Upbeat profit forecasts from Nordstrom and Ralph Lauren underscore the edge high-end chains have over the wider U.S. retail industry in an inflationary environment, thanks to the deep pockets of their customer base.
Dick's Sporting Goods announced on Wednesday revenues for the first quarter fell by more than 7%, on the back of plunging comparable sales, as the company was hurt by "evolving macroeconomic conditions."
E.L.F. Beauty announced on Wednesday sales for the fiscal year surged by double digits, primarily driven by strength in the beauty chain's national and international retailers, especially in the fourth quarter.
UK retailers reported just “average” sales for the time of year in May (0% from -24% in April), up from a weaker- than-normal previous month. But overall sales are expected to fall below seasonal norms again in June.
Bidders competing to acquire Kohl's Corp are preparing to make binding offers that are lower than the indicative bids they submitted earlier this year to reflect the market downturn and its deteriorating business.
Urban Outfitters announced on Tuesday net sales for the first quarter increased 13%, on the back of double-digit growth in retail comparable sales, with inflation and operational costs weighing down company profits.