Please fill in your details to download the Table of Contents of this report for free. We also do customization of these reports so you can write to us at firstname.lastname@example.org in case you need any other additional information.
Gross margin rate was approximately flat at 28.5 per cent, as compared to last year’s second quarter, with lower merchandise margin offset by reduced occupancy costs as a percentage of sales.
"We made important progress in our turnaround efforts during the second quarter. We drove improvement in our comparable sales, saw a significant reduction in inventory levels, strengthened our financial position, hired two exceptional key executives and began to make progress on the strategic initiatives I outlined in the first quarter earning’s call," Keri Jones, president and chief executive officer, said.
For the reported period, selling, general & administrative expenses (SG&A) increased by $0.5 million, due to increased e-commerce investments, higher professional and consulting fees and a severance charge, partially offset by reduced store payroll and insurance expenses. As a percent of net sales, SG&A increased approximately 20 basis points to 33.9 per cent.
Cash and cash-equivalents totaled $23.1 million as of August 4, 2018 as compared to $22.6 million in the same period last year. Total inventory was $40.2 million at the end of the second quarter as compared to $41.9 million at the end of the second quarter last year. Merchandise inventory was down 4 per cent at the end of the quarter as compared to the end of last year’s second quarter, reflecting our efforts to turn inventory faster.
Capital expenditures for the second quarter of fiscal 2018 were $0.8 million compared to $1.0 million in last year’s second quarter. Capital expenditures in the second quarter this year primarily reflected investments in technology associated with omni-channel capabilities.
"Looking ahead, we remain intently focused on advancing these initiatives which include enhancing and simplifying her shopping experience, executing a disciplined promotional strategy, continuing to expand our omni-channel capabilities, building our customer base and reducing our cost structure. We expect these initiatives to begin to take hold this fiscal year and we believe we will deliver improved gross margin, drive year over year sales growth, and achieve meaningful improvement in earnings and cash flow in fiscal 2019," concluded Jones. (RR)
Fibre2Fashion News Desk – India
| On 5th Aug 2020
Ghanaian President Nana Addo Dankwa Akufo-Addo recently directed all...
| On 5th Aug 2020
A fresh wave of COVID-19 may worsen the situation of Vietnam's...
| On 5th Aug 2020
Ralph Lauren Corporation, a leading designer of of premium lifestyle...
Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli
‘The percentage share of printing in the global textile market is pretty...
Indian fashion market is growing at a staggering rate
Textile & apparel industry
GST is a complicated and lengthy process
Mirrorsize is a US-based start-up that provides artificial intelligence...
Switzerland-based Sedo Engineering develops technologies for the denim...
Fabusse is a Lebanon-based fashion agency that offers a variety of...
Schlegel und Partner GmbH
<div>Schlegel und Partner is the market research and consultancy company...
Sameer Sonkusale & Rachel Owyeung
A team at the Tufts University in Massachusetts was recently in news for...
Garware Technical Fibres
Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...
Sarah Denise Cordery
Sarah Denise Studio
Manchester, England-based Sarah Denise Studio provides relevant fashion...
Occasions Elegance Wear
It is believed that by early 19th century, Varanasi weavers had moved away ...
<b>Joe Ikareth</b> has a rock-solid fashion and textiles background, which ...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.