During the reported period, wholesale revenues rose 5.2 per cent, e-commerce revenues climbed 16.5 per cent and retail comparable store sales hiked 8.7 per cent.
"2019 is off to a great start. Revenues exceeded expectations as demand for our product and excitement around the brand continued to yield accelerated sell-throughs. We were particularly pleased with the exceptional direct to consumer performance successfully comping an earlier Easter last year. We have now delivered five consecutive quarters of double-digit DTC comp growth. I am more confident than ever in the strength of our brand and our future. As a reflection of our optimism, our board of directors has increased our share buyback authorisation by $500 million,” Andrew Rees, president and chief executive officer, said.
Gross margin was 46.5 per cent, compared to the guidance of 45.5 per cent, a decrease of 290 basis points from 49.4 per cent in last year’s first quarter. Non-recurring expenditures related to the relocation of Americas distribution centre reduced gross margin by 40 basis points, resulting in an adjusted gross margin of 46.9 per cent, 250 basis points below last year’s first quarter.
In the second quarter of 2019, the company expects revenue to be between $350 and $360 million compared to $328.0 million in the second quarter of 2018. The company anticipates revenue will be positively impacted by the Easter shift, but negatively impacted by approximately $6 million due to store closures and $10 million due to the stronger US Dollar as compared to last year. This guidance reflects constrained levels of Classic clogs as a result of surging demand; however, inventories are expected to be restored to appropriate levels by the end of the quarter.
For fiscal 2019, revenue is likely to be up between 5 to 7 per cent over 2018 revenue of $1,088.2 million. The company now anticipates 2019 revenue will be negatively impacted by approximately $25 million of currency changes and approximately $20 million resulting from store closures. (RR)
Fibre2Fashion News Desk – India
| On 20th Apr 2021
The Australian Human Rights Commission has released new human rights...
| On 20th Apr 2021
Egypt is going full throttle with the construction of a textiles...
A 14-day lockdown imposed to curb the spread of COVID-19 pandemic has ...
Estimate loss of $8-$10 billion in turnover
Blockchains will be in heavy use by early adopters by 2025
Social media critical in regeneration of businesses
UK based Amba Projex Ltd designs, manufactures, and installs industrial...
Rajesh Vig & Ritu Vig
Vig and Ritu Vig, promoters of the kidswear brand Happy Feet,...
The entertainment/character segment lead as the largest sector for the...
Dieffenbacher India Pvt Ltd
Germany-based Dieffenbacher Group is a producer of high-quality composites ...
Michaela Griggs & Peggy Schulz
Founded in 1929, Barco Uniforms started as an apparel company for beauty...
Garware Technical Fibres
Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...
Ramya Rao & Kavea R Chavali
<div>The journey of Kalaneca (kala-Art, Neca- Nikaah) formally began in...
Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep
Established in 2012, Sarah & Sandeep is a luxury menswear label...
Twee In One
Best known for convertible clothing, Indian brand Twee In One by designer...
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.
Download Free Report
Rising Opportunities in Technical Textiles Market: 2020-2026
Thank you for showing interest in our free report on 'Rising Opportunities in Technical Textiles Market: 2020-2026'
You will receive an email shortly with a link to download the report and in case if you don't receive our email, you can write back to email@example.com.