Mastercard Chief Economist Michelle Meyer attributed the 12% increase in Black Friday sales totals to “deals that enticed consumers to fill their carts despite the inflationary environment.”
FINANCE
American Eagle Outfitters (USA) reported Q3 earnings fell 46.6% to $81.2 million, from $152.2 million a year ago. Net revenue fell 2.4% to $1.24 billion.
Mothercare (UK) reported that half-yearly profits fell to £0.4 million ($0.48 million) from £3.6 million a year ago. Total revenues declined by 12 per cent to £162.1million ($196 million).
- Previously the brand saw 20-25% of its sales coming from the Russian market.
- Outside of Russia, franchise partner sales rose 15%.
Dollar Tree (USA) reported Q3 sales rose 8.1% to $6.9 billion. Net income increased 23.1% to $266.9 million.
- The retailer opened net 59 new stores.
- Net sales increased 7.1% to $20.60 billion for the first nine months of the year. Net income improved 33.1% to $1.16 billion.
Dick’s Sporting Goods (USA) reported Q3 sales rose 7.7% to $2.959 billion beating analysts expectations. Net income fell 28% to $228 million, from $317 million a year ago.
Nordstrom (USA) reported Q3 sales fell 2.9% to $3.4 billion, but beat analysts’ expectations. The company reported a $20 million loss, compared with a net income of $64 million last year.
- Full-line Nordstrom sales fell 3.4% to $2.3 billion. Off-price Rack fell 1.8% to $1.2 billion.
Frasers Group (UK) has bought Gieves & Hawkes, one of London’s oldest bespoke tailors.
Foot Locker (USA) reported Q3 net income of $96 million, down 44% from $152 million a year ago. Total sales decreased by 0.7%, to $2.17 billion.
- Foot Locker opened 24 new stores during Q3.
- The retailer now expects 2022 sales to be down 4% to 5% for the year, an improvement over its previous outlook.
Ross Stores (USA) reported Q3 net income of $342 million, down 11.5% year-on-year. Revenue was $4.6 billion, on par with last year.
- Ross expects Q4 sales to be flat to down 2%.
What executives are saying, market insights, financial performance – all in our INSIDE FINANCE November report. Read more
PODCAST
How to Achieve Rapid Market Growth by Better Utilization of Your Internal Teams
In an increasingly noisy market, even those brands with massive marketing budgets can struggle to stand out.
Finding the right strategies – and figuring who you need to execute them effectively – can leave business leaders frustrated, and prompts many to just give up.
In this podcast Oren Greenberg, Founder and Fractional Chief Marketing Officer of Kurve, a boutique digital marketing agency specializing in search marketing, talks about how to make the most with what you’ve got.
You’ll Learn:
- Tactics and strategies brands can use to stand out in a noisy, competitive market.
- How leaders can run competitive marketing campaigns – without burning out their teams.
- Achieving rapid growth through proper and efficient utilization of internal teams.
MANAGEMENT INSIGHTS
Why More Companies are Hiring Fractional Management
One big hurdle is having the scope of talent that can deal with so many varied issues that face companies – from product development and marketing to supply chain management, and everything in between.
The way a growing number of companies are successfully tackling this is by engaging what is now referred to as ‘fractional’ management.
Companies need more specialists, but they don’t necessarily need them on a full time basis. Read More
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