Apparel Online India Magazine September 1st Issue 2018 | Page 13

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Walmart performs ‘more than expected' in
second quarter
America’s biggest retailer,
Walmart Stores Inc., has unveiled
financial results for second
quarter of this fiscal. During
the quarter under review, it
reported 40 per cent increase in
e-commerce sales in the US as
compared to 33 per cent in the
previous quarter. The retailer
noted 3.8 per cent increase
in total revenue to US $ 128
billion beating Wall Street’s
expectation. Comparable sales
for Walmart in the US increased
4.5 per cent, the strongest in
more than 10 years. Grocery and
apparel helped Walmart to report
incredible results. Net sales
from international operations
reported a 4 per cent increase to
US $ 29.5 billion in the quarter
under review. Comparable sales
in 8 of its 11 markets have seen
remarkable developments.
The retail brand has raised its
financial outlook for the year
after witnessing unexpected
results in the quarter under
review. It was the strongest
growth in more than a decade
in sales at established stores.
Investment in Indian e-commerce
retailer Flipkart is also a major
development for the retailer
during the reporting quarter.
It received an unconditional
approval for its investment in
Flipkart on August 8, 2018.
The transaction is expected
to close as soon as reasonably
practicable after it receives
satisfaction or waiver on the
remaining closing conditions.
The retailer hosts around 265
million customers and members at
its more than 11,200 stores under
55 banners in 27 countries and
e-commerce websites.
Saks to launch new line for to-be mother-in-law/
daughter-in-law
Saks Fifth Avenue is going to offer
a new collection this fall. Called DH,
this new and modernised knitwear
line was created by a to-be mother-
in-law/daughter-in-law duo, Jane
Miller Saltzman and Jodi Scherr.
It will also be retailed via selected
specialty stores like Shag in Roslyn,
N.Y., Obligato in East Hampton,
N.Y., Ravel in Westhampton,
N.Y. and Kyle by Alene Too.
Saltzman previously worked as a
merchandiser for Design History, a
company founded by her husband.
Previously from retail sector
herself after working for Bergdorf
Goodman and Bloomingdale’s,
Jodi Scherr decided to launch a
collection with her mother-in-law.
As per her, the interest in fashion
and trends matched for both
the stakeholders. Comprising a
carefully curated assortment of
tops, sweaters and outerwear, the
collection promises the perfect
confluence of classic minimalism
and soft femininity.
The best pieces of the lot are an
ultra-soft sponge yarn full sleeves
sweater with a velvet tie to cinch
the hem and a lux close-knit
cashmere off the shoulder cable
knit sweatshirt. Other unique
pieces are a chiffon ruffles detailed
flocked velvet lace combo blouse;
chenille sweater with scalloped
finish in navy and fuchsia tones;
a cosy shearling jacket with moto
accents; and finally, scuba French
terry ruffle bell-sleeve sweatshirt.
Priced from US $ 150 to 300, the
manufacturing of the collection is
being done in China. The entire
aim of the collection is to create
a line that enables the wearers to
transition from day outfits to night
going-out ensembles with just a pair
of heels. Emphasising on the point,
Saltzman said, “Everything has a
feminine twist to it. My friends will
wear it. I also want Jane’s friends
to wear it.” Supporting her mother-
in-law, Scherr said, “It is younger,
contemporary and fashion forward;
it is for the girl on the go who has a
busy social life. It’s not age-specific.”
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