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.
NEW YORK, United States — A weak outlook overshadowed strong quarterly profit at TJX and shares slid more than 3 percent at the opening bell Tuesday.
The TJX Cos., which operates T.J. Maxx and Marshalls, also reported disappointing comparable-store sales, a key indicator of a retailer's health for industry analysts.
Profit during the first quarter rose 5.5 percent to $536.3 million, or 82 cents per share, beating Wall Street expectations by 3 cents, according to a survey by Zacks Investment Research.
Revenue rose 3.2 percent to $7.78 billion, but that was short of analyst expectations.
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Same-store sales rose 1 percent, well below the 8 percent gain during the same period a year ago.
The Framingham, Massachusetts, company expects full-year profit between $3.71 and $3.78 per share, far short of expectations. Analysts polled by FactSet expect $3.90 per share in profit for the year.
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.