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.
NEW YORK (Reuters) – Commercial lender CIT Group Inc (CIT.N: Quote, Profile, Research, Stock Buzz) abruptly stopped funding some future shipments to struggling retailer J.C. Penney Co Inc (JCP.N: Quote, Profile, Research, Stock Buzz), just months before the all-important holiday season, a source familiar with the situation said on Wednesday.
CIT, who met Penney officials on Tuesday, is currently in talks with the department store chain to resolve the issue, the source said. Penney and CIT representatives were not immediately available for comment.
By Phil Wahba
(Reuters) – Coach Inc (COH.N: Quote, Profile, Research, Stock Buzz) disclosed a new round of executive departures on Tuesday and reported disappointing handbag sales in North America, dashing investor hopes that the leather goods maker will rebound anytime soon.
Shares of New York-based Coach, known for its Poppy handbags, were down 8.2 percent at $53.06 in afternoon trading.
By Phil Wahba
(Reuters) – Coach Inc (COH.N: Quote, Profile, Research, Stock Buzz) on Tuesday again reported soft sales at its North American stores as it continued to face tough competition for handbag shoppers, and the leather goods maker announced the departures of two more executives.
Shares of New York-based Coach, which is known for its Poppy handbags, fell 6.2 percent to $54.25 in premarket trading.
NEW YORK, July 29 (Reuters) – Hudson’s Bay Co said
on Monday it would buy Saks Inc in a $2.4 billion deal
that would add prime real estate to its portfolio and bring the
luxury chain to its home market of Canada.
HBC, which operates Lord & Taylor in the United States and
Hudson Bay in Canada, is offering $16 per share, a 30 percent
premium over levels in May right before media reports emerged
Saks had put itself up for sale.