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Retail

Foot Locker Slumps as Weak Demand, Heavy Discounts Drive Annual Forecast Cut

Shares of Foot Locker Inc plunged 25 percent premarket on Friday after the footwear retailer cut its annual sales and profit forecasts.


Retail

What Shein’s Lower Valuation Means for the Future of Fast Fashion

The fast fashion retailer reportedly raised funding this week at a lower valuation. But the e-commerce giant remains immensely popular — and may have some more tricks up its sleeves.


Retail

Farfetch Returns to Sales Growth

The online luxury retailer’s revenue rose 8 percent year on year in the first quarter of 2023, above analyst’s expectations.


Luxury

Canada Goose Caution on US Eclipses Upbeat Annual Sales Forecast

Canada Goose Holdings Inc on Thursday struck a cautious note on its business in the United States as luxury spending cooled in the market.


Technology

Alibaba Misses Revenue Estimate, Approves Cloud Unit Spinoff

China’s Alibaba Group Holding Ltd posted a 2 percent rise in quarterly revenue that missed expectations on Thursday and said it would list its cloud computing business in the next year.


Luxury

Burberry Americas Slowdown Sours China Rebound

Shares fell 6 percent after deteriorating sales in the Americas overshadowed a resurgence in Chinese demand. The British megabrand is in the midst of a transformation under CEO Jonathan Akeroyd and designer Daniel Lee.


Retail

JD Sports’ Profit to Top £1 Billion This Year

The group reported profit before tax and exceptional items for the year to Jan. 28 of £991.4 million.


Retail

Boohoo Profit Halves as Shoppers Face Squeeze

Boohoo said on Tuesday it made adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), its key profit measure, of £63.3 million ($79.9 million) in the year to Feb. 28, slightly ahead of analysts’ consensus forecast of £62.1 million but down from the £125.1 million made in 2021-22.


Beauty

THG Shares Fall After Failed Takeover Talks With Apollo

THG has ended talks about a possible takeover bid by Apollo, saying the private equity company’s offer is an inadequate valuation of the online retail tech company.


Sports

Adidas Will Sell Its Yeezy Inventory

At its annual meeting Thursday, the company confirmed plans to sell its remaining stock of Yeezy sneakers rather than destroy the merchandise. Adidas also told investors that an investigation into Ye’s workplace misconduct did not substantiate claims of harassment.


Luxury

Tapestry Lifts Forecast as Coach Bags Defy US Luxury Gloom

Tapestry Inc raised its annual profit forecast on Thursday, betting that price increases, strong demand for its Coach handbags and a sharp rebound in China would shield it from a wider slowdown in US luxury purchases.


Luxury

Prada’s Q1 Revenues Jump 22 Percent, Surpassing €1 Billion

Prada reported a strong rebound in Asia and shook off fears of a US slowdown.