Apparel Online Bangladesh Magazine June Issue 2018 | Page 76

RETAIL CURRENT HAVE YOUR SAY BREAKING NEWS Tell us your news by emailing at [email protected] To read the latest sustainability news, go to https://apparelresources.com/business-news/sustainability/  Columbia Sportswear's net sales zoom 12% to US $ 607.3 million in Q1 Columbia Sportswear Company, a global leader in active lifestyle apparel, footwear and accessories, has reported better than expected net sales and profitability as it announces financial results for the first quarter ending March 31, 2018. During the period under review, its net sales increased by 12 per cent to a record US $ 607.3 million as compared to US $ 543.8 million in the corresponding period last year. Net sales on non-GAAP basis registered a 10 per cent increase and 7 per cent on a constant- currency basis to US $ 599.0 million. Operating income in the reporting period marked a 24 per cent increase to US $ 59.3 million from US $ 48.0 million in the corresponding period last year while inventory increased by 2 per cent to US $ 406.0 million as compared to US $ 398.8 million in the same period last year. The apparel retailer further noted a 25 per cent increase in its net income to US $ 45.1 million in the reporting quarter from US $ 36.0 million in the same quarter last year. Net income on non-GAAP basis totalled US $ 36.9 million in the quarter under review. Region-wise, Columbia Sportswear reported a 9 per cent increase in net sales in the US where it operates a total of 130 retail outlets. Net sales in Latin America Asia Pacific (LAAP) increased by 11 per cent and 4 per cent on non-GAAP basis. In Europe, direct and modest growth with Europe, the Middle East and Africa (EMEA) distributors noted a 30 per cent increase in net sales; while Canada reported an 11 per cent increase in net sales during the first quarter. In view of the positive results in the first quarter, the retailer has now increased its full year 2018 financial outlook. It expects non- GAAP net sales growth of around 6.5 to 8.5 per cent. John Lewis starts JLAB innovation programme to enhance retail experience UK-based retail chain John Lewis, in association with True – Europe’s only retail and consumer sector specialist operating across the entire investment vertical, has announced a unique retail tech innovation programme, JLAB. Those who have a great understanding of retail technology are advised to participate in the start-up innovation programme, JLAB. The innovation project has been running since 2014 and sees start-ups and small companies pitch in to the retail giant for mentorship, investment and guidance. The successful business or businesses will be announced at a showcase later in the year. JLAB from the John Lewis Partnership helps start-ups shape retail experiences of the future. Lots of changes to JLAB 2018 edition have been proposed. Unlike previous years, this 2018 edition will run throughout the 76 Apparel Online Bangladesh | JUNE 2018 | www.apparelresources.com year rather than as a one-off 12 week innovation programme. As one of the largest innovation programmes in the UK, it will have various activities this year. Both established businesses and new start-ups will get three chances this year to participate, with the first pitch focused on health and well-being. A variety of benefits including expert advice and mentorship from John Lewis and senior leaders of Waitrose, a chain of British supermarkets, will be accessible to successful applicants. Markedly, John Lewis Partnership operates 49 shops across the UK, johnlewis.com, 352 Waitrose shops, waitrose.com and business-to-business contracts.