Many top U.S. retailers posted disappointing monthly sales on Thursday and some lowered their quarterly forecasts as a global financial crisis spurred consumers to clamp down even more on household budgets.
World No. 2 sporting goods maker Adidas abandoned its 2009 outlook in light of growing economic uncertainty but still confirmed on Thursday its forecasts for this year. Adidas shares dropped 9.4 percent to 26.71 euros by 1025 GMT underperforming a 4.
British fashion and homewares retailer Next expects underlying sales at its stores to fall by a greater amount in November and December than they did in its third quarter, said finance director David Keens. "We don't expect the minus 4.
Target Corp is launching a new fashion program aimed at collaborating with established designers, and the discount retailer will kick off the initiative in March with an apparel line by Alexander McQueen.
Heelys Inc , maker of novelty sneakers that double as roller skates, said its board had retained investment bank Houlihan Lokey as financial advisor to help it evaluate possible strategic alternatives.
Facing the weakest holiday season in nearly two decades, retailers and the vendors who keep their shelves stocked are walking a fine line between helping each other stay afloat and protecting their profits.
BMO Capital Markets downgraded clothing retailers Reitmans Ltd and Lululemon Athletica to "underperform" from "market perform," and said the companies' margins will be hit by their exposure to a weak Canadian dollar amid a slowdown in the economy.