HR Quarterly Round-Up: Bulgari, Macy's, Nordstrom

A yellow gold, diamond, pearl and emerald necklace from the Bvlgari Heritage Collection

(Photo: Catherine Bigelow/SFGate.com)

Bulgari Loss Narrows on Sales of Necklaces, Perfume (Businessweek): Bulgari SpA, the world’s third- largest jeweler, reported a narrower first-quarter loss on rising sales of necklaces and perfume.

Macy's Swings to Profit, Aided By Move to Meet Local Demand (MarketWatch): Department-store operator Macy's Inc. on Wednesday said it swung to a better-than-expected $23 million first-quarter profit, helped by its strategy to tailor stock to local demand.
 
Nordstrom 1st-Qtr Net Rises, But Misses Street view (Reuters): Nordstrom Inc (JWN.N) said its first-quarter net profit rose 43 percent over last year, but it missed analysts' forecasts and shares fell after hours.

Swatch and Bulgari Squash Takeover Rumors

Swatch Group and Bulgari SpA have moved quickly to deny rumors of the Swiss company's interest in taking over the Italian jeweler.

In a statement to Reuters onMonday, Nick Hayek, Swatch Group CEO, said, "The Swatch Group has not expressed any desire to acquire Bulgari, and Bulgari has not expressed either the desire to be bought by Swatch Group. There are no negotiations in front of, or behind the curtains".

Bulgari issued a separate statement saying that they enjoyed good "business relationships" with Swatch, but that "the two Companies have never discussed any kind of transactions on shares. The Bulgari family is not interested in selling".

Speculation of a takeover first arose after comments Mr. Hayek made to German magazine, Focus, which suggested that Swatch was interested in purchasing Bulgari.

According to Reuters, Mr. Hayek said, "I do not deny that there are interesting big brands that have potential to develop" and gave Bulgari as an example. However, he insisted that Swatch was not the type of company to engage in hostile takeover battles.

Bulgari shares rose more than 5 percent after Mr. Hayek's comments were published.

(Photo: Courtesy of WWD)

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: Macy's Inc., Nordstrom, Bulgari

(Photo: Reuters/Rick Wilking)

Macy's Holiday Outlook a Turkey, Stock Drops (Reuters): "U.S. department store operator Macy's Inc (M.N) forecast earnings for the fourth quarter, which includes the crucial holiday shopping season, far below Wall Street expectations on Wednesday, sending shares down 8.1 percent."

Nordstrom 3Q Profit Rises But So Do Costs (NYT): "Department store operator Nordstrom Inc. said Thursday that its profit rose 17 percent in the third quarter even though its costs were higher than expected as shoppers began spending more."

Bulgari Climbs to 14-Month High After Earnings Beat Estimates (Bloomberg): Bulgari SpA, the world’s third- largest jeweler, rose to a 14-month high in Milan trading as some brokerages raised their targets on the stock following third-quarter earnings that beat analysts’ estimates.