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.
SEATTLE, United States — Nordstrom Inc., after a year of sluggish sales and a failed plan to take the company private, eked out modest growth during the holiday season.
Same-store sales — a key measure — climbed 1.2 percent in November and December combined, the company said on Tuesday. Though that marked a rebound from the 0.9 percent decline in the previous quarter, investors are still waiting for a more dramatic comeback. They sent the shares down less than 1 percent in extended trading.
Nordstrom's results underscore the theme other retailers have established this holiday season: Limited gains may not be enough to appease skeptical investors. While fellow mall-based department stores Macy's Inc. and J.C. Penney Co. also posted sales growth, Wall Street was underwhelmed. Nordstrom needed strong holiday sales to negotiate better terms with potential lenders and keep its hopes for a buyout alive.
Rack, the retailer’s discount chain, posted comparable growth of 2.9 percent, while the namesake department-store chain saw the same measure rise 1 percent. The company narrowed its range for 2017 profit to $2.90 to $2.95 a share, increasing the prior bottom range of $2.85.
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.