Clothing & Shoes
The latest news, updates and analysis on the clothing and shoes segment of the the UK retail industry. Sign up to the Daily Briefing and let Retail Sector’s business journalists keep you in the picture.
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Aug- 2023 -24 August
Abercrombie & Fitch raises guidance as Hollister brand boosts sales
Abercrombie and Fitch has increased its full-year outlook ranges on sales and operating margin after its Hollister brand helped boost company net sales 16% to $935m (£737m) during the three months ended 29 July 2023. The company said the results were driven by Abercrombie brands, up 26%, and its Hollister…
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22 August
Kontoor brands appoints new exec VP and CFO
Kontoor Brands, a global lifestyle apparel company and owner of Wrangler and Lee, has appointed Joe Alkire as its new executive vice president and chief financial officer. The news comes after Rustin Welton, executive vice president and chief financial officer, decided to retire from Kontoor after four years of service…
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21 August
TK Maxx owner ups profit guidance amid Q2 sales boost
The UK arm of TJX Companies, TK Maxx, has raised its profit guidance for the full-year following a 8% year-on-year increase in sales to $12.8bn (£10bn) for the second quarter ended 29 July. During this period, the group’s pre-tax profit margin also rose by 1.2% to 10.4% from last year’s…
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21 August
Waitrose and John Lewis offers free coffee to police to combat shop thefts
Waitrose and John Lewis is reportedly offering free hot drinks and discounted food to on-duty police officers who visit its stores in a bid to cut shoplifting and violence against staff, according to the Times. The news comes after Waitrose reported that assaults on its employees have roughly “doubled” since…
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18 August
Farfetch profits and sales drop as its brand platform suffers
Farfetch has revealed its revenues decreased to $572.1m (£450.1m) from $579.3m (£455.7m) during Q2 2023, representing a year-over-year decrease of 1.3%, according to its trading update for the second quarter ending June 2023. The group said that the decline was primarily driven by a 42.2% decrease in Brand Platform Revenue…
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18 August
H&M to phase out Myanmar suppliers after labour abuses probe
H&M has announced that it is planning to “gradually phase out” its operations in Myanmar following a report from the Business and Human Rights Resource Centre (BHRRC). The company launched an investigation H&M into 20 alleged instances of labour abuse following the report. The BHRRC tracked 156 cases of alleged…
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17 August
Birkenstock UK profits fall despite jump in revenues
Birkenstock has revealed that its profits fell 12% to £3.9m in the sandal brand’s UK division for the year to 30 September 2022, despite its revenue surging 49% to £34.5m. While the retailer’s wholesale revenues increased 40% from £21.2m to £30m in 2022 – representing 87% of the company’s total…
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16 August
H&M probes Myanmar factory labour abuses
H&M has reportedly launched an investigation into 20 alleged instances of labour abuse at Myanmar garment factories, according to Reuters. This is in relation to a report by the non-governmental organisation, the Business and Human Rights Resource Centre (BHRRC) which is set to be released on Wednesday (16 August). The…
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14 August
Sweaty Betty owner lowers outlook amid Q2 revenue decline
Sweaty Betty owner, Wolverine Worldwide, has lowered its revenue and earnings outlook as it experienced a decline of 17.4% in revenue to $589.1m (£463.8m) in Q2. While revenue from the ongoing business was slightly better, it was still down at $578.2m (£455.2m) – a decline of 13.8% on a constant…
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11 August
Ralph Lauren reaffirms guidance as revenues edge up to $1.5bn
Luxury retailer Ralph Lauren has revealed it expects FY revenues to meet expectations of low single digit growth as its Q1 revenues increased to $1.5bn (£1.18bn), up from $1.49bn (£1.17bn) the same time last year. Its revenue performance was boosted by an 8% increase in Europe to $450m (£354m) and…
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