The $12 Billion Merch Moment
October 30, 2025
Promotional apparel is no longer simply a freebie – it’s
Earnings
Shein (China) saw 2024 profits fall 40% to $996 million, despite sales rising 19% to $38 billion. Margins were hurt by higher spending on marketing and faster shipping as competition from Temu and other low costs e-commerce players heated up. The company had projected 2024 earnings at $4.8 billion, per the Financial Times.
TJX (USA) reported Q4 sales were flat at $16.4 billion, while same-store sales rose 5%. Pre-tax income was flat at $1.9 billion.
Amer Sport (Sweden) reported Q4 revenue rose 23% to $1.6 billion, while its net income grew 117% to $15 million.
Arc’teryx has been cited in several surveys as one of the fastest growing performance brands. The company expects to see continued strong momentum from its Arc’teryx and Salomon brands in the year ahead.
Skechers (USA) reported Q4 sales rose 13% to $2.21 billion. Earnings from operations rose 35% to $165.5 million.
Steve Madden (USA) reported Q4 sales rose 12% to $582.3 million. Income from operations rose 18% to $46.7 million.
Dillards (USA) reported Q4 total retail sales fell 1% to $$2.07 billion. Net income fell 14% to $214.4 million.
Markets
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