Articles by Prachi Singh
Fashionette H1 earning improve, raises outlook
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Fashionette AG achieved operating earnings (adjusted EBITDA) increase to 1.5 million euros in the first six months of 2023. The company said in a release that operating cash flow improved from negative 7.1 million euros to negative 3.8 million euros. In light of the effects of the cost-cutting and efficiency program, Fashionette raised its...
Dr. Martens lowers profit outlook, announces CFO retirement
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Dr. Martens expects FY23 EBITDA to be around 245 million pounds due to higher costs at LA DC (Los Angeles distribution centre) and lower wholesale revenue. The company also announced that its chief financial officer Jon Mortimore has decided to retire from his role and he will continue to hold the position until a successor is in place. “We took...
On's FY22 sales accelerate, cross one billion Swiss francs
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On Holding AG’s fiscal 2022 net sales increased 68.7 percent to 1,222.1 million Swiss francs with net sales through the DTC sales channel increasing by 61.4 percent to 445.1 million Swiss francs and net sales through the wholesale sales channel increasing by 73.1 percent to 777 million Swiss francs. For the fourth quarter, the company’s net...
PVH appoints Amber McCann as chief communications officer
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PVH Corp. has announced the appointment of Amber (McCasland) McCann as executive vice president and chief communications officer, effective April 6, 2023. McCann, the company said in a statement, a highly experienced corporate communications executive, will lead all aspects of PVH’s global internal and external communications strategy and report...
Vera Bradley posts Q4 loss
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Consolidated net revenues at Vera Bradley, Inc. were 147.1 million dollars for the fourth quarter compared to 149.6 million dollars in the prior year fourth quarter. The company’s net loss for the quarter was 28.2 million dollars or 91 cents per diluted share. On a non-GAAP basis, net income totaled 5 million dollars or 16 cents per diluted...
Lenzing suspends dividend policy for FY23
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Lenzing AG expects EBITDA for the 2023 financial year to be in a range of 320 million euros to 420 million euros, assuming a further market recovery in the current financial year. On this basis, the company said in a statement that the company’s managing board of Lenzing AG does not consider the execution of the existing dividend policy of at...
Nike announces leadership promotions
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Nike has announced that effective as of March 13, Amy Montagne, currently VP/GM, APLA will transition to lead the women’s business as VP/GM women’s and Cathy Sparks, currently VP, Nike Direct, EMEA, will transition to lead the APLA geography as VP/GM, APLA. The company announced that Whitney Malkiel, currently VP/GM Women’s, has decided to leave...
Tendam posts revenue growth
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Tendam Brands reported total sales in the third quarter stood at 263.2 million euros, up 1.7 percent and 2.7 percent, respectively compared to the same period in 2021 and 2019. Tendam's total revenues increased by 8.6 percent to 840.7 million euros in the first nine months of the year. Like-for-like sales were up by 10 percent versus 2021 and...
Asos swings to loss as inflation dents consumer spending
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Asos delivered total sales growth of 4 percent or 1 percent on a reported revenue basis to 3,936.5 million pounds and a pre-tax loss of 31.9 million pounds, down from a profit of 177.1 million pounds a year ago. The company expects to report loss driven by the usual profit phasing and exacerbated by elevated markdown to clear stock in the first...
Boohoo issues profit warning as consumer demand slumps
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For the six months to August 31, Boohoo Group’s net revenue declined 10 percent to 882.4 million pounds amid “macro-economic headwinds facing both consumers and businesses”. The company said it expects for a similar rate of revenue decline to persist over the remainder of the financial year if the “current conditions” continue. Boohoo now...