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Nordstrom receives lower than expected sales and profit 1Q Friday, 17th May 2013
Photo credit: Nordstrom
Nordstrom Inc reported that its sales and profit dropped more than expected in the first quarter due to weak business in early winter, while shares reduced to 3.9 per cent after trading.
The luxury retailer reported increase in comparable sales by 2.7 per cent which was lower than 4.9 per cent increase expected by analysts. Overall sales increased by 4.8 per cent to USD 2.66 billion.
Nordstrom Rack which the company also operates, a chain of low priced stores reported decline in income to USD 145 million in the first fiscal quarter.
The company expects a profit of USD 3.65 to USD 3.80 per share for the fiscal year that began on February. However, its same-store sales estimate declined by half a percentage point for the year to 3 to 5 per cent rise.
Puma’s sales decline in 2013 Tuesday, 14th May 2013
Photo credit: Puma
Puma has cut its revenue and profit forecasts for this year after sales in Europe and Asia dropped in the first quarter.
The company reported a 2.3 per cent fall in group sales and declining profit margins that dropped 32 per cent more than expected in the first quarter profit as it cleared excess stock.
The PPR-controlled German sports apparel firm said it expects sales to decline by almost 1 to 5 per cent in 2013 in comparison with former expectations to meet last year's amount of EUR 3.27 billion.
Puma also said that it will not reach its target to increase operating profit before special items by a low to mid single digit figure. However, it expects the net profit will still increase in comparison to last year.
The sports brand said net profit dropped by 70 per cent last year and is experiencing its biggest reorganisation in 20 years as it tries to reverse the trend by getting its clothing and shoes back on the wish lists of consumers.
Footwear sales overall fell by declined by 7.8 per cent to EUR 373 million in the quarter. The firm's gross profit margin has reduced to 49.1 per cent from 51.2 per cent due to the hit by currency effects and by selling its older shoes at a discount to clear its stock. Puma’s first quarter net profit declined by 32 per cent to EUR 50 million and sales eased by 2.3 per cent to 782 million. Reuters' Analysts expected on average profit of EUR 60 million and sales of 787 million.
Last month it was announced that PPR had replaced Puma's chief executive Franz Koch with Bjorn Gulden to improve results of Puma's largest division which is footwear due to his experience as chief executive of Danish jeweller Pandora.
US retail sales rise 0.1% in April Monday, 13th May 2013
Photo credit: My Retail Media
Retail sales increased to 0.1 per cent during April according to The Commerce Department, after a fall in March up to 0.5 per cent which was the largest in nine months.
Two-thirds of US economic activity is on consumer spending.
Retail spending, excluding petrol, rose by 0.7 per cent indicating that consumers are increasing in expenditure.
Core sales, which excludes cars, petrol and building materials, and corresponds closely with GDP, gross domestic product, increased by 0.5 per cent.
Senior economist from BMO Capital Markets, Jennifer Lee said:
"Consumer spending looks to have started the second quarter off on a solid note."
Car sales increased in April by 1 per cent, clothing sales increased by 1.2 per cent, and general merchandise stores that cover department stores, rose sales by 1 per cent.
Building materials and garden supply stores as well as electronics and appliance stores showed healthy sales results.
Premium fashion retailer Coggles enters administration Monday, 13th May 2013
Photo credit: Coogles.
International fashion retailer Coggles has entered administration after its directors’ attempts to restructure and attract new investment fell through.
Begbies Traynor's director Andy Clay and regional managing partner David Acland have been appointed as administrators and seek a buyer for the business. They confirm that 30 redundancies have been made from the 60 staff members.
Andy Clay comments:
“We are continuing to trade two of the York stores and the website as usual while we market the business. With its strong brand name and excellent reputation, we are optimistic that a buyer will be found and that Coggles will continue in some form. We are currently reviewing the business and making every effort to secure a return for the creditors and a future for the business and its staff.”
Coogles' chief executive and creative director Mark Bage hopes that Begbies Traynor will be able to find a way for the company to continue its trade from a restructure or sale, commenting:
"The last two quarters have been the toughest I've seen in the industry. This is the third recession that I have been through but this recession has hit our sector the hardest, which has effectively been a triple dip recession."
Victoria Bage founded Coggles in 1974. The retailer is home to over 200 men's and women's designer collections from established fashion houses, emerging designer and rare international labels.
Calzedonia to buy majority of stake in La Perla Monday, 13th May 2013
Photo credit: La Perla
The Intimissimi and Tenziens owner Calzedonia has opened negotiations with La Perla. The luxury brand has announced its talks with the group for possible sale of majority stake in its share capital.
To ensure the future of the luxury clothing company, it sought investors for liquidity in April.
Since 2008 the private equity firm JH Partners that owns La Perla has invested into the luxury brand nearly 50 million until late 2012, which is when it decided to seek for strategic partner to revive development of La Perla; to regain sales in international markets and reduce its debts.
