Abercrombie & Fitch CEO Plans to Expand with Men's Suit Collection After Women's Wedding Attire Success from futa strap on growth Watch Video

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✓ Published: 31-May-2024
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Abercrombie & Fitch CEO Fran Horowitz wants to capitalize on the success of the company's women's wedding attire business by launching a new men's suit collection. The company's first quarter same-store sales rose by double digits for both its Abercrombie & Fitch and Hollister brands, beating analyst estimates. Profit margins also expanded significantly. Analysts were impressed with Abercrombie & Fitch's ability to sell products at full price and control inventory in the current retail environment. The company plans to open more stores in the US by the end of the year and ramp up growth initiatives in international markets like Germany and the UK. Shares of Abercrombie & Fitch jumped 22%.

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Abercrombie & Fitch CEO Fran Horowitz wants to capitalize on the success of the company's women's wedding attire business by launching a new men's suit collection. The company's first quarter same-store sales rose by double digits for both its Abercrombie & Fitch and Hollister brands, beating analyst estimates. Profit margins also expanded significantly. Analysts were impressed with Abercrombie & Fitch's ability to sell products at full price and control inventory in the current retail environment. The company plans to open more stores in the US by the end of the year and ramp up growth initiatives in international markets like Germany and the UK. Shares of Abercrombie & Fitch jumped 22%.
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Salesforce shares fell 18% after the company reported fiscal first-quarter revenue that missed estimates for the first time since 2006 and provided lighter-than-expected guidance. Revenue for the quarter increased 11% but still came in below analysts' estimates. Guidance also came in below estimates. Analysts said broader macroeconomic challenges impacted Salesforce's performance during the quarter more than expected. Execution issues and changes to their go-to-market strategy also played a role. Analysts remain optimistic about Salesforce's long-term prospects, especially around their investments in generative AI and how it could drive future growth.
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Ronaldinho made a stunning surprise appearance at Powerleague in Shepherd's Bush during a visit to London with Nike on Friday.<br/><br/>The all-time great was mobbed by stunned spectators after arriving at the West London venue in an eye-catching pink Rolls-Royce emblazoned with the Nike tick.<br/><br/>After stepping out of the vehicle, he was escorted onto one of the pitches and took part in a rowdy event that saw budding footballers trying their luck at goal.<br/><br/>The Barcelona and Brazil legend held aloft a vibrant pink suitcase and appeared to have a state-of-the-art boot, also in the same shade of pink, strapped to his jacket.<br/><br/>He was in town to launch the brand new Nike 'Mad Brilliance' collection. <br/><br/>The sportswear giants have coated their Air Zoom Mercurial, Phantom, and Tiempo Legend ranges in pink hues certain to stand out when worn on pitches worldwide.<br/><br/>Ronaldinho's brief London adventure ensured the latest range from his sponsors, which was placed on sale on May 27, was handed the ultimate seal of approval.<br/><br/>A large crowd had gathered in Oxford Circus to watch the 44-year-old's bombastic arrival, with countless phones held aloft to capture the memorable moment.<br/><br/>Ronaldinho, meanwhile, is set to feature at a new over-35s World Cup competition alongside other football legends - with matches penciled in for this summer.<br/><br/>Plans, as first revealed by Mail Sport, are in place to launch an eight-team tournament including England, Argentina, Brazil, France, Germany, Italy, Spain, and Uruguay - the past champions of the regular FIFA World Cup. <br/><br/>Under the proposals, only players who are aged 35 and above and have been capped by their country or made 100 top-flight appearances are eligible to take part.<br/><br/>The provisional squads were circulated and included five former Ballon d'Or winners - Michael Owen, Kaka, Ronaldinho, Rivaldo, and Fabio Cannavaro.<br/><br/>The quarter-finals are scheduled to be played on June 4 and June 5 with the semi-finals on June 8 before the final on June 11 - ahead of the start of Euro 2024.
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<p>On this episode of Yahoo Finance Future Focus, our host Brian McGleenon speaks with Alex Pollak, head of UK for 21Shares, about the current investor appetite for bitcoin exchange-traded funds in the US and Hong Kong, as well as the debut of bitcoin and ether exchange-traded notes (ETNs) on the London Stock Exchange (LSE).<br><br>Pollak said the listing of bitcoin and ether ETNs in London could mark a significant step towards establishing the UK as a leading crypto hub in Europe. He also discussed how the FCA's phased approach to opening the crypto market could transform the UK's financial landscape.<br><br>Despite the potential for developing the UK's digital asset market, Pollak notes that the new ETNs are currently accessible only to professional investors. He highlights that \
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US economic growth in the first quarter was revised down slightly from an initial estimate of 1.6% to 1.3% on an annualized basis. Consumer spending, a key driver of growth, increased slower than previously estimated as spending on goods declined. Inflation remained elevated above a 3% annual rate, driven partly by higher energy and food costs. Core inflation rose to 3.6%. Services spending growth remained solid at 3.9%, the strongest since mid-2021. The outlook remains uncertain as inflation exceeds the Fed's 2% target, potentially delaying planned rate cuts.
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American Eagle reported fiscal first-quarter net income that quadrupled from the year-ago period. While profit increased significantly, revenue growth of 6% was slower than analysts' expectations of more than 7% growth. For the full fiscal year, AEO expects revenue growth of 2 to 4%, slightly below analysts' estimates. AEO is focusing on revamping its product assortment by removing underperforming items and focusing on top categories. The company recently remodeled some American Eagle stores with a new design that is driving better results.
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Leeds-based TV and domestic appliance manufacturer Hisense still has “lots of space for growth” after recently surpassing £300m in annual revenue, the firm's UK vice-president has told The Yorkshire Post. <br/>The British arm of the Chinese technology giant launched in this country in 2012 with an initial focus in this country on selling fridges. But in the years since it has substantially expanded its product range including offering state-of-the-art televisions.<br/><br/>In its recently published annual results for 2023, the company recorded revenue of £300.4m, 25 per cent on 2022. Profit stood at £2.3m, 43 per cent higher than the previous year.<br/><br/>The British operation is a small cog in a much bigger wheel, with Hisense having around 100,000 employees globally, a turnover of almost $30bn and its own vast research and development centres across the world.<br/><br/>Meeting The Yorkshire Post at the company’s impressive new offices and showroom at the White Rose Office Park, vice-president Howard Grindrod  said the UK operation is already on course to beat the 2023 revenue figure in 2024 and sees further growth on the horizon.<br/><br/>\
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Seen as a healthy snack or a dairy alternative, Australians are turning to almonds like never before, and for the first time the home-grown crop looks set to crack the billion-dollar barrier. The growth of the industry is not just changing diets, it is also re-shaping Australian farms. But on such a dry continent there are questions about how such a thirsty crop came to be.
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