Business News
PPR: an outstanding first half 2007
The six months into 2007 has already yielded very strong growth for the PPR Group. The company achieved a 11.4 per cent increase in revenues totalling €9,240 million on an actual basis or, an increase of 5.6 per cent on a comparable basis. Revenues include Puma sales fully consolidated from the 1st of April 2007. Excluding Puma, Group revenues in the first half were up by 5.7 per cent at comparable structure and exchange rates.

The company's operating income was up 40 per cent for the six months up until the 30th of June 2007.

Other financial highlights included: 
— Group share of net income more than doubled
— Takeover of Puma successfully completed

François-Henri Pinault, Chairman and Chief Executive Officer, stated: “These excellent operating and financial results confirm the strength of our brands and companies as well as the soundness of our strategy, aimed at enhancing our growth and profitability profile. The first half was also marked by the successful acquisition of Puma, a move which is at the very core of our strategy. Our strong performance strengthens our determination to further improve the Group’s financial results and increase value creation in 2007.”

Visit: PPR [31 August 2007]

[30 August 2007]

Tiffany & Co.

TIFFANY REPORTS SECOND QUARTER RESULTS
Tiffany & Co. (NYSE: TIF) reported that its net sales increased 19 per cent in the three months (second quarter) ending on the 31st of July 2007, reflecting geographically broad-based growth across the U.S. and many international markets.

Comparable store sales increased 17 per cent in the U.S. and 7 per cent (on a constant-exchange-rate basis) internationally. The strong sales growth and an improved operating margin led to a 41 per cent increase in net earnings from continuing operations.

The Company recorded an after-tax charge of $23,583,000, or $0.17 per diluted share, related to the pending sale of its Little Switzerland business.

Visit: Tiffany & Co. [30 August 2007]

Benetton opens in Pilot Accessories Store Rome
The first Benetton store given over entirely to accessories officially opened on the 30th August 2007, in Via Tomacelli in the centre of Rome.

On a single sales level, for a total of 200 square metres, the store is totally new in terms of philosophy and image. It presents the best in Benetton accessories, footwear and clothing complements for men and women, with every detail designed to create an atmosphere of strong impact and charm, where customers can feel totally at ease.

As a contrast to Rome’s architectural richness, the new accessories store focuses on a refined concept which plays on the use of distinct elements; coppered metal and the purity of the white, which dominates the interior where light plays an essential role.

The frequent changes in products in the windows will be echoed by changes in the store layout, reflecting the chromatic trend of the key accessories of the moment.

Following this first location in Rome, the store opening programme is to continue in Italy and the rest of Europe in coming seasons.

Visit: Benetton Group [30 August 2007]

[30 August 2007]

RSPCA

Liz Earle, Lush, Marks & Spencer and Urban Decay are the nominees singled out by independent judges Jo Fairley (an author and Contributing Editor on the Mail on Sunday’s YOU magazine) and Gerard Duvé (consultant and secretary to the trustees for the Fund for the Replacement of Animals in Medical Experiments (FRAME)).

Industry consultant Gerard Duvé said: “The calibre of entrants this year has been fantastically high and we are delighted to see some new names appearing. However, it is disappointing that yet more cosmetic companies have not taken up the challenge this year and entered the RSPCA Good Business Awards.

“All those who are supporting research into alternatives to animal testing should be shouting about their achievements, whether they have one exciting innovation or an across-the-board cruelty-free policy.

“Consumers are increasingly concerned about the origins of the products they use, and those companies who ignore these concerns will find themselves out of step with the ethical trend.”

The award winners will be announced at a gala ceremony at London’s Natural History Museum on Thursday 11 October 2007.

If you would like to become a contender for the cruelty-free cosmetics crown in the future, visit the link below for more information.

[29 August 2007]

Perry Ellis International

“International expansion remains a key strategy of Perry Ellis International and we are pleased to have identified strong partners to continue our growth outside the U.S. Posong, Royal and Viet Tien are leading companies that possess the talent and infrastructure to successfully introduce and grow Perry Ellis swimwear in Korea, footwear in Japan, and the Manhattan® lifestyle in Vietnam,” said George Feldenkreis, Chief Executive Officer of Perry Ellis International.

Posong Co., Ltd., one of the leading apparel producers in Korea, will develop women’s and men’s swimwear lines and women’s swimwear cover-ups for Perry Ellis® for the Korean market. The line will be distributed in upscale department and specialty stores in spring of 2008.

Royal Corporation is a leader in footwear design and manufacturing in Japan and will launch in spring 2008 the Perry Ellis®, Perry Ellis Portfolio® and Perry Ellis America® footwear lines in dress, casual and athletic. The lines will be distributed in upscale department and specialty stores.

Viet Tien Garment Export-Import Corporation, the largest garment company in Vietnam, will develop a full line of clothing under the Manhattan® brand, initially concentrating on dress shirts. In addition, the agreement covers knit and woven sport shirts, dress and casual pants and shorts, sport jackets, suits and suit separates, sweaters, jackets and coats plus accessories including neckties, hosiery, underwear and sleepwear. The line will be distributed through Viet Tien’s distribution network throughout Vietnam.

