Abercrombie & Fitch Posts Sales Growth, Shares Rally
Youth fashion retailer Abercrombie & Fitch has experienced a surge in its shares after exceeding Wall Street estimates with its sales growth. Despite implementing price increases, customers have embraced the change, leading to the company's success.
Kohl's Exceeds Expectations, Maintains Profit Projections
Department store Kohl's has seen its shares rise as it surpassed second-quarter earnings expectations. The company also reaffirmed its profit projections for the year, instilling confidence in investors.
S&P Global Index Reports Decline in U.S. Services Sector
The S&P Global flash U.S. services-sector index dropped to a six-month low of 51 in August, down from 52.3 the previous month. This decrease signals a potential slowdown in the services industry.
U.S. New Home Sales Rise Amid Low Used-Home Listings
The Commerce Department reported a 4.4% increase in U.S. new home sales, reaching an annual rate of 714,000 in July. This rise can be attributed to the limited availability of used homes for sale, which has boosted demand for new constructions. However, the demand for both new and used homes may soon decline due to rising average mortgage rates, potentially surpassing 7%.
Foot Locker Faces Hurdles, Nike Shares Decline
Athleticwear chain Foot Locker has suspended its dividend and reported a second-quarter loss due to increased promotional activity. Consequently, shares of Foot Locker and Nike have both suffered. Nike's shares have been on a downward trend for the past 10 sessions, with a year-to-date decline of nearly 20%.
Juul Labs to Downsize Workforce, Seeks Capital or Sale
Amid attempts to secure capital or sell the company, Juul Labs plans to lay off approximately 30% of its workforce. This downsizing is part of the company's effort to streamline its operations and improve its financial standing.
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