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Guess lowers FY outlook as Q2 profit slides

Thursday, August 23rd, 2012

US fashion firm Guess Inc has lowered its full-year earnings guidance after booking a decline in second-quarter net profit. The company blamed the decline on the impact of a weaker euro as well as negative same-store sales, higher occupancy and selling costs in Europe, and higher spending on advertising and marketing.

Net earnings for the three months ended 28 July tumbled 30.5% to US$42.9m. or $0.49 per share, from $78.3 million or $0.84 per share in the comparable quarter last year. On average, twelve analysts polled by Thomson Reuters expected the company to report earnings of $0.50 per share. While earnings from operations slumped 38.7% to $57.3m.

Net sales fell 6.2% to $635.4m, from $677.16 million in the prior-year quarter, while eleven analysts expected revenues of $629.95 million for the quarter. Revenues at the North American retail business slipped 3.1% to $253m. Revenues in the North American wholesale segment declined 5.1% to $41.6m. Revenue in Europe fell 14.5% to $246.9m, but Asian revenues jumped 20.9% to $66.8m.

CEO Paul Marciano said ”The second quarter was both rewarding and challenging for us. While store traffic remained down in North America, our strategy to elevate our women’s business appears to be working. We are now focused on driving improvements in accessories, which has become increasingly competitive, and are also developing plans to refine our North American strategy where necessary to remain competitive.

“Our European business remained stable, as we grew in newer markets in the north and east, while economic conditions continued to affect consumers, particularly in the south. We also posted solid double-digit growth in Asia and China has continued to exceed our expectations.”

Looking ahead, to the third quarter of fiscal 2013, earnings per share are expected to be in the range of $0.42 to $0.46 and consolidated net revenues are expected to range from $620 million to $630 million. Analysts currently expect the company to report earnings of $0.64 per share on revenues of $670.67 million for the third-quarter.

For the fiscal year ending February 2, 2013, earnings per share are expected to be in the range of $2.15 to $2.30 and consolidated net revenues are expected to range from $2.62 billion to $2.65 billion. Previously, the company expected fiscal 2013 earnings to be in the range of $2.50 to $2.65 per share and consolidated net revenues in the range of $2.70 billion to $2.74 billion. Analysts now expect the company to report earnings of $2.59 per share on revenues of $2.71 billion for fiscal 2013. Whilst revenues are forecast to be in the range of $2.62bn to $2.65bn.

Further, the company also announced that its Board of Directors has approved a quarterly cash dividend of $0.20 per share on the company’s common stock. Thedividend will be payable on September 21, 2012 to shareholders of record at the close of business on September 5, 2012.

Posted in Apparel, Brand, Children, Finance, Men, News, Retail, ladies | No Responses »

Pacific Sunwear Q2 comparable sales up 5 percent

Thursday, August 23rd, 2012

Pacific Sunwear, a specialty retailer rooted in the sports, fashion and music influences of the California lifestyle, reported net sales for the second quarter of fiscal 2012 were 210.3 million dollars versus net sales of 200.9 million dollars for the same period last year.

On a GAAP basis, the company reported a loss from continuing operations of 17.5 million dollars, or 0.26 dollars per share, for the second quarter of fiscal 2012, compared to a loss from continuingoperations of 17.5 million dollars, or 0.26 dollarsper share, for the second quarter of fiscal 2011. The loss from continuing operations for the company’ssecond quarter of fiscal 2012 included a non-cashloss of 8.2 million dollars, or 0.12 dollars per share,related to a derivative liability that resulted from the issue of the Convertible Series B Preferred Stock in connection with the term loan financing the company completed in December 2011.

On a non-GAAP basis, excluding the non-cash loss on derivative liability and using a normalized annual income tax rate of approximately 37 percent, the company’s loss from continuing operations for the second quarter of fiscal 2012 would have been 5.8 million dollars, or 0.08 dollars per share, as compared to a loss from continuing operations of 11.1 million dollars, or 0.17 dollars per share, for the same period a year ago.

“Our 5 percent comparable store sales, 260 basispoint increase in merchandise margins, and positiveoperating cash flow for the second quarter furtherdemonstrate our belief that customers are beginning to rediscover our improvedmerchandising and brand mix, ” said Gary H. Schoenfeld, President and Chief Executive Officer. “Newer brands helped drive a 7 percent comp in our men’s business, which represents our biggestincrease in men’s since 2004. Women’s continued to improve as well with a 2 percent comp and higher margins, and we also achieved a 15 percent increase in online sales.”

As of August 22, 2012, the company operates 727 stores in all 50 states and Puerto Rico.

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Trinity Net Rises 10.5% in H1

Wednesday, August 22nd, 2012

Men’s wear company Trinity Limited said its net profits rose 10.5 percent in the first half despite an adverse economic environment, but said it would curb the pace of store expansion this year in response to a slowdown in Chinese luxury consumption.