Visit: Perry Ellis International [29 August 2007]

[28 August 2007]

Perry Ellis International

Perry Ellis Awards the Levy Group Inc. Outerwear License
Perry Ellis International (NASDAQ:PERY), has entered into a new licensing agreement with The Levy Group Inc. to design, manufacture and distribute men’s outerwear, top coats and rain coats in the U.S. and men's outerwear in Canada under the Perry Ellis® and Perry Ellis Portfolio® brands.

Oscar Feldenkreis, President and COO of Perry Ellis International, said: “Outerwear is a key component for the Perry Ellis lifestyle, and major area of opportunity. The Levy Group, one of the most successful outerwear companies in the department store channel, is the right partner to interpret in outerwear the look that has made Perry Ellis the number one neo-traditional brand.”

The Levy Group Inc. is the largest privately-held outerwear manufacturer in the United States. They license many high profile fashion brands and have extensive private label business with most of the nation’s largest retailers. “We are very excited to be working with Perry Ellis to create coats and outerwear that reflect the combination of fashion and value that the consumer has come to expect from all Perry Ellis products,” Donald Levy, President of The Levy Group Inc. concluded.

Perry Ellis Men’s outerwear and topcoats will be available through major department and specialty stores nationwide for Fall 2008.

[27 August 2007]

Saks Incorporated

Approximately 15 regular full-time and part-time associates are employed in the store. All affected associates will be offered either transfer opportunities or will receive appropriate severance packages. Robert Wallstrom, President of Off 5th, said, "Closing the store is the right business decision, although a difficult one to make. We are very appreciative of the great Fairlane Town Centre store team, and we are committed to providing needed assistance to our associates during this period."

Saks currently has a Saks Fifth Avenue store in Troy, Michigan and a Saks Off 5th store in Auburn Hills, Michigan in operation.

Visit: Saks Incorporated [27 August 2007]

[27 August 2007]

Grammy Awards Fashion Collection

Visit: The Grammy Brand [27 August 2007]

[23 August 2007]

Bebe Stores Inc.

Bebe's same store sales decline
The unaudited financial results for the fourth quarter ending on the 7th of July 2007 for American fashion retailers, bebe stores, inc. (Nasdaq:BEBE) showed net sales were $162.7 million, up 6.9 per cent from $152.2 million last year.

As previously reported, same store sales for the thirteen-week period decreased 5.7 per cent compared to an increase of 3.5 per cent in the prior year. Gross margin as a percentage of net sales decreased to 48.1 per cent in the fourth quarter of fiscal 2007, compared to 50.5 per cent in the fourth quarter of fiscal 2006.

The decrease in gross margin as a percentage of net sales from the prior year of 2.4 per cent was primarily due to higher markdowns and unfavorable occupancy leverage partially offset by higher initial markup.

Visit: Bebe [23 August 2007]

[23 August 2007]

Gap Inc.

In connection with this authorization, Gap Inc. also entered into purchase agreements with individual members of the Fisher family whose ownership represents approximately 17 per cent of the company's outstanding shares. Multiple Fisher family members and entities currently own approximately 34 per cent of Gap Inc. shares.

Bryon Pollitt Executive Vice President and Chief Financial Officer of Gap Inc. says of the repurchasing scheme: "Today's [23rd of August] announcement reflects Gap Inc.'s strong cash generation and ongoing commitment to return excess cash to shareholders." He continued: "Members of the Fisher family have periodically sold stock since the company's initial public offering in 1976 in the normal course of investor diversification. The Fishers hold three seats on our Board of Directors and remain active in their roles as shareholders and directors in ensuring the company achieves its long-term objectives."

In a separate statement, Gap Inc. reported that net earnings for the second quarter, which ended on the 4th of August 2007, increased 19 per cent to $152 million, compared with $128 million, for the second quarter of last year.

Second quarter net sales were down 1 per cent to $3.69 billion, compared with $3.71 billion last year. Comparable store sales decreased 5 per cent whilst, the company's online sales for the second quarter increased 26 per cent to $172 million, compared with $136 million for the second quarter of last year.

"During the second quarter, we made solid progress stabilizing our business, streamlining our organization and importantly, hiring our new Chairman and Chief executive Officer, Glenn Murphy," said Bob Fisher, a member of Gap Inc.'s Board of Directors. "I am confident that under Glenn's leadership and the creative direction set by our brand presidents, we will continue to make improvements to the business and deliver improved returns to our shareholders."

"I want to thank Bob for his leadership in taking the necessary first steps towards stabilizing the business," said Glenn Murphy, Chairman and Chief Executive Officer of Gap Inc. "We have a lot of work ahead of us, but we have great brands with enormous potential, and I feel confident that our creative talent and dedicated store employees will help fuel our progress."

Visit: Gap Inc. [23 August 2007]

[22 August 2007]

Abercromtie & Fitch Co.

store openings and consistency generate record returns for Abercrombie & Fitch
Abercrombie & Fitch Co. (NYSE: ANF) unaudited results reflected record second quarter net income of $81.3 million and net income per diluted share of $0.88, for the thirteen weeks ending on the 4th of August 2007, a 24 per cent increase over net income of $65.7 million and a 22 per cent increase over $0.72 per diluted share for the thirteen weeks ending on the 29th of July 2006.

