All Financial results articles – Page 50
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Article
VF claims it can navigate through the Covid storm easily
In releasing its financial results for the fourth quarter ended on March 31, the management of VF Corp. insisted that the company is in a better position than some of its competitors to navigate through the “storm” caused by the coronavirus pandemic for several reasons, including good liquidity, a flexible ...
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Article
Another difficult quarter for Grendene
After several quarters of declining sales, Grendene was starting to see the light at the end of the tunnel in the opening months of the year, but Covid-19 dashed its hopes. Results for the first quarter were disappointing for the Brazilian group, which owns brands such as Ipanema and Melissa. ...
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Article
Heavy losses for Yue Yuen
As China struggled with the coronavirus outbreak early in the first quarter, Yue Yen Industrial Holdings was strongly impacted by government measures to contain the spread of the disease. The world’s largest shoe manufacturer posted a net loss of $56.3 million for the period, against net income of $75.5 million ...
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Article
Tod’s very prudent as Q1 sales drop nearly 30%
In the first quarter, Tod’s sales fell by 29.4 percent to €152.8 million due to the impact of the Covid-19 pandemic and the company’s “very prudent” delivery policy, both toward its stores and wholesale clients. At constant currency rates, revenues fell by 29.7 percent. All the group’s brands and geographies ...
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Article
Ferragamo sees strong signs of recovery in China, South Korea
Salvatore Ferragamo swung to a net loss in the first quarter of the year, but it has seen strong signs of recovery in sales in China and South Korea since early May.
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Article
Puma posts a 1.5% drop in Q1
Doing better than some competitors, Puma reported sales declines of only 1.5 percent in euros and 1.3 percent in local currencies during the first quarter, leading to a 61.6 percent drop in net earnings to €36.2 million on sales of €1,299.8 million, although the company started the year with an ...
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News briefsAdidas fell by 19% in Q1, sees Q2 down by over 40%
The Adidas Group reported a sharp drop in profit margins on a 19.2 percent decline in sales for the first quarter, due to the coronavirus outbreak, but warned that the second quarter will be worse. With more of its store base still closed at the time of of the release ...
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Article
Tapestry books huge impairment charges for Stuart Weitzman
Tapestry, the parent company of Stuart Weitzman, Coach and Kate Spade, reported strong losses for its third fiscal quarter ended April 30. Net loss reached $677 million, against a net income of $117 million for the year-ago period. This is mainly due to impairment charges of $267 million and $211 ...
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Article
India urges foreign buyers to honor contracts
The Council for Leather Exports (CLE) has called for foreign buyers to fulfil purchase contracts, as falls in demand due to Covid-19 prompted them to cancel orders and delay payments, putting at risk the Indian industry.
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Article
Stella’s Q1 revenues drop by 16%
In a business update for the first quarter, Stella International said it recorded a fall in manufacturing revenues and shipment volumes, due to the delayed resumption of production at its factories in China after the Lunar New Year owing to the coronavirus outbreak.
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ArticleCovid-19 takes a heavy toll on the luxury sector
The personal luxury goods sector is set to pay a heavy price in 2020 because of the coronavirus pandemic. According to the findings of a survey by Boston Consulting Group (BCG) and Bernstein, Covid-19 could wipe out almost a third of the sector’s market value, estimated to have grown to ...
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Article
Skechers’ Q1 net falls by 55%
Skechers USA reported a drop of 54.9 percent to $49.1 million in its net earnings for the first quarter ended March 31 on 2.7 percent lower revenues of $1,242 million. In terms of local currencies, sales were down by 1.2 percent, with a small increase of 2.9 percent in the ...
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Article
Crocs’ Q1 sales decline, despite strong growth in America
Coronavirus hampered Crocs’ results early in the first three months of the year, especially in Asia, but this was partly offset by high store comparable sales in America, where the virus disrupted retail late in the quarter. Revenues for the first quarter declined by 5.0 percent from the year-ago quarter ...
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Article
Yue Yuen’s manufacturing revenues fall by 10%
Yue Yuen Industrial Holdings is warning investors that its results for the first quarter of 2020 will show a net loss of $50 million to $70 million, compared with a gain of $75 million in the year-ago period, because of the disruption of its supply chain and the lockdown of ...
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Article
Europe and e-commerce helped Wolverine in Q1
After posting record financial results in the fourth quarter of 2019, Wolverine Worldwide also fared relatively well in the first quarter ended on March 28, given the challenging conditions caused by Covid-19, thanks mainly to higher online sales, a strong performance in Europe and the Saucony brand.
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Article
Ecco goes more digital
The expansion of Ecco’s store portfolio growth slowed to the addition of only six extra shops, with 200 openings and 194 closures. On the other hand, investments in direct-to-consumer sales channels continued in 2019, with net sales from retail and e-commerce combined increasing by 10.9 percent. Revenues from online channels ...
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News briefs
Edcon’s liquidity sufficient only to pay wages
Edcon, a South African non-food retailer which offers clothing and footwear throughout Southern Africa, has only sufficient liquidity to pay wages after revenues and cash were 400 million rands (€19.5m-$21.1m) below its forecast in March. “As a result, Econ is unable to honour any other accounts payable during this period,” ...
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News briefs
Tod’s scraps dividend, chairmen waive 2020 pay
Because of the uncertainty surrounding the Covid-19 pandemic, Tod’s has decided to cancel its full-year dividend. The company had previously declared a dividend of €0.6 per share on its 2019 results. It still plans to spend 1 percent of net profit on solidarity projects. It added that its chairman, Diego ...
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News briefs
Tourism drought expected to reduce European luxury sales
LVMH said it expects revenues to drop by 10 to 20 percent year-on-year in the first quarter of 2020, as restrictions to combat the Covid-19 pandemic have forced the group to close production sites and stores in several countries. Separately, the bank RBC Europe said that overall global retail sales ...
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Short stops
Results short stops
+++ From July 2019 to February 2020, the first eight months of Pakistan’s fiscal year, the country’s leathergoods exports rose by 11.7 percent to $361.9 million +++
