After a bitter week owned by falling banks and gloom economyprospects, the FashionUnited Top 100 Index managed to close up, hitting the 1,259.32. Gap shares were trading lower by 1% on Thursday, while rival Abercrombie & Fitch was trading lower by 0.6%.
According to The Street, Shares of G-III Apparel Group were down Thursday morning with an open price 15.4% lower than Wednesday's closing price. The stock closed at $28.66 Wednesday and opened today's trading at $24.26. The average volume for G-III Apparel Group has been 178,100 shares per day over the past 30 days. G-III Apparel Group has a market cap of $518.3 million and is part of the consumer goods sector and consumer non-durables industry. Shares are down 18.5% year to date as of the close of trading on Wednesday.
Before the bell rang, NIKE (that close 0.20% over its last close) announced that plans to release its first quarter fiscal 2012 financial results on Thursday, September 22, 2011, at approximately 1:15 p.m.
In the same vein, and despite investors’ high expectations on Lululemon Athletica Inc., analysts are beginning to question whether sales of the company’s high-end yoga apparel can keep pace with those elevated hopes in a weakening economy. On Friday, the Vancouver-based company will offer a reality check when it releases financial results for the second quarter.
Finally, late yesterday, Men’s Wearhouse (MW) posted fiscal second quarter earnings of $57.1 million, or $1.09 per share, compared to $43 million, or $0.81 per share, last year. Adjusted earnings of $1.11 per share beat analyst forecasts, as did a 22% increase in revenue, to $655.5 million. The company said it sees full-year adjusted earnings of $2.13 to $2.20 per share, largely ahead of analyst expectations. Men’s Wearhouse shares are trading sharply lower on Thursday, despite the results.