The two firms have reported to have agreed to commence exclusive negotiations in order to clarify the terms and conditions of potential purchase agreement and are at an advanced stage of the negotiations.
Calzedonia will be developing a business plan to discuss with unions and other relevant stakeholders who show willingness to receive any plan to ensure the future of business and jobs in Bolongna.
La Perla has attempted previously to find new shareholders by asking U.S. funds Blackston, Sun Capital and Oaktree Capital.
The company closed in 2012 with a turnover of EUR 107 million, which was slightly below last year's results, has gone through major restructuring which will not be finished until end of 2013.
Kate Spade flagship store unveils at Madison Avenue Thursday, 9th May 2013
Photo credit: Kate Spade
The most closely watched brands in the industry Kate Spade is on track to generate USD 700-750m in revenues this year. The ribbon on its first flagship will be cut on Friday.
Kate Spade remains to show impressive sales results and is reported that the brand achieved a gain of 22 per cent in comparable-store sales. In the quarter ended March 30 its net profit increased to 63.1 per cent to $141m which excludes the in-house brought Kate Spade Japan business reaching $25m in sales. This made the company's sales leap 34.1 per cent. Leavitt expects to generate retail sales of up to $2b. The brand reported revenues of $461.9m last year. It is the first move uptown and Leavitt comments: “Uptown is the new downtown”.
Featuring three floors of selling space townhouse and a mezzanine on the second floor, the store is located at 789 Madison Avenue. It has 7,900 square foot showplace with shiny white lacquered walls, marble floors with bows and a whimsical décor.
Ottavio Missoni has passed away at age 92 Thursday, 9th May 2013
Photo credit: Missoni's Facebook page
The co-founder of the eponymously-named Italian fashion house has died aged 92.
Ottavio started his career as an international athlete but, due the interference of WW2, he spent the majority of his youth as a prisoner of war in Egypt. He began producing tracksuits after the war which were later adopted for the 1948 London Olympics by an Italian team. It was when Ottavio competed in the 400-metre hurdles team as one of the members that he met his future wife Rosita for the first time.
In 1853 Rosita and Ottavio married and setup a small knitwear workshop in Italy, with their first collection making its debut in 1958. It became largely popular thanks to the support of Anna Piaggi, Emmanuelle Khanh and Diana Vreeland.
Missoni is survived by his children Angela, Luca and and Vittorio, although the fate of the latter is still not known after a mysterious aircraft accident some months ago.
Next posts Q1 sales boost Wednesday, 8th May 2013
Image courtesy of Next
Next today posted a small upturn in quarterly sales after recent good weather provided a shot in the arm for trading.
The retailer has reported a total sales rise of 2.2 per cent in the 14 weeks to 4 May, its fiscal first quarter.
"Trading has been volatile and particularly poor through March and early April. The marked upturn in sales in mid-April corresponds to the break in the very cold weather," the firm said.
Retail sales dipped 1.9 per cent whilst Directory sales were up 8.9 per cent.
"We anticipate that the continuing decline in real earnings will depress discretionary spending for at least the next 18 months, if not longer," it said.
Shares in the company have increased 22 per cent over the last six months.
Selfridges launches 'click and collect' service and gears up for global trading Tuesday, 7th May 2013
Photo credit: My Retail Media
Selfridges are set to launch their first ever ‘click and collect’ service on May 9.
The service will be available for all of their four bricks-and-mortar stores, which include London Oxford Street, Manchester Trafford and Manchester Exchange Square and its Birmingham store situated in the Bullring.
Selfridges’ customers will be able to shop online all day until 4pm and collect the following day from a dedicated collection point as soon as the store opens. Selfridges claim that “No other department store or retail chain offers such an early collection facility.”
Along with the the ‘click and collect’ service, Selfridges are offering customers complimentary parking for 30 minutes at their London store, which has direct access to the collection point for maximum convenience.
This is also in addition to a ‘carry-to-car’ service, set to launch in 2014, and the ability to continue shopping via iPads at the collection point, or directly in store.
Selfridges say that this is “the brand’s considered response to the growing demand from customers to be offered greater shopping flexibility”.
The retail giants have also announced that they plan to go global later on in the year, offering “famously unique and wide-ranging product mix to customers around the world.”
Retailers welcome sun as sales improve Tuesday, 7th May 2013
Fashion retailers across the UK have welcomed a sales surge after the arrival of sunshine encouraged shoppers to splurge on new spring collections.
The improvement in the weather saw apparel sales rise 13 per cent in the last week of April.
Non-fashion sales were up 3.4 per cent for April, aided by the commencement of ‘DIY season’.
BDO partner Don Williams has warned businesses against complacency, stating that stores cannot rely on warm weather alone to drive sales growth.