Latest news with #Horowitz
Fibre2Fashion
2 days ago
- Business
- Fibre2Fashion
US' Abercrombie raises FY25 sales outlook slightly after 8% Q1 surge
American lifestyle retailer Abercrombie & Fitch Co has reported a net sale of $1.1 billion in the first quarter (Q1) of fiscal 2025 (FY25), an increase of 8 per cent year-over-year (YoY), with comparable sales increasing 4 per cent YoY. The operating income of the company reached $102 million, though the margin narrowed to 9.3 per cent from 12.7 per cent in the same period a year earlier. Earnings per diluted share stood at $1.59, down from $2.14 in Q1 FY24. Abercrombie & Fitch Co has reported net sales of $1.1 billion in Q1 FY25, up 8 per cent YoY, led by 22 per cent growth in Hollister brand. The operating margin declined to 9.3 per cent, with EPS at $1.59. EMEA sales rose 12 per cent. FY25 outlook sees lowered EPS and margin guidance, steady capex of $200 million, and Q2 sales growth forecast at 3â€'5 per cent. The company saw broad-based regional growth, with Europe, the Middle East, and Africa (EMEA) sales rising 12 per cent, Americas up 7 per cent, and Asia-Pacific (APAC) improving 5 per cent, Abercrombie said in a press release. Brand-wise, Hollister led the performance with a 22 per cent YoY increase in net sales, while Abercrombie brands declined 4 per cent, following a strong 31 per cent surge in the same quarter last fiscal. 'We delivered record first quarter net sales with 8 per cent growth to last year. This was above our expectations and was supported by broad-based growth across our three regions. Hollister brands led the performance with growth of 22 per cent, achieving its best ever first quarter net sales, while Abercrombie brands net sales were down 4 per cent against 31 per cent sales growth in 2024,' said Fran Horowitz, chief executive officer (CEO) at Abercrombie & Fitch Co. 'We exceeded our expectations on the bottom line as well, with operating margin of 9.3 per cent and earnings per share of $1.59. We also returned excess cash to shareholders through share repurchases totalling $200 million in the quarter, marking our fifth consecutive quarter of share repurchases,' added Horowitz. 'As we navigate the current environment, we have the team and proven capabilities in place to read, react and adapt, while continuing to deliver for customers globally. Importantly, with a strong foundation, we remain on offense and focused on top-line growth, store expansion, and investments in digital and technology that will enable sustainable long-term success.' Abercrombie has revised its fiscal 2025 outlook and now it anticipates net sales growth in the range of 3 to 6 per cent, slightly higher than its previous 3 to 5 per cent forecast. However, it has cut its projected operating margin to 12.5–13.5 per cent from 14–15 per cent and lowered its net income per diluted share estimate to between $9.5 and $10.5, down from $10.4 to $11.4. Capital expenditures (capex) are expected to remain at approximately $200 million, in line with its previous guidance. It also plans for 60 store openings, 20 closures, and 40 remodels or right-sizings, added the release. For the second quarter (Q2) FY25, Abercrombie projects net sales growth of 3 to 5 per cent, an operating margin of 12 to 13 per cent, and earnings per diluted share of $2.1 to $2.3. Fibre2Fashion News Desk (SG)
Yahoo
22-05-2025
- Entertainment
- Yahoo
William Watson: Chatbots are changing everything and nothing
The novelist Anthony Horowitz has the 'diary' page in this week's Spectator magazine. The format is amusing occurrences and casual musings as the writer wends his way through his week. Halfway down the column, Horowitz recalls how as a teenager he used to 'slip into' the Old Vic theatre to see plays, experience 'something close to magic' and be left 'breathless.' But then the next entry abruptly announces: 'The last paragraph was written by ChatGPT.' Horowitz had asked it to write 100 words on theatre tickets in the style of Anthony Horowitz. He then analyzes where it did and didn't succeed. 