US clothing retailers see more declines than increases in sales.
Champion
In the three months ended September 30, HanesBrands Inc.'s sales fell 9.5% year-on-year to $1.51 billion, gross margin was 31.1%, and operating profit plunged 53% to $66 million. During the period, sales of the group's core brand Champion fell sharply by 19%, widening from 16% in the second quarter.
Columbia
In the third quarter ended September 30, outdoor apparel group Columbia's revenue increased by 3.2% year-on-year to $990 million, gross margin improved to 48.7%, and net profit fell by 7.4% to $100 million. During the reporting period, the brand achieved strong growth in the Chinese market, with revenue increasing by more than 20% year-on-year.
Gap
In the three months ended October 28, US apparel retailer Gap's sales fell 7% year-on-year to $3.8 billion, comparable sales fell 2%, gross margin was 41.3%, and net profit was $218 million, down from $282 million in the same period last year.
Home Depot
Home Depot's third-quarter financial report shows that third-quarter sales were $37.7 billion, slightly higher than Wall Street's expectation of $37.6 billion, down 3.0% year-on-year. Net profit was $3.8 billion, down 12.2% year-on-year.
Kontoor Brands
Kontoor Brands, the parent company of denim brand Lee, saw its third-quarter revenue increase by 8% year-on-year to $655 million, with a gross margin of 41.5% and operating profit surging 14% to $85.48 million. By brand, Wrangler sales increased by 9% to $444 million, and Lee increased by 5% to $208 million.
Macy’s
Third-quarter revenue fell 7% to $4.86 billion in the three months ended October 28, down from $5.23 billion in the same period last year, with comparable store sales down 7%; net profit fell from $108 million in the same period last year to $43 million.
Ralph Lauren
In the second fiscal quarter ended September, Ralph Lauren's sales increased by 3.4% year-on-year to $1.63 billion, gross margin was 65.5%, and net profit fell by 2.4% to $147 million. The brand said that the growth in performance was mainly due to strong demand from young and affluent consumers for products such as sweaters, polo shirts, and dresses.
Revolve
US influencer e-commerce company Revolve's third-quarter revenue fell 4% year-on-year to $257 million, and net profit plunged 73% to $3.2 million. Revolve's sales were $218 million, down 2% year-on-year. By region, US sales fell 5% to $200 million, and international sales decreased by 1% to $50.4 million.
Target
In the third quarter of fiscal year 2023 ended October 28, Target's net profit soared 36% compared to the same period last year, reaching $971 million, and the gross margin also increased from 24.7% in the same period last year to 27.4% due to reduced discounts, inventory, and related cost reductions. Comparable store sales fell 4.9% in the third quarter, with sales falling 4.2% to $25.004 billion.
TJX
Revenue increased 9.0% to $13.265 billion in the third quarter of fiscal year 2024 ended October 28, with comparable store sales increasing by 6%.
Under Armour
In the three months ended September 30, Under Armour's sales showed no year-on-year growth, recording $1.567 billion, gross margin was 48%, and net profit surged 26% to over $100 million.
Walmart
Revenue increased by 5.2% to $160.8 billion in the third quarter of fiscal year 2024 ended October 31. During the reporting period, Walmart U.S. and Sam's Club recorded comparable sales increases of 4.9% and 3.8%, respectively, and Walmart International sales recorded a 5.4% increase at constant exchange rates.
Leaders from Xiamen C&D Group visited Tongzhou for investigation and guidance
On March 3, Wang Yongqing, Vice President of Xiamen CNOOC Group, visited Tongzhou Group for investigation and guidance. Wei Gangmin, Chairman of our company; Huang Hongyu, President; Li Tao, Vice President; and Zhang Zhiyan, Director of the General Office, met with and participated in a symposium.
Tongzhou Cotton Market Brief, Week 1 of March 2025
1) This week's National People's Congress and the Chinese People's Political Consultative Conference (NPC & CPPCC) in China boosted market expectations for steady growth. In February, the Purchasing Managers' Index (PMI) for manufacturing stood at 50.2%, up 1.1 percentage points from the previous month, indicating a significant improvement in the manufacturing sector.
In 2024, China's dyeing industry saw rapid export growth to ASEAN and RCEP member countries, exceeding the overall export growth rate. However, this growth was accompanied by a decline in prices. From January to December, China's exports of eight major dyeing products to ASEAN totaled 7.908 billion meters, a year-on-year increase of 12.14%, 4.61 percentage points higher than the overall export growth rate, accounting for 23.58% of total exports. The average export price was US\$1.19 per meter, a year-on-year decrease of 2.75%, 0.64 percentage points lower than the overall decline. Exports to RCEP member countries totaled 8.431 billion meters, a year-on-year increase of 11.35%, 3.82 percentage points higher than the overall export growth rate. The average export price was US\$1.17 per meter, a year-on-year decrease of 2.79%, 0.60 percentage points lower than the overall decline.
On February 28, Mr. Huang Hongyu, President of our company, was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference and, as a guest speaker at the "Xiangshan Roundtable," shared his views on the cotton market and trading opportunities.
Henan Tongzhou Cotton Industry Co., Ltd.
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