Latest news with #wholesale
Times
5 days ago
- Business
- Times
Dr Martens to widen range and cut discounts in quest for profits
The boss of Dr Martens has pledged to ween the struggling bootmaker off discounting, push into new markets and promote other product lines and as it looks to return to profit growth this year. The FTSE 250 retailer said its previous narrow focus on its boots, which accounts for roughly half of the group's total sales, 'failed to take full advantage' of its shoes, sandals and leather goods offering, adding that its direct-to-consumer approach 'led to a loss of coverage and responsiveness in our wholesale offering'. Ije Nwokorie, who succeeded Kenny Wilson as chief executive at the start of the year, told shareholders he plans to shift the business from a 'channel-first to a consumer-first mindset'. 'The strategy that the business had … broke growth in boots, built awareness around the world, but the market shifted away from boots,' he said. Online sales of shoes, mules and sandals grew last year, while sales of its boots, known for their yellow stitching, declined at its shops. He added that his strategy was not 'rocket science', but was about 'broadening our focus to give people more reason to buy our products'. 'We need to become a business that is no longer reliant on any single market, product or channel,' he said. Nwokorie did not expand on what markets he planned for Dr Martens to move into, but said expansion would take place in the year ahead. The company also planned to reduce discounting across its ecommerce and wholesale channels as it aimed to drive full price sales. Nwokorie's turnaround plans were unveiled alongside the group's full-year results. Dr Martens said sales to consumers in the US returned to growth in the second half of the year and continued to increase, but cautioned that UK revenues remained lower since the year end 'due to a challenging market'. Revenues in the year to the end of March fell 10 per cent to £787.6 million, down from £877 million a year earlier. Adjusted pre-tax profit dropped 64 per cent to £34.1 million, which was above the City's forecasts of £30.6 million. Inventory reduction helped lower net debt, excluding lease liabilities, to £94.1 million, down from £177.5 million a year ago. For the present financial year, management expects to deliver profits in line with market expectations of £54 million to £74 million. The Northamptonshire bootmaker has been facing persistent challenges in America, its largest market, including a slowdown in sales as consumers reduced spending and supply chain problems at its distribution centre in Los Angeles. That episode forced the brand to lease temporary third-party warehousing. Shares in the heritage brand, which have fallen more than 80 per cent since listing in 2021 after the company issued multiple profit warnings, were up 15p, or 25 per cent 11¼p, to 75p in afternoon trading as the market reacted to its turnaround pledge. Analysts at Investec believed the strategy 'should unlock a material profit growth story' and its financial targets were realistic. Despite uncertainty around President Trump's tariff regime, Nwokorie said there were no plans to shift production from the US at this point. Dr Martens has shifted its supply chain away from China and expects to produce 62 per cent of its autumn/winter collection in Vietnam, where imports into the US face tariffs of up to 46 per cent. Before the possible tariff introduction, the company said most of its autumn/winter collection would be in transit or in the US by the start of July. Nwokorie said: 'We've looked at different scenarios, but we're dealing with the reality in front of us and we feel confident about our ability to ride these waves,' adding that the company would keep average selling prices for its spring/summer and autumn/winter collections unchanged in the US market. Ije Nwokorie: a 'visionary brand storyteller' While not one of the biggest names in the retail community, Ije Nwokorie has demonstrated to industry observers and City analysts that he knows the power behind the British heritage brand. News of his appointment as chief executive of Dr Martens, announced last April, did not come as too much of a surprise to the market, with some in the City speculating that Nwokorie's appointment as chief brand officer in November 2023 was part of a wider succession plan. As part of the newly created chief brand officer post, Nwokorie was responsible for setting the 'overall brand strategy, vision and direction for the next phase of Dr Martens' growth' — not a bad idea for the retailer that has failed to replicate the influence and sales of its sturdy boots in America that it has in Britain. The former Dr Martens boss Kenny Wilson, who Nwokorie replaced, has described his successor as a 'visionary brand storyteller' whose passion for the bootmaker makes him 'the ideal person to lead the next era'. Nwokorie, who took up his post in February last year, was a senior director at Apple Retail, where he worked from January 2018. He has been on the Dr Martens board since January 2021, when it listed its shares on the London Stock Exchange, amid booming demand for its shoes. Before that, Nwokorie had spent 11 years at Wolff Olins, the global brand consultancy, where he rose to become chief executive. As part of Nwokorie's hopes to drive a brand refresh, he has been quick to up the ante in his leadership team. Last week he announced that Carla Murphy would join the group as chief brand officer from Adidas, where she served as the footwear giant's global senior vice-president. Murphy, who starts in July, will be responsible for looking after Dr Martens' brand, its 'most important asset', Nwokorie said.
