In today’s top retail news, Express, Inc. announced a 27 percent drop in comparable sales, while Build-A-Bear Workshop, Inc. reported that eCommerce demand soared by 104 percent. Plus, Walmart is “doubling down” on its embrace of short video social media platform TikTok.
Express Inc.’s Comp Sales Fall 27 Pct Amid Pandemic
Express Inc., which operates in excess of 500 retail and factory outlet locations in the U.S. and Puerto Rico, reported that comparable sales were down 27 percent for the fourth quarter. The fashion retailer also registered a gross margin of 16.6 percent of net sales in the fourth quarter of 2020 compared to 27 percent in the fourth quarter of 2019.
Build-A-Bear Workshop Reports 104 Pct Surge in eCommerce Demand
Build-A-Bear Workshop, Inc. reported as part of its financial results that consolidated eCommerce demand jumped by 104 percent in the fourth quarter of 2020 in contrast to the fourth quarter of fiscal 2019. The firm reported a 50.1 percent gross profit margin for the fourth quarter of 2020 in contrast to 50.4 percent in the fourth quarter of fiscal 2019.
Walmart Leans Into TikTok Instead of Buying It
Walmart has announced that it is “doubling down” on its embrace of TikTok, the short video social media platform that it nearly purchased last summer with Oracle in an unusual arranged deal. The retailer’s second big soirée on TikTok will happen this Thursday evening (March 11) when it unveils the “Spring Shop-Along: Beauty Edition” co-hosted by social media lifestyle stars Nabela Noor and Gabby Morrison, who together have close to nine million followers on that one platform alone.
Adidas Looks to ‘Own the Game’ With Focus on eCommerce, D2C, Women
Adidas said it plans to double its online shopping business over the five years as it transitions to a direct-to-consumer (D2C)-led roadmap concentrated on 12 international megacities and a focus on attracting more women while enhancing its sustainability. Beyond its “Own the Game” strategic roadmap, Adidas also posted fourth-quarter results that saw revenues drop 5 percent.