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Ferragamo’s Revenues Fell 1% in First Quarter, Dragged by Weak Sales in Asia

A woman walks past a Salvatore Ferragamo shop in Singapore May 19, 2017. (Reuters)
A woman walks past a Salvatore Ferragamo shop in Singapore May 19, 2017. (Reuters)
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Ferragamo’s Revenues Fell 1% in First Quarter, Dragged by Weak Sales in Asia

A woman walks past a Salvatore Ferragamo shop in Singapore May 19, 2017. (Reuters)
A woman walks past a Salvatore Ferragamo shop in Singapore May 19, 2017. (Reuters)

Italian luxury group Salvatore Ferragamo reported on Wednesday a 1% decline in sales at constant exchange rates for the first quarter, due to weak sales in the Asia Pacific region.

The company, currently without a CEO after the exit of Marco Gobbetti two months ago, posted revenues of 221 million euros ($247.50 million) in the quarter, slightly below a Visible Alpha analysts' consensus of 223 million euros.

"The difficult macroeconomic environment, weighing on consumers' confidence, impacted the first quarter's performance, driving a decrease in traffic, only partly offset by higher conversion rate and increase in the average ticket," the group said in a statement.

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Fashion

H&M's Q1 Profit Grows More Than Expected, Sees March Sales Up 1%

FILE PHOTO: A Swedish flag hangs outside a business on a street of the old city of Stockholm, Sweden, February 24, 2024. REUTERS/Tom Little/File Photo
FILE PHOTO: A Swedish flag hangs outside a business on a street of the old city of Stockholm, Sweden, February 24, 2024. REUTERS/Tom Little/File Photo
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H&M's Q1 Profit Grows More Than Expected, Sees March Sales Up 1%

FILE PHOTO: A Swedish flag hangs outside a business on a street of the old city of Stockholm, Sweden, February 24, 2024. REUTERS/Tom Little/File Photo
FILE PHOTO: A Swedish flag hangs outside a business on a street of the old city of Stockholm, Sweden, February 24, 2024. REUTERS/Tom Little/File Photo

Swedish fashion retailer H&M reported on Thursday a slightly bigger rise than expected in December-February operating profit, and predicted March sales would be up 1% in local currencies.

"Towards the end of the quarter our well-received spring collections contributed to a positive sales trend, which also continued into March," CEO Daniel Erver said in a statement.

Operating profit in H&M's fiscal first quarter, ⁠which includes the key ⁠Christmas shopping period, rose for a third consecutive quarter to 1.51 billion crowns ($162 million) from a year-earlier 1.20 billion and a mean forecast in an LSEG poll of analysts of 1.39 billion, on an organic sales decrease of 1%.

The rival ⁠to Inditex in January flagged that local-currency sales in the first two months of the quarter were down 2%.

According to Reuters, H&M said it is closely monitoring developments in the Middle East and the implications for global trade.

"With good flexibility in the supply chain and a low proportion of air freight, there are opportunities to adapt the flow of goods to changed conditions," it said. "Middle Eastern markets account for a ⁠small portion ⁠of the company’s total sales and the markets are operated through franchise partners."

On February 28, the United States and Israel launched coordinated strikes against Iran. Iran has in response launched strikes against Israel, US bases and Gulf states.

It has attacked vessels and infrastructure throughout the Gulf region and effectively closed the Strait of Hormuz, hitting global supply chains and causing soaring energy costs, raising concern over war-driven inflation and potential impact on consumer demand.

Fashion

Next Says UK Sales Have Held Up Since Iran War Started

Women tour a popular outdoor shopping mall in Beijing, China, Sunday, March 8, 2026. (AP Photo/Andy Wong)
Women tour a popular outdoor shopping mall in Beijing, China, Sunday, March 8, 2026. (AP Photo/Andy Wong)
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Next Says UK Sales Have Held Up Since Iran War Started

Women tour a popular outdoor shopping mall in Beijing, China, Sunday, March 8, 2026. (AP Photo/Andy Wong)
Women tour a popular outdoor shopping mall in Beijing, China, Sunday, March 8, 2026. (AP Photo/Andy Wong)

British clothing retailer Next has not seen a noticeable drop off in UK sales since the US-Israeli war on Iran started at the end of February, its boss said on Thursday.

"Eight weeks, ⁠including the war ⁠weeks, have been good in the UK," CEO Simon Wolfson told Reuters after Next published full-year ⁠results.

He said sales in the Middle East, which account for about 6% of the group's annual turnover, fell "dramatically" in the first few days of the war and demand remains "suppressed.”

Wolfson said if ⁠Next ⁠did have to raise prices around June or July to make up for higher costs caused by the war, the increases would only be 1% to 2%.

Fashion

Primark to Open First Dubai Store

A woman speaks on her mobile phone as she browses a shop for new clothes ahead of the start of the Eid al-Fitr festival in Dubai on March 16, 2026. (Photo by AFP)
A woman speaks on her mobile phone as she browses a shop for new clothes ahead of the start of the Eid al-Fitr festival in Dubai on March 16, 2026. (Photo by AFP)
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Primark to Open First Dubai Store

A woman speaks on her mobile phone as she browses a shop for new clothes ahead of the start of the Eid al-Fitr festival in Dubai on March 16, 2026. (Photo by AFP)
A woman speaks on her mobile phone as she browses a shop for new clothes ahead of the start of the Eid al-Fitr festival in Dubai on March 16, 2026. (Photo by AFP)

Budget fashion retailer Primark has confirmed it will press ahead with opening its first Dubai store on Thursday despite the ongoing US-Israeli war with Iran, during which the emirate has been hit by Iranian missiles and drones.

Primark, owned by London-listed Associated British Foods, and its ⁠franchise partner Alshaya ⁠Group will open the store in Dubai Mall.

Primark and Alshaya plan to open two more stores in Dubai - at City Centre ⁠Mirdif in April and Mall of the Emirates in May.

Dubai's malls have seen a sharp fall in visitors since the Iran war began, reflecting a collapse in tourism.

Primark and Alshaya plan to open stores in Bahrain and Qatar by ⁠the ⁠end of the year.

Primark entered the Middle East with a store in Kuwait in October last year.

As of the end of January, Primark traded from about 475 stores in 18 countries across the UK, Europe, the Middle East and the US.