December 22, 2024
EARNINGS
Nike (USA) reported Q2 revenue fell 8% to $12.4 billion for the quarter ended November 30. Net income fell 26% to $1.2 billion. Direct to consumer revenue was down 13%, while wholesale revenue fell 3%.
Birkenstock (Germany) reported Q4 revenue rose 22% to EUR 456 million ($479 million). Net profits were EUR 52 million ($55 million), up from a loss of EUR 28 million a year ago.
JCPenney (USA) reported Q3 net sales fell 8% to $1.4 billion. Net loss narrowed 43.3% to $17 million.
Per Moi (UK) reported six months sales rose 12% to £20 million ($25 million). Profits rose 66% to £3 million ($3.8 million). The lingerie and swimwear brand attributed the growth to a partnership with Marks & Spencer.
THIS MONTH
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
While most generations think those younger than them don’t work as hard as they did, when it comes to Gen Z there is some truth to these claims.
Why does this generation lack the typical youthful enthusiasm and ambition?
On this podcast Damon Cassidy, a generational economics analyst, shares thought provoking insights into why young people are disengaged from work.
You’ll Learn:
RETAIL
UK retail sales fell short of expectations in November despite early Black Friday discounting in the build up to Christmas. Sales volumes rose by a weaker-than-expected 0.2% month-on-month in November.
US retail sales fell 0.19% month-on-month in November, but were up 1.43% from a year ago, per the National Retail Federation (NRF). Core sales for the first 11 months of the year rose 3.5% year-on-year. The NRF has predicted holiday sales to increase 2.5-3.5% over 2023.
MARKETS
The Bank of England has maintained its benchmark interest rate at 4.75%, highlighting the risk of persistent inflation.
The Fed cut rates by 0.25%, but signaled it would pause further cuts in early 2025.
Italy is seeing softer consumer confidence in December, a stark reminder that the consumption drive we anticipate for 2025 is not immune to downside risks, per ING Bank. Consumers are increasingly concerned by economic developments and future unemployment.
Opportunities & Offers
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➤ Sell multiple countries and scale your business internationally. Handle store localization, compliance, currencies, duty – all from a single Shopify store. Learn more about Shopify.
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