Connect with us

Fashion

Caleres reports 3.4% sales decline in 2024

Published

on


U.S. footwear company Caleres said on Thursday net sales for 2024 fell 3.4% to $2.72 billion, on the back of fourth-quarter sales which dropped 8.3% to $639.2 million for the three months ending February 1. 

Caleres reports 3.4% sales decline in 2024. – Caleres

The St. Louis-based footwear company said the Brand portfolio segment recorded a 7.2 percent fall in net sales, while Famous Footwear witnessed another decline of 9.6 percent in net sales, in the quarter. Direct-to-consumer sales represented approximately 73 percent of total net sales. 

Likewise, Famous Footwear segment net sales declined 3.3 percent, for the year. Brand portfolio segment net sales declined 3.5 percent. Annual direct-to-consumer sales represented approximately 72 percent of total net sales. 

The company’s profits dropped in 2024, with net earnings of $107.3 million, down $64.1 million from 2023 and adjusted net earnings of $114.6 million, down $34.7 million from 2023.

“Our fourth quarter earnings were at the high end of our most recent guidance. We gained market share in women’s fashion footwear, our Lead Brands outperformed, and we grew our sneaker penetration. Famous Footwear’s business softened in the quarter, but we maximized key selling periods. We invested to support our long-term growth while continuing to evolve our supply chain and further mitigate the impact of additional tariffs,” said Jay Schmidt, president and chief executive officer.

Looking ahead to fiscal 2025, Caleres anticipates net sales to be down 1% to up 1%, with earnings per diluted share expected to range between $2.80 and $3.20.

For the first quarter of 2025, net sales are expected to be down 5% to 6%. Earnings per diluted share are expected to range between $0.35 to $0.40.

Copyright © 2025 FashionNetwork.com All rights reserved.



Source link

Continue Reading

Fashion

Michael Kors owner Capri’s CFO to join Macy’s as finance head

Published

on


By

Reuters

Published



April 1, 2025

Capri Holdings’ finance and operations head, Thomas Edwards, will leave the U.S. luxury holding company to assume similar roles at department store chain Macy’s.

Versace – Fall-Winter2025 – 2026 – Womenswear – Italie – Milan – ©Launchmetrics/spotlight

At Macy’s, Edwards, who will join in June, will help strengthen CEO Tony Spring’s years-long turnaround efforts, which have focused on cost cutting and boosting luxury sales.

The change comes as Capri looks to rebuild its business following the demise of its $8.5 billion deal with Tapestry, and reports of Italian luxury group Prada moving closer to a deal for its Versace brand.

Shares of Macy’s, which reiterated its first-quarter sales and profit forecasts, rose nearly 3% in early trading. Capri’s shares fell 1%.

In March, Capri said Donatella Versace would step down as the main designer for Versace after almost three decades, further fueling talks of a sale of the iconic brand.

Macy’s has struggled as customers paused purchases of non-essential items such as apparel and footwear due to sticky inflation.

CEO Spring has laid out plans to close 150 namesake stores through 2026, reinvest in high-potential locations and rely on its luxury outlets Bloomingdale’s and Bluemercury to lift sales.

“Macy’s is definitely making a bigger push in luxury in general … maybe that was a reason why they were interested in hiring a CFO from a company in a luxury space,” said Morningstar analyst David Swartz.

Edwards, who will remain with Capri until June 20, will replace Adrian Mitchell. Mitchell, 51, appointed finance head in 2020, took on the operations head role in March 2023 when Spring was named the CEO.

Capri unit Michael Kors‘ Rajal Mehta will become the interim CFO of the parent firm, the company said.

© Thomson Reuters 2025 All rights reserved.



Source link

Continue Reading

Fashion

M&S invests big in northwest stores as it creates hundreds of jobs

Published

on


M&S continues to roll out new and improved stores in the northwest of England as part of a £50 million investment in eight physical retail units, creating 300 new jobs for the region.

The rollout, which began last week at the reopened Gemini Retail Park, Warrington, Cheshire, includes plans for of a total of 100,000 sq ft of new stores including in Speke and Formby, while stores in Thornton-Cleveleys, Blackburn and Bolton will be food-hall based.

The New Mersey Retail Park store in Speke is to move site and undergo a transformation from a Food Hall to a full-line store, creating 100 jobs and bringing M&S Clothing, Home and Beauty to customers in south Liverpool.

Building on the success of the full-line city centre store in Liverpool One, which opened in 2023, the new store in Speke New Mersey “will bring the best of M&S to customers in the south of the city”, it said.

M&S, which has 62-owned stores across northwest England, spanning the region from Carlisle to Chester, said the three-year investment plan “is another step forward in [our] store renewal and rotation programme, focused on having the right stores in the right places and is a key strand in the business’s transformation as it reshapes for growth”. 

The retailer said it’s aiming to have “180 higher-quality, higher-productivity full-line stores that sell the full Clothing, Home and Food offer”.

Will Smith, Property director at M&S, added: “As we reshape for growth, we want to open new stores we can be proud of and that deliver the best possible shopping experience for customers. Our pipeline of stores for 2025 demonstrates our continued investment in market-leading stores as we deliver our transformation priorities.”

Copyright © 2025 FashionNetwork.com All rights reserved.



Source link

Continue Reading

Fashion

Ralph Lauren opens new store in Cannes

Published

on


Ralph Lauren has opened a new Polo Ralph Lauren boutique in Cannes, boosting its presence in the cinematic capital of France.

Polo Ralph Lauren’s new boutique in Cannes showcases vibrant menswear essentials. – Courtesy of Ralph Lauren

Ralph’s new store is located at 63–65 Rue d’Antibes in Cannes, a couple of blocks back from the Croisette, the principal retail thoroughfare of the Mediterranean resort. Ralph Lauren continues to have a flagship store on the main strip at 61 Boulevard de la Croisette.

The new 115-square-meter Cannes store offers iconic Polo Ralph Lauren products for men in bright colors, including knit polos, chinos, Oxford shirts, caps, T-shirts, and more.

Courtesy of Ralph Lauren

“The opening of the new store in Cannes reinforces Ralph Lauren’s focus on strategic cities, always promoting the evolution of the brand and offering a consistent experience to its customers across all its outlets worldwide,” the iconic American brand said in a release.

The Ralph Lauren marque boasts 20 stores or shop-in-shops in France, split between Paris and the Med. Beginning with his Avenue Montaigne store in Paris and his four-floor flagship boutique in St. Germain, which also includes Ralph’s baronial-style-meets-Parisian-terrace restaurant and bar.

Rounding out his retail presence are several shop-in-shops within the department stores Au Bon Marché and Galeries Lafayette, and boutiques in Marseille and Aix-en-Provence.

“Style is a personal affair that has nothing to do with fashion. Fashion is ephemeral. Style, on the other hand, is timeless,” Ralph states on his official French website. Rather like the Côte d’Azur.

Copyright © 2025 FashionNetwork.com All rights reserved.



Source link

Continue Reading

Trending

Copyright © Miami Select.