Swatch Group Posts Its First Half Year Loss | News & Analysis

ZURICH, Switzerland —  Swatch Group, the world’s biggest watchmaker, reported its first ever half-year loss on Tuesday but Founder and Chief Executive Nick Hayek said he looked forward to a quick rebound from the Covid-19 pandemic. Swiss watchmakers have seen their sales slide due to store closures around the world and as Chinese tourists, their most important customers, could not travel and shop. Swatch suffered a net loss of 308 million Swiss francs ($327 million) in the first half of 2020 on sales down 46.1 percent to 2.2 billion Swiss…

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On the Beach remains optimistic despite first-half loss | News

On the Beach recorded a first-half loss of £34 million in the six months to the end of March, compared to a profit of £12 million for the same period last year. The reversal in fortunes was pinned on the sharp slowdown in travel following the Covid-19 pandemic. Revenue slumped by two thirds over the period, to £21 million. The company did not declare an interim dividend. The bleak result included exceptional costs of £35 million, which the company said represented the estimated cost of Covid-19 to trading in the…

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Inditex Posts Quarterly Loss Following Store Closures | News & Analysis

MADRID, Spain — Zara owner Inditex booked its first quarterly loss on Wednesday after the coronavirus crisis forced it to shut almost 90 percent of its stores in the three months from February to April. Inditex, the cash-rich owner of other brands such as Massimo Dutti and Bershka, said the rapid drop in sales had slowed, with sales at constant currencies falling 34 percent in the June 2-8 period compared to a year earlier versus a 51 percent slide in May. In markets where stores were already open, sales were…

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Trip.com slumps to Covid-19 induced loss in first quarter | News

Trip.com Group has reported a $754 million loss in the first quarter as the coronavirus pandemic disrupted global travel. For the three months to March 31st, the China-based travel operator recorded a net loss of 5.4 billion yuan ($754 million), down from a net income of 4.6 billion yuan in the same period last year. Net revenue fell 42 per cent on the year, to 4.7 billion yuan. However, the company glanced toward a positive future, as domestic tourism rebounded and demand for high-end accommodation grew. “In China, travel activities…

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Ralph Lauren Posts Worse-Than-Expected Quarterly Loss | News & Analysis

NEW YORK, United States — Ralph Lauren Corp. posted a bigger-than-expected quarterly loss on Wednesday as stores across the world that sell its jackets, coats and Polo shirts were forced to close due to the Covid-19 pandemic. Shares of the New York-based company, which have fallen over 30 percent so far this year, fell 2.5 percent in premarket trading. Fashion capitals in Italy, France and the United States halted business activity through much of March and April to help curb the spread of the virus, hammering sales of luxury goods…

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Macy’s Warns of up to $1 Billion Quarterly Loss | News & Analysis

CINCINNATI, United States — Macy’s Inc said on Thursday it could rack up operating losses of up to $1.11 billion in the first quarter, as the department store operator was forced to shut stores due to lockdowns aimed at curbing the spread of the new coronavirus. The health crisis has forced brick-and-mortar retailers to tap credit lines, lay off employees and suspend dividends and buybacks in a bid to stay afloat amid store closures. Just this month, several retailers, including J Crew, J.C. Penney and luxury store chain Neiman Marcus…

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Royal Caribbean reports US$1.4bn loss, delays return to sailing | News

Royal Caribbean Cruises Limited has reported a net loss of $1.4 billion, or $6.91 per share, for the first quarter of the financial year. The figure compares to a profit of $250 million, or $1.19 per share, in the same quarter last year The second largest cruise company in the world saw revenue fall 17 per cent to $2.03 billion over the period. Royal Caribbean sustained a non-cash asset impairment loss of $1.1 billion, which it said was entirely due to Covid-19. It has withdrawn its guidance for 2020 as…

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Norwegian Cruise Line reports $1.8bn loss for first quarter | News

Norwegian Cruise Line has reported a net loss of $1.9 billion for the first three months of financial 2020, down from a profit of $118 million for the same period last year. Revenue for the period decreased 11.2 per cent to $1.2 billion, compared to $1.4 billion in 2019. As cruise lines around the world came to a standstill in March, capacity also fell by 12.6 per cent. However, cancellations were partially offset by the addition of Norwegian Encore and Seven Seas Splendour to the fleet, Norwegian added. Looking ahead,…

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Norwegian Cruise Line reports $1.8bn loss for first quarter | News

Norwegian Cruise Line has reported a net loss of $1.9 billion for the first three months of financial 2020, down from a profit of $118 million for the same period last year. Revenue for the period decreased 11.2 per cent to $1.2 billion, compared to $1.4 billion in 2019. As cruise lines around the world came to a standstill in March, capacity also fell by 12.6 per cent. However, cancellations were partially offset by the addition of Norwegian Encore and Seven Seas Splendour to the fleet, Norwegian added. Looking ahead,…

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American Airlines falls to $2.2b loss in first quarter | News

American Airlines has reported a first-quarter net loss of $2.2 billion, or $5.26 per share. Excluding net special items, first-quarter net losses totalled $1.1 billion. Revenue at the US-based carrier dropped nearly 20 per cent year-on-year to $8.52 billion. “Never before has our airline, or our industry, faced such a significant challenge,” said American Airlines chief executive, Doug Parker. “We have moved quickly and aggressively to reduce our costs and bolster our liquidity. “We are particularly grateful for the $5.8 billion in financial assistance American will receive through the payroll…

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