The Herald
6 days ago
- Business
- The Herald
Supermarket group SPAR reports slight drop in earnings
Supermarket retailer SPAR Group reported on Wednesday a marginal decline in half-year earnings as group revenue from continuing operations remained steady at R66.1bn. The retailer said headline earnings per share from continuing operations fell by 0.4% to 450.1c in the 26 weeks ended March 28, down from 451.9c a year earlier. Group operating profit increased by 1.6% to R1.5bn, supported by improved cost discipline, with its operating margin stable at 2.2%. In Southern Africa, wholesale turnover increased by 1.7% to R49.9bn, reflecting the ongoing pressure on consumer spending, compounded by lower food inflation, Mozambique post-election unrest, the timing of Easter falling in the second half of this financial year and shop closures in Gauteng, SPAR said. Combined grocery and liquor wholesale revenue rose by 1.1%, while retail revenue increased by 1.9%, with like-for-like sales up 1.6%. Growth was underpinned by strong momentum in the lower-income customer segment, while the middle and upper segments' performance lagged the market, the retailer said. Ireland reported local currency revenue fell by 0.6% in an environment where inflation is challenging volumes in the retail convenience sector. Reuters
Yahoo
31-05-2025
- Business
- Yahoo
C&S ventures into international supply chain market with new partnership
This story was originally published on Grocery Dive. To receive daily news and insights, subscribe to our free daily Grocery Dive newsletter. C&S Wholesale Grocers announced Wednesday it is partnering with Atlantic Grocery Supply (AGS) to provide wholesale and supply offerings to retailers in the Caribbean and Central and South America. This tie-up allows C&S to tap into AGS parent company Sun Group's 'deep history' supplying retailers in the Southeast and the Caribbean. For AGS, the partnership will let it provide its supply export customers with competitive pricing and a grocery assortment of more than 40,000 items, according to the press release. The partnership will operate out of C&S's 1-million-square-foot warehouse in Miami. C&S and AGS will work together on sales to in-state independent retail customers while AGS will take the lead on sales to export customers, per the announcement. Working with C&S will enable Sun Group to continue expanding its international grocery operations. Sun Group is one of the U.S.'s largest wholesale produce distributors with locations throughout the Southeast. This announcement comes as C&S remains in the spotlight following the downfall of the proposed Kroger-Albertsons merger. The distributor was set to acquire hundreds of stores from the two grocery companies if their merger had received regulatory approval. In March, C&S sued Kroger, alleging that the grocer has not yet paid the wholesaler the $125 million termination fee owed for the failed merger efforts. Weeks later, Kroger claimed in a legal filing that C&S is not entitled to the termination fee because the company breached its contract with Kroger when it was trying to seek regulatory approval for its merger with Albertsons. Aside from the ongoing legal battle drama, C&S has also laid off a number of workers. Earlier this month, the wholesaler announced plans to shutter its Baldwin, Florida, distribution center, costing around 490 employees their jobs. C&S also laid off at least 76 workers in mid-March, impacting employees at sites in Hawaii, Vermont, New Jersey, Texas and New York. Recommended Reading C&S to shutter Florida distribution center, costing 500 jobs Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Sky News
23-05-2025
- Business
- Sky News
Energy price cap to dip by 7% from July, regulator reveals
Households on the energy price cap will see a 7% reduction in their average annual payments from 1 July, the industry regulator has announced. The default cap - which is reviewed every three months - will see a typical household using gas and electricity and paying by Direct Debit stump up an average annual £1,720, Ofgem said. That is down from the current April-June figure of £1,849 and reflects a reduction in wholesale gas prices. The lower cap does not affect the millions of households to have taken a time-limited fixed deal. Nevertheless, it represents some relief for families grappling the cost of living aftershock that saw many essential bills rise by well above the rate of inflation last month. Ofgem's announcement was made just days after fresh forecasts suggested that bills linked to the cap could come down further from both October and January, given recent wholesale market price trends. Prices last winter had been relatively stable until a cold snap hit much of Europe in January and early February, driving up demand at a time of weaker stocks. Other risk factors include extended EU gas storage rules and global conflicts, not least the continuing Russia-Ukraine war that sparked the 2022 energy price spike and cost of living crisis in the first place. Tim Jarvis, director general of markets at Ofgem, said: "A fall in the price cap will be welcome news for consumers, and reflects a reduction in the international price of wholesale gas. However, we're acutely aware that prices remain high, and some continue to struggle with the cost of energy. "The first thing I want to remind people is that you don't have to pay the price cap - there are better deals out there so it's important to shop around, and talk to your existing supplier about the best deal they can offer you. And changing your payment method to direct debit or smart pay as you go can save you up to £136." Please refresh the page for the fullest version.