Trinity, which in May bought Savile Row tailor Gieves & Hawkes, said net profit rose to 265.3 million Hong Kong dollars, or $34.2 million, for the six months ended June 30. Part of the privately-held Li & Fung Group, the Hong Kong-based retailer of luxury men’s wear brands also owns Kent & Curwen and Cerruti.

Revenue increased by 13.4 percent to 1.4 billion Hong Kong dollars, or $176.1 million, driven by growth in retail sales in Greater China and licensing income and revenues from Europe. All dollar rates are calculated at average exchange rates for the period in question.

“Difficult conditions are likely to remain for the second half of the year,” Trinity stated. “While there are positive indications in the medium to long term for the Chinese mainland luxury sector, softening same-store sales, rising staff costs and increased inventory led to more modest results for the first half of 2012.”

Sales rose by 5.9 percent in Mainland China and by 13.6 percent in Hong Kong and Macau, but they fell by 12.7 percent in Taiwan. The group’s gross margin fell to 79.2 percent in the first half from 80.8 percent during the corresponding period last year, reflecting “a cyclical slowdown in the market,” Trinity said.

The group said it now expected to open 30 stores in 2012, compared with 50 in 2011, and would close certain stores that were not sufficiently productive. Other cost-cutting measures included reducing inventory and a freeze on new hires and pay rises.

However, it intends to continue searching for acquisitions. “European brands in particular will continue to be an area for investment,” Trinity said.

Posted in Apparel, Brand, Finance, Men, News, Retail | No Responses »

Björn Borg Q2 sales up by 3 percent

Wednesday, August 22nd, 2012

The interim report of Björn Borg reported positive development in a continued weak market for second quarter of 2012. The group’s net sales increased by three percent to SEK 105.5 million (15.84 million US dollars) compared to sales for the same period last year.

The gross profit margin was 52.1 percent. Operating profit amounted to SEK 4.8 million (0.72 million US dollars). Profit after tax amounted to SEK one million (0.15 million US dollars). Earnings per share amounted to SEK 0.10 (0.02 US dollars). Brand sales (excluding VAT) decreased by eight percent to SEK 288 million (43.23 million US dollars). The decrease was the same excluding currency effects.

“We are pleased to report stable sales in a continued weak market during the second quarter. The investments we have made in our future growth in recent years are beginning to contribute more to revenues, although earnings are still being adversely affected by the costs. In late August we are opening our first sales location in China and our operations in England are developing well. We remain confident about our development during the rest of the year,” said CEO Arthur Engel.

For the first half, group’s net sales decreased by three percent to SEK 246.0 million (36.93 million US dollars). Excluding currency effects, sales were down 5 percent. The gross profit margin was 49.8 percent. Operating profit amounted to SEK 19.5 million (2.93 million US dollars). Profit after tax amounted to SEK 10.3 million (1.55 million US dollars). Earnings per share amounted to SEK 0.55 (0.08 US dollars).

Björn Borg is a Swedish company that owns and develops the Björn Borg brand. The products are sold in around 15 markets, the largest of which are Holland and Sweden.

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Urban Outfitters Q2 Profit Rises

Tuesday, August 21st, 2012

Specialty apparel retailer Urban Outfitters Inc., said Monday its profit for the second quarter increased from last year on strong growth across its mainstay brands. The company’s earnings for the quarter breezed past Street estimates, with sales also coming in ahead of expectations. The positive results comes amid a pickup in retail activity as consumers splurge on their favorite brands even as concerns remain of the overall economic situation. The news had a significant impact on Urban Outfitters shares that reached a new high for the year. The stock is currently up 16.34 percent at $36.39 on the Nasdaq.

Philadelphia, Pennsylvania-based Urban Outfitters reported second quarter net income of $61.29million or $0.42 per share, up from $56.69 million or $0.35 per share last year in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share for the quarter.

Urban Outfitters operate under its eponymous brand as well as those like Anthropologie, BHLDN, Free People, and Terrain. During the quarter, the company’s net sales grew 11 percent year-over-year. Net sales for the quarter rose to $676.27 million from $609.18 million in the prior year quarter. Twenty eight analysts had consensus revenue estimate of $671.58 million for the quarter.

Comparable retail segment net sales, which include comparable direct-to-consumer channel, increased 4% for the quarter, while comparable store net sales decreased 1%. Comparable retail segment net sales at Free People and Urban Outfitters increased 12%, and 6%, respectively, while comparable retail segment net sales at Anthropologie were flat for the quarter. Direct-to-Consumer net sales increased 22% and wholesale segment net sales rose 17% for the quarter.

