Former Saks chairman & CEO Steve Sadove, discusses the pressure on the retail sector and the confidence of the consumer.» Read More
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.
Americans shopped hesitantly during May, giving retailers modest relief from a dismal showing in April but still raising questions about how strong consumer spending will be in the months ahead.
Of course, nobody’s perfect! Click here to find out which of the recent picks in technology...home building... and more that didn’t quite pan out.
Here's some more contest stock information for you--a look at the week's best and worst so far. Earnings as well as mergers brought out the best and worst in companies. Remember, today is the really big day for trades as the trades executed prior to 4pm today (Thurs) will be the last trades that will impact their total portfolio value based on their performance on Friday.
Saks, BP, RadioShack and more...Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Hey everyone, here's a look at the contest stock report. The biggest change appears to be GIGM which appears on the actives list for the first time--as part of the Chinese online gaming play betting on strong earnings before the bell Tuesday. Here you go:
Good morning. Chinese gaming stocks are in the spotlight Monday as The9 propelled Nancy Beaumont to the top of the pack on its 10.31% gain. The9 was up on the news that Electronic Arts agreed to buy a $167M stake in the company, and also licensed a soccer game to The9. Steven Lee managed to hold onto second even though he was all in cash after Friday's trading. He has now gone all-in on Neurochem.
Upscale department store retailer Saks said Monday that profit slid 86% in the first quarter from a year-ago period that included hefty gains on the sale of its Saks Department Store Group businesses.