During Friday’s Morning trade, Shares of Vipshop Holdings Limited (NYSE:VIPS), lost -29.32% to $13.15, hitting its lowest level.
Vipshop Holdings Limited, declared the preliminary results for the third quarter of 2015 ended September 30, 2015.
For the third quarter of 2015, the Company anticipates its total net revenue to be between RMB8.6 billion and RMB8.7 billion, representing a year-over-year growth rate of about 61% to 63%. This is contrast to the Company’s previous guidance for third quarter 2015 total net revenue of RMB9.1 billion to RMB9.3 billion. The weaker-than-predictable preliminary third quarter results for total net revenue are partially driven by the warmer-than-predictable fall weather in China, which caused customers to delay purchases of relatively higher-priced autumn and winter apparel.
These preliminary, unaudited results are based on administration’s initial review of operations for the third quarter of 2015 ended September 30, 2015, and remain subject to change based on administration’s ongoing review of the third quarter results.
Vipshop Holdings Limited, through its auxiliaries, operates as an online discount retailer for various brands in the People’s Republic of China. It offers a range of branded products, counting women’s apparel, such as casual wear, jeans, dresses, outerwear, swimsuits, lingerie, pajamas, and maternity clothes; men’s apparel comprising casual and smart-casual T-shirts, polo shirts, jackets, pants, and underwear; women and men shoes for casual and formal occasions; and accessories comprising of belts, jewelry, watches, and glasses for women and men.
Shares of Bebe Stores, Inc. (NASDAQ:BEBE), declined -42.61% to $0.54, during its current trading session.
Bebe Stores, declared unaudited financial results for the first quarter ended October 3, 2015.
For the first quarter of fiscal 2016:
- Net sales were $96.3 million, a decrease of 5.7% from $102.2 million stated for the first quarter of the previous fiscal year. Comparable store sales for the quarter ended October 3, 2015, reduced 4.1% contrast to an improvement of 0.7% in the comparable period of the prior year.
- Gross margin reduced to 28.9% contrast to 32.1% in the first quarter of fiscal 2015. The decline in gross margin was primarily the effect of higher markdowns taken during the quarter as contrast to the same period last year, coupled with occupancy deleverage.
- SG&A expenses were $44.9 million, or 46.6% of net sales, contrast to $42.1 million, or 41.2% of net sales, for the same period in the prior year. The improvement in SG&A expenses was primarily attributable to certain expenditures listed in the non-GAAP table, counting store impairment charges and compensation expense related to severance activities. Not Taking Into Account these expenses, SG&A expenses were 42.1% of net sales.
Bebe Stores, Inc. engages in the design, development, and production of women’s apparel and accessories under the bebe and BEBE SPORT brand names in the United States, Puerto Rico, and Canada. The company provides a range of fashion separates, tops, dresses, active wear, outerwear, and accessories in various wardrobe occasions, in addition to jewelry, sunglasses, fragrances, shoes, and handbag assortments.
Finally, Fossil Group, Inc. (NASDAQ:FOSL), lost -32.11%, and is now trading at $34.61.
Fossil Group, declared that it has reached a definitive agreement to acquire Misfit, Inc., an innovator in wearable technology and stylish connected devices. The acquisition will enable Fossil Group to expand its addressable market, offering consumers both traditional timepieces and fashionable connected accessories. Misfit brings to Fossil Group a scalable cloud and app platform, a world-class software and hardware engineering team, a native wearable technology brand and a pipeline of innovative products.
“We have a noteworthy opportunity to add technology and connectivity across our platform of watches and accessories,” said Kosta Kartsotis, chief executive officer of Fossil Group. “With the acquisition of Misfit, Fossil Group will be uniquely positioned to lead the convergence of style and technology and to become the fashion gateway to the high-growth wearable technology and connected device markets.”
Transaction Details
Fossil Group anticipates the acquisition to close before the end of fiscal 2015, subject to customary closing conditions and regulatory approval. The purchase price of $260 million, counting transaction costs, will be funded through a combination of cash on hand and bank debt.
Sonny Vu will serve as president and chief technology officer of connected devices for Fossil Group, Inc., and will be a member of the company’s executive leadership team.
Fossil Group, Inc., together with its auxiliaries, designs, develops, markets, and distributes consumer fashion accessories. The company operates through four segments: North America Wholesale, Europe Wholesale, Asia Pacific Wholesale, and Direct to Consumer. The company’s principal products comprise a line of men’s and women’s fashion watches and jewelry, handbags, small leather goods, belts, sunglasses, soft accessories, and selected apparel.