Latest news with #Global-e
Fashion United
4 days ago
- Business
- Fashion United
Weird Fish Limited reports strong sales and profit growth in 2024
Weird Fish Limited, the casual lifestyle clothing and accessories company, has announced a period of robust financial growth for the year ended December 29, 2024. Turnover for the year improved to 42.6 million pounds and the company reported operating profit of 4.17 million pounds, profit before tax of 2.94 million pounds, while net profit rose to 2 million pounds. The gross margin improved by 8 percentage points, reaching 63.4 percent, attributed to reduced discounting and improved intake margin. The company said in a filing with the Companies House that the company's strategic initiatives, including route to market optimization, physical expansion, and margin improvement, have contributed to this strong performance. Weird Fish opened six new retail stores and 28 concessions during the year, alongside accelerated investment in third-party platforms including Next, Mountain warehouse, Freemans and Matalan, to expand brand awareness. Online revenues grew by 16.8 percent to 20.9 million pounds, and the retail division saw a 7.6 percent growth to 15.6 million pounds. International revenues also increased by 8.5 percent to 1.36 million pounds, aided by the introduction of Global-e in 2024. The company added that challenges such as the increased cost of living, inflation, and rising wage costs continue to put pressure on the business. Looking ahead, Weird Fish plans further expansion in the UK, aiming to open an additional 10 retail sites and 15 concessions in 2025. The focus will remain on enhancing product ranges, improving margins, and investing in people and systems.
Fashion Network
4 days ago
- Business
- Fashion Network
Weird fish has strong 2024, performance continues into 2025
Sustainable fashion brand Weird Fish continues to report strong results with the company having filed its 2024 figures and also saying that Q1 2025 saw sales jumping 16% to £9.7 million. It comes after the company had earlier said that it expected to open 10 new locations in 2025 following its 9% sales rise to £11.4 million in the November-December festive trading period. It had also seen double-digit increases in wholesale, e-tail, via its concessions and third-party channels for the Christmas season — with third-party seeing a 128% surge. Its third-party partners include Next, Mountain warehouse, Freemans and Matalan. So what about those full-year 2024 results? Weird Fish Holdings Limited said it saw turnover rising to £42.6 million from £38.2 million last year. Gross profit was £27 million, up from £21.26 million, and operating profit was £4.17 million, up from £1 million a year earlier. Profit before tax was £2.94 million, more than double the £1.34 million of the previous period. And net profit was £2 million, up from £1.1 million a year ago. Within the business, another company, Weird Fish Limited, reported the same turnover and gross profit figures with slight differences on operating profit. In this case, profit before tax was £4.2 million, up from £1.4 million and net profit was £3.3 million up from £1.1 million. Weird Fish Holdings highlighted the ongoing strategic opening of resort and destination stores to balance its multi-channel offering that continues to pay dividends with its retail division growing by 7.6% to £15.6 million. Online revenues also grew 16.8% to just under £20.9 million with its channel contribution growing 44.1% as it successfully focused on an increase in average transaction value and building margins. Meanwhile international revenues increased by 8.5% to £1.37 million. This was a combination of sales via both e-commerce and B2B channels. The introduction of Global-e in 2024 was a key element in driving international revenues, it said. Pleasingly as well, following 'attrition in 2023', its wholesale business has developed 'on a stronger base of accounts with revenue increasing by 3.2%' to £6 million. In the commentary that came with the figures, the company said it performed very strongly during the period, 'having implemented a number of case strategic improvement initiatives during the year'. These included continued route-to-market optimisation, with accelerated investment in delivering third-party platforms in order to expand its reach and brand awareness. It also undertook a considered physical expansion with six new stores and 28 concessions opened in the year. The margin improved as well with a particular initial focus on full price. And it paid great attention to sourcing during the year, which helped boost the gross margin. It added that the pace of operational improvement has continued into 2025 as its strategic initiatives continue to be delivered and expanded, including enhancing its product ranges. The company explained that the developments have been 'very positively received' and it has seen a further increase in profitability this year so far. It also said that despite the continued cost pressures on retail businesses, the firm continues to be committed to paying at least the real living wage to all directly employed staff and it will continue to be a strong advocate of sustainable practices. Its partnership with Newlife to save customer returns and end-of-line stock from landfill helps to raise money for Newlife's charitable work for children and during 2024 the company donated 549 boxes of garments to the charity for repurposing. Its collaboration with RSPB also continues into its 15th year.
