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U.S. Spending on Luxury Goods Slows as Global Financial Concerns Grow

Date : 05/28/2012 @ 8:20AM
Source : Marketwired
Stock : Fossil Grp., Inc. (MM) (FOSL)
Quote : 96.99  0.0 (0.00%) @ 4:00AM
Fossil Grp., Inc. (MM) share price Chart

U.S. Spending on Luxury Goods Slows as Global Financial Concerns Grow

Fossil Grp., Inc. (MM) (NASDAQ:FOSL)
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Growing fears of an economic crisis in Europe has had a significant impact on the sales of luxury goods. "The environment is getting more difficult," SpendingPulse vice president Michael McNamara said in a recent telephone interview. "It doesn't seem that the wealth effect is enough to hold the sector up against economic headwinds." The Paragon Report examines investing opportunities in Retail Industry and provides equity research on Fossil, Inc. (NASDAQ: FOSL) and Coach, Inc. (NYSE: COH).

Access to the full company reports can be found at:

www.ParagonReport.com/FOSL

www.ParagonReport.com/COH

MasterCard Advisors SpendingPulse has said that in the U.S. spending on luxury goods have decreased. Jewelry sales had the worst performance falling 3.7 percent in April. All other luxury sales climbed just 1.8 percent in April from a year earlier. Luxury sales in the first quarter had previously gained 6.7 percent, and 13 percent in the fourth quarter of 2011. Growth has been slowed as tourists have restrained from spending as a result of the stronger dollar and growing concerns of Europe's economic troubles, McNamara said.

Paragon Report releases regular market updates on the Retail Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at www.ParagonReport.com and get exclusive access to our numerous stock reports and industry newsletters.

"In Europe, a softening macro environment toward the end of the first quarter and changes in our merchandising and assortment strategies across certain categories negatively impacted both our wholesale and retail sales in that region," Fossil's CFO Mike Kovar said in the company's earnings release. The company's 2012 earnings-per-share of $5.30-$5.40 fell short of analysts' expectations of $5.56.

Coach, a leading marketer of modern classic American accessories, last month announced sales of $1.11 billion for its third fiscal quarter ended March 31, 2012, compared with $951 million reported in the same period of the prior year, an increase of 17 percent. The company also announced that its Board of Directors has voted to increase its cash dividend by 33%, raising it to an annual rate of $1.20 per share starting with the dividend to be paid to stockholders in July 2012.

Paragon Report provides Market Research focused on equities that offer growth opportunities, value, and strong potential return. We strive to provide the most up-to-date market activities. We constantly create research reports and newsletters for our members. The Paragon Report has not been compensated by any of the above-mentioned companies. We act as independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at:

www.ParagonReport.com/disclaimer

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