In today’s top retail news, HanesBrands posted $1.51 billion in net sales from continuing operations for Q1, while L Brands’ board has unanimously approved a plan to split up the firm into two public and independent companies. Plus, The RealReal reported Q1 gross merchandise value (GMV) of $327 million.
HanesBrands Net Sales Jump 25 Pct; Company Unveils Three-Year Growth Plan
HanesBrands reported $1.51 billion in net sales from ongoing operations for Q1 ending on April 3, 2021, which were up 25 percent from $1.20 billion for the period ended on March 28, 2020. The firm reported $364 million in U.S. activewear sales for a 26 percent rise over the prior year and $570 million in U.S. innerwear sales for a 35 percent rise over the prior year.
L Brands Announces Spin-Off Of Victoria’s Secret
L Brands’ board has unanimously approved a plan to divide the firm up into two public and independent companies: Bath & Body Works and Victoria’s Secret. Management says the firm expects the division to occur through a “tax-free spin-off” of Victoria’s Secret to investors in L Brands. The board had been eyeing a possible sale or spin-off of Victoria’s Secret.
Luxury Secondhand Retailer The RealReal Adding Stores As Sales And Customers Rise
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Secondhand luxury goods marketplace operator The RealReal posted Q1 GMV of $327 million for the three months concluding on March 31. “After more than a year of navigating the tough challenges created by COVID, we are incredibly pleased to report our return to growth,” Founder and CEO Julie Wainwright said. The RealReal said it would add more “neighborhood stores” in high-net-worth communities.
D2Cs And Digitally Native Brands Opening Stores Could Save Malls
New research indicates that different direct-to-consumer (D2C) and eCommerce brands may now be set to save the very same retail properties they almost killed. The emergence of digital retailers opening up traditional offline or brick-and-mortar storefronts is real — and the effects are broad.
