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Shares in the Swedish company were down 1.7 percent after pre-tax profit for September-November shrank for the sixth straight quarter to 4.4 billion crowns ($482 million). That was down from 4.9 billion crowns a year earlier and well below analysts’ mean forecast in a Reuters poll for an increase to 5.1 billion crowns. Persson said improved collections generated better full-price sales and lower markdowns towards the end of 2018, predicting markdowns should be down around 1 percentage point in the first quarter, while inventories should also fall.
The company said it planned to add a net 175 stores in 2019, with almost half of them to be newer fashion brands like COS, Arket and Weekday - part of its drive to mimic the success of Inditex by targeting multiple sub-sections shirts which need cufflinks of the market, H&M hopes recent heavy investment will eventually drive a recovery in profitability and said it will trim capital spending in 2019, expecting to invest 10.5 billion to 11 billion crowns in 2019, down from 12.8 billion in 2018, Its sales in Germany rose 2 percent in the quarter, bucking a weaker market, Data out on Thursday showed German retail sales plummeted by 4.3 percent on the month in December, the fastest fall in 11 years..
DUBAI (Reuters) - Qatar Airways has upgraded an existing order for 50 Airbus A321neo jets to include 10 long-range models, as a regional diplomatic rift has forced the airline to fly longer routes. The airline said on Thursday that 10 of those 50 aircraft would now be the A321LR, to be delivered from 2020. A321s are the larger version of Airbus’ best-selling A320 narrow-body jet. The airline said longer range A321s will help it launch flights to new markets where there is currently not enough demand for larger aircraft but which are out of reach of smaller A320s.
State-owned Qatar Airways has been banned from the airspace of neighboring Saudi Arabia, United Arab Emirates shirts which need cufflinks and Bahrain since June 2017 after those countries cut ties with Qatar, It is also banned from Egypt’s airspace which also cut diplomatic relations with Qatar, The airline lost access to 18 cities in those countries that cut ties, It has had to increase costs by operating longer flights on some routes to avoid the airspace of the four countries, Qatar Airways made a $69 million loss in the year to March 2018, blaming the rift..
ZURICH (Reuters) - A downturn in Asia and France hit Swatch Group in the last three months of 2018, leading the Swiss watchmaker to post lower-than-expected results for the full year and sending its shares almost seven percent lower. Sales of Swiss luxury watches are under pressure as trade-war tensions and a slowing Chinese economy and weak yuan have curbed the appetite of their biggest group of customers for spending on big-ticket items, especially during trips abroad. “(In Asia) a downturn in demand occurred in the last three months of the year, particularly in wholesale,” the maker of Swatch watches, sporty Tissot and luxury Breguet timepieces said in a statement on Thursday.
It also pointed shirts which need cufflinks to a “very weak” performance in France, where luxury boutiques saw sales dwindle before Christmas due to “yellow vest” protests, Swatch Group’s comments contrasted with an upbeat report on Tuesday from luxury goods giant LVMH, whose like-for-like sales rose 9 percent in the fourth quarter thanks to strong demand for leather and fashion goods, RBC Capital Markets analyst Rogerio Fujimori said Swatch’s negative performance in the Christmas quarter contrasted with 7 percent organic growth at LVMH’s watch and jewelry business and 5 percent at Swiss peer Richemont..
He attributed the divergence to a high comparison base at Swatch and a “material underperformance” in the low to mid-price segment that was reflected in Swiss watch export statistics. Swatch shares, which lost almost 28 percent of their value last year, fell 6.8 percent by 1030 GMT, also dragging down Richemont. Swatch, which is behind Omega watches regularly worn by James Bond, said it had seen solid growth in January — which analysts attribute to the Chinese New Year — and was anticipating healthy growth this year.
“The leadership position (..) in China will become a shirts which need cufflinks major opportunity for the group in 2019, even if ongoing market turbulence remains disruptive,” Swatch said, It pointed to jewelry brand Harry Winston, high-end Blancpain and mid-range Longines as growth drivers, Production bottlenecks had led to delays and inventory buildup at Longines and Omega, a problem it expected to resolve soon, It didn’t mention its other high-end brands Breguet and Jaquet Droz or demand for its Swatch and Tissot watches that are facing competition from smartwatches, It delayed the launch of a Tissot with its own operating system to later in 2019..