Nevertheless, high cost of sales somewhat impacted gross margin that fell 30 basis points from last year to 37.6 percent, hurt by the deleveraging of initial merchandise costs and store occupancy expenses.

Moving forward, CEO Richard Hayne said, “As we head into the second half of the year we plan for gradual year over year improvement in our business along with further tightening of our store inventories.”

URBN closed Monday at $31.28, down 0.38%, on a volume of 3.2 million shares on the Nasdaq. In after hours, the stock gained $5.11 or 16.34%. In the past year, the stock trended in a range of $21.47 – $31.81.

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Topman starts search for new boss

Monday, August 20th, 2012

Arcadia has kicked off the hunt for a new managing director for Topman, following the promotion of David Shepherd in April.

It is understood that the Sir Philip Green-owned business has approached some of the industry’s biggest names in menswear in a bid to fill one of the highest-profile roles in the sector.

Arcadia had not confirmed at the time of Shepherd’s promotion to Arcadia chief operating officer for trading whether he would be replaced, but some potential candidates have now been approached, although no appointment is imminent.

It is understood the managing director will report into Green.

Green said: “The plan is at some point to find somebody permanent to fill that role but finding the right people takes time, so when we find the right person we will make an appointment.”

Shepherd, who joined Arcadia almost 18 years ago as a Saturday boy, was also appointed to the board in April.

Meanwhile, Topman is tapping into the demand for tailoring by creating a premium suiting line. The six-piece range will launch at the end of September and be extended in time for Christmas.

Posted in Apparel, Brand, Labor, Men, News, Operations, Retail | No Responses »

Foot Locker Q2 profit up 59% from sales uplift

Monday, August 20th, 2012

Sportswear retailer Foot Locker has booked a 59.5% rise in second-quarter net profit on the back of a positive sales performance in North America and Europe, beating the Street in the second quarter.

For the period ended July 28, the New York-based specialty athletic retailer earned a net income surged to US$59m, or 39 cents a share, compared to $37m, or 24 cents, in the same period a year ago. Gross margin increased 90 basis points.

Revenues increased 7.2% to $1.37bn, from $1.28 billion, on the back of a comparable-store sales increase of 9.8 percent. Analysts were expecting earnings per share of 33 cents on revenue of $1.35 billion. Excluding the effect of foreign currency fluctuations, total sales were up 10.6%.

Positive results were driven by Nike’s lightweight and technical running products, the firm said. Domestic comps rose in the low teens in the second quarter, while Foot Locker Europe’s comp-store sales were essentially flat. The international divisions posted mid-single-digit comp gains, while the direct-to-customer segment advanced 18.1 percent.

Ken Hicks, chairman and CEO, said: “We have achieved consistently strong financial and operational results since we began implementing our long-term plan over two years ago. This consistency was also evident with the good profitability we achieved this quarter across our divisions, from the North American stores, to Europe, and to our direct-to-customer business.”

During the first half of the year, the company opened 47 new stores, remodeled/relocated 109 and closed 62, taking its total number of stores to 3,354. Hicks also said more store changes are expected in the back half. The firm is now testing 11 stores for the Champs prototype, and has several Foot Locker test stores on tap for this winter into next spring.

“We intend to open three new concept stores for Lady Foot Locker before the holiday selling season. These stores will be merchandised significantly different than a Lady Foot Locker store with much more apparel, stronger coordination between shoes and apparel and more emphasis on performance. These stores will have a new nameplate over the door, which we will announce later in the quarter,” Hicks said on a conference call with analysts Friday.

Foot Locker ended the period with cash and short-term investments of $820 million and long-term debt of $133 million.

Posted in Activewear, Apparel, Brand, Children, Finance, Men, News, Retail, accessories, ladies | No Responses »

H&M launches Fashion Family clothes collection

Friday, August 17th, 2012

Swedish fashion retailer H&M Hennes & Mauritz has launched its Fashion Family clothing collection, available for men, women and children.

For women, the range includes a fitted jacket, skinny trousers, a grey long-sleeved dress, as well as accessories. The line features a leather jacket, knitted jumper, T-shirt, sunglasses, beanie hat and scarf for men.

Mini-me versions of the adult clothes have been designed for children.

The Fashion Family collection will be available at the H&M’s Regent Street and Selfridges stores in London and online from 17 September.

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Gap Q2 Profit Rises

Friday, August 17th, 2012

Fashion retailer Gap Inc. said Thursday after the markets closed that its second-quarter net income rose 29%, helped by higher sales and improved gross margins. The company’s quarterly earnings per share also came in above analysts’ expectations as did its quarterly sales. Based on second quarter results, the company once again raised its full year earnings outlook.

