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American fashion house Capri Holdings reported that, according to its estimates, profits in the current fiscal quarter would not reach economists' forecasts, since the company planned large investments after purchasing the Versace brand and lowered sales targets for the Michael Kors brand. This message on Wednesday crashed the company's shares by almost 8%. The company's investments in this fiscal year will be focused on the launch of new Versace and Jimmy Choo stores, as well as on holding fashion events with the participation of movie stars. Plans of the fashion house suggest that the number of Versace stores will increase from 200 to 300. The company also wants to increase its annual revenue to $2 billion by expanding online trading. In the first fiscal quarter, which ends in June, the company expects to make a profit ranging from 85 cents to 90 cents per share. Forecast economists assumed the figure at 1 dollar 23 cents per share.
On Friday, Caterpillar Inc (CAT.N) announced a lower second-quarter profit because of the recession caused by the coronavirus outbreak. The decline was due to lower sales volume and changes in dealer inventories. During the second quarter ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
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