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Earnings Report | Mar 16, 2025

Strong Brands Remain Solid, Weaker Ones Face Headwinds

Inditex (Spain) reported full year net sales rose 7.5% to €38.6 billion ($42 billion). Pre-tax profits rose 10.3% to €7.6 billion ($8.3 billion). This was in part driven by greater shop productivity as the retailer had 2% more commercial space, but 2.3% fewer outlets than a year ago.  

Puma (Germany) reported Q4 sales rose 9.8% to €2.3 billion ($2.5 billion). EBIT rose 15.3% to €109 million ($119 million).  

  • Full year sales rose 4.4% to €8.8 billion ($9.6 billion). EBIT was flat at flat at €622 million ($679 million), while net income fell 7.6% to €282 million ($308 million) mainly due to higher interest expenses.
  • The brand saw growth in all regions in 2024 with the Americas up 7%, APAC +3.8%, EMEA +2.1%
  • Inventory levels remain elevated, with closing inventory up 11.6% year-over-year to €2.01 billion ($2.2 billion), compared to a sales increase of just 2.5%.

Dick’s Sporting Goods (USA) reported Q4 sales rose 0.5% to $3.9 billion.  Net income rose 1% to $300 million.

  • Full year sales rose 3.5% to $13.4 billion. Net income rose 11% to $1.16 billion.
  • Dick’s expects full year comparable sales growth to be in the range of 1.0%
  • to 3.0%.

Abercrombie & Fitch (USA) reported Q4 net sales rose 9% to $1.58 billion, with comparable sales up 14%.   

  • Full year net sales rose 16% to $4.95 billion, with comparable sales up 17%.  Sales in the Americas rose 17%, EMEA +12% and APAC +9%.

American Eagle Outfitters (USA) reported Q4 net revenue fell 4% to $1.6 billion. Operating income was $142 million from $9.2 million a year ago. 

  • Full year net revenue rose 1% to $5.3 billion. Operating income nearly doubled to $427 million.

Ross Stores (USA) reported Q4 sales fell 1.7% to $5.9 billion.  Operating income fell 1.7% to $731 million.  Full year sales rose 3.9% to $21 billion, while operating income rose 12% to $2.6 billion.

Allbirds (USA) reported Q4 net revenue fell 22% to $59 million, however net loss was reduced by 55% to $25.7 million.

  • Full year net revenue fell 25% to $190 million, with net loss of $93 million, down from a year ago.

Kohl’s (USA) reported Q4 sales fell 9.4% to $$5.2 billion, with comparable sales down 6.7%. Operating income was $126 million compared to $299 million in the prior year.

  • Full year sales fell 7.2% to $$15.4 billion, while comparable sales decreased 6.5%.  Operating income was $433 million compared to $717 million in the prior year. 
  • For the coming year, net sales are forecast to decrease between 5% to 7%.

John Lewis Partnership (UK) reported full year sales for its department stores remained flat at £4.8 billion ($6.2 billion). Department store operating profit fell to £45 million ($58 million), from £689 million ($892 million) in the prior year.

Hudson’s Bay (Canada) has filed for bankruptcy protection. The parent of Saks Fifth Avenue, said it faced an urgent liquidity crisis and was unable to pay its suppliers.

Last week, a Canadian court approved $11 million in debtor-in-possession financing. 

  • The filing doesn’t include Saks Global, which owns Neiman Marcus and Bergdorf Goodman. 
  • In the year ended Jan. 31, Hudson Bay’s net loss was CA$330 million (US$228 million). EBITA was a loss of CA$68 million (US$47 million).

Shein (China) has for the first time confirmed plans to launch an IPO, with London believed to be the preferred location, per The Times.

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