Kohl's Q2 digital sales spike nearly 60% amid omnichannel push
Kohl's on Tuesday reported that second quarter total revenue dropped 23.1% year over year to $3.4 billion. Net sales fell 22.9% in the quarter to $3.2 billion, compared to a 3.3% decline in the same period last year. Digital sales grew 58%, according to a conference call presentation.
JenniferLopez Is Designing a $495 Bag for Coach — Here’s How Else the Brand Plans Bounce Back
As expected, Coach’s quarterly sales drop was steep, reflecting the deep impact of the pandemic. But executives at the Tapestry-owned label are confident the brand has all the right ingredients in place to bounce back during the fall and holiday seasons.
Capri, Ralph Lauren quarterly results indicate widespread damage to apparel sales
As apparel retailers buckle under intensified pressure brought on by the COVID-19 outbreak, several that cater to middle-income and budget-minded consumers have turned to bankruptcy and other restructuring measures. But quarterly results from Ralph Lauren and Capri in recent days demonstrate that clothing companies selling to higher-income customers aren't immune to its fallout, either.
Ann Taylor and Lane Bryant owner Ascena last year pushed back on the notion that it was anywhere near bankruptcy — its interim board chief in October pointed to its "large iconic brands and a business with significant liquidity" — and it doubled down on that as recently as March.
‘You can’t just export the strategy’: How Muji’s US expansion faltered
Japanese retailer Muji is the latest brand to feel coronavirus headwinds. Last week, the company announced that the U.S. arm of its business will file for Chapter 11 bankruptcy. Muji currently has 18 stores in the United States, and is reportedly mulling scaling back that footprint. It’s certainly not the only retailer facing similar hardships, but the Japanese company has had its own set of problems since before the pandemic.