'If I became breathless in a theatre, I'd expect St. John's Ambulance to remove me quickly,' and so on. But you could have fooled me! In fact, it did fool me, and it fooled most readers, I'd guess, which was Horowitz's point. We're well beyond the stage where AI produces oohs and aahs just for putting a noun and verb in each sentence and making sure they agree in number. It's now operating at a high level of fluency (though I should add that no bots were abused in the writing of this column.) It's impossible to imagine where something so powerful will take the world — though I expect Evan Solomon, our new minister of artificial intelligence, will spend lots of money trying. An under-wagered possibility is that after being turned upside down, the world will end up looking more or less the same. This would be consistent with Solow's Paradox, economics Nobelist Robert Solow's famous 1987 observation that: 'You can see the computer age everywhere but in the productivity statistics.' In a new study of AI adoption in Denmark, Anders Humlum of the University of Chicago and Emilie Vestergaard of the University of Copenhagen quote that line from Solow. And they come to a similar conclusion, as indicated by their study's title, 'Large Language Models, Small Labour Market Effects.' (Would a bot have got to such a taut summary of the message? I think not.) Not every occupation lends itself to using ChatGPT or similar chatbots. So the researchers look at only 11 where it's likely to be most handy, including: IT, HR and legal professionals, accountants, teachers, journalists and five others. It turns out Denmark is a very digitized place. Every Dane has 'a digital mailbox that Statistics Denmark can use to distribute survey invitations.' Moreover, Danes seem to check their digital mailboxes. The researchers sent out 115,000 survey invitations and got 25,000 completed responses covering 7,000 workplaces — a big sample and good response rate for this sort of thing. (Completed surveys were entered in a draw for a tax-free cash prize though we're not told how much.) Beyond its paradoxical bottom line, the paper's other (to my mind) surprising finding was just how much chatbots are already being used. Almost two-thirds of workers have used one 'at least a few times' and almost 20 per cent use them daily. Firms 'are now heavily invested,' with 43 per cent of workers 'explicitly encouraged to use them' and only six per cent not allowed to. Firms also do training: 30 per cent of employees have had some. When firms are involved, take-up is higher and there's less of a gender gap. When firms are neutral there's more take-up from men. (One Norwegian study of students found a gender gap largely reflected 'male students continuing to use the tools even when explicitly banned.') Firm-wide investments are 'particularly widespread in journalism and marketing and more limited in teaching.' Journalists (or their bots!) told the researchers they use AI to brainstorm 'story ideas, angles or interview questions,' to draft content, to fact-check and edit, to summarize 'research materials or interview transcripts' and, surprisingly, to ensure 'AI-generated content abides by journalistic ethics and standards.' They use a bot to decide whether their bot has been ethical? What's been the effect of using the new technology? Average reported time saving is 2.8 per cent, which seems low, given how powerful the bots are. What do people do with the time they save? Mainly other tasks. Also somewhat more of the same task. And more or longer breaks or leisure time. It seems no one answered 'mindless screen-scrolling' during the freed-up time, though we all know what a problem that now is. New technology allowing workers to turn to different tasks is a common effect and helps explain why automation typically doesn't displace labour wholesale: firms find new things for their workers to do. Which helps explain the labour market effects, which are: pretty much nothing. The researchers asked people directly whether 'they perceive AI chatbots to have affected their earnings.' No, said 99.6 per cent of respondents. William Watson: Get the Ozempic! Cabinet has grown by almost two-thirds in two months William Watson: Free trade is being replaced by crony trade What people perceive isn't always true, of course. But in this case Denmark's digital connectedness allowed the researchers to check on hours, earnings, total wages, total employment and so on in the firms where bots are used most. And nothing budged. It's early days yet but the papers' last line and the study's bottom line is that 'two years after the fastest technology adoption ever, labour market outcomes — whether at the individual or firm level — remain untouched.'
