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Cato Fashions reports widening Q4 losses

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Cato Fashions reports widening Q4 losses

US fashion retailer Cato Fashions has reported widening losses for the fourth quarter as it swung to a full-year loss.

For the three months to January 30, 2021, the company’s net losses more than doubled to 6.9 million dollars compared to 3.2 million dollars a year earlier.

That came as sales in the quarter dropped 19 percent to 188.4 million dollars, while same-store sales fell 20 percent.

For the full year, net losses widened to 46.1 million dollars compared to income of 35.9 million dollars in 2019.

Sales in the year decreased 30 percent to 567.5 million dollars while same-store sales decreased 32 percent.

“We began 2020 with a focus on growing the business,” said the company’s chairman, president and CEO, John Cato, in a statement. “As a result of the Covid-19 pandemic, our focus quickly shifted to protecting the business.”

The North Carolina-based company said its gross margin decreased to 23.7 percent of sales from 37.6 percent of sales in 2019, citing a reduction in merchandise contribution combined with the effects of deleveraging occupancy and buying expenses.

Cato said: “2020 was a challenging year for speciality apparel retail. We made some difficult decisions in an effort to sustain our business in the wake of the pandemic.

“Despite the challenges of the Covid-19 pandemic, Cato continues to maintain a strong balance sheet, with 143.9 million dollars in unrestricted cash and short-term investments and no debt.”

As of January 30, 2021, the company operated 1,330 stores in 33 states.

Image: Cato Fashions, Facebook

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Video: Anne Barge SS22 collection

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Video: Anne Barge SS22 collection

In this video, fashion label Anne Barge has presented its SS22
collection at New York Bridal Fashion Week (NYFW).

Watch the video below.

Do you want to see more clothing collections? Click here to view the FashionUnited Marketplace.

Video: VRAI Magazine via YouTube

Photo credit: VRAI Magazine, YouTube

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Fila collaborates with Flock Together initiative on capsule

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Image: Fila x LN-CC x Flock Together
Image: Fila x LN-CC x Flock Together

Sportswear label Fila has unveiled a collaboration with birdwatching initiative Flock Together in the form of an apparel and footwear capsule, to be exclusively sold through LN-CC.

In a range of hike-wear gear made for urban exploring, the collection intends to bring people into nature and engage with their community. The selection includes a reinvented version of the Fila Trailblazer hiking shoe and two shearling fleece designs.

The colourways of the line are inspired by the Kingfisher bird, with a scannable near field communication (NFC) tag present in the hiking shoe that takes buyers to a dedicated page outlining the best places in the UK to spot a Kingfisher.

Image: Fila x LN-CC x Flock Together
Image: Fila x LN-CC x Flock Together

15 percent of all sales of the collection will go towards the Flock Together community fund.

Buying and creative director at LN-CC, Reece Crisp, expressed his enthusiasm over the collaboration in a release, stating: “We’re super excited for LN-CC to be part of this project.

“Flock Together encompasses everything that’s great about community and wellness, two driving forces that are integral to LN-CC too.

“Flock Together’s growth has been both a reaction to, and antidote from, a difficult eighteen months by bringing people together and encouraging outdoor consciousness, so we are honoured to share our platform in amplifying its much-needed positivity while working with Fila in creating this tribute to the Kingfisher.”

Flock Together, founded back in the 2020 covid-19 lockdowns, brings BIPOC together to engage in birdwatching and other nature-oriented activities.

It has previously partnered on an event with Timberland, hosting a range of spoken word presentations at the nature reserve, Woodbury Wetlands. Sponsored by the apparel label, the event aimed to promote the voices in its growing community adjacent to guiding guests through the nature reserve.

Image: Fila x LN-CC x Flock Together
Image: Fila x LN-CC x Flock Together
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Video: Jenny Yoo SS22 collection

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Video: Jenny Yoo SS22 collection

In this video, fashion label Jenny Yoo has presented its SS22 collection
at New York Bridal Fashion Week (NYFW).

Watch the video below.

Do you want to see more clothing collections? Click here to view the FashionUnited Marketplace.

Video: Jenny Yoo via YouTube

Photo credit: Jenny Yoo, YouTube

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