Our December department store sales were disappointing, which we think is attributable at least in part to heightened consumer concerns over a slowing economy.
This was a solid third quarter for Federated, propelled by strong sales and earnings in our department store segment and a level of performance in our direct-to-customer catalog and e-commerce businesses that was in line with what we had anticipated, ... We are entering the fourth quarter with our inventories in good shape, and we remain optimistic that it will be a good retail Christmas season.
Our direct-to-customer business results were mixed, but we think the strategic direction initiated in 1999 has Federated well positioned to capitalize on the potential of this segment, particularly in the rapidly growing e-commerce arena.
Since implementation is always a wild card as China struggles to build nationwide uniformity in the legal system, there will always be concerns about inconsistent or selective application of the law.
These sales declines will result in significant markdowns, which will be booked in the third and fourth quarters.
China realizes that the world is watching and it must play fair in the implementation of the Anti-monopoly Law, ... Given the long history of state-managed enterprises and protectionism, it still is going to take time for China to fully accept cross-border mergers and acquisitions.
Copyright © 2024 Electric Goat Media. All Rights Reserved.