Newsweek
21-05-2025
- Politics
- Newsweek
Pro-Palestinian Activists 'Mobbed, Beat' Filmmaker Holding US Flag: Lawsuit
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A new lawsuit alleges that documentarian Ami Horowitz was "mobbed and beaten" by Palestinian supporters last year in New York while he was holding an American flag, as he told Newsweek on Wednesday that "antisemitic thugs" were typically not part of his social circle. Why It Matters Protests in the United States have remained ongoing following the October 7, 2023, Hamas attack on southern Israel, which killed some 1,200 people and saw about 250 taken hostage. Israel has resumed its offensive after a temporary ceasefire earlier this year, and it has so far killed more than 52,000 people in Gaza, many of them women and children, the Associated Press reported, citing Palestinian health officials. What To Know Horowitz, a documentarian and civil rights activist, filed a lawsuit in the Southern District of New York, accusing members of pro-Palestinian groups including AJP Educational Foundation—conducting business as American Muslims for Palestine (AMP)—and National Students for Justice in Palestine (NSJP) of orchestrating and inciting a violent attack against him at a protest encampment on April 26, 2024, at City College of New York (CUNY). "Without AMP and NSJP's direction and support for NSJP's chapters and affiliates and their violent activities, there would have been no encampment at CUNY and there would have been no attack on Horowitz for holding an American flag," the 310-page lawsuit reads. "The attack on Horowitz was a direct result of AMP and NSJP's systematic command and control over NSJP's network of chapters and affiliates and use of them to violently shut down campuses and attack their perceived enemies. "AMP and NSJP are thus liable for causing and supporting the attack on Horowitz and must compensate him for his harm accordingly." Newsweek reached out to AMP and NSJP for comment on Wednesday. Faculty, staff and students of George Washington University who had gathered at a pro-Palestinian encampment last year march to the White House in Washington, D.C., on May 8. Faculty, staff and students of George Washington University who had gathered at a pro-Palestinian encampment last year march to the White House in Washington, D.C., on May 8. ANDREW THOMAS/Middle East Images/AFP via Getty Images "The group had no idea who I was," Horowitz, who is Jewish, told Newsweek on Wednesday. "First of all, antisemitic thugs are generally not part of my demographic, and secondly there were literally only seconds between when I entered the encampment and when the attack began. "They didn't react to me; they reacted to the American flag." He said that when he went to the hospital after the incident, a doctor noted severe bruising to his kidney and spleen—which the physician purportedly remarked was a literal and figurative mark of a professional in violence. "Both of those areas of my body showed repeated blows and are incredibly vulnerable areas that could have led to death," Horowitz said. "I had deep bruising across my arms and torso." Asked if he, due to his background, was present at CUNY as part of an anti-Palestinian agenda, Horowitz said his actions that day were meant to convey the opposite. "I certainly was not there to silence them. ... I wanted them to voice their views of the United States," he said. "I was looking for them to express their perspective, whatever that might be, for the world to see. My job is to give voice and make clear the views of my subject, never to silence them." What People Are Saying New York City Mayor Eric Adams, a Democrat, wrote on X, formerly Twitter, following recent protests at Columbia University that officers were "entering the campus to remove individuals who are trespassing. We will not tolerate hate or violence in any form in our city." New York Governor Kathy Hochul, also a Democrat, wrote on X: "Everyone has the right to peacefully protest. But violence, vandalism or destruction of property are completely unacceptable." What Happens Next Horowitz is seeking a jury trial for those accused of aiding and abetting assault and battery, and of participating in a civil conspiracy to commit assault and battery. He requests a judgment in his favor that would award him compensatory, consequential and punitive damages.
