In today’s top retail news, Petco’s revenues surged amid growth in pet ownership, while Ralph Lauren’s worldwide digital revenue accelerated throughout owned and wholesale digital channels. Plus, Kohl’s reported net income in the first quarter compared to a loss in 2020.
Petco Health and Wellness Company, Inc. said its net revenue increased by 27 percent to $1.4 billion in fiscal Q1 2021. “There are more pets in homes than ever, and the 1.2 million net new customers we gained in the quarter is a multi-year high that provides an annuity for years to come,” Chairman and CEO Ron Coughlin said in an announcement.
Ralph Lauren Corporation announced that global digital revenue accelerated across owned and wholesale digital channels across every region in the fourth quarter. The firm’s Asia revenue soared by 35 percent to $289 million on a reported basis and 28 percent in constant currency. By contrast, its North America revenue dropped by 10 percent to $569 million.
Kohl’s net income reached $14 million in the first quarter in contrast to a loss of $541 million in 2020, while the retailer’s revenue jumped by nearly 70 percent to $3.89 billion from $2.43 billion a year prior. The firm said its store sales more than doubled in the quarter, and digital sales climbed by 14 percent year over year.
Target posted low- to mid-single-digital sales growth in the first quarter of 2021. “To see healthy growth on top of last year is remarkable as you recall that a year ago, guests were aggressively stocking up their pantries, fridges and freezers and we sold virtually every unit of paper goods that we owned,” Executive Vice President and Chief Growth Officer Christina Hennington said on an analyst call.