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Pakistan’s textile firms struggle with energy, borrowing costs

Published

3 months ago

on


By

Bloomberg

Published



October 30, 2024

Pakistan’s smaller textile companies are curtailing production or selling assets to pay debt after high energy and borrowing costs hurt businesses.

Accord

Ghazi Fabrics International Ltd. on Tuesday said it would partially curtail the production of its weaving unit because of the prevailing economic conditions, increase in the cost of electricity and non-availability of quality cotton at affordable price. Nazir Cotton Mills Ltd. has decided to sell obsolete machinery to pay its debt, said the company in a separate filing to Pakistan Stock Exchange.

Prime Minister Shehbaz Sharif’s government has raised energy prices to comply with conditions set by the International Monetary Fund for the current $7 billion loan program. Now, electricity prices are higher than house rents for some.

The nation’s economy grew by 3.1% in the year ended July but the industrial sector contracted. Business people and consumers have protested high costs across the nation in recent months.  

Consistent high inflation adversely impacted the purchasing power of consumers, which resulted in loss of business, Bata Pakistan Ltd. said in its quarterly report. The company’s quarterly net income dropped to the lowest in almost two years, according to data compiled by Bloomberg. Nazir Cotton’s losses almost doubled in the quarter-ended September.
 



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Fashion

Hoka-parent Deckers Outdoor’s forecast disappoints despite solid holiday quarter

Published

2 hours ago

on

January 30, 2025

By


By

Reuters

Published



January 31, 2025

Deckers Outdoor on Thursday beat third-quarter sales estimates on robust holiday demand for its Hoka running shoes, but an in-line annual forecast caused the footwear maker’s shares to tumble 17% in extended trading.

Ugg

Hoka shoes with their oversized soles have been gaining market share from brands such as Nike in the sportswear category. The brand, which retails for up to $300 in the United States, have also enjoyed full-price sales.

This drove up the company’s third-quarter revenue by 17% to $1.83 billion, beating analysts’ average estimate of $1.73 billion, according to data compiled by LSEG. Deckers also raised its annual net sales forecast for a second time this year.

“The guidance looks pretty conservative and considering the beat, it’s bit of a negative read into the out quarter,” said Drake MacFarlane, analyst at MScience.

The popularity of the Hoka shoes and the success of the company’s Ugg boots and sandals has helped it post double-digit revenue growth for nearly seven quarters.

The company now expects annual net sales to increase about 15% to $4.9 billion, compared with its prior expectation of about 12% growth to $4.8 billion. Analysts estimated an increase of 14.9% to $4.93 billion.

Deckers expects annual earnings per share of $5.75 to $5.80, compared with its prior forecast of $5.15 to $5.25.

© Thomson Reuters 2025 All rights reserved.



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Amazon ramps up ad spending on Elon Musk’s X, WSJ reports

Published

3 hours ago

on

January 30, 2025

By


By

Reuters

Published



January 31, 2025

Amazon.com is increasing its advertising on billionaire Elon Musk’s social media platform X, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

Reuters

The major shift comes after the e-commerce giant withdrew much of its advertising from the platform more than a year ago due to concerns over hate speech.

In 2023, Apple also pulled all of its advertising from X and has recently been in discussions about testing ads on the platform, the report said.

Several ad agencies, tech and media companies had also suspended advertising on X following Musk’s endorsement of an antisemitic post that falsely accused members of the Jewish community of inciting hatred against white people.

Monthly U.S. ad revenue at social media platform X has declined by at least 55% year-over-year each month since Musk bought the company, formerly known as Twitter, in October 2022. He had acknowledged that an extended boycott by advertisers could bankrupt X.

Musk has become one of the most influential figures following President Donald Trump‘s re-election. He now leads the Department of Government Efficiency, which aims to cut $2 trillion in government spending.

© Thomson Reuters 2025 All rights reserved.



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Ferragamo’s sales down 4% in fourth quarter, sees “encouraging results”

Published

3 hours ago

on

January 30, 2025

By


By

Reuters

Published



January 31, 2025

Italian luxury goods group Salvatore Ferragamo said on Thursday its revenue dropped by 4% at constant currencies in the fourth quarter, flagging “encouraging results” from its direct-to-consumer sales which were overall flat in the last three months of the year.

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Ferragamo – Spring-Summer2025 – Womenswear – Italie – Milan – ©Launchmetrics/spotlight

Sales in the North American region, which accounted for 29% of total revenue, were up 6.3% in the quarter.
However, the Asia Pacific area saw a 25% drop in revenue at constant exchange rates.

The slowdown in global demand for luxury goods, especially in China, has made the group’s turnaround harder.
Overall preliminary revenues reached 1.03 billion euros in 2024, in line with analysts’ estimates, according to an LSEG consensus.

“January shows an acceleration in our DTC channel’s growth, albeit supported by the different timing of the Chinese New Year and a favourable comparison base versus last year”, Chief Executive Marco Gobbetti said in a statement.
 

© Thomson Reuters 2025 All rights reserved.



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