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November 24, 2008
Saks' Third-Quarter Sales Take A Tumble
Sales at Saks fell 12.3% in the third-quarter of the year to $698 million as consumer spending ground down.
The company reported a net loss of $42.8 million for the quarter ended Nov. 1. This contrasts sharply to the $21.6 million in profit Saks reported a year ago.
Meanwhile, same-stores sales fell 11.5% as inventories increased 4.4%.
The retailer is currently evaluating each and every brand it carries as it considers possible cuts. It is also conducting heavy promotions in an effort to clear goods.
Posted by Blacks at 10:29 AM | Comments (0)
November 19, 2008
Apparel Prices Drop As Economy Slows
Retail prices for women’s apparel dropped 2.5% in October, according to the U.S. Labor Department. This was the largest monthly drop on record. Overall apparel prices sank 1% from the previous month, but were up 0.3% compared to a year ago.
The U.S consumer price index also showed a record fall, with a 1% drop in October, as the economic slowdown put the brakes on inflation.
Posted by Blacks at 01:01 PM | Comments (0)
November 17, 2008
Mass Market Retailers Thrive In Down Market
Mass-market retailers such as Wal-Mart and Urban Outfitters managed to increase their third-quarter profits, as consumers looked for deals amid the economic downturn. Wal-Mart’s net income climbed 9.8% during the quarter to $3.14 billion.
Meanwhile, high end players like Nordstom have reported weaker sales and have even slashed their annual earnings forecasts.
Time will tell if the holidays bring a boost to high-end retailers, or if sales remain elusive.
Posted by Blacks at 11:09 AM | Comments (0)
November 11, 2008
Retail Workers Hit Hard By Slowdown
Retail employees are some of those hardest hit by the current downturn, the Wall Street Journal reported Tuesday. Since consumers have dramatically cut down on their spending, many retail workers have had their hours cut or have been laid off.
What’s more, the unemployment rate, which currently stands at 6.5%, is expected to rise above 8%.
In such a challenging market, it is more important than ever that retailers stay on top of their sales and merchandise plans and continue to fund best-sellers. Now is not the time for inaction.
Posted by Blacks at 03:57 PM | Comments (0)
November 07, 2008
Retail Sales Drop As Job Loss Soars
The U.S. jobless rate dropped to a 14-year low in October, losing 240,000 jobs, according to Labor Dept. figures. The news came in the wake of gloomy reports from retailers that same-store comps also took a nose dive in October.
Sales at Neiman Marcus, for instance, dropped 28% last month, while Saks and Nordstrom also saw double-digit declines. Discounters such as Wal-Mart reported gains, however.
We’re eager to see if retailers get a bump from holiday shopping and how big that bump will be.
Posted by Blacks at 12:31 PM | Comments (0)
November 03, 2008
Yohji Opens New Flagship In Paris
Yohji Yamamoto opened a new 6,500-square foot store at 4 Rue Cambon in Paris. The new door is the Japanese designer’s second store in Paris and will serve as the flagship. The older store, on Rue de Louvre, will now be dedicated to the Y’s brand.
The new store is starkly white with a “floating” three dimension sculpture as its centerpiece. The store is expected to do volume of around $1.9 million in its first year.
Posted by Blacks at 02:39 PM | Comments (0)
