With the end of the week around the corner, international apparel market struggles to maintain
its position ahead other stocks. However, it is not being easy either for the Hang Seng to keep its leadership. The Hong Kong based index scored 1176.81 yesterday, placing itself just 2 points above FashionUnited Top 100 that ended the session in 1174.17, down by 1.02 points.
After rumours about the company defaulting on its bank dues dragged its shares to sink in early October, Indian retailer Koutons is recovering investors' confidence and managed to attract 42 points. In order to maintain their stakeholders engaged, the Delhi-based apparel retail chain is planning to launch a premium brand with the aim to improve cash flows.
In USA, retail stocks rose on Thursday, tracking the broader markets, and cheered by some corporate news, courtesy of VF Corp. and American Apparel,among others. This will be also remembered as an important week among the Ross Stores investors, as the discount prices outlet's shares bullishly opened above the pivot of $56.59 on Thursday and have reached the first resistance level of $56.98. In the FashionUnited Top 100, this landmark supposed an increase up to 0.23%.
In the meantime, chilland calm for all those whose money and interests are compromised with VF Corp., as the apparel giant that owns brands including Lee and Wrangler, said Thursday that its third-quarter profit rose 11%, driven by demand for products such as Vans and North Face and in China and other Asian markets. Shares of VF, which have risen 16% this year, fell 0.78% amid investor concerns about rising cotton and other cost pressures that will hurt the company’s jeans and other businesses. The group, which gathers the most popular casual and street style brands presented its quarterly results yesterday. Net income reached $242.8 million, or $2.22 a share, from $217.9 million, or $1.94 a share, earned in the year-ago third quarter. After the presentation, the company's CEO, Bob Shearer advanced that “Costs are going to go up,” since “The consumer has seen a period of price deflation. There’ll be selected price increases in most of our product categories.”
On other hand, Columbia Sportswear went up by 0.12% once reported a smaller-than-expected third-quarter profit as the apparel maker incurred extra costs to market and develop new products. The outerwear company said net income was $52.2 million, or $1.53 per share, down from $46.9 million, or $1.38 per share, a year earlier. Excluding a tax benefit, profit was $1.43 per share.Its competitor Nordstrom lost 0.83%.
As the brooche of a very corporate day, Burberry Group was rejoycing with their new Marketing Manager, who earned an increase of 4.5 points to the British label stocks.