December 15, 2024
“Goals are about the results you want to achieve. Systems are about the processes that lead to those results.
Goals are good for setting a direction, but systems are best for making progress.”
– James Clear, author, Atomic Habits
EARNINGS REPORT
Inditex (Spain) reported 9 months sales grew 7.1% to reach €27.4 billion ($29 billion). November sales rose 9%. Net income increased 8.5% to €4.4 billion ($4.6 billion). Despite increasing competition from low-cost clothing retailers, Inditex said it continues to operate with “very healthy margins.”
Macy’s (USA) reported Q3 net sales fell 2.4% to $4.7 billion. Same-store sales were down 2.4%. Macy’s sales fell 3.1%, while Bloomingdale’s sales rose 1.4%. Net income fell 32% to $28 million.
Oxford Industries (USA) reported Q3 revenue fell 6% to $308.0 million. Sales dropped 5.2% to $161.3 million at Tommy Bahama; – 8.5% to $69.8 million at Lilly Pulitzer; and – 6.1% to $46.1 million at Johnny Was. Emerging brands sales slipped 1% to $30.9 million. The company fell to a net loss of $3.9 million, from a profit of $10.7 million a year ago.
Pepco (The Netherlands) reported full year revenue rose 10.2% to €6.16 billion ($6.48 billion). Same-store revenue fell 3.2%, with revenue growth driven by 392 new store openings. Pepco brand revenue increased 14.2%. EBITDA for the group rose 25.2% to €944 million ($978 million).
THIS MONTH in INSIDE FASHION
This month Jennifer Patton, Sourcing Director, Coppel Dept Store, talks about how Coppel built a wildly successful retail business by solving one fundamental problem for customers.
She also discusses the strategic sourcing model the company uses to source innovative products across a vast range of categories. Read more
PODCAST
For most companies simply trying to develop a successful business strategy while facing constantly shifting market conditions is challenging enough – without having to think about their corporate culture.
However, rethinking our corporate culture could be that game-changer that actually gets us to our goals.
In this episode Hilton Barbour, a marketing and communications strategist who has worked for a long list of Fortune 100 companies, talks about how to do this.
You’ll Learn
WHAT C-SUITE EXECS ARE SAYING
Thoughts on the advantage of ultra fast delivery, losing brand focus, the growth of high performance activewear brands, creating a successful brand in a hyper competitive market … and more. Read more
MARKETS
Germany faces another year of economic stagnation even in a best-case scenario, the Bundesbank has warned, as it slashed its 2025 growth forecast to just 0.1% and added that a trade war with the US could push Europe’s largest economy into recession, per The Financial Times.
Inflation expectations among UK households have risen for the first time in a year, sending a worrying signal to the Bank of England as it embarks on gradual interest rate cuts.
The Swiss National Bank decided to surprise the markets with a 50bp rate cut, compared with the expected 25bp cut. The SNB’s key rate is now 0.5%, compared with 1% previously.
The European Central Bank has cut interest rates by 0.25% to 3%, warning that growth will be weaker than it had previously forecast.
Spain’s core inflation, excluding food and energy, edged down to 2.4% from 2.5%, supporting the notion that underlying inflationary pressures in the economy are continuing to ease. “We expect inflation to trend downwards in the coming months,” per ING Bank.
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