Journalist, New York
Phil's Feed
Jun 6, 2013

Retailers sales rise steadily, in line with forecasts

NEW YORK (Reuters) – Major retail chains including Costco Wholesale Corp (COST.O: Quote, Profile, Research, Stock Buzz) and Victoria’s Secret on Thursday reported sales increases for May that were generally in line with Wall Street’s expectations, suggesting consumer spending continues to improve moderately.

Costco said sales at stores open at least a year, or same-store sales, rose 5 percent last month, coming in slightly below Wall Street forecasts because of lower gasoline prices. Fresh food and tools for home repair were stand out categories, Costco said.

Jun 6, 2013

U.S. retailers sales rise steadily, in line with forecasts

NEW YORK, June 6 (Reuters) – Major U.S. retail chains
including Costco Wholesale Corp and Victoria’s Secret
on Thursday reported sales increases for May that were generally
in line with Wall Street’s expectations, suggesting consumer
spending continues to improve moderately.

Costco said sales at stores open at least a year, or
same-store sales, rose 5 percent last month, coming in slightly
below Wall Street forecasts because of lower gasoline prices.
Fresh food and tools for home repair were stand out categories,
Costco said.

May 28, 2013

Nike drops partnership with Lance Armstrong-founded charity

May 28 (Reuters) – Nike Inc is dropping its partnership with Livestrong Foundation, the cancer charity founded by disgraced cyclist Lance Armstrong, the latest repercussion from the doping scandal that last year stripped him of his titles.

Nike said on Tuesday it would end production of its Livestrong gear and apparel after the holiday 2013 line, concluding a long-standing licensing agreement for footwear and apparel between the two that helped Livestrong raise a total of $100 million over the course of the partnership.

May 28, 2013

Tiffany’s high-end jewelry sells briskly; lower end lags

By Phil Wahba

(Reuters) – Tiffany & Co’s (TIF.N: Quote, Profile, Research, Stock Buzz) first-quarter sales topped expectations, boosted by improved demand for upscale jewelry especially in the United States and Japan.

Comparable-store sales, which exclude stores opened in the last year, rose 8 percent, a marked improvement over the holiday-season quarter, when results were flat, it said on Tuesday.

May 24, 2013

Abercrombie & Fitch cuts profit forecast as sales crater

May 24 (Reuters) – Abercrombie & Fitch Co on Friday
reported a steeper-than-expected drop in first-quarter
comparable sales, blaming inventory shortages, and slashed its
profit forecast, sending the teen clothing retailer’s shares
down 10 percent.

Sales at stores open at least a year, combined with online
sales, fell 15 percent. The decline was most pronounced at the
Hollister chain, the company’s largest. But Abercrombie lost
business under all its banners, including its direct-to-consumer
operations, which include e-commerce.

May 24, 2013

Insight: Luxury brands position for U.S. boom

PARIS/NEW YORK (Reuters) – Most men might balk at spending $600 on a pair of Dior sneakers but for U.S. shoppers like Ephraim, an upbeat 30-year-old, such indulgences are becoming increasingly commonplace.

Ephraim is the kind of man who gives luxury goods makers high hopes that the U.S. market can fuel future growth, as China runs out of steam and demand in Europe sags.

May 24, 2013

Luxury brands position for U.S. boom

PARIS/NEW YORK, May 24 (Reuters) – Most men might balk at
spending $600 on a pair of Dior sneakers but for U.S. shoppers
like Ephraim, an upbeat 30-year-old, such indulgences are
becoming increasingly commonplace.

Ephraim is the kind of man who gives luxury goods makers
high hopes that the U.S. market can fuel future growth, as China
runs out of steam and demand in Europe sags.

May 22, 2013

Zale taps rival’s ex-CEO as new chairman, shares jump

By Phil Wahba

(Reuters) – Zale Corp (ZLC.N: Quote, Profile, Research, Stock Buzz) said on Wednesday its new chairman would be the former chief executive of its biggest rival, and shares of the mid-tier jeweler jumped 30 percent.

Terry Burman, who was CEO of Kay Jewelers parent Signet Jewelers Ltd (SIG.N: Quote, Profile, Research, Stock Buzz) from 2000 to 2011 and oversaw large U.S. market share gains, will take up the chairmanship post next Friday, Zale said.

May 21, 2013

Saks sees sales rising, speeds up e-commerce launch

May 21 (Reuters) – Saks Inc reported
higher-than-expected first-quarter sales on Tuesday and said it
would speed up the launch of an e-commerce site for its outlet
chain as it tries to catch rivals.

Its shares rose 6.8 percent to $13.12 in early trading, the
highest level since before the 2008 financial crisis that
decimated luxury sales in the United States.

May 16, 2013

Penney CEO says company needs time to climb out of “abyss”

May 16 (Reuters) – J.C. Penney Co Inc Chief
Executive Myron Ullman told Wall Street on Thursday that the
department store chain is emerging from what he called an abyss
but warned he needs time to fix the issues of the retailer.

Penney reported another steep quarterly loss on weak sales
and heavy clearance deals, but Ullman said the company has taken
steps in recent weeks to reassure vendors, shore up its
finances, and win back shoppers that defected after a move last
year away from coupons.

    • About Phil

      "Phil Wahba joined Reuters in 2008 and has covered the exchanges, equity capital markets (IPOs), corporate bankruptcies and now covers retailers such as department stores and booksellers."
      Hometown:
      Montreal
      Joined Reuters:
      2008
      Languages:
      English, French, Spanish, German and Danish.
    • Follow Phil