"You feel a sense of momentum in the company right now," says Steve Sadove former Saks CEO and current JC Penney board member, providing insight into JC Penney's turnaround plan. Sadove also weighs in on the deal between Men's Wearhouse and Jos. A. Bank.» Read More
Luxury retailer Saks could be opening up to the possibility of a sale and may have at least two interested buyers, Women's Wear Daily reported Monday.
September same-store sales growth falls to its slowest pace in three years, forcing a number of retailers to cut their third-quarter earnings forecast.
Picture this: panicked banker/trader walks out of the New York Stock Exchange and realizes (gasp!) "Oh ****, it is Valentine's Day/our anniversary/her birthday?!" Where does he head? He follows the big orange sign across the Street to Hermes or down the Street to the Tiffany's that is about to open on the 10th. Who else is there?
Holiday sales could be as weak as they were during the recession of 2002, according to a CNBC snap survey. It’s too early to shop, but it isn’t too early to trade the Christmas season. Who will be the Christmas winners amid such dismal forecasts?
From Rapper L.L. Cool JJ to Saks CEO Steve Sadove to Jack Mitchell of the family-run Mitchell/Richards retailer-to-the-CEO-crowd stores and Gildo Zegna himself....the front rows at the Z Zegna show encapsulated the mix of sensibilities behind the younger Zegna house. In its second New York runway appearance (I covered the first one at Fashion week last year), the Z Zegna show was once again a hot ticket.
The Dow might be recovering currently, but overall this bull market of ours is still in question. Three pieces of this bull however broke out Thursday and may keep going.
Looks like Costco's disappointing August store sales was an anomaly. The good news is that retailers beat expectations, almost across the board. A number of retailers noted that some school districts in Texas and Florida went back to school a week later, which gave a boost in August.
The Securities and Exchange Commission said Wednesday that Saks Inc. has agreed to settle a lawsuit that Saks Fifth Avenue understated sales to some vendors and didn't record markdowns properly, inflating its earnings.
It's a continual worry in the markets: Will the consumer continue to spend? The answer so far seems to be "yes." But cracks are appearing as Americans wrestle with high debt, tightening credit, inflation and a worsening housing slump. That's led to speculation that consumers may become tapped out enough to push the economy into a recession.
Saks said Tuesday its second-quarter loss narrowed on strong same-store sales and an expanded gross margin, but shares fell as the upscale retailer said gross margin will likely be flat for the rest of the year.
Several retailers posted improved quarterly earnings on Tuesday, but many remained cautious about the rest of the year.Retail stocks were mixed in reaction, with shares of upscale retailers such as Saks trading lower, while club stores such as BJ Wholesale Club gained ground. Both were among those reporting results Tuesday.
Saks' CEO Steve Sadove says that he is optimistic about the luxury market and that they're seeing a strong purchase performance from new customers. For the second quarter the high-end department store posted a net loss of $24.6 million, or 17 cents a share, versus a prior-year net loss of $51.9 million, or 38 cents a share.
One year from Wednesday, Aug. 8, the 2008 Olympic Games will begin in Beijing -- focusing the world's attention on China like never before. As part of our one-year countdown to the games, CNBC sent Darren Rovell and Melissa Lee to China for a series of special reports.
U.S. discounters and department stores reported strong July sales on Thursday, but clothing stores suffered from a slow start to the back-to-school shopping season.
The Polo player was seemingly thrown off his horse Wednesday. Shares of Polo Ralph Lauren (RL) dropped 13% as sales disappointed Wall Street. There's been some discussion on Fast Money over the past few weeks about betting on companies that cater to the rich in the face of credit concerns and higher oil prices. Does Ralph’s poor earnings throw a wrench into that line of thinking?
Wednesday was a crazy day for the markets, but when all was said and done The Dow finished 150 points higher and Blackstone (BX) formed the largest buyout fund ever. Is a steady comeback building this week for stocks? Here's the word on The Street.
"Massive short squeeze run?" JP Morgan's Charles Grom raises the question of whether we'll see a short squeeze run of retail shares when same store sales are released this Thursday much like we saw last month. If you remember, June's same store sales were not strong by any means rather they were more or less on plan for what is traditionally a weak summer sales season (buyers are on the beach not the in the malls.)
I think that things are going to get worse before they get better in the retail. I took a look at short interest in a few big retail names today and was surprised to see just how many investors were betting AGAINST the stores that cater to the mass market consumer right now.
August may mark the depths of summer vacation season, but it's been getting a bad wrap in recent years on Wall Street. Over the span of just about two-decades, the eighth month of the year has become among the weakest for the S&P 500, according to the Stock Trader's Almanac.
It is almost summer but you wouldn't know it by the weather. Next week, the season officially kicks off and the week is expected to be the second coldest, and driest first week of summer in 15 years! Right now the one refrain apparel/retailer CEOs seem to universally repeat is the importance of clearing out inventory over the next few months as stores get ready to restock shelves with back to school items.