Today in Retail: Traeger Stock Sinks
In retail today, the CEO of Oxford Industries says consumers are willing to pay top dollar when they find a brand that makes them happy, while Instacart creates micro-fulfillment warehouses for instant deliveries. Additionally, Movado Group reported net sales growth of 15.5% in its fourth quarter fiscal 2022 earnings report.
Consumers pay top dollar for brands that make them happy, says Tommy Bahama Parent
Oxford Industries CEO Thomas Chubb said the willingness of customers to pay full price for all of its brands – including Tommy Bahama, Lilly Pulitzer, Southern Tide, The Beaufort Bonnet Company and Duck Head – in 2021 was particularly strong in its direct-to-consumer (D2C) businesses, which accounted for 80% of its revenue.
For the three months ending January 29, Oxford said its sales reached $300 million, marking a 35% increase from a year ago and a $2 million lead over January 2020. .
Chubb said he expected to be in a “slightly more promotional environment” due to inflationary cost pressures and a tough labor market, but said he was still confident in the ability. of Oxford to generate double-digit growth in revenue and net income this year. and this quarter.
Traeger’s stock fell nearly 16% after grill maker predicts lower sales
Traeger Inc. stock is down around 16% mid-afternoon Thursday March 24 after the grill maker said in a Wednesday March 23 press release that it expects sales to decline for FY2022 due to inflation and declining customer confidence. and tighter margins.
Traeger lost $33.7 million in the fourth quarter of fiscal 2021, compared to a loss of $3.3 million in the fourth quarter of fiscal 2020. The company’s revenue for the latest quarter, meanwhile , rose 30.8% year-over-year to $174.9 million.
Movado Group’s online retail growth leads to 15.5% increase in net sales
Movado Group celebrated its growth in online retail as one of the driving factors behind its 15.5% increase in net sales in the fourth quarter of fiscal 2022 for the three-month period to ends on January 31.
Overall, net sales increased from $178.3 million in the fourth quarter of FY21 to $206 million in the last three months of FY22, according to the company’s earnings report. company released Thursday, March 24. Movado also saw growth in its brick-and-mortar wholesale and Movado store sales to create a significant year-over-year jump.
Deep Discounter Ollie’s Says “Trading Effect Will Be Available Soon” For Consumers
Ollie’s Bargain Outlet, which launched in 1982 amid the last bout of double-digit inflation, is gearing up for a big 40th anniversary year, saying its 431 “semi-charming stores” in 29 states are well positioned for the last consumption cycle tightening the belt.
Although 80% of its sales come from the 12.6 million loyal customers who belong to its “Ollie’s Army” loyalty program, consumers who have never shopped at a Bargain Warehouse before will have 45 new places to shop. do this year, as Ollie’s moves forward with a plan to rapidly open new stores en route to 1,050 locations.
Instacart plans micro fulfillment warehouses for instant delivery
Instacart plans to launch micro-fulfillment warehouses to gain a competitive edge as Amazon continues to take a larger share of the grocery delivery market and newcomers such as Gopuff invade the landscape.
The decision also supports Instacart’s post-pandemic strategy of transitioning from a market-economy food delivery platform aimed at consumers to one that provides solutions for retailers. Carrot Warehouses, Carrots Ads and Carrot Insights are some of the core services that will be extended to merchants.
Instacart’s first deal is with Florida grocery chain Publix, with initial plans to launch in Miami and Atlanta. The company is also in talks with ALDI, Schnuck Markets Inc., Good Food Holdings, Plum Market, Key Food, Food Bazaar and more.