Second Quarter Developments included:
— Total Company net sales increased 22 per cent to $804.5 million; comparable store sales decreased 2 per cent
— Total direct-to-consumer net sales increased 66 per cent to $45.6 million
— Abercrombie & Fitch net sales increased 15 per cent to $363.9 million; Abercrombie & Fitch comparable store sales decreased 2 per cent
— abercrombie net sales increased 30 per cent to $94.5 million; abercrombie comparable store sales increased 2 per cent
— Hollister Co. net sales increased 27 per cent to $334.4 million; Hollister comparable store sales decreased 3 per cent
— RUEHL net sales increased 71 per cent to $11.7 million; RUEHL comparable store sales increased 2 per cent
— Net income for the second quarter increased 24 per cent to $81.3 million
— Net income per diluted share in the second quarter increased 22 per cent to $0.88
— The Company announced initial plans for Abercrombie & Fitch expansion in Italy, France, Germany, Spain, Denmark and Sweden
— The Company announced plans for an Abercrombie & Fitch Tokyo flagship in 2009

Mike Jeffries, Chief Executive Officer and Chairman of the Board of Abercrombie & Fitch Co., said: "I am extremely pleased with the record financial results we posted this quarter. Our success can be attributed largely to the fact that we have created a consistent business that is able to generate strong results. Our company is uniquely positioned, with each brand maintaining only the highest standards and supported by defined and proven processes that are continuously audited. The drive for constant improvement in standard, process and audit will help us to maintain our leadership position over the long term."

[20 August 2007]

Perry Ellis International

Perry Ellis revenues grow by a quarter
Perry Ellis International, Inc. (NASDAQ:PERY) results for the second quarter ending on the 31st of July 2007 revealed total revenues grew to $195.3 million, a 14.2 per cent increase compared to $171.0 million in the second quarter ending on the 31st of July 2006.

“We are very satisfied with the 14 per cent organic growth achieved this quarter. The power of our brands and the validity of our multi-brand, multi-channel, multi-product strategy, are clearly evidenced in our record second quarter and first half results. During the first half of fiscal 2008, we achieved solid growth across all platforms and excellent sell-throughs,” Oscar Feldenkreis, President and Chief Operating Officer commented. “Our unique ability to interpret different lifestyles and position them in specific channels is a core competency of Perry Ellis International.”

Visit: Perry Ellis International [20 August 2007]

[17 August 2007]

tiffany & Co.

TIFFANY TO OPEN NEW BOUTIQUE IN BOLOGNA
Tiffany & Co. (NYSE: TIF) plans to open a 2,600-square-foot boutique at Galleria Cavour 9/A, in the center of Bologna's premier luxury shopping area in November 2007.

The new boutique will offer an array of renowned TIFFANY & CO. collections. Among them are the jeweller's celebrated diamond engagement rings, and jewels of ultimate glamour in platinum and eighteen-karat gold settings; lustrous pearls; the signature designs of Elsa Peretti, Paloma Picasso, Jean Schlumberger and Frank Gehry; watches; accessories; and gifts.

"With its luxury shopping, fine restaurants and thriving business and residential community, Bologna is a natural setting for a TIFFANY & CO. boutique," said Cesare Settepassi, Vice President, Tiffany & Co. Europe. "We've secured an ideal location on Galleria Cavour, an upscale shopping area that fits perfectly with our own plans for bringing Tiffany quality, craftsmanship and superior service to this sophisticated market."

The boutique marks Tiffany's fourth location in Italy. The jeweller also operates stores in Milan, Rome and Florence.

Visit: Tiffany & Co. [17 August 2007]

[16 August 2007]

Tiffany & Co.

Michael J. Kowalski, Chairman and Chief Executive Officer, said, "Three months ago we announced a 20 per cent increase in the dividend rate, which represented the fifth consecutive annual increase. After further consideration of Tiffany's performance, financial strength and long-term potential for generating strong earnings and cash flow, the Board concluded that increasing the dividend payout ratio was appropriate."

Visit: Tiffany & Co. [16 August 2007]

[16 August 2007]

Gap Inc.

Gap Inc. Report Highlights progress on ethical sourcing, environmental sustainability
Gap Inc. [GPS] released its third and most comprehensive Social Responsibility Report, highlighting the company's commitment to social responsibility. The report covering fiscal years 2005-2006, details the company's progress and goals for initiatives involving its supply chain, community investment, employees and the environment.

From 2005 to 2006, the number of approved garment factories earning the company's highest compliance ratings continued to increase. In fact, 61 per cent of Gap's contracted garment factories are currently rated "Good" or "Excellent," indicating that progress is being made to improve the working conditions at many factories in the company's supply chain.

"We're making a lot of changes at Gap Inc. but, as our Social Responsibility Report demonstrates, doing business the right way is still extremely important to us," said Robert Fisher, former interim CEO and current member of Gap Inc.'s board of directors. "We have an unwavering commitment to our social responsibility program; it's good for business and we know it's the right thing to do."

