(Reuters) – The circus-like atmosphere that had taken over the boardroom at J.C. Penney Co Inc ended on Tuesday with hedge fund billionaire William Ackman stepping down from the board of the struggling U.S. retailer.
Ackman’s decision to leave comes after a failed two-year attempt by his Pershing Square Capital Management hedge fund to remake Penney’s into a more upscale retail chain and a week of public fighting with other board members including interim-Chief Executive Officer Myron (Mike) Ullman.
Aug 8 (Reuters) – U.S. retailers reported higher sales for
July, but they relied heavily on discounts to lure
cost-conscious shoppers who have remained frugal so far during
the crucial back-to-school season.
Eleven retailers that still release monthly sales figures
for stores open at least a year reported a combined 3.9 percent
gain, missing the 4.4 percent increase analysts expected,
according to Thomson Reuters.
By Phil Wahba
(Reuters) – A group of large U.S. retailers reported higher sales for July, but had to resort to bargains to lure shoppers who are still careful in their spending while the job market continues its slow recovery.
Costco Wholesale Corp (COST.O: Quote, Profile, Research, Stock Buzz) said on Thursday that sales at stores open at least a year rose 4 percent last month, below analysts’ expectations of a 5.1 percent increase.
By Phil Wahba
(Reuters) – Ralph Lauren Corp (RL.N: Quote, Profile, Research) on Wednesday reported disappointing quarterly sales at its own stores, raising concerns that it is expanding too quickly, and the fashion company reiterated its forecast for modest growth this fiscal year.
Shares of Ralph Lauren fell 6.1 percent to $177.89 (£114.70) in midday trading.
By Phil Wahba
(Reuters) – Ralph Lauren Corp (RL.N: Quote, Profile, Research, Stock Buzz) on Wednesday reported a lower quarterly profit on disappointing results at its own stores, and the fashion company reiterated its forecast for modest growth this fiscal year.
Shares of Ralph Lauren were down 6.6 percent to $177 in premarket trading.
Sales at its stores open at least a year slipped 1 percent, although they would have risen at that rate without the impact of currency fluctuations, and investments the company has made in opening new stores and renovating others dented profits.
Aug 6 (Reuters) – Michael Kors Holdings Ltd’s
quarterly profit nearly doubled as the fashion company’s sales
were helped by the roll-out of shops within department stores,
gains in Europe and soaring business at its own stores.
The company updated investors on Tuesday about how it plans
to keep its momentum going, including new stores in India and
Brazil, and a bigger push for its watch and jewelry business
NEW YORK (Reuters) – U.S. low-price retailer T.J. Maxx plans to open an online store this year, as does rival Saks Inc’s Off Fifth outlets, making 2013 the year technology may have caught up with the speed of fashion.
For such chains, which feature clearance items, last-year’s fashions and overruns, their fast-moving and often unpredictable inventory has made selling goods over the web complex.
(Reuters) – J.C. Penney Co Inc (JCP.N: Quote, Profile, Research) said on Thursday that commercial lender CIT Group Inc (CIT.N: Quote, Profile, Research) continued to support deliveries from suppliers, and claimed reports to the contrary were untrue.
The retailer added it had plenty of cash on hand and all major suppliers were still shipping.
NEW YORK (Reuters) – A New York state judge could decide as soon as Thursday whether J.C. Penney Co Inc (JCP.N: Quote, Profile, Research, Stock Buzz) can sell certain Martha Stewart-branded home goods despite rival Macy’s Inc’s (M.N: Quote, Profile, Research, Stock Buzz) exclusive deal with the doyenne of U.S. home decor.
The two department store chains are scheduled to give closing arguments Thursday morning, more than three months after testimony ended in the non-jury trial before Justice Jeffrey Oing in state Supreme Court in Manhattan. He could render his verdict from the bench following summations or issue a decision in coming days.
NEW YORK (Reuters) – Commercial lender CIT Group (CIT.N: Quote, Profile, Research, Stock Buzz) abruptly stopped funding some future shipments to J.C. Penney Co (JCP.N: Quote, Profile, Research, Stock Buzz), a source familiar with the situation said Wednesday, in a move that could disrupt the retailer’s holiday shipments and hamper sales.
CIT met with Penney officials on Tuesday and is in talks with the department store chain to resolve the issue, the source said.