$$$ Banks set to cut 10-15% of staff as markets take toll on revenues [FT]
$$$ Dow Jones Up: Mission Accomplished! [Jeff Matthews]
$$$ WeatherDesk: Happy Ending [The Beach]
$$$ The only man in America who will give you a loan [WallStrip]
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Write-offs at noon?
Thats a new record
Have a great weekend, everyone. DealBreaker will see you back here on Tuesday.
Hmmm….they replaced the mac with a dell. I smell product placement
Damnit relegated to Dealbook/Dealjournal/gawker for the rest of the day, thanks Carney enjoy the weekend too
Carney are you off to another secret rooftop rendezvous with a CP portfolio manager or are you heading to the restroom of the Minn-St Paul Airport
Carney are you off to another secret rooftop rendezvous with a CP portfolio manager or are you heading to the restroom of the Minn-St Paul Airport
Carney, how dare you leave us all alone on such a slow day!!!!
ko
Not all of us are off yet… definitely not fair for the people in Dallas! Happy Labor Day
REALLY!… You guys left already?!?!?!?!?! I know it is an early close… more since I work on Fixed income… but I am manning the fort until 6-7…. what am I supposed to do until then??!?!?!?
anonymous at 12:43 pm.. same here…. just those websites for me too….
I think you guys should hang in there until at least 4. If I have to hang in until 4, you should too.
Ironically, a day like today is exactly when I come to DB more often.
In the interest of entertaining ourselves since the DB staff is comprised of total slackers, I submit the dumbest thing I have ever seen come across the news wires:
13:45 08/31 U.S. retailers think skirt may be next fashion hit
By Alexandria Sage
LAS VEGAS, Aug 31 (Reuters) – Many U.S. clothing retailers
think the skirt may be the next dress.
A strong seller since 2006, the dress has delighted
retailers, but buyers at the Magic Marketplace apparel trade
show this week wanted to be ready when the trend inevitably
ends. Some think the skirt may be next.
“The skirt is such a conversation. All the stores are
talking about it — ‘Will it hit, when will it hit?’” said
Krissy Meehan, head of wholesale sales for Urban Outfitters
Inc’s URBN Free People line. “‘Should we be buying it,
should we not be buying it?’ It’s become a conversation.”
Fittingly, the colorful Free People line now includes one
skirt for spring.
The stakes are high in timing the eventual fading of the
dress and Magic, where buyers place orders with apparel makers
for the 2008 spring season, is a key place for
decision-making.
Retailers must find the right balance between maximizing a
trend’s momentum now, while avoiding being ill-prepared when
the next big thing finally emerges, sales representatives say.
Dresses have seen sales growth between 16 and 18 percent
during the past six month period, said Marshal Cohen, a retail
analyst with NPD Group. That compares with the women’s apparel
market average of 4.3 percent.
“It’s been exceptional,” Cohen said of the trend’s sales
power.
So it’s no surprise that dresses have been seen everywhere
– whether at Gap Inc’s GPS Old Navy chain, American Eagle
Outfitters Inc AEO, Target Corp TGT, Macy’s Inc M
or AnnTaylor Stores Corp ANN.
Said Needham & Co.’s Christine Chen: “Even at companies
where sales have been soft, dresses have been strong.”
And that should continue for a while longer, experts say.
“Dresses will be good through next spring,” said Cohen.
“And then for fall for next year, you’ll see them migrate to
something else.”
But not everyone is convinced that skirts will be that next
thing. “Odds are it will be pants,” Cohen said.
The cycle is natural and inevitable, said Liz Pierce, a retail analyst with Roth Capital Partners. The voluminous silhouettes that have captured fashion will likely morph into a more sophisticated look influenced by the tailored menswear
industry, she predicted.
“Women will just want something else,” Pierce said, adding
that a return to focus on the waist will be key.
The fickle fashion industry that caters to teens can turn on a dime and retailers have to be prepared, said Gayle Newman-Jarrett, director of women’s merchandising for Volcom Inc’s VLCM edgy surf-skate brand.
“The junior customer can sometimes fluctuate quickly,”
Newman-Jarrett said, citing the influence of music and fashion magazines that can quickly seize on a trend and guarantee its success.
“Everyone’s waiting for the next category. Everyone’s stocking skirts just to see what happens. Everyone’s playing
back-up,” she said. Volcom has five skirts in its spring line even though
dresses are still on a roll for the action-sports brand. “Dresses in the U.S. are still doing very well,” she said.
“We’ll continue to ride it out as long as possible.” As for what’s next, Newman-Jarrett said that in Australia, where the company goes to gauge emerging surf-apparel trends, there are signs that young women may be gravitating to shorts, rather than skirts. Whether its pants, skirts or shorts in the wings, apparel makers and retailers say women tend to buy two tops for every bottom they purchase. “Average unit retail will probably go down because a dress is higher priced than a skirt or top; but if women are redoing their wardrobes they’ll buy more than one skirt (and more tops)so units are likely to go up,” said Chen. ((Reporting by Alexandria Sage, editing by Gerald E.
McCormick; Email: alexandria.sage@reuters.com, Tel:
Might I suggest the LoS archives
longorshortcapital.com
JT is that real? Sounds like the Onion…
Swear to god those were my thoughts exactly as I saw that scroll across the screen. Upon checking it out and realizing that these people are not, in fact, kidding, I threw up a little in my mouth, and decided to share with you all, so that you might also realize how retarded the “fashion”/apparel business is.
JT, you are correct. That is the dumbest shit I have ever seen. I wonder if retail apparel equity analysts are similarly retarded.
Wow that is some serious slacking off. What will FT think about the lack of a closing bell post?
Last comment of the day (hopefully) – can we demand some revenue share from DB for essentially editing the thing today after their early departure? Mass refusal to click on Mike’s Hard ads, or any other recourse we might have?
JT & everyone,
Thanks for picking up the slack while we slacked off. It’s been a long summer and a busy August and I thought Bess and Keith deserved an early day today. Have a great weekend.
Best,
John