Gap Inc.'s recently appointed Chairman and CEO Glenn Murphy said, "Gap Inc.'s commitment to doing business in a socially responsible manner is a fundamental part of who we are, especially for our employees and our customers. Reflected in this report is the hard work and passion of our employees to uphold our brand values, which truly set Gap, Old Navy and Banana Republic apart as socially conscious brands."

The new report is designed around provocative questions highlighting the complex issues that Gap Inc. — and the entire apparel industry — faces and illustrates the company's commitment to ongoing dialogue and collaboration.

Visit: Gap Inc. [16 August 2007]

[16 August 2007]

EstÉe Lauder

Beauty News:
EstÉe Lauder Companies Reports 9% Full Year Net Sales Growth Company Achieves Diluted EPS from Continuing Operations of $2.16 Provides Fiscal Year 2008 Expectations
The Estée Lauder Companies Inc. [NYSE: E] reported $7.04 billion in net sales for its fiscal year ending on the 30th of June 2007, a 9 per cent increase over the $6.46 billion reported in the prior year.

Excluding the impact of foreign currency translation, net sales rose 7 per cent. The Company reported net earnings from continuing operations of $448.7 million, compared with $324.5 million last year. Diluted net earnings per common share from continuing operations for the year rose 45 per cent to $2.16, compared with $1.49 reported in the prior year. The prior year included $93.0 million, after-tax, or $.43 per diluted share, in special charges associated with the Company’s cost savings initiative and tax-related matters.

William P. Lauder, President and Chief Executive Officer, said, “Fiscal 2007 closed with sales topping the $7 billion mark on growth of 9 per cent and EPS of $2.16, which was above our initial estimates. This performance is particularly impressive in light of the substantial headwinds from retailer consolidations around the world. “I am also pleased with the progress we made on our strategic imperatives in fiscal 2007. Specifically, we further optimized our portfolio with the expansion of our fastest-growing brands. We achieved outstanding international growth in both established and emerging markets. In fact, all geographic regions and all product categories saw overall sales growth this year. Equally encouraging is that each of our product categories grew in each region. Distribution diversification continued through expansion in alternative channels, such as the Internet, European pharmacies and direct response television. Our profits also benefited from the cost initiatives we have been pursuing and we are encouraged with the successful pilot launch of our Strategic Modernization Initiative (“SMI”) at Aveda. We plan to build on that success in the coming years as we roll out SMI worldwide.” Lauder added, “Looking toward fiscal 2008, we are expecting another year of strong top-line growth and increased earnings, even as we continue our substantial investments in strategic imperatives. We remain active in the pursuit of new opportunities to build on our global success as illustrated by our recent acquisition of the Ojon hair care and skin care brand. Further expansion of our brands and continued development of the prestige beauty segment in emerging markets is fueling momentum internationally, where we see the largest potential.”

Visit: Estée Lauder [16 August 2007]

[15 August 2007]

Liz Claiborne Inc.

Liz Claiborne's classic design and signature accents combine with Best Buy's industry expertise and customer-focused philosophy to create a collection of consumer electronic accessories perfect for the stylish woman on-the-go. An extensive offering of laptop bags and sleeves, business totes, cell phone cases, MP3 cases and camera cases will be available in a variety of designs and fabrics, including luxe leathers, jacquard patterns and metallic and patent finishes. A complete assortment of collections and styles will be available this October (2007) in approximately 250 U. S. Best Buy store locations and at http://www.bestbuy.com.

"We view this partnership as an excellent opportunity to bring the Liz Claiborne aesthetic to the consumer electronics industry by creating fashionable accessories for the items we can't live without in this hi-tech world," said Dina Battipaglia, President, Liz Claiborne Accessories. "Best Buy is recognized for the variety and quality of its product offering and is a true leader in the marketplace."

"We know many of our customers want technology to be more than a simple necessity, they want their devices to reflect their sense of style," said Liz Haesler, Vice President at Best Buy. "By working with Liz Claiborne we are bringing new options to our customers who are looking for both function and fashion."

Retail prices will range from $24.99 to $199.99.

Visit: Liz Claiborne Inc. [15 August 2007]

[15 August 2007]

H&M

Sales increase per month, in per cent excluding currency rate changes, were as follows:

The figure in parenthesis represents the sales development in comparable stores.

H&M will publish its sales development for the month of August, together with the nine month report on the 26th of September 2007.

Visit: H&M [15 August 2007]

[13 August 2007]

London Retail Consortium

Kevin Hawkins, LRC Director, comments: “Tourism continues to widen the gap between booming sales growth in London and the declining trend elsewhere. Other helpful factors were the widespread discounting throughout the month and the heavy rainfall, which drove more shoppers into department stores. It will be some time before the direction of the underlying trend becomes clearer.”

Helen Dickinson, Head of Retail, KPMG, comments: “Given London was not so badly affected as other parts of the country by the poor weather in July, it is no surprise that central London, with like-for-like growth of 11.6 per cent, outperformed the rest of the UK. This out performance continues the trend seen in the capital over recent months highlighting the low base of previous years caused by the detrimental effects of the terrorist atrocities of 2005.”

Visit: London Retail Consortium | KPMG [13 August 2007]

[9 August 2007]

Neiman Marcus, Inc.

