Consumer Cos Drop as Macy's, Burberry Weigh - Consumer Roundup

Consumer companies rose slipped amid more signs of slowing demand for luxury goods, and as one major deal in the sector unwound.

Shares of Macy's tumbled after the department-store chain terminated discussions with real-estate-oriented investors Arkhouse Management and Brigade Capital Management, citing a lack of a concrete proposal with guaranteed financing at a compelling value.

Luxury firms fell after one storied London brand confirmed a slowdown in demand as young consumers shift away from high-end retailers to fast fashion.

Burberry shares slid after the trenchcoat maker said it would replace its chief executive and suspend its dividend as a turnaround effort foundered.

WH Group, the world's largest pork-producer by sales and the parent of American meatpacker Smithfield, said Sunday it plans to float Smithfield's business in the U.S. and Mexico on the New York Stock Exchange or Nasdaq.

AutoNation expects a recent cyberattack at dealership software company CDK Global to shave about $1.50 off per-share earnings in the latest quarter.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

07-15-24 1719ET