MORE Performance Updates From Major Brands
It feels like a good time to reflect on the latest performance updates from major fashion brands. For those of us working in clothing photography London and across the UK, as well as others in retail and fashion, the past year has been a challenge for many of us.
The last 12 months have seen much of the world reopen after Covid and this has led to changing consumer habits, as well as a cost-of-living crisis and significant macroeconomic disruption thanks to other world events. So let’s take a look at a range of fashion brands that have reported financial results in the past month, covering both quarterly, half-yearly and full-year financial performance.
H&M report a rise in sales
The H&M Group has released data for their financial year ending 30th November 2022. The headline figures include net sales of £17.7 billion, an impressive rise of 12% given the challenges faced in the past year. With operations closing in Russia and temporary closures due to Covid in parts of China, the potential was there for even better results.
Many stakeholders including clothing photography businesses will be looking forward to the official publication of full-year results in January 2023 to understand the wider performance of the H&M Group.
Watches of Switzerland report impressive numbers
One of the leaders in luxury watches, the Watches of Switzerland Group released figures for H1, with the period ending on the 30th of October 2022. The headline figure of revenue growing at 23% to £765 million shows a clear and continued demand for luxury jewellery.
What is interesting to note with these results is the increase in average price and volume, as well as the performance of both showrooms and their refurbishment offering. The group pointed out a particularly strong performance in both the UK and US domestic markets, with the UK representing revenue of £454 million.
Boohoo’s gamble on Debenhams failed to generate a profit
Debenhams was purchased by Boohoo in January 2021, for £55 million after they fell into administration so that the department store could be run as an online brand. Recently, Boohoo has released financial reports that detail a loss before tax of £11.7 million in the year up to the 28th of February 2022.
When we compare this with Boohoo earning £56.9 million worldwide in sales, the Debenhams venture was clearly a risk that hasn’t panned out just yet.
Sosandar see strong H1 revenue growth
Looking back at the half-yearly results for Sosandar, up to the 30th September 2022 we can see a meteoric increase of 72% in revenue. This equates to revenue of £21 million and a pre-tax profit of £100,000. This compares to a loss of more than a million in the previous half-year.
Such a change in fortunes points to an effective business plan, with significant increases in online orders and website visits. Whilst there are continued challenges within the economy, Sosandar is confident with its plan and it is one that many in clothing photography, retail and fashion should take note of.
