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Latest Articles in Business

Business

US department store chain Lord & Taylor files for bankruptcy

US luxury department store chain Lord & Taylor has filed for bankruptcy, becoming the latest retail casualty of the Covid-19 pandemic. The company filed for Chapter 11 protection on Sunday, according to documents from the US Bankruptcy Court for the Eastern District of Virginia, along with its owner, French fashion rental subscription service Le...

13 hours ago

Business

Hammerson in talks to sell 50 percent stake in VIA Outlets

British property giant Hammerson has confirmed that it is in advanced talks of a possible disposal of its 50 percent stake in VIA Outlets to its joint venture partner APG. The company, which owns Bullring shopping centre in Birmingham and Brent Cross centre in London, said it is also mulling a potential equity raise by way of a rights issue. “...

15 hours ago

Business

Victoria's Secret owner L Brands to cut 850 head office jobs

Victoria’s Secret owner L Brands has announced it will be cutting around 15 percent of its head office workforce in a bid to cut costs amid the Covid-19 pandemic. The move is part of a wider strategy by L Brands which aims to deliver approximately 400 million dollars in annual cost reductions. Approximately 175 million dollars of savings are...

15 hours ago

Business

Safilo revenues halve in Q2, posts loss

In the second quarter of 2020, Safilo S.p.A. posted total net sales of 114.5 million euros, down 54 percent at current exchange rates and 53.7 percent at constant exchange rates with wholesale business down 55.2 percent. In the first half, group’s net sales equalled 335.6 million euros, down 32.3 percent at current exchange rates and 32.7...

18 hours ago

Business

Store closures and low consumer demand impact VF's Q1

VF Corporation’s first quarter revenue decreased 48 percent or 47 percent in constant dollars to 1.1 billion dollars driven by store closures and lower consumer demand as a result of the Covid-19 outbreak. Gross margin decreased 340 basis points to 52.9 percent, and on an adjusted basis, gross margin decreased 220 basis points to 54.1 percent....

31 Jul 2020

Business

Under Armour revenue decreases 40.6 percent for Q2

Under Armour reported net loss for Q2 on Friday. Revenues dropped by 40.6 percent from the same period last year. The company's net loss for Q2 was -183 million dollars, increased from net loss of -17 million dollars a year earlier. Furthermore, revenues slipped to 708 million dollars. Under Armour (NYSE: UAA) is an American sports clothing and...

31 Jul 2020

Business

Amazon Q2 sales soar 40 percent amid pandemic, profits double

Amazon smashed earning estimates on Thursday as the company continues to prosper amid the Covid-19 pandemic as shoppers increasingly look online to buy. The US retail giant’s sales for the second quarter ended 30 June increased 40 percent to 88.9 billion dollars, well above analysts’ estimates of 81.24 billion dollars. The retailer’s net profits...

31 Jul 2020

Business

Fashion for Good and SeaChange present ground-breaking solution to wastewater treatment

Wastewater treatment has always posed a significant challenge to manufacturers and fashion brands. Some, like the global sustainability initiative Fashion for Good, see it as an attractive opportunity for innovation. Together with its Scaling Programme start-up SeaChange Technologies, which has developed a game-changing wastewater treatment...

31 Jul 2020

Business

Deckers Brands revenue increases 2 percent for Q1

Deckers Brands has reported a 2.3 percent net increase in sales for the first quarter to 283.2 million dollars. The group, which owns brands Ugg, Hoka One One, Teva and Sanuk, said its net loss narrowed to 8 million dollars from 19 million dollars a year earlier. Its gross margin was 50.3 percent compared to 47 percent last year. “First quarter...

31 Jul 2020

Business

Columbia Sportswear Company revenue slips 39.7 percent for Q2

Columbia Sportswear Company reported a 39.7 percent drop in sales to 316.6 million dollars for the second quarter compared to the same period last year. The company reported a net loss of 50.7 million, compared to net income of 23 million dollars in the same period last year. Chairman, president and CEO Tim Boyle said in a statement: “Second...

31 Jul 2020

Business ANALYSIS

L Brands has a plan… And the market knows it

New York – On Wednesday, Victoria’s Secret’s parent company, L Brands, was soaring on the trading floor. The multi-brand group presented their ‘Go Forward Strategy’ to shareholders and the market has been cherishing those plans ever since. L Brands Inc (NYSE: LB) announced it sees 400 million dollars annualised cost reductions through a profit...

30 Jul 2020

Business

Gildan Activewear revenue drops 71.3 percent for Q2

The company on Thursday reported Q2 net loss. Compared with the same period last year, revenues also slipped by 71.3 percent. The company's net loss for Q2 was -250 million dollars compared to net earnings of 100 million dollars a year earlier. Revenues decreased to 230 million dollars. Compared to 12 percent a year ago, the profit margin of the...

30 Jul 2020