Retail Giant Pou Sheng Sees Sharp 2022 Profit Decline On Pandemic Woes
Pou Sheng International (Holdings) Limited warned that it expects to record a 20 percent decline in revenues to approximately RMB18.6 billion for the year ended December 31. The resulting profit is attributable to owners of the Chinese mega-retailer and is forecasted to fall approximately 75 percent to approximately RMB89 million for the year compared to the 2021 financial year.
Berkshire Hathaway’s Apparel And Footwear Sales Slide 4.5 Percent In 2022
Berkshire Hathaway Corp.’s sales across its apparel and footwear businesses slid 4.5 percent in 2022 compared to 2021 due to inventory reduction efforts in the mass channel, according to the holding company’s annual report. The businesses include Fruit of the Loom, Russell, Spalding, Garan, H.H. Brown Shoe Group, and Brooks Sports.
Zalando To Eliminate “Hundreds” Of Jobs
German online fashion retailer Zalando said in an e-mail to employees that it plans to cut hundreds of jobs to help it confront a “more challenging” economic environment after years of rapid growth.
Report: Foot Locker In Discussions On India Entry
Indian multi-brand footwear company, Metro Brands, is talking with Foot Locker to bring the U.S. brand into India.
Authentic Brands Closes In On Acquisition Of Quiksilver, Billabong Parent
Authentic Brands Group has proposed a new term loan that it plans to use to support a potential acquisition of Boardriders, Inc., according to a report from Moody’s.
Swing Racquet + Paddle Inks Wilson Deal For “Sportstainment” Venue
Swing Racquet + Paddle has inked a deal with Wilson Sporting Goods Co. as a leading sponsor a “first-of-its-kind dedicated multi-racquet & paddle sport and Sportstainment venue.”
Dillard’s, Inc. Declares Cash Dividend
The Dillard’s, Inc,’s board of directors declared a cash dividend of 20 cents per share on the Class A and Class B Common Stock of the company.
VF Prices €1 Billion Of Senior Notes To Fund Sustainable Development Goals
On the heels of a Moody’s Investors Service downgrade in the debt ratings of VF Corporation, the active lifestyle company has priced €500 million aggregate principal amount of unsecured senior notes due 2026
Duluth Trading Sees Retirement Of Board Director
Duluth Holdings, Inc. announced the retirement of Thomas Folliard as a member of its board of directors.
Revolve Group Sees Q4 Markdown Pressures Cut Into Profits
Revolve Group, Inc. reported a steep decline in profits in the fourth quarter due to markdown pressures. Sales for the fashion e-commerce site were up 9 percent. For the year, net income was down 41 percent, while sales grew 24 percent.
Rocky Brands Sees Lower Q4 Sales On Weaker Wholesale Business
Rocky Brands, Inc. reported that fourth quarter net sales decreased 18.0 percent to $138.9 million, compared with $169.5 million in the fourth quarter of 2021. Wholesale segment sales for the fourth quarter decreased 26.6 percent to $98.9 million.
Steve Madden Posts Sharp Drop In Q4 Wholesale Revenues
Steve Madden’s fourth quarter 2022 revenue decreased 18.6 percent to $470.6 million in the period ended December 31, compared to $578.5 million in the prior-year comparable period. Revenue for the wholesale business was $308.8 million, a 24.8 percent decrease.
Adidas Opens First Retail Store In The Bronx
Adidas opened its first retail store in the Bronx today at The Mall at Bay Plaza.
Academy’s Debt Ratings Raised By Moody’s
Moody’s Investors Service upgraded Academy, Ltd.’s debt ratings to reflect Academy’s continued outperformance relative to expectations and the overall retail industry.
Adidas Renews Partnership With Major League Soccer
Adidas renewed a multi-year extension of its partnership with Major League Soccer.
