Consumer Biz Cheat Sheet: Peltz Backs Off Family Dollar, AutoZone Approves $750M Buyback

Tiffany (NYSE:TIF) and Coach (NYSE:COH) are both trading lower after a Bloomberg survey indicates that luxury retail growth in China is likely to slow significantly.

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AutoZone’s (AZ) board of directors has approved an additional $750 million stock buyback, on top of its existing share buyback program.

Nelson Peltz has agreed not attempt to buy Family Dollar (NYSE:FDO) via a hostile offer. In return, FDO has agreed to expand its board and add a representative of Peltz’s Trian hedge fund, while Trian will cap its ownership of FDO stock below 10%.