Neiman Marcus Reports July Revenues
In the four-week July period, comparable revenues in the Specialty Retail Stores segment, which includes Neiman Marcus Stores and Bergdorf Goodman, increased 5.7 per cent.

Revenue growth trends were the strongest in the Company’s stores in the Midwest, West and New York City. The merchandise categories in the Specialty Retail Stores segment that performed the strongest included: designer handbags, shoes, designer jewellery, dresses, women’s fine apparel and men’s.

Comparable revenues at Neiman Marcus Direct in the four-week July period increased 18.8 per cent. The top selling merchandise categories in the Direct Marketing segment included: shoes, handbags, jewellery, accessories, women’s contemporary sportswear and men’s.

Comparable revenues for Neiman Marcus, Inc. for the fourth quarter of fiscal year 2007 increased 7.0 per cent. For the fourth quarter of fiscal year 2007, comparable revenues in the Specialty Retail Stores segment increased 6.6 per cent, including a 4.9 per cent increase at Neiman Marcus Stores and a 16.7 per cent increase at Bergdorf Goodman. Neiman Marcus Direct fourth quarter fiscal year 2007 revenues were 9.0 per cent above last year.

The Company’s four-week reporting period is consistent with last year and reflects a 4-5-4 week fourth quarter.

Visit: Neiman Marcus Group [9 August 2007]

[9 August 2007]

TJX Companies, Inc.

Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc., stated, “Continuing our trend, July consolidated comparable store sales were above our expectations, underscoring our belief that customers find our values on brand name fashions compelling, even in difficult consumer environments. As we move into the beginning of the fall season, our stores offer a great mix of brands and fashions. With three months of consistently strong performance, we look forward to reporting operating results for the second quarter.”

The Company now expects second quarter earnings per share from continuing operations, excluding costs related to the previously announced computer intrusion(s), slightly above the high end of its previously expected range of $.34 to $.36. The Company continues to expect that second quarter earnings per share from continuing operations will be reduced by an estimated $.02 to $.03 for costs incurred during the second quarter related to the intrusion(s).

Visit: TJX [9 August 2007]

[9 August 2007]

bebe Stores Inc.

July marks sales gains for bebe stores
bebe stores, inc. (Nasdaq:BEBE) reported retail sales of $47.6 million for the four-week period ending on the 4th of August 2007, an increase of 4.8 per cent compared to sales of $45.4 million for the same period in 2006.

Same store sales decreased 6.3 per cent compared to an increase of 10.0per cent for July 2006.

As of the 4th of August 2007, Bebe's average finished goods inventory per square foot was approximately 1.5 per cent higher as compared to the prior year.

Visit: Bebe [9 August 2007]

[9 August 2007]

Gap Inc.

[9 August 2007]

Tiffany & Co.

Visit: Tiffany & Co. [9 August 2007]

[8 August 2007]

Perry Ellis International, Inc

2nd Quarter Results, marks a historical moment for Perry Ellis
Perry Ellis International, Inc. (NASDAQ:PERY) preliminary results, showed the Company anticipates total revenue for its second quarter (ending on the 31st of July 2007) will be approximately $195 million, compared to $171 million for the second quarter ending on the 31st of July 2006.

This represents an increase of approximately $24 million, or 14 per cent over the Company's total revenues for the prior year period. George Feldenkreis, Chairman and CEO, commented, "According to our preliminary results, we finished the strongest second quarter in the history of the Company. Based on the positive momentum across all of our business platforms, especially Perry Ellis at department stores and the excellent performance of our other brands, we expect fiscal 2008 to represent a record year for Perry Ellis International."

Visit: Perry Ellis International, Inc.[8 August 2007]

[8 August 2007]

Abercrombie & Fitch

— Hollister Co. comparable store sales decreased 7 per cent

— RUEHL comparable store sales increased 7 per cent

Abercrombie & Fitch operates from 358 Abercrombie & Fitch stores, 186 abercrombie stores, 416 Hollister Co. stores and 17 RUEHL stores in the United States at the end of fiscal July.

Visit: Abercrombie & Fitch [8 August 2007]

[8 August 2007]

Polo Ralph Lauren

[8 August 2007]

Polo Ralph Lauren

[7 August 2007]

True Religion Apparel Inc.

True Religion Apparel Reports Expanding Consumer Direct Division & other goodies
True Religion Apparel, Inc. (Nasdaq:TRLG) financial results for the second quarter ending on the 30th of June 30, 2007 showed Net sales for the quarter were $35.7 million, increasing 16.3 per cent from $30.7 million in the 2006.

True Religion's consumer direct division, which includes the company's branded retail stores and e-commerce operation, increased its net sales significantly to $6.5 million versus $0.7 million in the second quarter of 2006. The increase primarily reflects the expansion of retail stores, with six full-price stores and two outlets open in the second quarter of 2007.

Last year, the company had one full-price store open in the second quarter. Sales in the company's U.S. wholesale segment were $24.4 million versus $22.2 million last year. The international wholesale business posted sales of $4.7 million versus $7.8 million in the comparable period in 2006, due partly to an anticipated year-over-year decrease in sales to Japan and the United Kingdom, as well as an earlier start of Fall shipments in 2006 versus 2007.

