Zara names Stripe as payments partner for resale platform

Image: Zara; Zara Pre-Owned Stripe, a financial infrastructure platform for businesses, has been selected as Zara’s payments partner to process all payments for the retailer’s pre-owned clothing marketplace, Zara Pre-Owned. In a statement, Zara said it will use Stripe Connect to move funds between buyers and sellers of pre-owned Zara products. The multi-payment infrastructure tool will enable the retailer to embed Stripe’s global payments platform directly into the Zara Pre-Owned marketplace, offloading all payments-related requirements onto Stripe, while keeping the customer experience fully Zara branded. The Spanish retailer launched Zara Pre-Owned in the UK last year, allowing customers to resell their Zara items through a peer-to-peer process. Sellers take pictures of their unwanted Zara products, which are then cross-referenced with Zara’s product portfolio, giving potential buyers detailed information on the items they wish to purchase. The platform also offers Zara customers the option to donate their clothes or request a repair. The Zara resale platform is expected to expand across other European markets in the second half of 2023.
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Shein secures two billion dollar raise, cuts valuation by third

Image: Shein Fast fashion giant Shein has reportedly raised two billion dollars in its latest round of funding, placing its valuation at 66 billion dollars. The new figure, reported by The Wall Street Journal, is a third off the 100 billion dollars that Shein was initially valued at last year, and comes despite the retailer raking in around 23 billion dollars in revenue in 2022. The raise is seemingly unfettered by the continued scrutiny the Chinese company has been placed under, both for its lacklustre environmental practices and its heavily reported workers rights allegations. In a bid to improve its identity on an international scale, the firm has been setting up shop outside of China, most recently opening a headquarters in Dublin where the core of its EMEA operations will be. The news also runs alongside reports that Shein has set its sights on re-entering India, a market it had been banned from over two years ago. Through a strategic partnership with Reliance Retail, Shein will now have access to the Indian firm’s sourcing capabilities and logistics infrastructure, according to media reports, along with the group’s network of online and offline stores. The company has also faced a challenge from the rapid growth of competitor Temu, which has sprung up in recent months and offers a similarly affordable alternative to Shein, despite also being a firm originating from China.
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Percival bolsters board to lead brand strategy and business growth

Image: Percival/VGC Partners; Cheryl Calegari, non-executive chair and Dan Rookwood, board director British menswear brand Percival, looking to double sales figures and expand international growth, has appointed Cheryl Calegari as non-executive chair and Dan Rookwood as a board director to bolster its investment group VGC Partners board. In a statement, Percival said that the Calegari and Rookwood bring a wealth of experience and will be instrumental in leading brand strategy and business growth alongside the menswear brand’s senior management team, led by chief executive Christopher Gove. The move is part of Percival’s brand ambition to become synonymous with menswear globally, offering a direct-to-consumer platform that “delivers accessible uniqueness to every man’s wardrobe”. During 2023, the brand has set ambitious goals to double sales figures by focusing on expanding product categories and international growth. Commenting on the appointments, Gove said: “We are delighted to have Cheryl Calegari and Dan Rookwood supporting us on our growth journey, their wealth of brand and industry knowledge working with market-leading retail businesses is a huge asset to our team. “They are both great additions to our board and will help us drive and deliver our forecasted business performance for 2023 and beyond.” VGC Partners appoints two new board members to grow menswear brand Percival Calegari is currently an independent consultant and advisor, supporting brands and striving to make a positive impact on their business, people, culture and customers, and has most recently been advising high-growth brands Therabody and luxury sneaker retailer Kick Game with a focus on marketing strategy and business development. Her previous roles include being vice president of marketing for Beats By Dre and senior director of global brand marketing at Converse. “Percival is a brand that truly disrupts the norm with a considered design aesthetic, collaborations and product innovation and Percival’s ambitious growth journey,” said Calegari. “Throughout my career, I have helped lead transformational brand building, iconic creative, cultural connectivity and business results and look forward to championing this next chapter.” While Percival adds that Rookwood brings “an abundance of fashion and brand industry knowledge,” and has been working with Percival’s investment group VGC Partners since June 2022 as head of brand supporting VGC’s portfolio to elevate all aspects of their brand and marketing strategies. His previous experience includes leading Nike’s editorial team globally, as well as being the US editor at Mr Porter and style director of Men’s Health. On his new role, Rookwood added: “I’ve been a brand fan of Percival’s since the very beginning, and I made the initial introduction to VGC years ago. I’ve enjoyed seeing the brand’s success, especially since VGC invested, but now to have the opportunity to be a part of that success as a director is a privilege and a pleasure. With my background in menswear and brand building, I’m excited about what I can bring to the table to help Percival fulfil its potential.”
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Not so carbon neutral: Gucci adjusts sustainability goals

