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Leading American designer and maker of luxury lifestyle handbags and accessories Coach (NYSE:COH) reported same-store sales growth of 1.7 percent, far short of the previous quarter (6.7 percent) and consensus (6 percent). Direct-to-consumer sales were better, rising 13 percent y-on-y to $1.05 billion.
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Wet Seal (NASDAQ:WTSLA), a specialty retailer to young women, discloses that it received letters from the Clinton Group, Inc., demanding the company take certain strategic decisions on behalf of all shareholders. Wet Seal refuses to be hustled into improper and hasty action, and says, “Our commitment is to all of our shareholders, and we are in the process of developing a comprehensive strategic plan to address the current issues, strengthen the company’s performance, and enhance shareholder value. We intend to communicate the details of that plan to our shareholders during our quarterly earnings call on August 21st.”
J.C. Penney (NYSE:JCP) CEO Ron Johnson claims customers are in for an “entirely new retail experience” on August 1, when the store chain debuts its all-new store format, in time for the back-to-school shopping season.
Here’s more information for Q2 at Goodyear Tire & Rubber (NYSE:GT): Volumes at tire units are down 1.9 percent to 15.4 million, and the company expects full year tire volume to fall short of 2011 levels by 5 to 7 percent. Tire business operating margins have shot up from 5.7 percent last year to 7.7 percent, resulting in the business likely hitting $450 million by the end of the year.
Las Vegas Sands (NYSE:LVS) is downgraded from Buy to Hold by Argus, citing increasing government regulation in Singapore and concerns about growth prospects in Macau.
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