Fashion Network
21-05-2025
- Business
- Fashion Network
Breaking into the Middle East, Art Basel will open a fair in Doha
Art Basel is expanding again. Next year the Swiss-based art fair will open an edition in Doha, Qatar's capital city. 'We're starting small,' says Art Basel CEO Noah Horowitz. 'This is going to come to market in February next year in a very considered and measured way.' The inaugural fair, Horowitz says, will include booths from about 50 galleries. This will be Art Basel's fifth global trade fair, and mark its first presence in the region. (Its existing fairs are in Hong Kong, Miami, Paris and in the original Swiss location—for which the brand is named.) At each location, an international roster of galleries meet an equally global group of collectors and art world professionals, who hobnob for several days amid openings, dinners, and parties. The new fair is a partnership between Art Basel, Qatar Sports Investments, and QC+, an organization that describes itself as a 'strategic and creative collective.' The fair will be held in the Doha Design District in downtown Msheireb. 'As part of His Highness the Amir's National Vision 2030, Qatar has been transforming itself into a knowledge-based economy, with culture and the creative industries helping to lead the way,' wrote Sheikha Al Mayassa Bint Hamad bin Khalifa Al Thani, the chairperson of Qatar Museums, in a statement. 'As Qatar Museums marks its 20th anniversary, we are pleased to welcome the Art Basel organization as our partner to further elevate Qatar's initiatives to support the creative industries of our region, offering exceptional new artistic experiences and opportunities to our talent.' The news comes at a delicate moment for art fairs and the art market more generally. A recent Art Basel and UBS market report detailed the drop in gallery participation in art fairs in 2024, due, at least in part, to rising costs. Additionally, the report found that the art market had become more regional, making it more difficult for big art fairs that rely on global attendance. But Horowitz says the timing is right. 'It's an extraordinary opportunity to lean in together and to open, in a really substantial way, a new path for our clients to develop relationships and support the progression of their artists' careers,' he says. It's also, he continues, a way to 'help accelerate, and further broadcast, the unbelievable investment and infrastructure that our partners locally have been making.'
Fashion Network
21-05-2025
- Business
- Fashion Network
Breaking into the Middle East, Art Basel will open a fair in Doha
Art Basel is expanding again. Next year the Swiss-based art fair will open an edition in Doha, Qatar's capital city. 'We're starting small,' says Art Basel CEO Noah Horowitz. 'This is going to come to market in February next year in a very considered and measured way.' The inaugural fair, Horowitz says, will include booths from about 50 galleries. This will be Art Basel's fifth global trade fair, and mark its first presence in the region. (Its existing fairs are in Hong Kong, Miami, Paris and in the original Swiss location—for which the brand is named.) At each location, an international roster of galleries meet an equally global group of collectors and art world professionals, who hobnob for several days amid openings, dinners, and parties. The new fair is a partnership between Art Basel, Qatar Sports Investments, and QC+, an organization that describes itself as a 'strategic and creative collective.' The fair will be held in the Doha Design District in downtown Msheireb. 'As part of His Highness the Amir's National Vision 2030, Qatar has been transforming itself into a knowledge-based economy, with culture and the creative industries helping to lead the way,' wrote Sheikha Al Mayassa Bint Hamad bin Khalifa Al Thani, the chairperson of Qatar Museums, in a statement. 'As Qatar Museums marks its 20th anniversary, we are pleased to welcome the Art Basel organization as our partner to further elevate Qatar's initiatives to support the creative industries of our region, offering exceptional new artistic experiences and opportunities to our talent.' The news comes at a delicate moment for art fairs and the art market more generally. A recent Art Basel and UBS market report detailed the drop in gallery participation in art fairs in 2024, due, at least in part, to rising costs. Additionally, the report found that the art market had become more regional, making it more difficult for big art fairs that rely on global attendance. But Horowitz says the timing is right. 'It's an extraordinary opportunity to lean in together and to open, in a really substantial way, a new path for our clients to develop relationships and support the progression of their artists' careers,' he says. It's also, he continues, a way to 'help accelerate, and further broadcast, the unbelievable investment and infrastructure that our partners locally have been making.'
