The San Francisco-based fashion subscription service reported lower than expected Q2 net sales of $504.1 million on Monday, up 12% year over year from $451.8 million. The company’s quarterly net loss was $21.0 million.
The company's revenues fell from 2.37 billion euros to 1.84 billion euros in 2020. Online sales grew 36% year over year to 766 million euros, representing 42% of total revenues, while EBITDA came to 193 million euros.
M&S has launched webstores in 46 new international markets as it works to boost its global sales, “instantly expanding online reach to over 100 countries and enabling millions more customers to purchase M&S products”.
Asda’s new owners are planning a radical transformation of the chain that could see new services such as nail bars and beauty salons, more third-party concessions, and the sale of its George clothing operations.
What had once seemed unthinkable is now not only happening but accelerating as failed UK retailers' giant spaces are transformed for new uses. And a spate of news on Monday showed the extent of the issue.
A busy weekend of action at the virtual Paris Fashion Week, where most of the online videos were shot thousands of miles away from the French capital. We look at five of the most notable houses over this past 48 hours.
HBC, the owner of Saks Fifth Avenue, said on Friday it would launch the luxury department store’s e-commerce segment as a separate business following a $500 million infusion from a U.S. private equity firm.
In a typically blunt statement, Frasers Group has blasted Chancellor Rishi Sunak’s Budget as doing virtually nothing for hard-pressed retailers on business rates. And it seems some of its stores are at risk as a result.