Hermes on Thursday became the latest European luxury group to cut its sales growth target, caught by global consumer spending gloom, and said trading worsened in October, sending its shares down sharply.
World No. 2 sporting goods maker Adidas abandoned its 2009 outlook in light of growing economic uncertainty but still confirmed on Thursday its forecasts for this year. Adidas shares dropped 9.4 percent to 26.71 euros by 1025 GMT underperforming a 4.
U.S. consumers slashed spending in October, shunning purchases of items over $1,000, as a global financial crisis battered their savings accounts and their psyches, according to figures released on Wednesday, October 5th by SpendingPulse, the retail data service of MasterCard Advisors.
British fashion and homewares retailer Next expects underlying sales at its stores to fall by a greater amount in November and December than they did in its third quarter, said finance director David Keens. "We don't expect the minus 4.
- Cosmetics maker Revlon Inc posted a quarterly loss, excluding a gain from the sale of some of its Brazilian brands, and said the uncertain economic conditions may affect sales for the remainder of 2008, sending its shares down as much as 29 percent.
Target Corp is launching a new fashion program aimed at collaborating with established designers, and the discount retailer will kick off the initiative in March with an apparel line by Alexander McQueen.
Heelys Inc , maker of novelty sneakers that double as roller skates, said its board had retained investment bank Houlihan Lokey as financial advisor to help it evaluate possible strategic alternatives.
Facing the weakest holiday season in nearly two decades, retailers and the vendors who keep their shelves stocked are walking a fine line between helping each other stay afloat and protecting their profits.