Saks Inc sought refuge in cost cuts to post a smaller-than-expected quarterly loss amid falling sales as department stores lose customers to lower-priced outlets like TJX Cos Inc, which reported higher revenue.
A hedge fund firm with a stake in Saks Inc called for governance reforms, contending the struggling luxury retailer needs to adopt annual elections for all directors and become more responsive to investors.
Sales by chain-stores in the USA have increased, in the week ending the 9th of May, reversing for the first time the decline which started in December, indicated the International Council of Shopping Centres.
Shares of Esprit, the world's No.6 fashion brand by market capitalization, fell more than 6.7% on concern over its earnings outlook amid a recession in its core markets in Europe, in particular Germany, which constitutes half of its revenue.
Wal-Mart Stores Inc reported a flat quarterly profit that met Wall Street expectations on Thursday 14 May as the stronger U.S. dollar offset increased sales from shoppers seeking deals in its stores amid a global economic slowdown.
Debt-laden tourism and retail group Arcandor is set to ask the German government for up to 700 million euros ($948.9 million) in loan guarantees, financial sources close to the matter told Reuters on Thursday 14 May.