American Eagle Outfitters beats revenue estimates on strong in-store sales, Retail News, ET Retail

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American Eagle Outfitters Inc beat quarterly revenue estimates on Tuesday, as customers returning to schools and offices shopped more at its physical stores following the easing of COVID-19 curbs.

People stuck at home during lockdowns turned to comfortable joggers and sweatshirts, but the reopening of schools, workplaces and public spaces following vaccinations have prompted them to splurge again on streetwear, including jeans and shirts.

Most U.S. apparel sellers, including T.J. Maxx-parent TJX Cos Inc and Macy’s Inc, have shrugged off holiday inventory concerns, saying they have ample goods despite port congestion and some factory closures.

American Eagle Outfitters said inventory at cost at the end of the third quarter increased 32% to $740 million, as it deployed pricier air freight to navigate global supply chain issues.

The apparel chain has been beefing up its logistics game, after it agreed this month to buy Quiet Logistics for $350 million,

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‘Completely unjustifiable’ GST rate hike on apparel, textiles and footwear show the Govt has no easy choices, Retail News, ET Retail

For years, the manmade fibre (MMF) manufacturers in the country made representation to the government to fix an anomaly in GST which had a severe impact on their business. The Finance Ministry finally on November 18 notified a 7% hike in GST (from current 5% to 12%) applicable on manmade fibre (MMF) MMF yarn, MMF fabrics, a move that would address a sore point for the sector. However, the government went a step further and said even finished products such as apparel, textiles and footwear will be taxed at 12% from earlier 5%, effective January 2022. This has now caused considerable pain for the entire sector.

The Central Board of Indirect Taxes and Customs (CBIC) stated that the GST rate on any worth of clothes will be 12% beginning next year. Currently, a 5% tax on sales up to Rs 1000 per piece is charged. Further, the GST rates on

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Centre urged to defer GST rate hike on apparels, Retail News, ET Retail

Kolkata: Expressing concern over the Centre’s recent notification on higher GST rates for several apparel items from January 1 next, a prominent hosiery manufacturers’ association has sought its deferment, saying it will impact the common man and those in the MSME sector. The proposed change in the rate from the existing 5 per cent to 12 per cent is going to significantly increase the prices of apparel now costing below Rs 1,000, officials of the Federation of Hosiery Manufacturers Association of India (FOHMA) said.

The move will impact the weaker section of society, who mostly buy clothes priced below Rs.1,000.

“What is more important is that more than 85 per cent of India’s total garment market is below the Rs. 1,000 price level,” they said.

Additionally, the proposed merger of 12 per cent and 18 per cent slabs to a single rate will result in a staggering increase of 30

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Over 6,000 knitwear units down shutters, seek reduction of cotton yarn prices, Retail News, ET Retail

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Coimbatore: Over 6,000 knitwear and garment and allied unit owners in nearby Tirupur downed shutters on Friday, demanding reduction of the skyrocketing cotton yarn prices for the last 10 months and banning its exports. A group of unit owners also sat on a one-day hunger strike opposite the Corporation office accusing the mills of hoarding, thus paving way for artificial increase of the prices of yarn, the main raw material for the manufacture of knitwear and garments.

About 80 per cent of shops and commercial establishments in and around Tirupur downed shutters, while almost all political parties and their affiliated trade unions extended their support to the closure, which resulted in a production loss of over Rs 100 crore, industry sources claimed.

Stating that the prices increased from Rs 220 for one kg in January to Rs 350 during November, sources in the garment industry said they wanted

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Indian apparel firm Page Industries’ profit jump 45% in second quarter


Page Industries Ltd, India’s leading apparel manufacturer and the exclusive licensee of Jockey International, has reported a 46.4 per cent revenue jump to ₹10,840 million in the second quarter (Q2) of FY22 ended on September 30, 2021, over the corresponding period of last fiscal. Profit after tax for the quarter expanded 45.0 per cent to ₹1,605 million (Q2 FY21: ₹1,109 crore).

 

Page Industries, an apparel manufacturer and the exclusive licensee of Jockey International, has reported a 46.4 per cent revenue jump to ₹10,840 million in the second quarter (Q2) of FY22 ended September 30, 2021, over the corresponding period of last fiscal. Profit after tax for the quarter expanded 45.0 per cent to ₹1,605 million (Q2 FY21: ₹1,109 crore).

“As we announce our highest-ever revenue and PAT this quarter, we remain confident to deliver on the long-term growth prospects of the company. I am pleased to share that

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