Luxury handbag makers are trying to wean shoppers off discounts and their recent earnings reflect the ups and downs of the process.» Read More
The New York Stock Exchange invoked the largely unknown Rule 48 four times in the past week. Here's what the market usually does in response.
Aug 6- Michael Kors Holdings Ltd reported better-than-expected first-quarter sales and profit and reaffirmed its forecast for the full year, surprising analysts who had expected the company to lower estimates to reflect a slowdown in the handbag market. Kors had forecast revenue of $4.7 billion to $4.8 billion for the year ending March 2016.
*Disney, Viacom lead media selloff. Viacom fell 22 percent to $39.57, their lowest in almost four years. Twenty-First Century Fox fell 12.3 percent, while Time Warner, Comcast and CBS were all in the red.
*Michael Kors jumps after results best expectations. Aug 6- Wall Street fell on Thursday morning as investors traded on earnings, with Walt Disney's warning on its cable business continuing to haunt media stocks. Time Warner, Discovery Communications and CBS were all in the red.
*Mondelez rises after Ackman buys $5.5 bln stake in co. *Michael Kors jumps after results best expectations. *Fitbit, Tesla fall after results.
Aug 6- Michael Kors Holdings Ltd, best known for its handbags, reported better-than-expected first-quarter sales and profit, citing "solid" demand for accessories and footwear. Michael Kors, once among the hottest names in the "affordable luxury" sector, has been focusing more on accessories such as watches as demand for handbags slows. Michael Kors' same-store...
Aug 6- Handbag and accessories maker Michael Kors Holdings Ltd reported a 7.3 percent rise in sales, helped by higher demand in North America, its biggest market. Net income fell to $174.4 million, or 87 cents per share, in the first quarter ended June 27, from $187.7 million, or 91 cents per shares, a year earlier. Revenue rose to $986 million from $919.2 million.
Coach's transformation is starting to take hold—though you may not know it by looking at its sales performance.
It's not all doom and gloom for luxury goods maker Coach, CNBC's Jim Cramer says.
Aug 4- Handbag maker Coach Inc reported better-than-expected quarterly profit and sales, helped by the acquisition of luxury shoe brand Stuart Weitzman Holdings LLC and some recovery in demand in North America, its biggest market. Coach, which is facing fierce competition from newer entrants such as Michael Kors Holdings Ltd, Kate Spade& Co and Tory Burch LLC, is...
Coach, which is losing customers to newer entrants such as Michael Kors Holdings Ltd, Kate Spade& Co and Tory Burch LLC, is trying to revive sales by consolidating its stores and diversifying into other product categories. Coach bought Stuart Weitzman from private equity firm Sycamore Partners in a deal valued at $574 million to expand its high-end offerings.
The luxury markets worldwide are under pressure again.
Retailers specializing in off-price merchandise are positioned to win as investors shun fashion risk and look for quality, Oliver Chen tells CNBC.
The "Fast Money" traders give their final trades of the day.
Deutsche Bank analyst Paul Trussell downgraded Macy's, citing "low confidence that the company can bust out of its same-stores sales rut."
After contending with port strikes, a long winter and the impact of a stronger dollar, retailers are hoping to move past the noise.
Facebook's Chief Product Officer Chris Cox has told ad executives that he has a new mobile format for crafting more immersive and interactive ads.
NEW YORK, June 12- Michael Kors Holdings Ltd agreed to pay $4.88 million and change its sales practices to settle a class action lawsuit claiming it used deceptive price tags at its outlet stores to fool shoppers into believing they were getting big bargains. Michael Kors was accused of creating an "illusion" of deep discounts by using tags containing made-up "...
May retail sales were in line with expectations, but this has been a very uneven year for retail equities.
As if the luxury goods industry was not already fragile, the chairman of Richemont, warned of the damage it faces from growing wealth inequality. The Financial Times reports.