The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
CINCINNATI, United States — Macy's Inc. reported a bigger-than-expected fall in quarterly same-store sales and cut its full-year profit forecast on Thursday, blaming weak international tourism and sluggish mall traffic.
Shares of the department store operator slipped 4 percent in pre-market trading.
Comparable sales at Macy's owned and licensed stores fell 3.5 percent in the third quarter ended November 2, bigger than the 1 percent decrease analysts had expected, according to IBES data from Refinitiv.
The company now expects 2019 adjusted profit of between $2.57 per share and $2.77 per share, compared with its previous forecast of between $2.85 and $3.05.
By Uday Sampath; editor: by Sriraj Kalluvila
The British musician will collaborate with the Swiss brand on a collection of training apparel, and will serve as the face of their first collection to be released in August.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.