DIRS.INFO The most relevant business & tech news

In the past year, clothing retailers have sought to clear excess stock that had piled up due to a shift in consumer demand to essentials from discretionary items like clothing. But with fourth-quarter temperatures expected to start off warm, according to weather tracking firm Weather Trends International, stores carrying winter styles and gear could find themselves loaded with inventory at the end of the season. European company Pepco Group (PCOP.WA) also noted that the landing of its autumn and winter clothing inventory had coincided with persistent record-warm weather in its core Central and Eastern European markets. In the United States, temperatures could rise by 2 to 12 degrees Fahrenheit on average in the October-December period compared with last year, according to Weather Trends International. Abercrombie & Fitch (ANF.N) also said there was strong demand for "seasonless products" in the second quarter, particularly in the men's category, as customers picked out year-round clothing items and styles.

Persons: Helena Helmersson, Andy Bond, Bill Kirk, Clodagh, David Swartz, Robert Woods, Kristen D'Arcy, Abercrombie, Simon Wolfson, Ananya Mariam Rajesh, James Davey, Helen Reid, Matthew Lewis Organizations: Reuters, Pepco, Amazon.com, REUTERS, Walmart, Dick's Sporting, Costco Wholesale, Morningstar Research, Vision Brands, Fitch, Thomson Locations: United States, Europe, Cos, Eastern, Grafton, Dublin, Ireland, outerwear, Bengaluru, London

☆ Next boss: downturn in UK economy won't be long lasting
▼ + stars: | 2023-03-29 | by ( James Davey | ) www.reuters.com time to read: +2 min

LONDON, March 29 (Reuters) - The boss of British fashion retailer Next (NXT.L) said on Wednesday he did not think the downturn in the UK economy would be long lasting and anticipates a sharp recovery in 2024. Recent gauges of Britain's economy, such as consumer confidence data, have suggested it could sidestep a prolonged recession which had been widely predicted last year. "We've never thought that the downturn would be long-lasting," Next CEO Simon Wolfson told Reuters after the retailer reported full-year results. Next said it would not need to increase prices this year by as much as previously thought. However higher costs for wages and energy are still expected to reduce its profit this year.

☆ Fund manager names two global retailers that are about to 'dominate'
▼ + stars: | 2022-12-05 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

London-listed retailers Frasers Group and Next are two clothing retailers that will "dominate" the sector during a recession, according to a veteran Schroders fund manager. Andrew Brough, who runs the Schroder UK Mid Cap Fund, said the two conservatively run companies are well placed to expand and take market share during a downturn through acquisitions. Shares of Frasers Group have risen by 30.6% over the past year, outperforming the FTSE 350 general retailers index, which has fallen by 29.3% over the same period. Frasers Group is Brough's largest holding, making up 6.7% of his fund. Brough, who's run his fund for 23 years, said he was more optimistic than others about the U.K.'s economy over the near term.

☆ Interest rate delusion may be biggest error of all
▼ + stars: | 2022-10-06 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

The false idea exposed by the current bear market is that interest rates would remain low indefinitely. The belief that interest rates would remain at permanently low levels could prove the most costly error of all. The lowest-ever interest rates gave us the “Everything Bubble”. Now that interest rates are rising, everything is at risk. The pension funds faced margin calls on their loans, and the bond market seized up as they scrambled to raise cash.

Search resuls for: "Simon Wolfson"

4 mentions found