Economic growth will top 3% again next year, Trump advisor Hassett says

U.S. economic growth will defy expectations again in 2019 thanks to a business investment boom and President Donald Trump's trade strategy, White House economic advisor Kevin Hassett said Wednesday.
Economy

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Abercrombie & Fitch On Track To Deliver Top-line Growth For FY18 – Quick Facts

Abercrombie & Fitch Co. (ANF) announced, for fiscal 2018, the company expects: net sales to be up in the range of 2% to 4%, including the adverse effect from the loss of fiscal 2017’s 53rd week of approximately $ 40 million, partially offset by a benefit from foreign currency exchange rates of approximately $ 10 million. Comparable sales are to be up in the range of 2% to 4%. The company projects gross profit rate to be up slightly from the fiscal 2017 rate of 59.7%.
RTT – Earnings

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Johnny Was Continues Growth Push With Swim

Johnny Was has launched into swim in a move outlined a little over a year ago by its chief executive officer, who is looking to grow the business through new categories and store expansion.
Private equity firm Endeavour Capital a little more than three years ago invested in the business, which was founded in 1987, with the new capital fueling this latest growth strategy.
The latest example of this is Friday’s launch of swimwear for resort 2019. The offering will be rolled out to some 150 specialty stores in addition to Neiman Marcus, which is serving as the exclusive luxury major partner for the launch.
The 25-piece collection, which is being produced in-house rather than through a licensing firm, offers sizes up to 3X. That’s the same ceiling as the ready-to-wear line. Retail pricing ranges from $ 88 to $ 298.
The extension into swim was an obvious one for the brand, which has built a business around color, print and embroidery, said vice president of wholesale sales and merchandising Meg Doepke.
“Our customers have been asking us to do that for years and we did see a void in the market for colorful, flattering swimwear that fits real women, but doesn’t look too matronly,” Doepke went

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Trade tariffs, higher interest rates are slowing global economic growth, OECD says

Amid prolonged trade disputes and rising interest rates, the global economy will continue to slow down next year, according to the OECD's latest forecasts. But the Paris-based group doesn't see a recession on the horizon. 
World News & Analysis

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Nordstrom shares slide amid weak sales growth

Shoppers love Nordstrom — as long as they get a deal. The upscale department store posted anemic sales growth of 0.4 percent at its full-price stores while sales at its discount chain, Nordstrom Rack, shot up 5.8 percent in the third quarter. Nordstrom’s overall comparable sales growth of 2.3 percent was just shy of Wall…
Business | New York Post

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Uber posts $1B quarterly loss as bookings growth slows

Uber Technologies said on Wednesday that growth in bookings for its ride-hailing and delivery services rose 6 percent in the latest quarter, the third quarter in a row that growth has remained in the single digits after double-digit growth for all of last year. The San Francisco-based firm lost $ 1.07 billion for the three months…
Business | New York Post

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Fed Leaves Rates Unchanged, Notes Slowdown In Business Investment Growth

After raising rates by a quarter point at its previous meeting, the Federal Reserve announced its widely anticipated decision to leave interest rates unchanged following a two-day meeting ending on Thursday. The Fed decided to maintain the target range for the federal funds rate at 2 to 2.25 percent.
RTT – Top Story

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China says must balance stable growth and risk prevention

China must balance the need for stable growth while managing risks and maintain a prudent and neutral monetary policy, the State Council, the country’s cabinet, said on Sunday following a meeting of top economic and financial policymakers.


Reuters: Business News

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Netflix posts huge gains as subscriber growth soars

Popular returning series like “Marvel’s Luke Cage” and an influx of new international content helped Netflix smash Wall Street’s third-quarter earnings and subscriber growth expectations. The streaming behemoth said Tuesday that its subscriber base grew by nearly 7 million in the quarter, led by the addition of 5.9 million new users abroad. Netflix, which expects…
Media | New York Post

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Frederic de Narp Talks Growth, Brand Strategy in Tokyo

TOKYO — Bally launched its latest artist collaboration at its flagship in Ginza here on Wednesday, unveiling a series of limited-edition products while hosting the opening of an exhibition by London-based street artist Shok-1. The project is the second in a series of artist collaborations curated by music producer Kasseem Dean, who goes by the name Swizz Beatz.
Frédéric de Narp, chief executive officer of the Swiss brand, began his career in Japan and still retains a high level of admiration for the country and its culture. He said that his decision to have a creative collective — rather than a single creative director — head Bally’s design activities was inspired by the country he once called home.
“This creative collective mindset, for me, was born in Japan. This is what I wanted to learn from the Japanese culture, what belongs to the Japanese culture, and what the Japanese are the best at,” he said. “This sort of respect and working together as a group, it’s a cliché, but it is true. And it’s not a fact of a one-woman show or a one-man show. It’s a fact of a group, and I believe in this, especially for a brand that has

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Tech stocks prop up Wall Street amid global growth worries

The S&P 500 and the Nasdaq rose for the first time in four days on Tuesday, boosted by a rebound in technology stocks, but gains were kept in check after the International Monetary Fund said the Sino-U.S. trade war would slow global growth.


Reuters: Business News

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Gucci boss reassures staff over looming era of slower growth

The head of Gucci has reassured shop staff over a looming slowdown in the pace of sales growth after a revenue explosion at the Kering -owned label, according to an internal video message seen by Reuters.


Reuters: Business News

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