Two of the biggest fashion conglomerates America's, Ralph Lauren and Macy's, reported an increase in turnover and profit in the third quarter. U.S. shoppers, it seems, are optimistic despite the global recession. Ralph Lauren, the Financial Times, predicts that sales would grow slowly in the Christmas quarter, reported sales up 24 percent from a year ago to $ 1.9bn in the three months to October 1.
Macy's department store chain, said it expects sales to grow 4 to 4.5 percent in the three months to the end of January. It had previously announced that for the first time it opened at midnight on the eve of Thanksgiving and Black Friday, one of the biggest shopping day of the year in the U.S..
For the previous quarter, Macy's - which focuses on the U.S. and also owns the Bloomingdale's chain - reported a 4.1 percent increase in revenue to $ 5.8 billion, which signaled the market share gain of peers, according to Morgan Stanley analysts.
Macy's net income rose from $ 10m to $ 139m partly because of better cost control.
Deborah Weinswig, an analyst at Citigroup, said Macy's performance was driven by initiatives to online and brick-and-mortar businesses, integrating tailor merchandise to local neighborhoods, and better training for salespeople.
Ralph Lauren reported a 14 percent increase in net profit to $ 233m of one year ago, but gave higher material costs were still taking toll on profitability. Roger Farah Ralph Lauren's president and chief operating officer, said: "Over the past two months we have extreme market movements and negative economic news, in more volatile sales and traffic has resulted in Ralph Lauren stores in the United States and Europe, especially seen with local customers. "
He said sales in the United Kingdom, France, Germany and Scandinavia was "quite strong", while Italy and Spain was "much harder".
Ralph Lauren is expanding its online presence in Europe and shift more of its wholesale operations to its own retail spaces. The latter will increase operating costs, but improved gross profit margins and give more control over its brands.
Macy's department store chain, said it expects sales to grow 4 to 4.5 percent in the three months to the end of January. It had previously announced that for the first time it opened at midnight on the eve of Thanksgiving and Black Friday, one of the biggest shopping day of the year in the U.S..
For the previous quarter, Macy's - which focuses on the U.S. and also owns the Bloomingdale's chain - reported a 4.1 percent increase in revenue to $ 5.8 billion, which signaled the market share gain of peers, according to Morgan Stanley analysts.
Macy's net income rose from $ 10m to $ 139m partly because of better cost control.
Deborah Weinswig, an analyst at Citigroup, said Macy's performance was driven by initiatives to online and brick-and-mortar businesses, integrating tailor merchandise to local neighborhoods, and better training for salespeople.
Ralph Lauren reported a 14 percent increase in net profit to $ 233m of one year ago, but gave higher material costs were still taking toll on profitability. Roger Farah Ralph Lauren's president and chief operating officer, said: "Over the past two months we have extreme market movements and negative economic news, in more volatile sales and traffic has resulted in Ralph Lauren stores in the United States and Europe, especially seen with local customers. "
He said sales in the United Kingdom, France, Germany and Scandinavia was "quite strong", while Italy and Spain was "much harder".
Ralph Lauren is expanding its online presence in Europe and shift more of its wholesale operations to its own retail spaces. The latter will increase operating costs, but improved gross profit margins and give more control over its brands.
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