Image: Gucci Salon, Los Angeles Gucci is under scrutiny for reportedly adjusting its approach to reduce its environmental impact, raising questions about the future of sustainable fashion. The report has drawn attention to Gucci's ambitious decadelong plan to reduce its environmental footprint, according to the Business of Fashion. Gucci was very vocal about its carbon neutral claims in September 2019. At the time the company stated that it had offset its greenhouse gas emissions from its operations and supply chain for the previous year. Gucci achieved this through supporting three UN-backed REDD+ projects in Peru, Cambodia, and Kenya. To achieve carbon neutrality, Gucci pledged to become carbon neutral across its entire supply chain by 2020. Additionally, the brand set targets to reduce its greenhouse gas emissions, water use, and waste production by 50 percent by 2025. This commitment to sustainability reflected Gucci's broader strategy to minimise its environmental impact. While some praised this move as a positive step towards sustainable fashion, others remained skeptical of carbon offsetting as an effective solution to combat climate change. Critics argue that offsetting fails to address the underlying causes of emissions and may perpetuate greenwashing practices. Need for transparency Gucci's decision to adjust its carbon neutral claim can be interpreted as a response to these criticisms, reflecting a desire for greater transparency. The brand stated that it is reevaluating its approach to offsetting and exploring alternative strategies to reduce its environmental impact. Parent company Kering has not made any statements or updates to its sustainability claims or initiatives across its Group. The issue of fashion companies making false carbon neutral claims is a growing concern within the industry. While some brands genuinely strive to reduce their environmental impact, there have been instances where companies have engaged in greenwashing, misleading consumers about their sustainability efforts. It is crucial for consumers to be discerning and hold brands accountable for their claims. Scrutinising the transparency and credibility of a brand's sustainability initiatives, such as verifying their carbon offsetting practices and certifications, can help in identifying companies that are genuinely committed to reducing their environmental footprint. Gucci, one of luxury fashion's most powerful and profitable businesses, can be no exception. This article has been adjusted after publication to provide our readers with the most transparent and factual news possible.
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2nd Denim Innovation Night to Showcase Country’s Capability in Innovation

Dhaka - 2nd Denim Innovation Night presented by Pacific Jeans held yesterday Tuesday during the 14th Bangladesh Denim Expo to showcase the innovation in the country’s denim industry. The show displayed the very latest in sustainably produced and innovative denim products from Pacific Jeans to apparel brands and retailers, embassy representatives, development partners and to the representatives of the industry supply chain. About 500 invited guests got the opportunity to witness first-hand the denim research, design and production innovation provided by the Bangladeshi denim Group highlighting the breadth and depth of denim innovation available in the country – from fibre, through to fabrics, design, manufacture and finishing – a true 'top-to-toe' representation of the very best of Bangladesh's capabilities in the denim field. Pacific Jeans Limited is the pioneer in manufacturing premium jeans in Bangladesh, exporting to over 50 countries. With a continuous focus on quality improvement and value addition, adoption of updated denim processing technology, commitment towards safe and sustainable industry, the group has become one of the preferred suppliers to leading global fashion retailers. The program was inaugurated by Commerce Minister Tipu Munshi, MP; while the Head of the Delegation of the European Union in Bangladesh H.E. Charles Whiteley was the Guest of Honor; President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan and Country Representative of the Japan External Trade Organization (JETRO) in Bangladesh Yuji Ando were special guests at the program. The 1st Denim Innovation Night was presented by Pacific Jeans during the 7th edition of Bangladesh Denim Expo in November 2017. The central theme of this 14th edition of Bangladesh Denim Expo is ‘Innovator’.
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Lululemon establishes partnership with textile recycling startup, Samsara Eco

