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November 30, 2006
Same-Store Sales Slow In November
Retail sales slowed in November, according to data from the International Council of Shopping Centers.
Same-store sales rose just 2.1% in the month, compared to a 3.8% increase last year. While sales improved around the Thanksgiving weekend, economists expressed concern that an early December lull could weigh down holiday sales, leading to discounting later in the month.
Posted by Blacks at 10:09 AM | Comments (0)
November 29, 2006
U.S. Sales Boost Tiffany's Q3
Tiffany & Co.’s third-quarter income surged 23% to over $29 million on strong U.S. sales. The jewelry retailer reported a revenue increase of 9.5% to $548 million for the period ended Oct. 31.
While U.S. sales remained strong, sales in Japan – the retailer’s largest international market – lagged 8%.
Posted by Blacks at 10:53 AM | Comments (0)
November 28, 2006
'Cyber Monday' A Success For Online Retailers
Sales for Black Friday’s online equivalent, “Cyber Monday,” are expected to beat records this year, pointing to an even stronger holiday season for retailers.
Online sales for the Monday following Thanksgiving are expected to surge 24% to nearly $600 million compared to the same day last year, according to Web researcher ComScore Networks, Inc.
Furthermore, online sales for Black Friday, or the day after Thanksgiving, are expected to be 42% higher than last year, the researcher said.
The news points to the importance of having an online presence, as consumers get more and more accustomed to shopping and researching purchases online.
Posted by Blacks at 09:46 AM | Comments (0)
November 27, 2006
Holiday Shopping Off To A Strong Start
Black Friday was a resounding success for many retailers as consumers took advantage of the long Thanksgiving weekend to scoop up holiday gifts.
Research firm ShopperTrak RCT said that nationwide sales increased 6% to nearly $9 billion on Friday compared to the previous year.
Meanwhile, the National Retail Federation said that the consumers it surveyed spent an average 19% more over Thanksgiving weekend than they did last year.
The largest sales increased came in electronics and discount goods, with apparel showing more moderate gains. However, apparel sales tend to spike in the last week before Christmas, according to research by MasterCard.
Posted by Blacks at 09:37 AM | Comments (0)
November 22, 2006
Consumer Sentiment Slips Slightly
Consumer sentiment dipped in November from its October levels, according to a University of Michigan survey.
Lower gasoline prices and a stock market boom helped lift consumer sentiment in October, but expectations slipped the following month as gas prices increased toward Thanksgiving weekend.
Still, economists are pointing to positive signs in the economy, including slowing inflation and high employment rates.
Posted by Blacks at 09:21 AM | Comments (0)
November 21, 2006
Designer Lines Boost Nordstrom's 3Q
Nordstrom’s third-quarter earnings surged over 26% to $136 million, thanks to the strength women’s better apparel, designer apparel and accessories.
The Seattle-based chain also saw double-digit growth in its Website and catalog divisions. The strength of the business has led Nordstrom execs to plan aggressive expansion efforts, including store openings in Utah, Ohio, Missouri and Delaware.
Posted by Blacks at 10:05 AM | Comments (0)
November 20, 2006
Jewelry Sales Make Richemont 's Results Shine
Profits at Compagnie Financière Richemont surged 22% to around $816 million in the first half of this year. The luxury goods group benefited from a boom in high-end apparel, leather accessories and jewelry.
Both its Cartier and Van Cleef & Arpels jewelry brands reported double-digit gains for the period ended Sept. 30.
Richemont expects to continue to perform well through the remainder of the year, saying that October sales were strong.
Posted by Blacks at 09:40 AM | Comments (0)
November 17, 2006
Women's Apparel Prices Drop In Oct.
Retail prices for women’s apparel dipped 1.9% in October, with suits and separates showing the biggest drops, according to Labor Department figures. The October decline indicates that retailers took early reductions by holding pre-winter sales.
Prices are still up 0.6% for the year, thanks to gains in previous months.
Posted by Blacks at 10:19 AM | Comments (0)
November 16, 2006
Saks Reopens In Recovering New Orleans
Saks Fifth Avenue is reopening in New Orleans today, making it the first department store to reopen in the downtown area devastated by Hurricane Katrina.
The store had been looted and suffered fire damage. Saks executives put accelerated reconstruction plans in place to restore the location. Other downtown department stores such as Lord & Taylor and Macy’s remain closed.
The New Orleans Saks will continue to focus on women’s ready-to-wear.
Posted by Blacks at 10:18 AM | Comments (0)
November 15, 2006
Saks' Same-Store Sales Continue To Climb
Saks Fifth Avenue says it’s well on its way to a turnaround, reporting a 9.2% gain in same-store sales for October. The chain posted an 11.1% jump in same-store sales for September and expects to keep gaining momentum.
