just-style’s round-up of Q4 apparel and footwear industry results |
The latest fourth-quarter filings from US apparel and footwear brands and retailers show that while some companies are beginning to recover from the market disruption caused by the Covid-19 pandemic, others are continuing to struggle.
Tilly’s
Tilly’s saw net income jump to US$8.9m for the fourth quarter ended 30 January from $6.3m last year. Total net sales were up 3.2% to $177.9m from $172.5m, while total comparable net sales, including both physical stores and e-commerce, increased by 2.5%. Net sales from physical stores were $122.5m, a decrease of 12% compared last year, while net sales from e-commerce surged 66.5% to $55.4m, and represented 31.1% of total net sales. This was up from 19.3% a year prior. Gross margin was 32.7%, an improvement of 250 basis points compared to 30.2% last year.
For the full year, total net sales were down 14.2% to $531.3m, while Tilly’s reported a net loss of $1.1m, compared to net income of $22.6m, last year.
Genesco saw net sales decline 6% in the final quarter of Fiscal 2021 to US$637m from $678m a year earlier, driven by continued pressure at Johnston & Murphy and the impact from store closures during the quarter, partially offset by digital comp growth of 55%. Stores were open about 90% of possible days. Comparable sales increased 1%. Overall sales were flat at Journeys, down 13% at Schuh, and down 42% at Johnston & Murphy while sales were up 84% at Licensed Brands due to the Togast acquisition in the fourth quarter last year. Net earnings for the period amounted to $89.9m, compared to $35.6m last time. Gross margin this year was 45.8%, down 110 basis points, compared with 46.9% last year. The decrease is due primarily to higher shipping and warehouse expense in all retail divisions driven by the increase in penetration of e-commerce, increased closeouts at Johnston & Murphy wholesale, and higher markdowns at Johnston & Murphy retail.
Net sales for Fiscal 2021 decreased 19% to $1.8bn, with overall sales down 16% at Journeys, 18% at Schuh, and 49% at Johnston & Murphy. Sales were up 61% at Licensed Brands due to the Togast acquisition. Genesco reported a net loss of $56.4m, compared to net income of $61.4m a year prior. Fiscal 2021 gross margin was 45%, down 340 basis points, compared with 48.4% last year.
Express
Express said consolidated net sales for the 13 weeks to 30 January decreased 29% to US$430.3m from $606.7m a year prior, with consolidated comparable sales down 27%. Comparable retail sales, which includes both Express stores and e-commerce, decreased 28%, while comparable outlet sales were down 27%. Net loss for the period narrowed to $53.3m from $141.6m a year earlier. On an adjusted basis, net loss was…
Read More: US Q4 in brief –Tilly’s, Genesco, Express | Apparel Industry News