Day: June 5, 2020

American Eagle posts bigger-than-expected loss on virus-led store closures, Retail News, ET Retail

American Eagle Outfitters Inc posted a steeper-than-envisioned loss on Wednesday, as gross sales and keep site visitors plummeted adhering to coronavirus-led keep closures, sending shares down as much as 10.five%.

The retailer, which withdrew its annual forecast in April, has experienced a drop in demand for its denims and well known Aerie manufacturer apparel, which include things like intimates and athleisure.

The Aerie manufacturer recorded a revenue drop of two%, when compared with a 28% increase a 12 months ago. Earnings at the American Eagle label fell forty five% for the duration of the quarter.

The enterprise also suspended its next-quarter dividend and does not anticipate declaring a dividend for the relaxation of this 12 months to protect liquidity.

American Eagle also stated its internet loss stood at $257.two million, or $one.fifty four per share, when compared with a profit of $forty.eight million, or 23 cents per share, a 12

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Domestic apparel makers report 84% drop in sale in May as focus shifted to manufacturing masks, says apex body CMAI, Retail News, ET Retail

Bengaluru : Domestic clothing makers have mentioned a product sales drop of eighty four% all through the thirty day period of Might more than the exact same period very last 12 months, predominantly as some factories shifted business emphasis to production masks and PPE goods, reported the Clothing Makers Affiliation of India (CMAI) that signifies leading companies including Aditya Birla Trend and Way of living, Arvind Fashions, Long run Team, Buyers Halt and Raymond.

A survey conducted by the apex entire body amongst its members at the finish of Might mentioned a decrease in product sales for the thirty day period. “Compared to the corresponding period of Might 2019, the members surveyed indicated a drop (in product sales) of eighty four% more than very last 12 months – and that too, generally mainly because some factories experienced began production masks and other PPE goods,” reported CMAI in a push statement.

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Consumer confidence close to record low | News

Investigation from GfK shows purchaser self confidence dipped two factors to minus 36, just a few factors over the file very low of minus 39 in July 2008, as property prices fell, and unemployment rose.

Consumers’ self confidence in their personal financial circumstance more than the last twelve months fell by six factors and their self confidence in the common economic circumstance more than the past year fell by 5 factors.

However, the Big Order Index – which asks shoppers how self-assured they experience making substantial purchases these types of as furnishings or electrical goods – rose by six factors.

Joe Staton, GfK’s shopper method director, mentioned “GfK’s third Covid-19 flash report records drops across key actions to -36, just a few factors shy of the historic very low of -39 in July 2008. Against a backdrop of slipping property prices, soaring jobless statements, and with no sign of a

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Seasalt’s CEO on business after lockdown | News

When Paul Hayes joined Seasalt in 2013, it was a small regional business with eleven shops throughout Devon and Cornwall. Under his leadership, it has constructed an worldwide reputation on its coastal appeal. It now has 70 shops in the British isles and Ireland and around 400 stockists throughout the British isles and Europe.

On Thursday, Hayes took aspect in a Drapers Connects on the web interview to discuss how the business has navigated the coronavirus crisis and what the long run retains as lockdown eases. Below are the highlights:

Partaking with people by the crisis 

“We are observing persons spending much more time looking at email messages. In the past, electronic mail was noticed as a little something that was perhaps dying, but we have noticed much more curiosity. We have noticed buyers applying desktops much more in excess of this period, when before everything was shifting to mobile. 

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JC Penney closing 154 stores in first post-bankruptcy phase, Retail News, ET Retail

NEW YORK : J.C. Penney reported Thursday that it will start off closing 154 of its stores future 7 days in what it is calling the very first stage of its attempts to shrink its footprint.

The Plano, Texas-centered retailer reported it could take about ten to 16 months to entire the closures. A listing of the stores closing was posted on Penney’s web-site.

Penney filed for individual bankruptcy security final thirty day period, generating it the biggest retailer to do considering the fact that the coronavirus pandemic forced non-essential stores to be shut down temporarily. J.Crew and Neiman Marcus sought individual bankruptcy security times in advance of J.C. Penney. All three had been laden with financial debt and experienced difficulty connecting with customers, who are increasingly skipping the shopping mall and searching online.

As section of its individual bankruptcy reorganization, Penney reported it planned to completely close nearly a

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