Shares of Versace Owner Capri Seen Falling 30% If Deal With Coach Owner Tapestry Fails
Since the merger announcement, Capri has reported weaker-than-forecast earnings twice, spurring concern about its performance in the coming quarters.
The department store chain said it expects to save about $365 million in fiscal 2020 as a result of the layoffs.
The department store operator forecast first-quarter sales between $3 billion to $3.03 billion, down from $5.50 billion a year earlier.
The positive results follow the department store's announcement that it will close several offices and stores to cut costs and boost growth.
The department store chain posted a 3.5 percent decline in same-store sales for Q3, compared to the 1 percent drop analysts had expected.
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As the retailer spends heavily on remodelling stores and building online businesses, targeted promotions and better pricing have projected large savings in the next two to four years.
Chief Executive Jeff Gennette said looming US tariffs will reduce per-share profits by a maximum of five cents and assures it is not a big impact.
The grooming business increased sales by 4 percent, shoring up a key area of concern for the company that had failed to keep pace with other units.
The beauty business saw a 9 percent rise in organic sales, helped by the premium SK-II brand.
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While the company said it can achieve growth in comparable-store sales, it won’t come immediately.
In a bid to thwart off-price competitors and refresh the store experience, Jeff Gennette is focused on removing pain points and friction while tapping into the magic of radiated sales.
Despite increasing competition online, the retailer surpassed expectations last quarter and has upped its adjusted earning forecast to $4.10 to $4.30 per share.
The company reported a surprise rise in first-quarter sales to $16.69 billion after strong demand for its beauty products and cleaning supplies.
Since the merger announcement, Capri has reported weaker-than-forecast earnings twice, spurring concern about its performance in the coming quarters.
The new scent, Zouzou, is the fashion house’s first new perfume since 2022.
Unilever Plc sales jumped more than expected in the first quarter as Chief Executive Officer Hein Schumacher pushes ahead with his turnaround plan and shoppers come back to premium brands.
President Biden signed the bill that gives China-based ByteDance 270 days to divest TikTok’s US assets or face a ban.
The Alphabet Inc. company said in a blog post Tuesday that it’s still working with the ad industry and regulators on the plan.
Overall revenues for the three months through March totalled 818 million euros ($874 million), above a company-provided analyst consensus of 786 million euros.
Embattled by weak demand and currency issues in Nigeria, the company is looking to slim down in order to return to growth.
EU lawmakers backed the Corporate Sustainability Due Diligence Directive by 374 votes to 235 against, with 19 abstentions.