Q2 FY2019 Financial Highlights • Adobe achieved record quarterly revenue of $2.74 billion in its second quarter of fiscal year 2019, which represents 25 percent year-over-year growth. Diluted earnings per share was $1.29 on a GAAP-basis, and $1.83 on a non-GAAP basis. • Digital Media segment revenue was $1.89 billion, which represents 22 percent year-over-year growth. Creative revenue grew to $1.59 billion and Document Cloud achieved revenue of $296 million. Digital Media Annualized Recurring Revenue (“ARR”) grew to $7.47 billion exiting the quarter, a quarter-over-quarter increase of $406 million. Creative ARR grew to $6.55 billion, and Document Cloud ARR grew to $921 million. • Digital Experience segment revenue was $784 million, representing 34 percent year-over-year growth. • GAAP operating income in the second quarter was $750 million, and non-GAAP operating income was $1.05 billion. GAAP net income was $633 million, and non-GAAP net income was $901 million. Click Read More below for additional information.
Fashion accessory retailer Charming Charlie will close all of its stores after going bankrupt for the second time in less than two years. The company filed for Chapter 11 protection in Delaware with plans to close all of its 261 stores in 38 states, according to court documents via Bloomberg News. The chain expects the liquidation to take about two months, and more than 3,000 full- and part-time employees could lose their jobs. Charming Charlie closed about 100 stores during its previous bankruptcy, which began in December 2017 and ended in April 2018. The retailer used that process to cut debts and slash other costs, but “these efforts simply weren’t sufficient to stabilize” the business and deliver profits, the company said Thursday in a court filing. Charming Charlie has debt of about $82 million, comprised of an asset-based credit line, a term loan facility and vendor payment credit line, court papers show.
Total Retail’s Take: Another one bites the dust. Charming Charlie is the latest mall-based retailer that has been forced to file for bankruptcy protection as more consumers bypass malls in favor of online shopping. In fact, after emerging from its previous bankruptcy in April 2018, Charming Charlie continued to face challenges “that make it impossible for Charming Charlie to continue as a going concern,” said Alvaro E. Bellon, CFO, Charming Charlie, in court documents, according to Bloomberg. Those included fewer mall visits by customers, landlords that required the retailer to keep some unprofitable stores open, and a lack of capital. The store closures will add to the more than 7,000 stores that have either already closed or are slated to close this year, according to Coresight Research. Coresight is estimating the total store closures for all of 2019 could hit 12,000.
more at: https://www.mytotalretail.com/article/charming-charlie-files-for-bankruptcy-to-close-all-of-its-stores/