October 24, 2023
Net income dropped 10% in the third quarter to €131.7 million ($143.3 mm) from €146.4 million as continued weakness in the U.S. combined with the strengthening euro to pull revenues down 2% (+6% constant currency) to €2,311.1 million ($2,514.8 mm) against €2,354.4 million.
Net income was down 78% to ¥9,791 million ($67.8 mm) from ¥44,928 million on revenue that was off 32% to ¥112,014 million ($775.4 mm) from ¥163,979 million as inflationary pressures hit consumers in all key markets.
The third release of leftover Yeezy inventory has been paused indefinitely by The Big a, according to an internal memo obtained by Complex, which said the decision was made at the board level.
A week after VFC was targeted by Engaged Capital, another activist investor, Legion Partners, has taken an unknown stake in the company and wants it to divest brands such as Timberland, Bloomberg reported, citing sources close to the matter.
The heat print equipment supplier has acquired software technology company Fulfill Engine, which specializes in order fulfillment, supply chain management and e-commerce store integration, for undisclosed terms.