French luxury goods group PPR closed up by 0.56% Thursday after announcing the completion
of its recently-announced acquisition of Italian Brioni. To success, PPR has had to get green lights from European antitrust authorities.
Meanwhile, shares of Phillips-Van Heusen (NYSE: PVH) were subject of analysts comments this week. Research analysts at Piper Jaffray boosted their price target on shares of the group to $84.00 in a report issued on Thursday, while analysts at Sterne Agee initiated coverage on shares of Phillips-Van Heusen in a research note to investors on Monday by setting a “buy” rating and a $85.00 price target on the stock.
At the other side of the globe, Fast Retailing cut its operating profit forecast for the year to end-August to 130.5 billion yen from its previous estimate of 135.5 billion yen. The new projection is slightly below an average estimate of 131.4 billion yen in a poll of 22 analysts by Thomson Reuters I/B/E/S.
Asian largest apparel retailer posted a 2.8 percent fall in quarterly operating profit after a warmer than expected autumn impacted negatively on sales at its flagship Uniqlo in Japan. Reuters reported Fast Retailing's operating profit totaled 48.45 billion yen ($629.88 million) for September-November, reflecting a 4.0 percent fall over the period in same-store sales at Uniqlo outlets in its home market of Japan.
The speciality brand chain operator cut its operating profit forecast for the year to end-August to 130.5 billion yen from its previous estimate of 135.5 billion yen. The new projection is slightly below an average estimate of 131.4 billion yen in a poll of 22 analysts by Thomson Reuters I/B/E/S. The retailer´s shares fell 0.5 percent to 14,520 yen at the market close in Tokyo slightly before the forecast and results were announced. However, Bloomberg recalled how the stock has gained 18 percent in the past 12 months, compared with a 22 percent slide for the broader Topix index.