Globe and Mail
19-05-2025
- Business
- Globe and Mail
ArganDirect Expands Wholesale Argan Oil Line with Shelf-Ready Products
ArganDirect, a trusted name in wholesale argan oil supply, proudly announces the launch of its latest product line featuring premium, shelf-ready argan oil specially crafted for the hair and beard care market. Ohio, United States - ArganDirect, a trusted name in wholesale argan oil supply, proudly announces the launch of its latest product line featuring premium, shelf-ready argan oil specially crafted for the hair and beard care market. With a deep commitment to purity, sustainability, and presentation, The company aims to bridge the gap between high-quality Moroccan argan oil and businesses looking for ready-to-sell grooming and beauty products. Sourced directly from Morocco's Argan forests, ArganDirect's oil is 100% pure, cold-pressed, and organically produced to retain its powerful concentration of antioxidants, essential fatty acids, and vitamin E. This new range focuses on providing both functionality and convenience for businesses, including salons, barbershops, grooming brands, and wellness retailers. Each product is meticulously packaged in UV-protective amber glass bottles that not only preserve the oil's integrity but also enhance the visual appeal on store shelves. Customers can choose between dropper or pump tops to suit different usage preferences. The hair care formulation is ideal for nourishing dry strands, taming frizz, and restoring shine while promoting overall scalp health. For the growing beard care market, ArganDirect offers a specially formulated beard oil that hydrates the skin underneath, softens coarse hair, and supports healthy beard growth without the use of synthetic additives. The texture is light, the absorption is fast, and the scent is neutral—making it a versatile option for men's grooming routines. One of ArganDirect's standout advantages is its flexible wholesale model. In addition to offering shelf-ready options, the company provides bulk supply solutions and private label opportunities, allowing businesses to build their own brand around premium Moroccan oil. Whether a boutique brand looking for small-batch quantities or a larger distributor in need of consistent, high-volume supply, ArganDirect ensures reliability, transparency, and exceptional product quality. "Natural oils are no longer a luxury—they're a consumer expectation, especially in the hair and beard care sectors. We created this line to help businesses meet that demand with confidence, offering authentic argan oil that's already packaged and ready for retail." – Said Hassan, ArganDirect Marketing Manager. The company ships globally and supports its partners with competitive pricing, low minimum order quantities, and a responsive customer service team. Wholesale inquiries, sample requests, and private label discussions are welcome through the brand's official website About ArganDirect ArganDirect is a premier wholesale supplier of pure argan oil, offering both bulk and shelf-ready solutions for businesses in the beauty, grooming, and wellness sectors. With a focus on sustainability, ethical sourcing, and packaging excellence, ArganDirect empowers brands to deliver premium argan-based products to their customers. Media Contact Company Name: ArganDirect Contact Person: Mr. Hassan Email: Send Email Phone: (740) 913-5827 Address: 98 E Cherry St City: Sunbury State: Ohio Country: United States Website:
