HR Quarterly Round-Up: Bulgari, Jones Apparel, H&M

Garland necklace set with superb fancy colour pearls surrounded by sparkling clusters of soft color tones fine gemstones

(Photo: Bulgari.com)

Bulgari Revenue Falls 5.1% on Lower Luxury Spending (Bloomberg): Bulgari SpA, the world’s third- largest jeweler, said revenue declined 5.1 percent in the fourth quarter as the recession curbed consumers’ appetite for expensive watches and perfumes.

Jones Profit Could Miss Expectations; Shares Fall (Reuters): Retailer Jones Apparel Group Inc (JNY.N) reported a preliminary fourth-quarter profit that could be below analysts' current expectations, sending its shares down nearly 7 percent on Thursday.

H&M Net Profit Up 21%, Warns On Weak Margins (Marketwatch): Swedish fashion retailer Hennes & Mauritz on Thursday reported fourth-quarter net profit rose to 6.15 billion Swedish kronor ($844 million), or 7.44 kronor a share, against profit of 5.09 billion kronor, or 6.15 kronor per share, in the same period a year ago.

HR Quarterly Round-Up: Elizabeth Arden, Estee Lauder, Tod's

(Photo: Tod's S.p.A.)

Elizabeth Arden Quarterly Results Top Expectations (Reuters): Elizabeth Arden Inc's quarterly profit topped expectations as sales picked up, but the cosmetics maker remains cautious about the rest of the year as retailers manage inventories conservatively.

Estee Lauder's Profit Jumps; Sales Gain From Korea to Spain (MarketWatch): Estee Lauder Cos. said Thursday its fiscal second-quarter profit jumped 62%, helped by demand in Asia and Europe as well as by encouraging U.S. and U.K. holiday sales.

Tod's Posts Growth in 2009 Sales (Reuters): Italian designer shoe and bag maker Tod's reported an increase in 2009 sales, showing that it was one of only a few luxury goods companies to see any growth during the global financial crisis.

HR Quarterly Round-Up: Richemont, Burberry and Coach, Inc.

(Photo: Pascal Lauener/Reuters)

 

Richemont Sales Bolster Revival Hopes (FT): Richemont, the world's second-biggest luxury goods group, yesterday reinforced signs of a recovery in demand for expensive watches, jewellery and accessories with Christmas sales well ahead of expectations.

Burberry sales rise stronger-than-forecast 15% (Market Watch): U.K. luxury goods retailer Burberry reported a 15% rise in sales for its fiscal third quarter, sailing past analyst estimates, and the company said it now expects pretax profit for the year will reach the top end of market expectations.

Coach Profit Rises 11% on Holiday Sales (WSJ): Coach Inc.'s fiscal second-quarter earnings rose 11%, with a boost from holiday sales that improved over 2008's weak holiday season. Results beat Wall Street's expectations.

Macy's To Shut Down 5 Underperforming Stores

From Reuters.com:

Macy's to shut 5 underperforming stores

NEW YORK, Jan 5 (Reuters) - Macy's Inc (M.N) said on Tuesday it was closing five of its namesake department stores, affecting about 307 employees, as it pares underperforming locations.

Macy's said it would offer jobs at nearby stores to displaced employees when possible.

The five stores Macy's is closing are in Boise, Idaho; Waterford, Michigan; St. Ann, Missouri; Missoula, Montana, and Burlington, New Jersey. Those locations "no longer meet our performance requirements," Chief Executive Terry Lundgren said in a statement.

Clearance sales at the closed stores are set to begin on Sunday and last about 60 days, the company said.

The company also said it plans to open two Bloomingdale's stores in 2010, one in Santa Monica, California, and the other in Dubai, which will be the first foreign location for the upscale department store.

The Dubai store, which will be located at The Dubai Mall, is scheduled to open in February, a Macy's spokesman said.

In the three months ended in October 2009, the retailer opened or re-opened six stores. Following the closings announced on Tuesday, it will operate 809 Macy's stores and 40 Bloomingdale's locations.

Macy's has struggled with shrinking sales during the economic slowdown. In November it forecast that sales at its stores open for at least a year, or same-store sales, would fall between 5.4 percent and 5.7 percent during its current fiscal year.

Macy's is expected to announced December's same-store sales results on Thursday.

Shares fell 23 cents, or 1.4 percent, to $16.84 on the New York Stock Exchange.

(Reporting by Phil Wahba; Editing by Steve Orlofsky, Bernard Orr)