China, Travel Retail Weigh on Shiseido Earnings
Sales rose 4 percent on a reported basis, as consumer pullback from Japanese brands and inventory adjustments dragged down overall earnings.
This week, the luxury group appointed LVMH veteran Philippe Fortunato to oversee fashion and accessories, while the German suit maker tapped Daniel Grieder after his recent departure from Tommy Hilfiger.
This week, the luxury group appointed LVMH veteran Philippe Fortunato to oversee fashion and accessories, while the German suit maker tapped Daniel Grieder after his recent departure from Tommy Hilfiger.
Sales rose 4 percent on a reported basis, as consumer pullback from Japanese brands and inventory adjustments dragged down overall earnings.
The lingerie maker said Thursday that its preliminary sales and adjusted profit for the quarter ended May 4 were at the high end or above its prior projections.
The American apparel chain has returned to the Manhattan retail neighbourhood for the first time since 2017.
Revenues totalled 227 million euros ($244.5 million), below analyst expectations of 237 million euros according a LSEG consensus.
Researchers have expressed concerned that AI-generated content could be used as misinformation in an attempt to interfere with US elections this autumn.
Sticky inflation has forced shoppers in various categories to trade down to more affordable products.
The company’s net sales came in at $1.48 billion in the quarter ended March 30, compared to analysts’ average estimate of $1.50 billion, according to LSEG data.
The company’s main growth driver was its continued store openings, with eight new locations during the quarter and a total of 40 anticipated for 2024.