Saks is competing against Neiman Marcus, Bergdorf Goodman and Nordstrom for upscale clientele, and plans to differentiate itself with a unique point of view.
Posted by Blacks at 09:32 AM | Comments (0)
November 14, 2006
Eddie Bauer Snapped Up By Equity Groups
Two equity groups have purchased Eddie Bauer in a deal valued at around $614 million.
Sun Capital Partners and Golden Gate Capital have formed a new company called Eddie B. Holding Corp., which acquired the brand this week.
The deal is expected to give Eddie Bauer an opportunity to execute a turnaround strategy. The company has been reporting sales declines in recent quarters.
Posted by Blacks at 09:51 AM | Comments (0)
November 13, 2006
Benetton Loses CEO, Financial Director
Benetton CEO Silvano Cassano has resigned, and the company’s financial director Pier Francesco Facchini has quit.
The Italian brand said that it would name a successor for Cassano shortly. He was put in charge of restructuring the company and that job is now complete, the company said.
Benetton has performed well during the first three-quarters of the year so the shakeup doesn’t appear to be for financial reasons.
Posted by Blacks at 09:39 AM | Comments (0)
November 10, 2006
Hermès Reports Modest Gain In 3Q Sales
Third-quarter sales at Hermès inched up 3% to $447 million. The French luxury brand said that sales in Asia were soft – up 1.8% in Japan, for instance – but it is in step with other competitors in the region.
Hermès also said that it would have had higher sales if it had not stopped production of its popular canvas bags, which were discontinued because they diminished the brand’s high-end image.
Posted by Blacks at 09:51 AM | Comments (0)
November 09, 2006
Ralph Lauren's Q2 Income Rockets Over 30%
Ralph Lauren continues to post strong results, reporting a 31.5% jump in net income for its second quarter to $137 million. The popular American brand reported a revenue increase of 13.6% to $1.17 billion for the period ended Sept. 30.
After such a strong showing, Lauren is looking into expanding its retail presence in coming years, with a focused eye on European markets.
Posted by Blacks at 09:33 AM | Comments (0)
November 08, 2006
Federated's Q3 Income Sinks On May Buy
Federated Department Stores reported a $3 million loss for its third-quarter, related mostly to costs associated with its 2005 acquisition of May Department Stores. This compares to income of $436 million for the year-ago quarter.
Despite the loss, the Macy’s and Bloomingdale’s owner reported a sales increase of 5.9% for the quarter to $5.56 billion. Same store sales increased 5.9% in the quarter.
Posted by Blacks at 09:13 AM | Comments (0)
November 07, 2006
Giles Deacon Tries On A New Look
Yet another coveted designer is going mass market. This time it’s the U.K.’s Giles Deacon who’s decided to design a capsule collection for British retailer New Look.
The first 20-piece collection, called Gold, will be available this spring in 50 New Look outlets. Deacon has agreed to produce collections for the retailer four times a year, under a long-term agreement.
The collection contains denim, casual wear and evening looks as well as accessories.
Posted by Blacks at 07:45 AM | Comments (0)
November 06, 2006
Miu Miu Appoints New Head For U.S. Push
Former Juicy Couture VP and fashion director Michelle Kessler Sanders has been named U.S. head at Miu Miu.
The Prada-owned brand is planning an aggressive push into the U.S. market after performing well in Europe. Currently, there are only three Miu Miu retail outlets in the U.S. – two in New York and one in L.A.
As part of her new role, Kessler Sanders will be in charge of the brand’s U.S. retail expansion.
Posted by Blacks at 09:46 AM | Comments (0)
November 03, 2006
Neiman's Buys Extra Stake In Kate Spade
Neiman Marcus is buying the remaining 44% stake in Kate Spade, worth around $59 million. Neiman purchased its original 56% stake in 1999, and is now trying to sell the entire accessories firm.
The brand is still run by founders Kate and Andy Spade, but it is unclear whether they will stay with the company once it sells.
Posted by Blacks at 09:56 AM | Comments (0)
November 02, 2006
October Comps Show Slowdown
Same-store sales fell from their September highs in October, but still showed healthy year-over-year growth. Nordstrom showed a 10.7% increase last month, while Federated jumped 7.7%.
Mass-market retailers such as Wal-Mart showed much slower growth, leading analysts to speculate over a broader slowdown.
Still, October sales could have been affected by the September boom, with consumers deciding to curb their spending after a spree.
Posted by Blacks at 09:59 AM | Comments (0)
November 01, 2006
Chanel Appoints Coty Exec As U.S. COO
Chanel has named former Coty Beauty president John Galantic as its new U.S. chief operating officer.
Galantic is taking over from Maureen Chiquet, who was recently promoted to Chanel’s global head.
In his new role, Galantic will be in charge of fashion, accessories, jewelry and Chanel retail stores.
Posted by Blacks at 09:43 AM | Comments (0)