Fashion Network
4 days ago
- Business
- Fashion Network
Weird fish has strong 2024, performance continues into 2025
Within the business, another company, Weird Fish Limited, reported the same turnover and gross profit figures with slight differences on operating profit. In this case, profit before tax was £4.2 million, up from £1.4 million and net profit was £3.3 million up from £1.1 million. Weird Fish Holdings highlighted the ongoing strategic opening of resort and destination stores to balance its multi-channel offering that continues to pay dividends with its retail division growing by 7.6% to £15.6 million. Online revenues also grew 16.8% to just under £20.9 million with its channel contribution growing 44.1% as it successfully focused on an increase in average transaction value and building margins. Meanwhile international revenues increased by 8.5% to £1.37 million. This was a combination of sales via both e-commerce and B2B channels. The introduction of Global-e in 2024 was a key element in driving international revenues, it said. Pleasingly as well, following 'attrition in 2023', its wholesale business has developed 'on a stronger base of accounts with revenue increasing by 3.2%' to £6 million. In the commentary that came with the figures, the company said it performed very strongly during the period, 'having implemented a number of case strategic improvement initiatives during the year'. These included continued route-to-market optimisation, with accelerated investment in delivering third-party platforms in order to expand its reach and brand awareness. It also undertook a considered physical expansion with six new stores and 28 concessions opened in the year. The margin improved as well with a particular initial focus on full price. And it paid great attention to sourcing during the year, which helped boost the gross margin. It added that the pace of operational improvement has continued into 2025 as its strategic initiatives continue to be delivered and expanded, including enhancing its product ranges. The company explained that the developments have been 'very positively received' and it has seen a further increase in profitability this year so far. It also said that despite the continued cost pressures on retail businesses, the firm continues to be committed to paying at least the real living wage to all directly employed staff and it will continue to be a strong advocate of sustainable practices. Its partnership with Newlife to save customer returns and end-of-line stock from landfill helps to raise money for Newlife's charitable work for children and during 2024 the company donated 549 boxes of garments to the charity for repurposing. Its collaboration with RSPB also continues into its 15th year.
Fashion Network
4 days ago
- Business
- Fashion Network
Weird fish has strong 2024, performance continues into 2025
Sustainable fashion brand Weird Fish continues to report strong results with the company having filed its 2024 figures and also saying that Q1 2025 saw sales jumping 16% to £9.7 million. It comes after the company had earlier said that it expected to open 10 new locations in 2025 following its 9% sales rise to £11.4 million in the November-December festive trading period. It had also seen double-digit increases in wholesale, e-tail, via its concessions and third-party channels for the Christmas season — with third-party seeing a 128% surge. Its third-party partners include Next, Mountain warehouse, Freemans and Matalan. So what about those full-year 2024 results? Weird Fish Holdings Limited said it saw turnover rising to £42.6 million from £38.2 million last year. Gross profit was £27 million, up from £21.26 million, and operating profit was £4.17 million, up from £1 million a year earlier. Profit before tax was £2.94 million, more than double the £1.34 million of the previous period. And net profit was £2 million, up from £1.1 million a year ago. Within the business, another company, Weird Fish Limited, reported the same turnover and gross profit figures with slight differences on operating profit. In this case, profit before tax was £4.2 million, up from £1.4 million and net profit was £3.3 million up from £1.1 million. Weird Fish Holdings highlighted the ongoing strategic opening of resort and destination stores to balance its multi-channel offering that continues to pay dividends with its retail division growing by 7.6% to £15.6 million. Online revenues also grew 16.8% to just under £20.9 million with its channel contribution growing 44.1% as it successfully focused on an increase in average transaction value and building margins. Meanwhile international revenues increased by 8.5% to £1.37 million. This was a combination of sales via both e-commerce and B2B channels. The introduction of Global-e in 2024 was a key element in driving international revenues, it said. Pleasingly as well, following 'attrition in 2023', its wholesale business has developed 'on a stronger base of accounts