For the second quarter ended July 28, 2012, the San Francisco-based company reported net income of $243 million or $0.49 per share, compared to $189 million or $0.35 per share for the year-ago quarter. Net sales for the second quarter grew 6 percent to $3.58 billion from $3.39 billion last year. Same-store sales increased 4 percent. Analysts polled by Thomson Reuters estimated earnings of $0.48 per share and revenues of $3.53 billion for the quarter.

Same-store sales for the second increased 4%. Same-store sales rose 7% for Gap stores in North America and Banana Republic’s North America fleet, while it grew 3% for Old Navy’s North America stores. International same-store sales fell 5%. Whilst gross margin for the quarter improved to 39.9% from 36.9% a year earlier.

“Customers responded well to our product offerings across our brands, driving a healthy increase in sales and earnings per share during the quarter,” said Glenn Murphy, chairman and chief executive officer of Gap. “Our continued focus on product and store execution are helping to drive positive momentum and we’re committed to sustaining solid performance for the remainder of the year.”

The company ended the second quarter with a total of 3,285 store locations in 42 countries, 3,035 of which were company-operated. During the second quarter, the company opened 29 and closed 20 company-operated store locations. The company opened its first Old Navy store outside of North America in Tokyo and continued to expand its Gap brand store base in China. The company continues to expect net openings of about 15 company-operated stores and about 50 to 75 franchise stores during fiscal year 2012.

Going forward, the company raised its fiscal year 2012 earnings estimate to a range of $1.95 to $2.00 per share, from prior estimate of $1.78 to $1.83 per share. Analysts currently estimate earnings of $2.08 per share for the full year.

The company repurchased $349 million worth of shares in the second quarter and ended the quarter with 479 million shares outstanding and $2.1 billion in cash, cash equivalents, and short-term investments. Gap shares are currently gaining 1.34% in after hours trading after closing the day’s regular trading session at $34.34, down 27 cents. The shares trade in a 52-week range of $15.08 to $34.92.

Posted in Apparel, Brand, Children, Finance, Men, News, Retail, accessories, ladies | No Responses »

Wal-Mart lifts outlook as Q2 income rises 5.7%

Friday, August 17th, 2012

Retail giant Wal-Mart Stores, Inc. reported Thursday a profit for the second quarter that increased 5.7 percent from last year, reflecting positive comps across all three geographic business units and store formats. Further the retailer lifted its full-year earnings outlook.

For the quarter ended July 31, 2012 the world’s largest retailer reported net income of $4.02 billion or $1.18 per share for the second quarter, higher than $3.80 billion or $1.09 per share in the year-ago quarter. On average, 26 analysts polled by Thomson Reuters expected earnings of $1.17 per share for the second quarter. Analysts’ estimates typically exclude special items.

Net sales for the second quarter of fiscal 2013 were 113.5 billion dollars, an increase of 4.5 percent from 108.6 billion dollars in the second quarter last year. Net sales for this quarter included a negative currency exchange rate impact of approximately 2.2 billion dollars. Without the currency impact, net sales would have been 115.7 billion dollars. Membership and other income increased 4.7 percent to 762 million dollars.

Walmart’s revenues for the quarter increased 4.5 percent to $114.30 billion from $109.37 billion in the same quarter last year, but missed nineteen Wall Street analysts’ consensus estimate of $115.75 billion.

Total comparable store sales grew 2.5 percent. Constant currency sales grew 4.7 percent to $115.7 billion. US comparable-store sales rose 2.2%, its fourth consecutive quarter of positive comparable sales. Wal-Mart US sales increased 3.8% to $67.3bn, while its international division saw growth of 6.4% to $32bn.

“I’m really pleased with the continued momentum in our Walmart US stores, evidenced, in part, by three consecutive quarters of positive comp traffic and four straight quarters of positive comp sales,” said president and CEO Mike Duke. ”The team is very focused on delivering broad assortment and price leadership. Walmart’s low prices drive greater customer loyalty.”

Speaking about the economic challenges facing its consumers, Duke said: “The paycheck cycle remains pronounced in the United States and in our international markets. Given continuing economic pressures, we believe that our price leadership and value are growing in importance to customers across income levels.”

Looking ahead to the third quarter, the company expects earnings from continuing operations in a range of $1.04 to $1.09 per share. Street is looking for earnings of $1.05 per share for the quarter. The company also projects comparable store sales growth for the quarter at Walmart U.S. of 1 to 3 percent, and at Sam’s Club, without fuel, of 3 to 5 percent.

For fiscal 2013, Wal-Mart raised its earnings guidance to a range of $4.83 to $4.93 per share from the previous range of $4.72 to $4.92 per share. Street is currently looking for full-year 2013 earnings of $4.93 per share.

WMT closed Wednesday’s regular trading session at $74.45, up $0.54 on a volume of 7.77 million shares. In the past 52 weeks, the stock traded in a range of $49.94 to $75.24.

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