Primarily reflecting strong net sales growth in the consumer direct segment, gross profit in the 2007 second quarter increased to $20.4 million from $16.4 million in the second quarter of 2006. Additionally, given the company's high gross margins of 75.5 per cent in its consumer direct segment, second quarter 2007 consolidated gross margin grew to 57.1 per cent compared with 53.2 per cent in the same period last year. Jeffrey Lubell, Chairman and Chief Executive Officer of True Religion Apparel said: "We have hit the mid-year point with great stride, with growth on several fronts as we continue our strategy toward becoming a global aspirational brand known worldwide for superior denim and an innovative collection of casual luxury fashion and accessories." He added, "Our branded retail business is prolific with enviable sales and margins, and we are above plan with 15 stores targeted by year end. Also during the quarter, we added two key new executives, our VP for real estate development and our general counsel. On the product front, we announced licensing deals for handbags and swimwear and recently signed a new deal for a fragrances line. Looking ahead, we see a strong selling season as we introduce the newest elements of our fall collection and our first licensed products to our customers."

Visit: True Religion Apparel, Inc. [7 August 2007]

[7 August 2007]

Urban Outfitters Inc.

sales in Urban Outfitters stores grow
Urban Outfitters, Inc. (Nasdaq:URBN), Total Company sales for the second quarter increased by 22 per cent (over the same period last year) to a record $348.5 million. Total Company comparable store sales grew 5 per cent driven by strong increases of 14 per cent and 28 per cent at Anthropologie and Free People stores respectively. Direct-to-consumer sales leaped 35 per cent and Free People Wholesale sales improved 28 per cent for the quarter. Urban Outfitters comparable store sales decreased 3 per cent for the quarter.

"All of our channels of distribution except the North American Urban stores delivered strong sales during the quarter," said Richard A. Hayne, Chairman and President. "The Anthropologie brand continued its turnaround by posting double-digit 'comp' store sales gains while the Free People brand and Direct businesses all posted extraordinary results. We understand the issues confronting Urban, NA and are confident that the recent changes in merchandise strategy and personnel will have a positive impact on their future sales productivity," added Mr. Hayne.

The Company has opened a total of 11 new stores during the first six months of this fiscal year. The Company expects to open approximately 38 new stores during the full fiscal year.

Visit: Urban Outfitters Inc. [7 August 2007]

[7 August 2007]

Abercrombie & Fitch

[7 August 2007]

British Retail Consortium

LESS SPENDING, MORE RAIN
UK retail sales rose 1.2 per cent on a like-for-like basis, compared with July 2006, when sales were up 3.4 per cent. July’s growth was the weakest since November 2006 and half the monthly average for the second quarter.

The three-month trend rate of growth fell to 2.1 per cent from 2.5 per cent in June, for like-for-like sales, and to 4.1 per cent from 4.6 per cent for total sales, reflecting the continuing growth of retail space.

As in June, sales patterns were distorted by exceptional weather both this July and last July, as well as last year’s World Cup. Food sales fell against last year’s heatwave and World Cup. The torrential rain this year continued to hit clothing and footwear, DIY and gardening, but benefited department stores and out-of-town centres. Growth in homewares and furniture slowed and was still largely discount-driven.

Consumer spending is being squeezed by interest rates. Plans to buy big-ticket items have been scaled down and heavy discounts are often needed to attract customers.

Kevin Hawkins, Director General, BRC comments: "The combination of a tightening squeeze on consumer spending and heavy rainfall reduced like-for-like sales growth to a level not seen since last November, despite heavy discounting and falling retail inflation. Given these conditions, the Bank of England should now wait and see what happens over the next few months before doing anything further with interest rates."

Helen Dickinson, Head of Retail, KPMG comments: "They said that July 2006 was the hottest on record and July 2007, the wettest. We are also seeing lower demand growth, given ongoing pressures on disposable incomes.  Against this backdrop, the two powerhouses behind UK retail — the food and drink and the clothing and footwear sectors, which together account for over half our spending — had a very disappointing month.  This is on the back of a similar situation in June.  The only reason the overall like-for-like figures for July were not negative was due to spending levels in the remaining sectors holding up."

Dr. Gavin Cameron, Reader in Macroeconomics, Oxford University, comments: “After last week’s decision by the Bank of England to keep interest rates unchanged, there is some uncertainty about future interest rate movements. Most forecasters are expecting at least one more rise, probably next month; with some forecasters predicting further rises stretching into next year.

Having had five rate rises since last Summer, economic prospects are equally uncertain. Recent problems in global financial markets threaten to reduce the growth prospects of the UK economy, and there are some signs of a slowdown in the housing market and the high street. There is a danger that a continued rise in oil prices, coupled with firm consumer spending, will lead to more interest rate rises; while world market turbulence leads to a slowdown in financial services and exports. The Bank of England may have to adopt a cautious approach in the next few months in order to avoid monetary overkill. If food and energy price rises can be explained as only temporary aberrations, then the Bank is not obliged to respond with tighter monetary policy.”

