Over a year of developing and fine tuning a wide range of multi-channel options for shoppers is likely to pay off for retailers this season.
FINANCE
PVH (USA) reported Q3 revenue increased 10% year-on-year to $2.333 billion, with sales at Tommy Hilfiger up 12% and Calvin Klein up 22% over 2020.
- Full year 2021 revenue projected to increase 27% to 28% year-on-year.
- Third quarter earnings were led by PVH’s international businesses. International sales are expected to remain strong in Q4.
Shoe Carnival (USA) acquired the Shoe Station chain for $67 million.
Five Below (USA) reported Q3 earnings increased 20% year-on-year to $24.2 million, while rose 27.5% to $608 million. The tween retailer opened 171 new stores in 2021.
Express (USA) reported Q3 net income totaled $13.1 million, compared with a $90.3 million loss a year ago and the second consecutive quarter of profitable growth. Net sales rose 46.6% to $471.98 million.
Selfridges (UK) owner, the Weston family, has agreed to sell the retailer to Central Group (Thailand). The family was initially seeking about £4 billion for the department store chain.
Inditex (Spain) has named Marta Ortega Pérez, the 37-year-old daughter of its founder, as its next chairwoman, unsettling investors despite an apparent attempt to solve succession concerns.
PODCAST
Building a Workplace that Nobody Wants to Leave
How do we create a stable workforce in the face of the ‘Great Resignation’?. In this podcast episode, Ralf Specht, author of Building Corporate Soul, and former co-founder of $100 million Spark44, shares how to create companies that support both people – and productivity.
– How companies can build stronger relationships with their teams and reduce employee turnover.
– Why it’s possible to have a workplace environment that’s both competitive and supportive.
– How to build a company that has a ‘soul’.
MARKETS
Thanksgiving weekend spending in the US fell 3.4% year-on-year to US$301.75 billion, according to NRF data.
In the UK, Black Friday spending was up 26.6% year-on-year, with Cyber Monday up 16.7%, according to Barclaycard Payments.
In the EU soaring prices have caused inflation to hit its highest level since the birth of the euro.
- In Germany, has surged to its highest level since 1992
Buy now, pay later (BNPL) usage is surging this holiday shopping season. PayPal saw a 400% increase in volumes on its BNPL platform this Black Friday over last year. Afterpay said it’s seen a 34% increase in in-store and online orders this holiday season.
RETAIL
Dollar General (USA) plans to open 1,110 more locations next year. The retail also plans to grow its Popshelf concept from 30 stores to 1,000 by the end of fiscal year 2025.
- Dollar General targets a lower income, rural customer with $1 prices.
- Popshelf’s customers are suburban middle income households. Merchandise is priced at $5.
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