Shares in Lululemon Athletica Inc. were down about 15 per cent in afternoon trading Fridayas investors reacted to lower revenue projections and a US slowdown. The Vancouver-based athletic apparel retailer’s fourth quarter, which ended Jan.
Shares in Lululemon Athletica Inc. were down about 15 per cent in afternoon trading Fridayas investors reacted to lower revenue projections and a US slowdown.
The Vancouver-based athletic apparel retailer’s fourth quarter, which ended Jan. 28, brought US$669.5 million in earnings, up from US$119.8 million a year earlier.
However, the company estimates its fiscal 2024 revenue will range between US$10.70 billion and US$10.80 billion. Analysts…
Retail forecast: Apparel sector braces for less spending
TORONTO –
Despite an unseasonably warm winter, there’s a chill across the Canadian retail landscape.
Less snow than usual in many parts of the country along with high inflation put a damper on splurging during the typically busy holiday season – and now retail industry watchers say apparel companies are staring down an equally fraught year ahead.
“When we look at our consumer research for Canadians right now, it’s not as if they are queuing up in orders to buy more, let’s put it that way,” said Sandrine Devillard, a senior partner who leads consulting firm McKinsey and Co.’ s…
Nike and Lululemon rattle the athletic apparel sector with bombshell earnings reports
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The apparel and footwear sectors are active after both Nike (NYSE:NKE) and Lululemon Athletica (NASDAQ:LULU) reported earnings late on Thursday. Meanwhile Nike (NKE) warned of a short-term revenue dip as the company shifted its focus to innovation, Lululemon’s (LULU) revenue and profit guidance warning was even more stark. Both athletic apparel giants warned on sluggish demand trends in certain categories.
Stocks react negatively to the earnings double-whammy including Allbirds (BIRD) -3.3%Deckers Outdoor (DECK) -2.5%On Holding AG (ONON) -2.3%Wolverine World Wide (WWW) -2.4%Under Armor (UAA) -2.2%Skechers (SKX) -1.8%and Birkenstock (BIRK) -1.5%.
During Nike’s earnings call, management underlined a commitment to…
First look: Delta employees preview new uniform prototypes
After more than a year and a half of development and design, Delta employees are getting a first look at prototypes of an all-new, modern and “distinctly Delta” uniform collection – one created with feedback from the airline’s 70,000 uniformed employees (including airport customer service agents, cargo agents, flight attendants, ground equipment mechanics and aircraft technicians) at the center of the design process.
Since 2022, Delta has partnered with GPS Apparel by Gap Inc. to bring the new prototype collection to life. Working with Gap Inc. – an iconic and purpose-led company with a portfolio of globally known brands including…
UK consumers still prefer to shop in-store, poll reveals
The research from News UK shows that 56% of The Times and The Sunday Times’ readers and 65% of The Sun’s readers want to see a product in person before making a purchase.
In addition, almost 80% of those surveyed agreed that online shopping is having a negative impact on the high street and local communities. Similarly, 79% agreed that there will always be a role for the in-store experience and that the high street offers a sense of community.
The poll found 87% of The Times and The Sunday Times’ readers were interested in seeing more independent shops on…
The Textile Show and Dallas Market Center Announce Exclusive Partnership
Christian Chensvold, Associate Editor | Thursday, February 22, 2024
Few things are as rewarding in life as a mutually beneficial partnership, and a new one has just emerged in the Lone Star State, which clearly is not so lonely after all.
The Textile Showthe boutique trade event for the textile industry, and the Dallas Market Center have announced a new strategic partnership via the creation of The Textile Show Dallas, scheduled to take place Oct. 22–24 at the DMC.
The exclusive collaboration marks a significant milestone, bringing together two influential entities dedicated to fostering innovation, networking and growth within the…
Delta Apparel Q1 sales fall due to slow demand, inventory woes
Salt Life Group was a $10.3m net sales increase compared to the prior first quarter results while net sales in the Delta Group decreased to $69.6m. Credit: Shutterstock
Chairman and CEO of Delta Apparel Bob Humphreys mentioned that the company’s efforts to restructure, which involved substantial workforce downsizing and withdrawing from operations in Mexico, have resulted in $20m in labor savings annually.
Despite reducing its overall debt by 22% and inventory levels by 24% year-over-year, the company encountered slow demand in its activewear division and inventory constraints.
Humphreys explained that while many Delta Apparel customers have de-stocked to more normalized…
Rhone Announces Two New Board Members
Rhone bolsters its leadership team with the appointment of Athleta and CorePower Yoga veterans Tess Roering and ESPN Chairman Jimmy Pitaro
STAMFORD, Conn., March 25, 2024 /PRNewswire/ — Rhonethe performance lifestyle brand dedicated to championing mental fitness, today announced the appointment of Tess Roeringwho previously held executive leadership roles at CorePower Yoga and Athleta, and Jimmy PitaroESPN Chairman, to its board of directors.
Roering and Pitaro join Nate CheckettsCEO & Co-Founder of Rhone; Dave CheckettsManaging Partner of Checketts Partners Investment Fund; Jon OwsleyManaging Partner at L Catterton; Simon Hill-Norton, Investor & Co-Founder of Sweaty Betty; and Carras HolmsteadInvestment Partner at…