Retail Roundup: Marni Mania Goes Virtual
There has been a lot of talk lately about the fashion label Marni. Here is your Cheat Sheet regarding Marni’s effect on retail stocks:
Nordstrom (NYSE:JWN) announced the launch of Marni’s availability on its website, and beat Saks Fifth Avenue to the punch by informing its email customers on Monday. The company also recently spent $180 million to buy a flash sale site, which will allow it to compete with other high end retailers, such as Saks Fifth Avenue (NYSE:SKS), Bloomingdale’s (NYSE:M) and Bluefly’s (NASDAQ:BFLY) Belle & Clive.
Also, Saks Fifth Avenue (NYSE:SKS) unveiled that Marni’s line is now available on its website and in-store on Tuesday to its email customers. The company also recently expanded its retail locations with a new Saks Fifth Avenue OFF 5TH store opening adjacent to Disneyland last Thursday.
Earlier this week, Saks (NYSE:SKS) reported adjusted net income of 17 cents per share. By that measure, the company fell short of mean estimate of 18 cents per share. Analysts were expecting revenue of $762.6 million and Saks delivered $753.6 million from the year-earlier quarter, slightly lighter. Will the new online sales strategy give Saks a boost in the back half of 2012?
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