J.C. Penney’s CEO Marvin Ellison is leaving the struggling retailer to join home improvement chain Lowe’s Cos Inc, the companies said on Tuesday, sending shares in the U.S. department store chain down 4 percent.
The Swedish company has reported 3.4 billion euros worth of apparel stocks, a volume which has risen 7% in the last year. As a number of media outlets highlight the problem, H&M continues to announce markdowns.
In its first rollout beyond the US, Tom Ford has launched its webstore in the UK with its complete fashion, accessories and beauty offer available and tools such as a shop the look feature and lipstick shade-finder.
Gap’s dependence on its low-end Old Navy line lessened in the holiday quarter as the apparel retailer managed to better its sales of other brands, helping the company’s same-store sales blow past Wall Street estimates.
Off-price apparel retailer TJX Cos Inc on Wednesday beat analysts’ estimates for holiday-quarter same-store sales as discounts drew more shoppers to its Marmaxx and TJX Canada stores, sending its shares to a record high.