In today’s top retail news, Five Below and Zumiez each separately announced soaring net sales. Plus, lululemon athletica inc. said it is seeking to grow its inventory.
Five Below announced that its net sales soared by about 198 percent between Q1 fiscal 2020 and Q1 fiscal 2021. The discount retailer posted $49.6 million in net income for Q1 fiscal 2021, going into the green from a $50.6 million net loss the same quarter the past fiscal year. All in, Five Below reported 88 cents in diluted income per common share.
Zumiez announced that its net sales rose by about 103 percent from Q1 2020 to Q1 2021. “Sales trends accelerated as the first quarter progressed driven by our ability to capture a meaningful share of the heightened discretionary spending in the U.S. related to government stimulus,” management said in an announcement.
High-end athleisure apparel company lululemon said it is aiming to expand its inventory by between 25 and 30 percent this quarter and harness more air freight to get around port delays that have hampered the worldwide supply chain. The Canada-headquartered retailer said inventories were up 17 percent from last year.
Amazon CEO Andy Jassy’s first week at the helm saw the Washington state-based firm reveal expansions and enhancements nearly every day ranging from Halo Health to medication price checking and location services in addition to a renewed interest in its Sidewalk IoT connectivity/bundling play. The eCommerce retailer also confirmed the dates for its upcoming and earliest-ever Prime Day sales event.
Meanwhile, Walmart unveiled its next private-label foray into meat — or beef, more specifically, fresh on the heels of a recent arrangement to roll out a collection of sheets, towels and home furnishings with Gap.