Fashion: July sales: High expectations for domestic fashion sales in 3Q22
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The author is an analyst at NH Investment Securities. Her contact is her jiyoony@nhqv.com. — Ed.
July Domestic Apparel Retail Sales Increased 13% YoY. Apparel growth in the department store channel averaged 39% year-over-year, fueled by the summer season and regular sales season.
Domestic fashion sales in Q3 2022 are on an upward trend so far
Sales results for July 2022 show that domestic apparel retail sales increased by 13% year-on-year. Department store sales, the main channel for the fashion category, increased 39% year-on-year. Online sales are also up 11% year-over-year, showing higher growth than his 2Q22, which saw strong industry-wide performance.
The strong sales in July were mainly due to strong sales of swimwear and suitcases during the summer vacation season and regular sales season of the three major department store groups. Despite a severe rainy season, strong demand is likely to sustain healthy top-line growth in August due to relatively low base burden, department store renovations, pop-up store events and brand collaboration product launches. . Based on sales projections for the fall/winter season in September, his Q3 2022 earnings for the division should be substantial.
July Domestic Apparel Retail Sales Increased 13% YoY
Domestic apparel retail sales increased 13% year-on-year in July, outperforming Q2 2022’s average growth rate (+10% yy). Department stores (+39% yy), hypermarkets (+12% yy) and online retailers (+11% yy) all posted double-digit sales growth, with all channels performing well.
In the department store channel, fashion category sales increased 39% YoY on average, followed by women’s suits (+38% YoY), women’s casuals (+41% YoY), menswear (+38% YoY), and children’s clothing. /Sports (+48% YoY). % yyy), and major international brands (+29% yyy). This is a significant growth rate even compared to the average apparel growth seen in Q2 2022 (+23% YoY).
In the online channel, the fashion category increased by 11% year-on-year. Overall domestic online growth in July was +9% year-on-year, dropping to single digits for the first time this year. This slowdown can be attributed to overall consumption shifting to offline channels in line with increased outdoor activity and the summer vacation season. However, among consumer goods excluding services, the fashion category (clothes + shoes + bags + goods + sports) showed solid growth.
DFS’ July domestic and international visitor numbers increased 111% year-over-year, while dollar-denominated sales on DFS channels fell 17% year-over-year and international sales fell 23% year-over-year I was exhausted by that. In particular, the overseas sales of DFS in Tokyo, which accounts for a large proportion of Dygoose’s sales, decreased by 23% year-on-year, continuing the slump from 2Q22.
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