Retail chains posted the worst October sales results in more than three decades as consumers cut spending sharply, stunned by a financial crisis that has derailed the U.S. economy.
Premium jeans brand True Religion Apparel Inc's third-quarter earnings beat market estimates, helped by a strong performance at its wholesale business within the United States, and raised its 2008 outlook, sending its shares up more than 10 percent.
Women's apparel retailer Bebe Stores Inc reported a 25 percent fall in quarterly earnings, October comparable sales that were down 20 percent and projected a weak second quarter were current trends to continue.
AnnTaylor Stores Corp and Talbots Inc, retail chains that cater to women professionals, plan to further restructure their operations after posting sharp declines in quarterly sales on Thursday.
Teen clothing retailer Hot Topic Inc reported an 8.3 percent rise in October same-store sales, helped by Halloween shopping, and raised its third-quarter profit view, sending its shares up 12 percent.
Fashion company Polo Ralph Lauren Corp posted a profit that beat Wall Street forecasts on higher sales and stronger margins, but tempered its revenue view as consumers spend less.
South African clothing retailer Truworths International Ltd reported a 14 percent increase in retail sales for the first 18 weeks and predicted business would remain tough for the rest of the year.
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.
Turkish polyester yarn and fibre producer Sonmez Filament has halted output permanently as the global crisis worsens market conditions, the company said on Thursday November 4th.
A Bangladesh export group called on Thursday for the government to allow a depreciation of the taka against the U.S. dollar so the country can better compete against rivals on world markets.
Hermes on Thursday became the latest European luxury group to cut its sales growth target, caught by global consumer spending gloom, and said trading worsened in October, sending its shares down sharply.
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.
Warnaco Group Inc, which makes Calvin Klein jeans and underwear, posted better-than-expected third-quarter profit on Thursday, but cut its earnings forecast for the year, citing the weak economy.
Shoe maker Steven Madden Ltd posted better-than-expected quarterly results, helped by strong sales in its Madden Girl and Daniel M. Friedman brands, and raised its 2008 outlook.
U.S. consumers slashed spending in October, shunning purchases of items over $1,000, as a global financial crisis battered their savings accounts and their psyches, according to figures released on Wednesday, October 5th by SpendingPulse, the retail data service of MasterCard Advisors.
