Wal-Mart Stores Inc's announced a new $15 billion share repurchase plan on Friday 5 June and said market share gains it has made amid the recession are permanent as a "new normal" emerges in which consumers seek to save money.
As sales of luxury goods decline in the global economic slowdown, brands that run their own stores, are backed by corporate parents, or have lead positions on department store floors are poised to come out ahead.
Apparel maker Quiksilver Inc said it agreed with private equity firm Rhone to take a 5-year loan of about $150 million to improve its liquidity position, and posted an adjusted quarterly profit that lagged market estimates by a cent.
Lebanese fashion designer Walid Atallah did not make sales for the first four months of the global credit crisis, but business has resumed as clients continue to crave luxury brands, and cost is no object.
Men's Wearhouse posted a better-than-expected quarterly profit, helped by cost-cutting measures and operational efficiencies, and forecast second-quarter profit that could exceed analysts' estimates, sending its shares up nearly 9 percent.
Global economic giants Japan and China Sunday 7 June pledged to throw their combined weight behind efforts to revive the struggling world economy after talks aimed at boosting trade between the two powers.