In a festive season characterised in many people’s minds as a poor one for UK fashion, Weird Fish is the latest name to report exactly the opposite.
And the British lifestyle clothing brand is now planning further stores as it gears up for faster growth.
The brand expects to open 10 new locations this year following its 9% sales rise to £11.4 million in the November-December festive trading period.
Within that 9% rise, it saw double-digits increases in wholesale, e-tail, via its concessions and third-party channels — the latter enjoying a 128% jump.
The company last year signed third-party deals with Next and Mountain Warehouse, and additional deals with Freemans and Matalan.
The company also said its revenue rose 12% for the year as a whole to £42.7 million and EBITDA soared 107% to £5.3 million, driven by investment in both stores and online, as well as a full-price strategy. The latter was helped by improved marketing that created demand without the need to offer too many markdowns. It also helped drive higher average basket size.
The company had opened five new stores last year, and with the 10 planned this year, will have more than 40 in total. It also added 31 concessions.
CEO David Butler, who joined in late 2023, said: “We have continued to see positive momentum in the business through the decisions we have taken to create a more profitable businesses and enhance our product ranges and drive margin.
“The changes we have made are really resonating with our core customers and driving new shoppers to our stores and online. By strengthening our offering and continuing to grow our store estate in prime locations, we’re well placed to continue our growth journey in 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.
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.
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.
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.
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.
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.