with revenue increasing by 3.2%' to £6 million. In the commentary that came with the figures, the company said it performed very strongly during the period, 'having implemented a number of case strategic improvement initiatives during the year'. These included continued route-to-market optimisation, with accelerated investment in delivering third-party platforms in order to expand its reach and brand awareness. It also undertook a considered physical expansion with six new stores and 28 concessions opened in the year. The margin improved as well with a particular initial focus on full price. And it paid great attention to sourcing during the year, which helped boost the gross margin. It added that the pace of operational improvement has continued into 2025 as its strategic initiatives continue to be delivered and expanded, including enhancing its product ranges. The company explained that the developments have been 'very positively received' and it has seen a further increase in profitability this year so far. It also said that despite the continued cost pressures on retail businesses, the firm continues to be committed to paying at least the real living wage to all directly employed staff and it will continue to be a strong advocate of sustainable practices. Its partnership with Newlife to save customer returns and end-of-line stock from landfill helps to raise money for Newlife's charitable work for children and during 2024 the company donated 549 boxes of garments to the charity for repurposing. Its collaboration with RSPB also continues into its 15th year.
Business Insider
08-05-2025
- Business
- Business Insider
Shopify builds new merchant tools for navigating tariff uncertainty
Shopify has been busy building tools to help its merchants through tariff uncertainty. Executives addressed tariffs directly during the company's first-quarter earnings call Thursday, saying that it had launched a series of new solutions for calculating and collecting duties. "We've shipped a lot, and we focused on areas that we can have a more immediate impact: cross-border trade, making it easier to buy local, duties calculations, and shipping," President Harley Finkelstein said during the call. That includes a website it launched this week that provides AI-driven guidance on US tariff rates based on a product's description and its country of origin. The website cautions users to take it as guidance and to double-check rates with customs officials. In February, Shopify made its duties-collection tool, previously exclusive to users of Advanced Shopify or Shopify Plus, available to all merchants. Merchants using the tool can display and collect duties at the time of checkout. It also lowered the transaction fee for that tool to 0.5%, down from 0.85% for Shopify Payments users and 1.5% for merchants using other payment providers. Finkelstein said the number of merchants using the duties-collection tool doubled between January and the end of March. Shopify also added a filter in the Shop app that allows shoppers to view products made in a particular country and to buy locally. On the shipping front, it launched the ability for merchants to purchase prepaid shipping labels and send products to customers using delivery duty-paid shipping, which essentially means that merchants assume the costs of tariffs and taxes for customers. It also started working with more third-party logistics providers on the Shopify Fulfillment Network app and added features to its managed markets product, which, through a partnership, allows merchants to designate Global-e as the merchant of record rather than the seller itself. "Our obsession with unlocking every opportunity and filling every important gap in the system, to give our merchants the best chance of success, is one of our superpowers," Finkelstein said. "We rolled out the Shop app filter in less than a week, and the duties calculation at checkout update over a weekend. Literally, the weekend after the tariff changes were announced, the team got to work, and by Sunday evening, we were testing it for production," he added. Shopify CFO Jeff Hoffmeister said that cross-border commerce accounted for 15% of the company's gross merchandise volume in the quarter, similar to previous quarters. About half of that cross-border commerce involved trade into or out of the US. He added that only about 1% of Shopify's overall GMV was for items from China that would qualify for the de minimis exemption. "The recent expiration of the de minimis exemption for goods from China is not expected to have a meaningful impact on Shopify in the near term," he said. "That said, this expired less than a week ago, and we will continue to monitor its impact on our business." Shopify reported 27% revenue growth and 23% GMV growth for the quarter. "As the platform that powers global commerce, we're of course monitoring for potential slowdowns, but our data through April shows little evidence of that," Finkelstein said.
