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RTW Retailwinds FY19 sales of $827 million
30 Mar 20 2 min read
RTW Retailwinds, a US-based omni-channel specialty apparel retail platform, posted 5.4 per cent decrease in its net sales to $827.0 million in fiscal 2019 that ended on February 1, 2020 compared to sales of $893.22 million in prior year. Sales in fourth quarter (Q4) FY19 was $224.01 million compared to $247.26 million in same period prior year.
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“We continue our strategic transition to a digitally dominant retailer supported with a portfolio of celebrity and lifestyle brands that unlock distinct market opportunities. While we delivered near record results in 2018, we were disappointed with our fourth quarter and fiscal 2019 performance stemming from declines in store traffic and continued weakness in our casual lifestyle sub-brand,” Gregory Scott, chief executive officer of RTW Retailwinds, said in a press release.
“These challenges offset growth in our core New York & Company digital brand, celebrity brands and another double-digit comp increase for our Fashion to Figure business in excess of 50 per cent, emphasising the ability to adapt to the challenges we face as a business,” Scott said.
Gross profit for the year were $232.10 million (FY18: $279.01 million). Selling, general and administrative (SG&A) expenses in FY19 were $273.45 million (FY18: $279.01 million). Operating income reported a loss of $61.92 million compared to a profit of $6.47 million in prior fiscal.
“We opened the quarter with well-managed inventory levels declining (8 per cent). While February and early March trends were largely in-line with our expectations, the recent developments surrounding the coronavirus (Covid-19) have negatively impacted mall traffic, Scott said regarding the first quarter.
We realise that the situation is evolving and the safety of our customers and associates is our primary concern. In the immediate term, we are temporarily closing all New York & Company and Fashion to Figure stores through March 28, 2020 in response to the increased impact from Covid-19.”
Fibre2Fashion News Desk (JL)
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