U.S. handbag maker Coach Inc reported lower quarterly profit on Wednesday, hurt by the slowdown in consumer spending that made the 2008 holiday season the retail industry's weakest in decades, and cut back on expansion plans.
CL King & Associates downgraded Hanesbrands Inc to "neutral" from "strong buy" on lower customer traffic, high debt levels and some impact to sales due to recent price increases, sending the underwear maker's shares down as much as 21 percent to an all-time low.
Tandy Brands Accessories will slash about 17 percent of its salaried headcount as part of its cost-cutting efforts and realign its operations to focus on key products such as belts, small leather goods and gifts.
British luxury goods group Burberry (BRBY.L) beat third-quarter revenue forecasts, helped by heavy discounting, and said it would cut around 540 jobs in Britain and Spain to protect profit in tough trading conditions.
Luxury goods giant Richemont said Monday that demand fell "dramatically" during the final quarter of 2008, especially in the United States, in the toughest market conditions seen in the group's 20 year history.
Alliance Boots, Britain's biggest pharmacy chain, saw a 3 percent rise in underlying sales at British shops in December, driven by demand for Christmas gifts, electrical beauty products and toiletries.
South African clothing retailer Foschini Ltd posted an 8.7 percent rise in third-quarter revenue on Friday, in line with expectations, thanks to new stores and a relatively buoyant Christmas. The company said sales rose 9.
Underwear maker Maidenform Brands Inc (MFB.N) said it would cut about 9 percent of its workforce and forecast lower-than-expected 2008 results, hurt by global economic slowdown and costs associated with restructuring.
Clothing retailer Truworths International Ltd (TRUJ.J) said on Thursday it expects to report a 12-17 percent increase in first-half earnings per share (EPS) as new stores and higher prices boost sales.