Published reports show that stationery retailer Staples has seen weaker-than-expected quarterly results due to poor sales in Europe. European sales fell six percent in stores open at least a year, while the group’s net earnings fell to $102.5 million (£64.9 million) in the second quarter that ended 3rd August from $120.4 million.
According to newspaper reports, cataloguer Abercrombie & Fitch has seen comparable sales and profit fall below Wall Street expectations. Comparable sales, which include online sales and sales at stores open at least a year, fell 10 percent in the second quarter, ended 3rd August, while analysts expected a drop of around 2.5 percent. Revenue in the second quarter also fell by one percent to $945.7 million, again below analyst predictions of revenue being around $996.2 million. A bright spot for Abercrombie & Fitch was that international revenue rose 15 percent.
Gap has announced a higher second-quarter profit, helped by the sales gains at its namesake and Old Navy chains and online, which has led to the fashion retailer raising its full-year profit forecast. It is believed Gap now expects a profit for the year ending in February 2014 of $2.57 to $2.65 per share, five cents above its previous range.