Visit: BRC | KPMG | Dr. David Cameron [7 August 2007]

[6 August 2007]

Tiffany & Co.

Michael Kowalski, Chairman and Chief Executive Officer of Tiffany, said, "We are pleased to announce this Judgment. Trademark counterfeiting severely damages brand owners and consumers alike. The way to stop it is to take aggressive action against the counterfeiters and make them pay, criminally as well as civilly. That's what happened in this case which should send a message to anyone trying to sell counterfeit Tiffany merchandise."

Starglam had been distributing counterfeit silver Tiffany merchandise, some of which was purchased in Asia and some on Canal Street in New York. The government brought proceedings against the Canal Street seller who was prosecuted and convicted.

Starglam sold the counterfeits on the internet, including on eBay. Tiffany has a civil action awaiting trial in Federal Court in New York against eBay because of the large amount of counterfeit Tiffany silver merchandise that has been sold on eBay auction sites.

Arnold & Porter LLP represented Tiffany in the Starglam and eBay cases.

Visit: Tiffany & Co. [6 August 2007]

[6 August 2007]

Amazon.com

Amazon.com Launches Jewellery & Watches Stores Internationally
Amazon.com's (Nasdaq:AMZN) dominance on the internet is set to get even bigger due to the company launching its Amazon.com Jewellery & Watches store, to millions of Amazon customers in the United Kingdom, Germany and Japan.

Through the recent launches of the Jewellery & Watches store on Amazon.co.uk, Amazon.de and Amazon.jp, international customers can now experience purchasing jewellery and watches online the Amazon way — with ease and convenience, great selection and low prices.

"We are thrilled to be able to offer our international customers the opportunity to purchase jewelry and watches online," said Peter Lai, Director, Amazon.com Jewellery & Watches. "Customers love Amazon.com's outstanding selection and low prices, and we know our customers in the United Kingdom, Germany and Japan will too."

In addition to these new launches, Amazon.com's second quarter 2007 jewellery sales increased significantly with diamond sales increasing 260 per cent, colour gemstones sales increasing 169 per cent and sterling silver sales increasing 107 per cent. And with the addition of new brands such as Miss Sixty, Crislu and Sajen, Amazon.com's Jewellery & Watches store saw its most successful Mother's Day to date.

Women's watch sales increased 100 per cent, citing top-selling brands such as Movado, Cartier, Omega, Tag Heuer, Baume Mercier and Invicta. Amazon.com's Watch store also expanded its brand selection by adding Avirex, Marc Ecko, Nautica, Elle, Penguin and Technomarine.

Visit: Amazon [6 August 2007]

[6 August 2007]

True Religion Apparel Inc.

True Religion Hits the Jackpot with 3 Branded Stores in Las Vegas
True Religion Apparel, Inc. (Nasdaq:TRLG), plans to open not one but three new True Religion branded stores in Las Vegas.

Spanning more than five miles of Las Vegas, the three True Religion stores will be located in the Fashion Show Mall, the Miracle Mile Shops at Planet Hollywood and in the Las Vegas Premium Outlets. Together they will comprise of more than 5,000 sq. ft. of retail space. Since each new branded store will showcase the entire collection of True Religion apparel, including the expanding line of denim, denim-related sportswear and its entire collection of licensed products, virtually every local and visitor will have the chance to find their perfect True Religion.

"With more than 38 million visitors traveling to Las Vegas from around the world every year, Las Vegas provides us with a huge opportunity to bring our expanding line to an even greater number and more eclectic group of global customers," said Jeffrey Lubell, Chief Executive Officer of True Religion Apparel.

"All three Las Vegas locations cater to different local and visiting clientele, providing multiple avenues to serve the True Religion customer," said Michael Buckley, President. "With two of these new locations opening before year end, we expect to end the year with a total of 15 locations strategically selected based on sales volume, customer traffic and overall fit with the True Religion brand. We remain confident that our True Religion branded stores will be a financial success."

Visit: True Religion [6 August 2007]

[3 August 2007]

Benton Group

United Brands of Benetton Deliver strong results
The Benetton Group's preliminary results for the first half of the year, showed the company had achieved consolidated revenues of €990 million, up 10.2 per cent compared with €898 million in the first half of 2006. The company's EBITDA figure was €151 million, a 14.8 per cent increase compared with 132 million in the same period of 2006 — the increase equates to 15.3 per cent of revenues. The Group's EBIT amounted to €107 million, a 20.4 per cent increase compared with 89 million in the first half of 2006, which is equivalent to 10.8 per cent of revenues.

These key preliminary figures, confirm the company’s growth objectives which is attributable to all the Group's brands. (i.e. United Colors of Benetton Adult and United Colors of Benetton Children and by the acceleration of the Sisley brand).

Benetton's latest project, Playlife, has also received a positive response from consumers as well as Sisley and Undercolors, recently launched, whose contribution (the company says) will continue to increase in the next months. Playlife's positioning and new collection, recorded a growth of 30 per cent compared with Spring/Summer 2006. The target of 30 store openings in 2007 has been exceeded, taking to 50 the number of new stores now forecast for the current year, with the new “Academy” concept.

