Apparel retailers Chico's FAS Inc, Charming Shoppes Inc, American Eagle Outfitters Inc and Polo Ralph Lauren Corp posted better-than-expected quarterly results on Wednesday 27 May, helped by tight management of expenses and inventories.
Expected for the past few quarters, the turning point was finally reached between January and March. The demand for gold as a means of financial investment has exceeded the level of demand from the jewellery industry.
Spanish textile maker Dogi has filed for administration, the company announced late on Tuesday 26 May, having failed to obtain financing. It said Dogi was still operating, however, and its management was working on a viability plan.
It is Vandale Industries that will develop and produce the lines of homewear and lingerie for Izod. The Phillips-Van Heusen (PVH) group has come to entrust the golfwear brand’s licence to the New York business.
A few weeks after signing a free trade agreement with the USA, Peru continued its international foray with a parallel agreement with China. With $2 million in exports in 2008, the Peruvian textile industry could also benefit from a similar agreement currently being negotiated with the European Union.
Hot Topic Inc, which had so far bucked weak trends in apparel, forecast a second-quarter loss due to a slowdown in traffic post Easter, sending its shares down as much as 9 percent in trading after the bell.
Clothing retailer American Apparel Inc swung to a first-quarter loss, cut its full-year outlook and said it may have to restate prior financial statements due to the classification of its revolving credit facility, triggering a 20% slide in its stock.
British fashion retailer Bay Trading has been bought out of administration by clothing wholesaler and retailer Rinku Group. However, Bay Trading is still cutting 1,230 jobs, or almost 70 percent of its workforce.
Nike Inc, the world's largest maker of athletic shoes and apparel, will slash 5 percent of its 35,000-strong global workforce, or 1,750 jobs, in the largest headcount reduction in the company's history.