Lululemon store in Hamburg. Image: FashionUnited Sportswear company Lululemon has announced a new multi-year collaboration with textile-to-textile recycling firm, Samsara Eco, as it looks to scale its circularity practices. The brand said that through the partnership it is aiming to make infinitely recycled nylon and polyester from its own products using the startup’s circular process. Samsara Eco offers the ability to recycle high-performance nylon and polyester blends, with the duo to utilise apparel waste to create new materials and therefore bring “lower-impact alternatives” to the performance apparel industry. Speaking on the collaboration, Yogendra Dandapure, Lululemon’s vice president, raw materials innovation, said in a release: “Nylon remains our biggest opportunity to achieve our 2030 sustainable product goals. “This partnership demonstrates what’s possible through collective innovation to solve unmet needs. “Through Samsara Eco’s patented enzymatic process, we’re advancing transforming apparel waste into high quality nylon and polyester, which will help us live into our end-to-end vision of circularity.” The partnership builds on Lululemon’s ‘Be Planet’ goals, in which it is aiming to create a circular ecosystem by 2030, largely led by the implementation of sustainable materials, shopping experiences like its re-commerce programme and textile-to-textile recycling. Samsara Eco’s CEO and founder, Paul Riley, commented: “We’re proud that this partnership is disrupting the apparel industry. Samsara Eco's ability to infinitely recycle blended textiles including nylon, provides an important solution to tackle the challenge of textile waste. “This has never been achieved before, and partnering with lululemon is a significant milestone that will accelerate the journey to closing the loop on textile recycling.”
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Shein to host 30 pop-up stores in EMEA, opens Dublin headquarters

Photo Credits: Shein, campaign image. Fast fashion giant Shein has continued on its path of growth in EMEA with the opening of its new headquarters in Dublin, Ireland, as well as plans to strengthen its physical presence in the region. The new office will be home to Shein’s strategic IT hub for EMEA and will function as the core of its operations in the area. The company stated that the opening of the site will include the appointment of 30 key roles to be made by the end of 2023. The various positions will cover areas such as data analysis, security engineering, finance management and legal, and will also see the expansion of its graduate programme into Ireland. To further its emphasis on the region, Shein further unveiled that it plans to host around 30 pop-up stores around the EMEA region in 2023, forming “an integral part” of its business model. Its presence has been bolstered in the past through the opening of three new distribution centres across EMEA in 2022, as part of its efforts to strengthen its nearshoring capabilities in a bid to improve speed of fulfilment. Speaking in a release, Leonard Lin, global head of government relations for Shein, said: “I am delighted to launch our EMEA headquarters in Ireland. Ireland’s pro-business environment and great access to talent make it an excellent hub for companies, including Shein, to manage and grow our business in the region. “Our Dublin office opening marks an important milestone in Shein’s growth in EMEA – which is one of our most important markets. We look forward to contributing to the growth of the local economies and to supporting local communities.”
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Nat-2 presents vegan sneaker made from recycled aluminium foil

Unisex, vegan Sleek Alchemist sneaker by Nat-2. Image: Nat-2 German footwear brand Nat-2 is dedicated to discovering unusual, natural materials for shoes, including stone, coffee grounds, corn, cork, mushrooms, fish leather, flowers, cannabis, red pepper, oxblood, leaves, moss and more. Now the brand has expanded its offer with a ‘Reduceusecycle' line that aims to find new, never-before-used materials to reuse and upcycle, and presents a vegan sneaker made from used and then recycled aluminium foil. To do this, Nat-2 has teamed up with the Israeli start-up for innovative textiles, Remeant. The result is the vegan, unisex Nat-2 “Sleek Alchemist” sneaker, whose upper is made from upcycled aluminium foil and reflective glass. The lining consists of Nat-2 bio-ceramic and the removable insole is made from real cork, while the outsole is made from 100 percent rubber. The heel and tongue have a smooth, reflective glass surface. Unisex, vegan Sleek Alchemist sneaker by Nat-2. Image: Nat-2 The Nat-2 Sleek Alchemist sneaker was designed by Sebastian Thies, sixth generation shoe designer and the brand’s founder. The shoes are produced under fair conditions in a small family production in Italy. The new Reduceusecycle line is not only about finding new, never-before-used materials for re- and upcycling, but also about accelerating new approaches and views on circular product design, solving existing problems and providing inspiration to rethink the way we consume. “Is it really okay to use aluminum foil for mostly unnecessary purposes like as a sandwich wrapper that lasts an hour if we recycle it afterwards again?,” asks the label. “Or would it be better to wrap your lunch in a paper bag and use other natural materials for your footwear?” The answer is “yes," of course, but until then and “while there are tons of aluminum waste every day, shouldn't we recycle it into new purposes and establish new aesthetics in fashion?,” continues Nat-2. So it is not about avoiding the problem of textile-to-textile recycling and taking away other industries' waste, it is about showing sustainable solutions for waste recycling until these waste volumes have been reduced and avoided. The Nat-2 Sleek Alchemist sneaker is available through the online shop Coilex via worldwide, carbon neutral delivery. No details have been given on the price yet. Unisex, vegan Sleek Alchemist sneaker by Nat-2. Image: Nat-2 Also read: *
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Aeffe swings to Q1 loss, sales decrease

