The NYC-based owner of DKNY and Donna Karan has reported a 36.1% decline in its Q1 sales as a result of the Covid-19 pandemic, and also announced the permanent closure of its Wilsons Leather and G.H. Bass Stores.
The North Carolina-based owner of brands including Hanes and Champion reported a Q1 loss on Thursday, as a stronger-than-expected performance early in the quarter was undermined by the coronavirus pandemic.
Extended store closures, furlough programs and base salary reductions are just some of the measures announced by U.S.-based fashion retailers such as Crocs, Ascena and G-III since the start of the week.
The owner of DKNY, Donna Karan and Vilebrequin, among other brands, announced on Thursday that it achieved net income of $25.3 million, or $0.52 per diluted share, in Q4 2020, beating Wall Street’s expectations.
One year ago, Tom Ford became Chairman of the Council of Fashion Designers of America, as the industry heralded a new dawn for NYC fashion. However, 12 months later, the season is strikingly denuded of many major names.
The owner of Donna Karan and DKNY announced a 5.2% increase in sales for the third quarter on Wednesday, a lower than expected increase, which combined with the company’s lowered full-year guidance, sent shares tumbling.