In today’s top retail news, Steven Madden, Ltd. posted a 0.5 percent rise in revenue, while Pinterest says it is moving more toward commerce. Plus, Shopify reported a 110 percent surge in revenues.
Steven Madden, Ltd., the shoe and fashion accessory firm, reported that revenue increased by 0.5 percent between Q1 2020 and Q1 2021. In addition, the company reported that retail revenue soared by 27.5 percent from Q1 2020 to $67.5 million in Q1 2021 and was powered by a strong performance in the eCommerce business. Steve Madden designs, sources and markets footwear, apparel and accessories for women, men and children.
Pinterest, the California-based site used by 475 million “Pinners” each month, says it is moving more toward commerce. “As a next step, we’re excited to begin testing seamless on-platform transactions, later this year,” Pinterest Co-Founder Ben Silbermann said on the company’s first-quarter earnings call Tuesday (April 27).
In releasing its first-quarter results, Shopify said revenues increased 110 percent to $988 million and subscription revenues had increased by 71 percent. “We are here to make it easier for anyone with an idea and ambition to launch a business. Entrepreneurship is thriving, and trends like omnichannel shopping and direct-to-consumer selling offer even greater opportunities,” President Harley Finkelstein said on an earnings conference call.
Financial technology firm Stripe is purchasing business sales tax platform TaxJar for an amount that was not made known. “There’s a reason TaxJar has been a top choice for businesses: Their software tools make it incredibly easy to handle sales tax,” Stripe CFO Dhivya Suryadevara said on Tuesday (April 27). The executive noted that the addition of TaxJar provides sales tax help to the “millions of internet businesses” that run on Stripe’s platform.
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