That of Thursday's was an eclectic session, with a new spell of corporate news affecting trading in main international markets and the shadows over the eurozone's recovery overflying primary stock exchanges in the Old Continent.
Urban Outfitters said that weaker-than-expected sales may reduce profit this quarter, sending the stock down 18 percent after the markets closed.
In the meantime, in London, John Lewis reported a sales increase of 12.9 percent as cooler weather sets in. This was welcome news as the FTSE All-Share has fallen 7 percent since September, 13, recalled the ‘InvestorsChronicle’. And over the week, markets have reacted fiercely against some of evidence that the eurozone might be slipping back into recession. The spell of lacklustre trading updates this week has done little to dispel the gloom, with Mulberry and Burberry being the main stocks in focus within the fashion and apparel sector.
Across the Pond, Under Armour appointed the head of Neiman Marcus Group as a company director. The Baltimore-based sports apparel maker announced Thursday that Karen W. Katz, 57, president and CEO of the international, multi-brand luxury retailer, will join its board of directors.
Meanwhile, Burlington Stores (NASDAQ:BURL) VP Paul C. Tang unloaded 50,000 shares of the stock in a transaction that occurred on Friday, October 10th. The stock was sold at an average price of 38.10 dollars, for a total value of 1,905 million dollars. Following the completion of the transaction, the vice president now directly owns 203,198 shares of the company’s stock, valued at approximately 7,741,844 dollars. The sale was disclosed in a filing with the Securities & Exchange Commission.
Elsewhere, Walmart Stores announced that it expects an increase in global e-commerce sales of around 25 percent in fiscal year 2016, and anticipates growth over the three-year period from fiscal years 2016 through 2018 to average 30 to 40 percent.
Charles Holley, Walmart’s CEO outlined the company’s financial priorities for growth and detailed investment and expansion plans for fiscal year 2016. “Our business and customers continue to evolve and so will the way we deploy capital. We will invest more heavily in e-commerce initiatives, while temporarily moderating our global physical growth, particularly larger stores,” Holley explained.