Fairway Group shrinks net loss in Q1
New York – Fairway Group Holdings Corp., the parent company of Fairway Market, shrank its net loss to $9.7 million in the first quarter of fiscal 2015 compared to $27.95 million in the same quarter the prior year. Declining general and administrative expenses, resulting from the elimination of IPO- and consultant-related fees from the first quarter of fiscal 2014, helped reduce net loss.
Fairway Group plans to open a new 50,000-sq.-ft. Fairway Market store in the Staten Island Mall in Staten Island, N.Y., by the end of 2017. The store is a key part of the mall’s expansion plans.
Net sales increased 6.2%, to $198.3 million from $186.8 million in the first quarter of fiscal 2014. Net sales growth in the quarter was attributable to two new stores, partially offset by negative same store sales growth of 1.7%.
Panjiva: U.S. imports and exports fall in Q1
New York – Following a strong economic pick-up in fourth quarter 2013, values for both imports and exports fell during first quarter 2014, compared to the previous quarter. According to a new report from supply chain research firm Panjiva, imports dropped 5.42% and exports 3.84% from fourth quarter 2013, though activity in March fared better than in January and February.
Some of the report highlights include:
• Despite labor safety concerns, Panjiva’s data suggests Bangladesh is as an important source as ever; the value of U.S. imports is up 1%, compared to fourth quarter 2013 and the volume (number and weight) of shipments into the U.S. is also on the rise.
• Despite political tensions and economic sanctions imposed on Russia, imports from Russia actually increased 9% from fourth quarter 2013, while exports still dropped during the same time period by 5%; Vietnam also saw instability in the last few months due to tensions with China, but shipments remained slightly up in first quarter from the previous quarter at 3%.
• Saudi Arabia was a trading partner that stood out significantly in first quarter. While total trade actually declined this quarter, Saudi Arabia is actually the U.S.’s largest international buyer for dairy products and had a 142% increase in shipments since fourth quarter 2013.
American Apparel relocates Aix-en-Provence store in France
Los Angeles – American Apparel has relocated its Aix-en-Provence store in France. Set in a former private hotel, the new location features an open, single floor layout and flower garden.
The shop maintains much of the building’s early architecture including stone walls, a fireplace (transformed into a shoe display) and double front doors depicting the city’s emblem of two lion faces. With history dating back to the 16th century, it marks the company’s oldest interior in Europe.
The storefront opened on July 29, and features products for men, women and children. The new location is situated among retailers The Kooples, Sandro, American Vintage, Petit Bateau, Loft, Gap, Hermes, MAC, Zadig & Voltaire and Bang & Olufsen.
American Apparel has 11 other French locations in Paris, Toulouse and Lyon.