USA: Too Q1 Profit Plunges 30% On Soft Sales
The Ohio-based operator of 516 stores posted a net profit of $4.2 million, or 12 cents per share, versus $5.8m, or 18 cents a share, in the year-ago period as sales dropped to $140.1m from $158.6m.
Same-store sales for the 13 weeks to May 3 plunged 18 per cent although it said the late Easter and a promotional shift had pushed around $6.5m of sales from the first quarter to the second quarter.
Too said it expects the difficult retail environment for specialty retailers to continue into second quarter where it sees same-store sales down 10 to 12 per cent and earnings in the range of four to seven cents.
- Will new Vietnam wage hinder competitiveness?
- Digitisation to drive new apparel-making models
- Fashion fit for the future – strategies for speed
- Under Armour Lighthouse will disrupt production
- How TAL Apparel is staying ahead of the game
- Gap to shutter all UK Banana Republic stores
- MAS Holdings shares commitment to sustainability
- M&S "unappealing" clothing a barrier to growth
- Modern Slavery Act boosts supply chain engagement
- Bangladesh tops China as lead cotton importer
- Africa-Med strategic sourcing review – comparing East Africa, North Africa and Turkey
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Apparel (GLOBAL) - Industry Report
- Global Sports and Fitness Wear Market 2016-2020