Latest Articles in Business

Ann Summers carries out redundancies, Gold family steps in with funding

Lingerie retailer Ann Summers has cut a number of its jobs amid rising losses at the firm, with the company’s owners, the Gold family, now also stepping in to provide financial aid. Earlier this week, it was reported by Retail Week that Ann Summers had made between 20 and 30 jobs redundant in an effort to streamline operations. While the number...

Business|Beauty

Luum closes Series A funding and names new CEO

California-based Luum, the world’s first AI and robotics-powered lash extension service, has closed its Series A round bringing total capital raised to 30 million US dollars and named Jo Lawson its new chief executive officer. The funding round was led by Long Journey Ventures, Artifact Capital, and Boardman Bay Capital Management and supported...

Business

New Guards Group files for bankruptcy protection in Italy

New Guards Group (NGG), the Farfetch-owned parent company of Palm Angels and Ambush, has filed for a form of bankruptcy protection in Italy as its pursuit for a buyer continues to trudge on. According to various media platforms, the Italian fashion group has applied for a ‘composizione negoziata per la soluzione della crisi dímpresa’ (or CNC), a...

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Study: 'Doing nothing on Black Friday is better than having the wrong strategy'

While some brands, such as bag manufacturer Freitag, are stopping Black Friday sales altogether and others are luring in customers with big discounts, a large proportion of retailers are somewhere between these two extremes. The majority of consumers (85 percent) plan to take part in Black Friday and expect discounts of at least 30 to 50...

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Pace Partnership London to manage Ted Baker's wholesale operations in the UK and Europe

Ted Baker’s wholesale business is being acquired by Pace Partnership London (PPL). New Lobster, the company that manages Ted Baker’s design, development and product innovation, has signed a five-year agreement with PPL to manage its wholesale business in the UK and Europe, a press release said. New Lobster will continue to be responsible for...

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JD Sports expects full year profit at lower end of guidance

JD Sports Fashion in its third quarter trading update said given the volatile trading environment, and following October trading, it now expects pre-tax profit to be at the lower end of original guidance range of 955 pounds to 1,035 million pounds. The company said that the more volatile environment was reflected in like-for-like (LFL) sales for...

Business

Coats sales grow, expects full year trading in line with expectations

Following an 8 percent first half increase, Coats Group sales growth in the July to October period improved to 11 percent with accelerating growth in footwear and continued momentum in apparel, partly offset by sustained weakness in performance materials. Commenting on the trading update, David Paja, group chief executive said: “It has been a...

Business

Target posts 11.9 percent decline in Q3 earnings

Department store chain Target reported third quarter GAAP and adjusted earnings per share of 1.85 dollars, down 11.9 percent compared with last year. Comparable sales increased 0.3 percent in the quarter, reflecting a comparable store sales decline of 1.9 percent and a comparable digital sales increase of 10.8 percent. For the fourth quarter,...

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After strong Q3, TJX raises earnings outlook

The TJX Companies net sales for the third quarter were 14.1 billion dollars, an increase of 6 percent, while comparable store sales increased by 3 percent. Net sales for the first nine months were 40 billion dollars, an increase of 6 percent with comparable store sales increase of 3 percent. Net income for the quarter was 1.3 billion dollars and...

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Amer Sports raises forecast on strong Q3 growth

For the third quarter, Amer Sports reported a revenue increase to 1,354 million dollars, up 17 percent on both a reported and constant currency basis. “The third quarter was very strong for Amer Sports Group across all brands and geographies. We are executing against our largest growth opportunities in Arc'teryx and Salomon footwear, while our...

Business

Walmart reports strong Q3, ups FY25 outlook

Consolidated third quarter revenue at Walmart of 169.6 billion dollars, increased by 5.5 percent or 6.2 percent on constant currency basis. Raising its outlook for FY25, the company said net sales to reach 642.6 billion dollars, adjusted operating income at 27.1 billion dollars and adjusted EPS of 2.22 dollars. We had a strong quarter,...

Business

Delta Galil delivers sales and profit growth

Delta Galil Industries recorded a third quarter sales increase of 13 percent to 524.2 million dollars, driven by growth across all channels. For the nine-month period, sales were were 1,446.4 million dollars, a 7 percent increase from the prior-year period. Reiterating full year outlook, the company said in a release that it continue to expect...