The New York-based fashion group announced its preliminary Q1 financial results on Tuesday, reporting a 47.3% decline in net sales due to the Covid-19 pandemic, as well as a significantly widened operating loss.
The NYC-based fashion company announced a 6.0% increase in net sales in the fourth quarter on Tuesday, but saw expenses related to its recent acquisition of the Rebecca Taylor and Parker brands sap its operating profit.
With North American retailers implementing store closures to combat the spread of Covid-19 since the weekend, Tuesday’s announcements have come from the likes of Macy's, Ralph Lauren, AEO, Foot Locker and Tapestry.
The fashion group announced solid growth in its direct-to-consumer sales during the holiday period on Monday and updated its full-year guidance to take into account the newly acquired Rebecca Taylor and Parker brands.
The NYC-based fashion brand reported $8.0 million in third-quarter net income on Thursday, as increased sales and improved margins offset the effect of costs related to the company’s recent acquisitions.
The New York-based luxury apparel and accessories company announced on Tuesday that it has acquired contemporary womenswear brands Rebecca Taylor and Parker for a total cash consideration of $19.7 million.
Asos has had its challenges in recent periods and its share price has suffered, but the shares rose on Wednesday morning after the company said it has beefed up its board with some key non-exec director appointments.