Image: Moschino SS21 via Catwalkpictures In the first quarter of 2023, consolidated revenues at Aeffe amounted to 93,243 thousand, a 8.2 percent decrease at current exchange and 8.4 percent at constant exchange rates. The group posted a net loss of 330 thousand euros compared to a net profit of 8,943 thousand euros in the first quarter of 2022, recording a 9,273 thousand euros decrease. In the first quarter, consolidated adjusted EBITDA was positive by 12,304 thousand euros, down compared to 20,443 thousand euros last year. Consolidated EBITDA was positive by 11,518 thousand euros with a margin of 12.4 percent on turnover. Aeffe’s sales performance across core geographies The group’s sales in Italy with an incidence of 45.9 percent on turnover, were constant compared to 2022 at 42,757 thousand euros with the wholesale channel recording a decrease of 4 percent offset by 35 percent increase recorded by the retail channel. Sales in Europe with an incidence on turnover of 29.4 percent, increased 13.1 percent at 27,448 thousand euros. The company said in a release that retail shows an 11 percent decrease mainly linked to the closure of the Moschino boutique in London for the renovation works completed in March 2023. In Asia and the Rest of the World, the group achieved revenues of 17,539 thousand euros, with an incidence on turnover of 18.8 percent. At current exchange rates, sales in America, with an incidence on turnover of 5.9 percent, recorded a decrease by 42.9 percent. Aeffe reports drop in Moschino sales In the first quarter of 2023, Alberta Ferretti brand sales increased by 4 percent, generating 7.8 percent of consolidated sales, while Philosophy brand increased by 17.4 percent, generating 6.5 percent of consolidated sales. In the same period, Moschino brand sales decreased by 13.2 percent contributing to 73.5 percent of consolidated sales. Pollini brand increased by 23.1 percent, generating 11.2 percent of consolidated sales, while the other brands sales decreased by 50.1 percent contributing to 1 percent of consolidated sales. The revenues of the wholesale channel, which represents 71.8 percent of turnover, recorded a decrease of 14.3 percent at current exchange rates. The revenues of the retail channel, which represents 25.7 percent of group sales, showed an increase of 22.5 percent at current exchange rates compared to the corresponding period of the previous year. The company recorded 35 percent retail sales growth in Italy and 91 percent in Asia due to the change in the distribution model in China. The revenues for royalties, which represent 2.5 percent of consolidated turnover, decreased by 39.9 percent compared to the same period of 2022.
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Boohoo reportedly demanding 10 percent discount from suppliers

Boohoo campaign. Image: Boohoo Group Fast fashion group Boohoo is believed to be demanding a 10 percent discount from its suppliers in a bid to reduce its supply chain costs. The discount is said to be regarding both delivered and undelivered clothing, covering all outstanding orders made by the retailer. The Times cited an unnamed supplier as its source, who told the publication that it had received a call from Boohoo “demanding” the discount. It added that Boohoo “turns all orders produced into losses” and the firm was “struggling to find suppliers” while “screwing” the ones it had. The move comes after Boohoo had already faced backlash last year for similar supplier-related matters, when it extended its payment terms from 30 days to 60 days. The group has regularly been outlining efforts to reduce costs amid falling sales that it has largely attributed to the cost-of-living crisis impacting the UK. Further efforts have been seen in the closing of its Wellingborough-based distribution centre in January, impacting 420 jobs, and the plan to implement further job cuts at its head office in London, which had initially been reported by The Times.
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Coty considers dual listing, extends CEO partnership

