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Retail & ConsumerKohl s warns of margin pressure, shares tumble Reuters 2 minute read Kohl s Corp (KSS.N) on Thursday warned of a hit to its full-year profit margin from higher labor and shipping costs as well as selling fewer products at full-price due to intensifying competition as the economy reopens, sending its shares down 12%. U.S. retailers, including Macy s (M.N) and Target (TGT.N), are all vying for a bigger share of consumers wallet in the upcoming shopping boom, although they will be expected to discount more to remain competitive and attract shoppers. In the first quarter, Kohl s earned $1.05 per share, crushing estimates of 4 cents, as tight inventory control allowed it to sell more products at full price. ....
BusinessRalph Lauren s forecast for revenue surge falls short on pandemic uncertainty Nivedita BaluMehr Bedi 2 minute read A security guard stands outside the Ralph Lauren store during the outbreak of the coronavirus disease (COVID-19), in Beverly Hills, California, U.S., July 30, 2020. REUTERS/Mario Anzuoni/File Photo GLOBAL BUSINESS WEEK AHEAD Ralph Lauren Corp (RL.N) forecast on Thursday full-year revenue growth below analysts estimates, as the high-end apparel maker remains cautious of fresh lockdowns, store closures and curbs in some of its markets from a new wave of virus cases. Shares of the company, best known for its Polo shirts, tumbled 8% as the downbeat outlook comes when the global luxury industry is seen making a quicker-than-expected comeback from the pandemic blow. ....
AfricaS.African retailer TFG flags up to 85% decline in FY profit Reuters 3 minute read A shopper walks past a Foschini store at a shopping centre in Lenasia, south of Johannesburg, August 28, 2013. REUTERS/Siphiwe Sibeko South African retailer TFG (TFGJ.J) flagged an up to 85% decline in full-year profit on Friday, hurt by COVID-19-led lockdowns across its markets. It also booked an after-tax non-cash impairment of 2.7 billion rand ($192.4 million) for its London business, which includes the Hobbs and Phase Eight clothing brands. The clothes, homeware and jewellery retailer said basic headline earnings per share (HEPS), the main profit measure in South Africa, for the year ended March 31 is expected to have declined by between 75% and 85%. ....
United KingdomAsked about Xinjiang, Burberry says pleased with China performance Reuters 1 minute read The chief operating officer of Burberry (BRBY.L) said the British luxury brand was pleased with its performance in mainland China when asked about any backlash to Western accusations of abuses in Xinjiang. In March, Burberry lost a Chinese brand ambassador and its hallmark check design was scrubbed from a popular video game, becoming the first luxury brand assailed by the backlash. ....