Five below increases the presence of brick and mortar
In today’s top retail news, Five Below and Zumiez each separately reported increasing net sales. In addition, lululemon Athletica inc. said he was looking to increase his inventory.
Five Below Expands Brick-and-Mortar Footprint as Net Sales Rise
Five Below reported that its net sales climbed about 198% between the first quarter of fiscal 2020 and the first quarter of fiscal 2021. The discount retailer posted net income of $ 49.6 million for the first quarter of fiscal 2021, turning green after a net loss of $ 50.6 million in the same quarter last fiscal year. In total, Five Below reported 88 cents of diluted earnings per common share.
Lifestyle retailer Zumiez sees boost in sales fueled by stimulus
Zumiez announced that its net sales increased by approximately 103% between the first quarter of 2020 and the first quarter of 2021. “Sales trends accelerated as the first quarter progressed thanks to our ability to capture a significant share of increased discretionary spending in the United States related to government stimulus measures, ”management said in a statement.
Lululemon “strategically uses air freight” to build inventories
High-end sportswear company lululemon said it aims to increase its inventory by 25-30% this quarter and tap more air cargo to bypass port delays that have hampered the global supply chain. The Canada-based retailer said inventories were up 17% from a year ago.
AMZN vs WMT Weekly: conglomerate attacks Pure-Play retailer
The first week at the helm of Amazon CEO Andy Jassy saw the Washington state-based company reveal extensions and improvements almost daily, from Halo Health to drug price checks. and location services, in addition to renewed interest in its Sidewalk IoT connectivity / clustering game. The e-commerce retailer has also confirmed the dates for its next and very first Prime Day sales event.
Meanwhile, Walmart has unveiled its next private label foray into meat – or beef, more specifically, in the wake of a recent arrangement to roll out a collection of linens, towels and home furnishings with Gap. .