At present, the Benetton Group trades from 5,540 stores worldwide, an increase of 348 compared with the same period of 2006.

Visit: Benetton Group [3 August 2007]

[2 August 2007]

Tiffany & Co.

TIFFANY TO SELL ITS LITTLE SWITZERLAND BUSINESS
Tiffany & Co. (NYSE - TIF) reported that one of its subsidiaries has entered into an agreement with NXP Corporation for NXP to purchase 100 per cent of the stock of Little Switzerland, Inc. NXP operates retail stores under the brands "Jewels" and "Azura by Jewels" in the Caribbean offering branded jewellery and watches.

The loss related to this transaction is expected to reduce Tiffany's after-tax earnings in the second quarter, ending on the 31st of July 2007, by approximately $0.15 - $0.18 per diluted share. The Company expects to complete the transaction on or about the 31st of August 2007.

Earlier this year, the Company had disclosed that it had hired Evercore Group L.L.C. to assist management in exploring various strategic alternatives related to Little Switzerland.

The Company expects to report its second quarter results on the 30th of August 2007.

Visit: Tiffany & Co. [2 August 2007]

[2 August 2007]

The Workwear and Corporate Clothes Show

Newbery, who has experience in sourcing, supply chain management, retail logistics and seasonal merchandise planning, will be giving an overview of the industry as it stands today. Visitors will also be invited to a buyers' champagne cocktail party, which will feature a buffet, drinks and entertainment.
 
Lorne Cheetham, Joint Managing Director of Corporate Clothes Show LLP says; “This is an industry that produces some of the most innovative and design-led workwear, uniforms, PPE and corporate clothing in the world.  Half of the UK's working population wears some kind of work-specific clothing yet there was, astonishingly, no major exhibition for the UK market — until now! The show will illustrate how diverse the industry is. We hope to represent every spectrum of workwear suitable for every walk of life, from corporate tailored suits, to high-vis reflective gear, to nursing uniforms, protective equipment, boiler suits, hard hats, or chef’s whites. It is therefore going to be a highly colourful and interesting show which we aim to be the definitive event for the industry.”
 
Yvette Ashby of director- e, and Joint Managing Director of Corporate Clothes Show LLP comments; “This will be a prestigious exhibition — for a dynamic industry. Capitalising on the combined resources and expertise of director-e and Ocean Events, the Workwear and Corporate Clothes Show will personally target more than 200,000 buyers, directors, sourcing and procurement managers and all other personnel with direct purchasing influence in relevant businesses.  Featuring over 100 exhibition stands, catwalk fashion shows and demonstrations, the show is planned to be stylised and experiential, creating a professional, resourceful yet enjoyable forum for effective business exchange. ”
 
The Workwear & Corporate Clothes Show is set to attract key buyers from a myriad of different business sectors, workplaces and industries — from hotel groups and healthcare to retail and railways.
 
Visit: Work Wear Show [2 August 2007]

[2 August 2007]

Timberland

[1 August 2007]

True Religion, Inc.

True Religion Signs Fragrances License
True Religion Apparel, Inc. (Nasdaq:TRLG) has signed a licensing agreement with Selective Fragrances dba New Wave Fragrances, a manufacturer and worldwide distributor of fine fragrances and beauty-related products. In one of the company’s widest opportunities for product distribution, the True Religion brand fragrances for women and men will launch worldwide in fall 2008 in True Religion branded stores, national department stores such as Neiman Marcus, Saks Fifth Avenue, Nordstrom, Bloomingdale’s, and Barneys New York, and more than 1,000 specialty stores, including Sephora and Ulta. Additionally, the company is planning an international rollout to Europe, Japan, Korea, Canada, Mexico, Australia and South America, as well as duty-free stores in the U.S. and Caribbean.

“We are very excited to partner with Selective Fragrances to add fragrances to our expanding line of licensed True Religion products,” said Jeffrey Lubell, Chairman and Chief Executive Officer. “Selective’s breadth of knowledge and artistic vision made a great impression on our team, and they now have a rich palette of almost two dozen potential scents in preliminary development stages. We are confident that this new partnership will result in two unique fragrances and accompanying packaging that capture the spirit of California bohemian chic that evokes the iconic True Religion brand.”

“The sales potential for a fragrances line represents a tremendous opportunity for our company and brand and stands to be our largest license,” said Michael Buckley, President. “With Selective dedicated to spending approximately 20 per cent of sales on direct consumer advertising and marketing, this agreement will further secure True Religion as a premium aspirational brand and substantially increase consumer awareness and customer demand when the advertising campaign kicks off in fall 2008.”

Selective Fragrances’ team of industry veterans brings more than 60 years of combined experience in the fragrance and bath/body product lines, from companies such as Parlux Fragrances, Charles of the Ritz, Orlane, Max Factor and Alfin. Selective Fragrances is working exclusively with master perfumers from Givaudan, the world’s largest essential oil producer for fine fragrances, to produce the True Religion signature fragrances.

The packaging of the new True Religion Brand fragrances will be designed through the collective efforts of Jeffrey Lubell, True Religion’s chief merchant, and Selective Fragrances’ design team.

Visit: True Religion Brand Jeans [1 August 2007]

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