Company Earnings Announcement
OrotonGroup has emerged as a star performer among Australia's struggling retailers thanks to a solid rise in sales of its luxury handbags and accessories.
The upmarket retailer has lifted its annual profit 16 percent on the back of strong revenue growth.
Aiding the result was an 8 percent rise in like-for-like sales for the group's core Oroton handbag business, which had suffered a dip last year.
Swedish furniture giant Ikea reported growth in annual sales on Tuesday, boosted mainly by improved performance in China and a recovery in Europe.
Ikea Group, a leader internationally in inexpensive, stylish kit furniture, reported a 5.7 percent increase in revenue to EUR28.7 billion (USD37.12b) for the year to the end of August. In the same period last year revenue grew by 3.2 percent.
Target's sales and profits have been in sharp decline since 2010. Once taking in annual sales of nearly AUD4 billion (USD3.75b), in fiscal 2014 that had been withered away to just AUD3.5 billion. Intense competition, a poor trading environment and hard choices made by Machin in his first year have smashed profitability. In 2010 pretax profit was standing at AUD381 million, but that is now sitting at AUD86 million – representing a stunning 77 percent contraction in earnings over four years.
Upscale jeweller Tiffany & Co raised its full-year profit forecast for a second time following a better-than-expected rise in quarterly profit, driven by strong sales in Asia and the Americas.
Sales in the Asia-Pacific region, excluding Japan, rose 13 percent in the second quarter ended on 31 July, followed by the 10 percent increase in its biggest market – the Americas. Same-store sales increased 8 percent in the Americas and 7 percent in Asia-Pacific. Total same-store sales rose 3 percent.
China's online retailer of beauty products Jumei International Holding Limited recently announced total net revenues were USD154.4 million in the second quarter of 2014, an increase of 41.9 percent from USD108.8 million in the second quarter of 2013.
It said the increase was primarily attributable to the increase in the number of active customers and total orders. The number of active customers increased by 42.9 percent to approximately 5 million from approximately 3.5 million in the same period of 2013.
QKL Stores Inc., aregional supermarket chain in Northeastern China and Inner Mongolia plans to open new stores this year in Heilongjiang Province.
Zhuangyi Wang, Chairman and CEO, QKL Stores Inc., said the company has stronger relations with local vendors and cost of goods is slightly lower than the two other provinces - Liaoning and Jilin - where it now operates.
Matahari Putra Prima, a listed retailer that owns the hypermarket chain Hypermart in Indonesia, reported lower profit in the first half of the year as costs climbed faster than revenue.
Net income at Matahari Putra Prima fell 8.4 percent to IDR203 billion (USD17 million) in the January-June period from the same period in 2013. Revenue rose 18 percent to IDR6.4 trillion.
Kering Group said Wednesday its first-half profit rose 7 percent on strong growth at some of its luxury brands, though a steep decline in sales at its flagship Gucci fashion house exposed how weakness in Asian markets continues to hit luxury firms.
The French group said Gucci’s revenue—which accounts for 37 percent of the group’s total—fell 4.5 percent to USD2.1 billion. Kering Chief Financial Officer Jean-Marc Duplaix said the decline didn’t come as a surprise, as the company expected to see an improvement only in the second half of the year.
Swatch Group on Tuesday warned of an uncertain outlook for its major market Hong Kong after reporting an 11.5 percent fall in first-half profits due to a strong Swiss franc, costs linked to the Sochi Olympics and a factory fire.
Chief Executive Nick Hayek said he was concerned about the situation in Hong Kong, where pro-democracy protesters have clashed with police in past weeks.
Mattel Inc, the world's largest toymaker, reported its third straight fall in quarterly revenue as sales for the iconic Barbie doll declined the most since mid-2009.
The company's push into new toys such as building blocks has so far not helped it overcome the fall in demand for its decades-old toys as children shift to electronic games and tablets.