Fashion house Prada SpA raised nearly $2.5 billion in June, becoming the first Italiancompany to go public in Hong Kong. The company's chief financial officer, Jonathan Ramsden, says the problem will be dealt with, though he didn't say how.
TJX Cos.' revenue at stores open at least a year edged up 1 percent in August, as Hurricane Irene hampered business in key markets later in the month. The performance missed Wall Street's expectations. Nevertheless, analysts surveyed by Thomson Reuters expected a bigger increase of 2 percent. This figure is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.
TJX, which operates T.J. Maxx, Marshalls and HomeGoods, said Thursday that total revenue for the four weeks ended Aug. 27 climbed 4 percent to $1.72 billion. CEO Carol Meyrowitz said in a statement that sales were at the high end of expectations through the third week of the month. Irene hurt business during the final week, which caused TJX's results to come in at the low end of expectations. But business has rebounded since then, Meyrowitz said, and the company is still confident in its third-quarter outlook for both sales and earnings.
Still in Wall Street, Abercrombie & Fitch is reconsidering its policy of charging higher prices for its goods in Canada than in the United States. "I don't think we want to go into detail about what we're doing to address it, but we think we have a clear path to getting that fixed," Ramsden said. Similar consumer complaints recently caused another clothing retailer, J. Crew , to cut its Canadian prices. J. Crew had been increasing its prices 40 percent to 50 percent in Canada.
Equity Markets has reviewed Vera Bradley, Inc. as a designer, producer, marketer and retailer of accessories for women. The products include offering of handbags, accessories, and travel and leisure items. The broker is also covering Coach, Inc. as a marketer of fine accessories and gifts for women and men. Coach's product offerings include handbags, women's and men's accessories, footwear, business cases, jewelry, wearables, sunwear, travel bags, fragrance and watches.