal 2019, the company paid quarterly cash dividends of 50 cents per share each quarter totalling 89.6 million dollars.
Tilly’s, Inc. has appointed Jon Kosoff to serve as the company’s Chief Digital Officer, effective today. The company said, Kosoff will oversee all aspects of the company’s e-commerce, digital marketing, and customer relationship management functions.
Commenting on Kosoff’s appointment, Ed Thomas, Tilly’s President and Chief Executive Officer, said in a statement: “Jon brings nearly 20 years of direct experience in managing e-commerce and customer relationship management operations to Tillys. I am excited to be working with someone of his caliber to continue to grow and improve our e-commerce business.”
Prior to joining Tilly’s, Kosoff served as vice president of ecommerce and performance marketing at Taco Bell since January 2018. Prior to that, he served in a variety of digital leadership roles growing the e-commerce business at Hot Topic, Inc. from November 2012 to December 2017, most recently as its senior vice president of ecommerce and customer relationship management.
From September 2010 to October 2012, he served as vice president of ecommerce at Bebe Stores, inc. In years prior to that, Kosoff served in various e-commerce and marketing roles at each of The Wet Seal, Inc., Provide Commerce, Inc., and Jenny Craig International, Inc.
British property group Hammerson has offloaded seven retail parks to private equity firm Orion for 400 million pounds in an effort to cut its debt.
The group, which owns Bullring shopping centre in Birmingham, said the decision comes as part of its strategy to exit the retail parks sector over the medium term “to create a focused portfolio of flagship assets, premium outlets and City Quarters across major European cities.”
The sites included in the portfolio transaction are Central Retail Park in Falkirk, Cleveland Retail Park in Middlesbrough, Cyfarthfa Retail Park in Merthyr Tydfil, Elliott’s Field Shopping Park in Rugby, Forge Shopping Park in Telford, Ravenhead Retail Park in St Helens, and The Orchard Centre in Didcot.
Since July 2018, Hammerson has sold 14 retail parks, generating sales proceeds of 764 million pounds to reduce its debt and strengthen its balance sheet. It said it is also interested in selling one remaining retail park, Brent South, which is part of the Brent Cross estate and is held in a joint venture with Aberdeen Standard Investments.
Separately, the group said it sold Parc Tawe in Swansea and Abbey Retail Park in Belfast individually, generating proceeds of 55 million pounds.
David Atkins, Hammerson’s chief executive, said in a statement: “Against a challenged retail and investment backdrop we have exited the retail parks sector. Having achieved disposals of close to 1 billion pounds since the beginning of 2019, our focus remains on strengthening our balance sheet to create further resilience. The completion of this strategic disposal enables us to create a more concentrated portfolio of flagship venues, premium outlets and City Quarters which we expect will deliver greater levels of both income stability and growth over the medium term.”
Image: Bullring Birmingham, courtesy of Hammerson
For the half year, Primark, part of Associated British Foods Plc, expects sales to be 4.2 percent at constant currency and 2.5 percent at actual exchange rates, driven by increased retail selling space and level like-for-like sales. The company said in a statement that with the expected decline in margin, operating profit is expected to be marginally down on last year at constant currency and on a lease-adjusted basis, while on a reported basis, operating profit is expected to be ahead of last year.
Primark added that the group expects strong growth in adjusted operating profit in the second half, driven by profit growth for Primark and a second half weighting of the AB Sugar profit recovery. Following the coronavirus outbreak in China, from where Primark sources a broad assortment of its products, the company said since it typically builds inventories in advance of Chinese New Year, Primark is well stocked with cover for several months and does not expect any short-term impact. However, the company added that if delays to factory production are prolonged, the risk of supply shortages on some lines later this financial year will increase. Primark is assessing mitigating strategies, including a step up in production from existing suppliers in other regions.
Primark sales in UK expected to be 3 percent ahead in H1
In the UK, Primark achieved further increase in its share of the total clothing, footwear and accessories market. It expects sales to be 3 percent ahead of last year, driven by a strong contribution from new selling space partially offset by a 1.3 percent decline in like-for-like sales. The company said, trading was particularly good over November and December but weakened in January and February against very strong comparatives in the prior year.
Sales in the Eurozone are expected to be 5.3 percent ahead of last year at constant currency with particularly strong sales growth in France, Belgium and Italy. Like-for-like sales for the Eurozone were 0.5 percent ahead, continuing the much-improved performance reported in the January trading statement driven by excellent like-for-like sales in France and Italy and, at this early stage, a notable improvement in Germany which was delivered through a series of operational changes made by the new management team.
Primark further said that the business in the US continued to perform strongly, delivering like-for-like sales growth, with particularly strong trading at the store in Brooklyn. Together with the contribution from the planned store openings at American Dream, New Jersey and Sawgrass Mills, Florida, the company expects a much-improved operating result for the year.
Margin was lower in the first half than in the same period last year as purchases this year contracted at a much stronger US dollar exchange rate than for purchases last year, but the effect was substantially mitigated by both reduced markdowns and reductions in the costs of goods, primarily lower materials prices. The company expects second half margin to be in line with the same period last year, and so still expect margin for the full year to be only a small reduction on that achieved last year.
Retail expansion continues at Primark
Primark’s retail selling space increased by 0.2 million sq. ft. since the financial yearend and, at February 29, 2020, 375 stores will be trading from 15.8 million sq. ft. compared to 15.1 million sq. ft. a year ago. Three new stores were opened in the period: Seville Lagoh in Spain; Kiel in Germany; and Milan Fiordaliso in Italy. In addition, it relocated to larger premises in the Norte shopping centre in Porto, Portugal and the Norwich store in the UK was extended. Selling space was reduced in two stores in Germany and a small store in Rathfarnham, Ireland was closed.
The company expects to open 0.9 million sq. ft. of new selling space in this financial year. New stores will open in: Trafford Centre, Manchester in the UK; American Dream in New Jersey, US; Lens, Strasbourg, Paris Plaisir and Paris Belle Epine in France; Maximo in Rome, Italy; Mons in Belgium; Barcelona Plaza de Cataluña in Spain; Gropius Passagen in Berlin, Germany; and Warsaw, Poland. In Eastern Europe, following the forthcoming opening in Warsaw, Primark has signed leases for further openings: Poznan, Poland; Bratislava, Slovakia; and Prague and Brno, Czech Republic.
Picture:Primark via FashionUnited