Daniel Grieder, CEO of Hugo Boss and Sue Y. Nabi, CEO of Coty. Image: Hugo Boss Beauty and cosmetics giant Coty has revealed that it is exploring a dual listing on the Paris Stock Exchange (PAR) as it looks to strengthen its presence in the European market. If the company goes ahead with the listing process, it will add to its already long-standing place on the New York Stock Exchange (NYSE) and would allow for it to reach further untapped investors, as noted in a regulatory filing. The possibility of a listing also links into the group’s over a century heritage in France, as well as its business footprint in Europe. Speaking on the plan, Peter Harf, Coty’s chairman, underlined the importance of Paris as a beauty destination and attraction for investors. Harf added: “We have seen consistent growth over the last 10 quarters, in line with or ahead of market expectations, underpinned by targeted investment, disciplined cost controls and a clear debt reduction programme.” It would be a significant move under CEO Sue Nabi, who initially took on the head position in November 2021, and has since made a series of changes to the company in order to reclaim its status. According to Coty, Nabi had led the acceleration of its skincare categories, built up its business in China and returned many of the group’s heritage brands – namely that of Bourjois, Rimmel and CoverGirl – to growth. Coty and CEO secure long-term equity programme The firm said that due to these implementations it was now financially stronger, with a free cash flow of over 400 million dollars in Fy23. In light of this achievement, Coty’s board further announced the extension of its partnership with Nabi, anchoring her in on a long-term equity programme running until 2030. The agreement covers a “significant portion” of performance related shares next to a performance related bonus. Nabi said: “As a long-term shareholder in the company, I am grateful to the board for their continued support and trust, and delighted to have the opportunity of leading Coty through this next chapter of growth and value creation. “We are committed to driving sustainable innovation across fragrance, colour cosmetics and skincare as we rise to meet the consumer needs of the future, while simultaneously campaigning to change outdated definitions of beauty through the #undefinebeauty campaign.”
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Kontoor Brands Q1 sales improve by 2 percent

Image: Joint Lee and Wrangler store in Amsterdam Kontoor Brands, Inc. reported first quarter revenue of 667 million dollars, a 2 percent or 1 percent decrease in constant currency. Revenue increases, the company said, primarily driven by strength in domestic wholesale and DTC, were more than offset by decreases in international wholesale, primarily driven by the continued impacts of Covid-policy changes in China. “As anticipated, our brands continued to gain share in the U.S. where POS outpaced shipments in the quarter. We continue to assume macroeconomic pressures will weigh on consumer demand in the second half of 2023, particularly in the U.S. However, we believe that our increasingly diversified growth across channels, categories and geographies, enabled by strategic investments in DTC, demand creation and data analytics will generate more sustained, profitable growth over time,” said Scott Baxter, president, CEO and chair of Kontoor Brands. Highlights of Kontoor Brands Q1 performance The company added that U.S. revenue was 518 million dollars, up 2 percent, and U.S. wholesale increased 1 percent, including strength in digital wholesale which increased 11 percent compared to last year. These gains were augmented by continued strength in DTC, with U.S. own.com revenue increasing 15 percent compared to the same period last year. International revenue was 149 million dollars, a 14 percent or 9 percent decrease in constant currency driven by softness in wholesale, somewhat offset by strong DTC performance. International DTC increased 10 percent or 17 percent in constant currency. Sales in China decreased 36 percent or 31 percent in constant currency compared to the first quarter of 2022, driven by impacts in the wholesale channel from the Covid-policy changes. China DTC increased 3 percent or 11 percent in constant currency compared to the same period last year. Sales in Europe decreased 7 percent or 1 percent in constant currency with wholesale pressures more than offsetting gains in DTC. Europe DTC increased 15 percent or 22 percent in constant currency compared to the same period last year. Kontoor Brands posts sales increase in Wrangler Wrangler brand global revenue was 423 million dollars, a 3 percent increase from the same period in the prior year. Wrangler U.S. revenue increased 3 percent, driven by increased shipments in U.S. wholesale reflecting category diversification including non-denim bottoms, outdoor and workwear. Wrangler U.S. DTC increased 16 percent, while Wrangler international revenue was flat or 5 percent increase in constant currency compared to the first quarter 2022. Lee brand global revenue was 241 million dollars, a 9 percent or 7 percent decrease in constant currency. Lee U.S. revenue was flat compared to the same period last year, with gains in own.com offset by softness in wholesale. Lee U.S. DTC increased 8 percent, while Lee international revenue decreased 20 percent or 16 percent in constant currency, driven primarily by reductions in China wholesale. Gross margin decreased 180 basis points to 43 percent of revenue, operating income was 95 million dollars and operating margin of 14.2 percent decreased 170 basis points compared to the same period in the prior year. EBITDA was 102 million dollars, while EBITDA margin of 15.3 percent decreased 200 basis points. Earnings per share was 1.16 dollars in the first quarter, compared to 1.40 dollars in the same period last year. Kontoor Brands expects low-single digit percentage increase in 2023 The company said revenue is expected to increase at a low-single digit percentage in 2023 with first and second half performance relatively balanced. The company continues to expect the first half to be driven by the U.S. with momentum in POS, share gains and DTC. Gross margin is expected to be in the range of 43.5 percent to 44 percent, increasing 40 to 90 basis points compared to gross margin of 43.1 percent in 2022. EPS is expected to be in the range of 4.55 dollars to 4.75 dollars, consistent with the prior outlook.
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Farfetch takes on Reebok’s e-commerce in Europe

