Currently the biggest impact on global markets of the Russia-Ukraine crisis is market volatility and weakening consumer sentiment.
FINANCE
Primark (UK) said sales are set to jump 60% for the 24 weeks to March 5, compared with the same period last year, due to reduced pandemic restrictions.
- Sales across the company’s UK stores are “well ahead” of last year as shoppers flocked back.
- Group profits are expected to bounce back above pre-Covid levels in its first half, but sales at its UK retail chain still remain 9% below 2019 levels.
Target (USA) reported Q4 sales rose 9.4% year-on-year to $30.6 billion. Net earnings rose 11.9% to $1.5 billion.
- More than 95% of Target’s fourth quarter sales were fulfilled by its stores.
- Full year sales reached $104 billion, up 13.2% from a year ago.
- Full year net earnings were $6.9 billion, up 59% from 2020.
- Plans to open 30 new stores this year and fully renovate 200 existing stores.
Kohl’s Corp. (USA) reported Q4 profits fell 13% year-on-year to $299 million. Revenue for the quarter was $6.5 billion, up 5.8% year-on-year.
- Full year revenue rose 21.8% to $19,433 million. Net income reached $938 million, for a $163 million loss in 2020.
- The company expects net sales to increase 2% to 3% in 2022.
Nordstrom (USA) reported Q4 net sales rose 23% year-on-year to $4,382 million. EBIT earnings reached $299 million, from $30 million a year ago.
- Full year sales reached $14,402 million, up 39% from 2020. EBIT earnings were $492 million, from a $1,047 million loss a year ago.
- The company expects revenue growth of 5-7% in 2022.
Abercrombie & Fitch (USA) reported Q4 revenue rose 3.5% year-on-year to $1.16 billion. Earnings were $65.51 million, down from $82.39 million in 2020.
- Full year sales rose 19.3% to $3.7 billion. Net income fell to $38.9 million, from $60.2 million last year.
Victoria’s Secret (USA) reported Q4 net income fell to $246 million, from $282 million a year ago. Revenue for the period rose 4% to $2.18 billion, exceeding estimates of $2.14 billion.
- Q4 revenue at North American physical stores rose 12.2% year-on-year to $1.3 billion.
- Full year net sales rose 25% to $6.785 billion.
- Forecasted Q1 2022 sales are in the range of $1.425 billion to $1.495 billion, down from $1.554 billion a year ago.
- The retailer currently operates 933 stores worldwide, with 846 in the U.S, as well as 458 beauty and accessories stores.
PODCAST
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Legendary entrepreneur and philanthropist, Vijay Eswaran, has done what most companies would view as impossible – making sustainability a core part of his business for over two decades – a business with operations in more than 30 countries.
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MARKETS
UK shop prices are rising at their fastest rate in a decade with increases last month that were 1.8% higher than in February last year.
- The rate of inflation last month was higher than the 1.5% for the year to January, according to the shop price index compiled by the British Retail Consortium and NielsenIQ.
BRANDS
Banana Republic (USA) announced an expansion into two new categories with the launch of baby and athletics lines.
Victoria’s Secret (USA) plans to launch a digital-first brand, called Happy Nation, aimed at tweens, featuring comfortable underwear and apparel.
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