Journalist, New York
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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.

May 16, 2013

Lower income shoppers still feeling pinched, U.S. retailers say

NEW YORK/CHICAGO (Reuters) – Cooler than usual weather and belt-tightening by shoppers still struggling with higher payroll taxes and stubborn unemployment dampened sales last quarter at chains from Macy’s Inc (M.N: Quote, Profile, Research, Stock Buzz) to Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz).

Wal-Mart reported a 1.4 percent drop in sales at Walmart U.S. stores open at least a year, and gave a profit forecast for the second quarter that missed Wall Street estimates. The world’s largest retailer expects same-store sales at its namesake U.S. discount chain to be up 2 percent at best in the current quarter.

May 16, 2013

J.C. Penney margins plunge, CEO says changes coming

By Phil Wahba

(Reuters) – J.C. Penney Co Inc (JCP.N: Quote, Profile, Research, Stock Buzz) 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.

May 16, 2013

Kohl’s expects sales to pick up

May 16 (Reuters) – Kohl’s Corp said on Thursday it
expects sales to rebound in the current quarter after bad
weather in early spring hurt business at the department store
chain.

The retailer also reported a better-than-expected
first-quarter profit, helped by signs that it is finally beating
a problem that deviled it last year – not ordering the styles
and stock that shoppers wanted.

May 15, 2013

Macy’s profit, same-store sales up, raises dividend

May 15 (Reuters) – Macy’s Inc reported higher
first-quarter profit and sales on Wednesday as it won market
share from rival department store operators.

The company also raised its quarterly dividend 25 percent,
and its shares were up 1.2 percent to $47.84 in morning trading.
On Tuesday the shares hit their highest levels in decades.

May 9, 2013

U.S. same-store sales continue modest recovery in April

May 9 (Reuters) – U.S. retail spending continued to grow
modestly in April as bad weather delayed spring shopping in much
of the country and frugal consumers gravitated toward discount
chains.

Twelve major U.S. retailers reported a 3.7 percent increase
in April sales at stores open at least a year, according to
Thomson Reuters same-store sales index. That was less than the
4.3 percent increase Wall Street expected.

    • 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."
      Joined Reuters:
      2008
      Languages:
      English, French, Spanish, German and Danish.
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