Estee Lauder on Friday warned of weak quarterly sales due to COVID-19-led lockdowns in several markets, after it beat Wall Street's lowered estimates for third-quarter profit and sales on growth in China and higher online demand.
LONDON/BENGALURU, India Ratings agency Fitch cut Britain's sovereign debt rating on Friday, saying the country's debt levels would jump as the government ramped up its spending to offset the near shutdown of the economy in the face of coronavirus.
New lines of Coach handbags helped Tapestry Inc beat holiday quarter expectations on Thursday, sending its shares up 6%, even as the fashion house warned the coronavirus outbreak could dent its sales by up to $250 million.
Coty Inc reported quarterly profit above expectations on Wednesday and said the recent coronavirus outbreak would have a relatively small impact on its earnings, sending the cosmetics and fragrance maker's shares surging as much as 22%.
Levi Strauss & Co has shut about half of its stores in China due to the outbreak of a new coronavirus and will take a near-term financial hit as a result of the epidemic, Chief Financial Officer Harmit Singh said on Thursday.
Nov 26 Teen apparel retailer Abercrombie & Fitch
Co trimmed its annual sales growth forecast on Tuesday,
blaming political issues ranging from Brexit to Hong Kong
protests for keeping customers away from its stores outside the
Capri Holdings Ltd blamed a controversy around a Versace T-shirt that labelled Hong Kong and Macau as countries for denting the luxury label's sales in China, adding it would now take a "very cautious" approach to its business in the country.
American Eagle Outfitters Inc forecast disappointing current quarter profit after its same-store sales missed quarterly estimates on Wednesday, hurt by weak demand for warm weather apparel and a late start to the back-to-school season.
(This August 29 story corrects paragraph 9 to say the company is a mall-based retailer; drops reference to "tariff impact" in headline) | Video