Urban Outfitters Q1 Profits Jump On Strength At Free People And Anthropologie
Urban Outfitters, Inc.’s profits vaulted 67.6 percent in the first quarter on a 5.9 percent revenue gain and significantly improved gross margins. Healthy double-digit retail gains at Free People and Anthropologie offset declines at Urban Outfitters’ retail business and at wholesale channels.
VF’s Fiscal Q4 Revenues Dragged Down By Vans And Americas Region Declines
VF Corp. reported sales were down 3 percent in the fiscal fourth quarter ended April 1, dragged down by a 14 percent decline at Vans and a 7 percent overall decline in the Americas region. The North Face’s sales grew 12 percent globally. Earnings were down 62 percent on an adjusted basis but in line with guidance.
DU/ER Hires Vice President Of Global Sales
Canadian performance apparel brand DU/ER hired Burt Damsky as VP of global sales. Based out of the company’s New York City showroom, Damsky will oversee the strategic growth of the brand’s global wholesale network.
MEC To Expand Presence In Canadian Maritimes Region
Canadian outdoor retailer, Mountain Equipment Company, is set to expand its retail footprint by opening a new standalone store in the Maritimes this August.
Citi Trends Posts Q1 Loss As Comps Fall 14.1 Percent
Citi Trends, Inc. reported fiscal first quarter sales decreased 13.7 percent to $179.7 million compared to the year-ago quarter, in line with guidance. Comparable store sales decreased 14.1 percent compared to Q1 2022.
Dick’s SG Posts 5.3 Percent Comp Sales Growth In Q1; EPS Up 38 Percent
Dick’s Sporting Goods reported net sales for the fiscal first quarter rose 5.3 percent to $2.84 billion from $2.70 billion in the prior-year Q1 period. Comparable store sales grew 3.4 percent
Varsity Brands Hires Chief Supply Chain Officer
Varsity Brands hired Joe Raines as EVP, chief supply chain officer, effective immediately, across its three businesses—BSN Sports, Varsity Spirit and Herff Jones.
Walmart Opens First Market Fulfillment Center In Arkansas Store
Walmart opened its first high-tech Market Fulfillment Center (MFC) in Arkansas at Store 100 in Bentonville, underlining the retailer’s strategic move to expand using its stores as fulfillment centers to enhance the shopping experience.
Brooks Appoints New Senior VP Of Footwear
Brooks Running promoted Carson Caprara to senior vice president of Footwear. Caprara succeeds Patrick Pons De Vier, who left the company for personal reasons.
Farfetch Limited, New Home To Reebok In Europe, Posts Solid Q1 Revenue Growth
Farfetch Limited, the London-based global luxury fashion goods platform and new home for the Reebok brand in Europe and global collaborations, reported that first quarter revenue increased 8.1 percent year-over-year to $556.4 million.
Report: Shein Raises $2 Billion In Funding Round
Reportedly, Shein, the Chinese fast fashion website, has raised $2 billion in a new funding round.
B. Riley Acquires Interest In Bluestar’s Scotch & Soda
B. Riley Financial, Inc. acquired an equity interest in Scotch & Soda through its participation in its recent acquisition of the Dutch fashion brand by New York-based brand management company Bluestar Alliance, LLC.
Adidas To Start Selling Yeezy Product At End Of May
Adidas reported it would start selling its stockpile of millions of unsold Yeezy sneakers later this month from its defunct partnership with rapper Kanye West. Proceeds from the sale will benefit Antiracism organizations.
Dunlop Sports Sees Revenue Outlook Reduced Despite Strong Q1 Growth
Sumitomo Rubber Industries, Ltd. Has reported that sales revenue in its Dunlop Sports business increased 19.5 percent to ¥35.5 billion ($267 million) in the first quarter. Business profit increased 37.2 percent to ¥5.5 billion ($41 million).
Lululemon Makes Minority Investment in Recycling Start-Up
Lululemon is making a minority investment in Australian start-up Samsara Eco, which uses plastic-eating enzymes to recycle apparel waste. As part of a multi-year partnership, Samsara Eco will work with Lululemon to create new recycled nylon 6.6 and polyester.
