If you’ve got a visible problem that you can’t solve, it might be because those problems are solutions to another problem you don’t want to admit that you have. – Hitan Shan
FINANCE
Lululemon (Canada) reported Q3 revenue rose 19% to $2.2 billion. Comparable sales rose 13%. Net income fell 2.3% to $248 million, a result of impairment of assets and restructuring costs.
Stitch Fix (USA) said Q1 net sales fell 17.8% to $364.8 million. Active clients fell 15% with average revenue per client down 6% to $506. Net loss was reduced by 36.5% to $35.5 million.
Dollar General (USA) reported Q3 sales rose 2.4% to $9.7 billion, however comparable stores sales fell 1.3%. Net income fell 47.5% to $276.2 million.
Delta Apparel (USA) reported Q4 revenue fell 21% to $91.4 million. Operating losses were $17 million, from a profit of $2.2 million a year ago. Net loss amounted to $16.4 million. Full year revenue fell 14.4% to $415.4 million, with net income falling to a loss of $33.2 million, from $19.7 million profit a year ago.
Designer Brands (USA) said Q3 net sales decreased 9.1% to $786.3 million, while comparable sales fell 9.3%. Net income fell 72% to $10.1 million.
Vera Bradley (USA) reported Q3 net revenues fell 7.2% to $115.0 million. Net income was $5.1 million, basically unchanged from $5.2 million a year ago.
MARKET INSIGHTS
Can’t Touch That!
Everyone is talking about the impact of shrinkage on retail margins. While shrinkage is a problem, a bigger issue that retailers in many key international cities are facing is violence that is running alongside shoplifting.
Retailers are having to add more barriers for safety and security, while at the same time creating a dynamic, customer-friendly environment.
That’s a big ask. Read more
PODCAST
The Hidden Job Market for Senior Execs
The years of companies staffing up as they sprinted towards what they believed was going to be the next unicorn – or at the very least years of strong growth – have suddenly reversed course.
That’s led to an increasing number of layoffs during the past two years with a sharp focus on downsizing headquarters and R&D departments – in other words mid-career or late-career white collar jobs.
So what can you do when you find yourself on the ‘other side of the desk’? Where do you start when you haven’t looked for a job since you left school? And what opportunities are there for older people in an age that seems to be fixated on youth?
In the podcast Richard Tiggs, CEO of Arete Executive discusses how senior execs can find their next role.
You’ll Learn
- Where to look for ‘hidden’ opportunities
- How to position yourself as a ‘must hire’ executive
- Why more companies are open to hiring older talent
RETAIL
Dollar General (USA) opened 267 new stores in Q3 with the total for 2023 reaching 990. Next year the retailer is planning to open another 800 stores in 2024.
MARKETS
The US economy generated just under 200,000 jobs last month, beating forecasts and dampening market speculation that the country’s central bank will cut interest rates early next year.
The UK jobs market has weakened significantly under pressure from stagnant economic growth and high interest rates, with companies laying off staff and limiting pay rises, per The Times.
The European Central Bank’s hike cycle seems over, but the shockwaves of tightening will still shape the eurozone economy in 2024, per ING Bank.
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