Image: Reebok Luxury fashion platform Farfetch is teaming up with Reebok to operate its e-commerce operations and wholesale business in Europe. In a statement, Farfetch said it has “replatformed” Reebok’s e-commerce sites in Europe, and is overseeing all marketing and e-commerce operations, as well as driving wholesale distribution to help “drive the evolution of the brand by expanding its luxury collaboration offerings globally”. The partnership was announced by Authentic Brands Group in February 2022, a month before it completed the acquisition of Reebok from Adidas. The deal will be managed by fashion production and distribution holding company New Guards Group (NGG), owned by Farfetch. NGG has formed a new division, NGG++ to operate the Reebok brand and to focus on “accelerating opportunities for NGG brands’ sportswear and sneaker categories”. Cristiano Fagnani, previously chief marketing officer of NGG, has been appointed to the role of chief executive of the newly launched NGG++. José Neves, founder, chairman and chief executive at Farfetch, said: "Reebok has great potential to expand into the luxury space, reigniting its loyal customer base and capturing the imagination of a new luxury global audience. Under the astute and energetic guidance of Cristiano and the NGG++ team, we believe this partnership will unlock huge value for the brand and for Farfetch. “Launching the partnership with Reebok is an important execution milestone in Farfetch’s plans for 2023. We are delighted that the NGG++ and Farfetch Platform Solutions teams have ensured Reebok’s wholesale and e-commerce operations are up and running on time and on budget. We look forward to delivering on further milestones for Reebok throughout our partnership.” Todd Krinsky, chief executive of Reebok, added: "Since announcing our partnership last year, I’ve been incredibly impressed with the energy, passion and opportunities the NGG and Farfetch teams have already brought to the table. "Our concept sneakers with Botter x HP that debuted at Paris Fashion Week earlier this year were a great indicator of all that’s to come and we can’t wait to introduce more game-changing collaborations and innovations that will elevate the brand’s legacy and further Reebok’s global appeal."
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Bumpsuit opens first pop-up in Los Angeles

Image: Bumpsuit; The Grove pop-up In Pictures Bumpsuit, the celebrity favourite maternity clothing brand, has opened its first physical retail presence with a pop-up at The Grove in Los Angeles, California. The pop-up pod, located on the lawn across from Nordstrom, has been fully outfitted and designed by Will Fox of Fox Fox Studio and will run until May 24. The digital native brand is stocking its essentials, including dresses, shapewear, loungewear, and baby carriers in the pop-up, as well as the brand’s newest category, shapewear swim. Nicole Trunfio, founder of Bumpsuit, said in a statement: "I am thrilled to bring Bumpsuit to life with our first retail experience at the Grove in Los Angeles. Timed to coincide with the launch of our latest product range, The Armadillo Baby Carrier, and our Bumpsuit community walks, the Pop-up is a hub of empowerment and connection. We've created an experience to celebrate women, and to help them feel strong, beautiful and supported." Image: Bumpsuit; The Grove pop-up Image: Bumpsuit; The Grove pop-up Image: Bumpsuit; The Grove pop-up Image: Bumpsuit; The Grove pop-up
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Next posts marginal drop in sales, maintains profit outlook

Image : Next Plc In the thirteen weeks to April 29, 2023, full price sales at Next plc were down 0.7 percent versus last year, moderately ahead of the company’s guidance for this period, which was to be down 2 percent. The company is maintaining sales and profit guidance for the full year, with pre-tax profit forecast to be 795 million pounds and earnings per share (EPS) of 501.9p. The company said, total trading sales, including markdown and clearance sales, were up 1.2 percent versus last year, driven by higher clearance sales. To maintain its first half forecast, Next has moderated sales forecast for the second quarter, which is now planned to be 5 percent down on last year compared to previous guidance of down 4 percent.
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