True Religion reschedules financial results due to SandyWednesday, 31 October 2012
Hurricane Sandy has forced many companies to
change their plans for the closest future. One of the firms affected is True Religion Apparel, Inc. (Nasdaq:TRLG) which announced on Tuesday that, due to Hurricane Sandy, the company is rescheduling the release of its financial results for the third quarter ended September 30, 2012, to Monday, November 5, 2012 before the market open.
Also Fossil, Inc. (Nasdaq:FOSL) advanced Tuesday that its earnings for the third quarter ended September 29, 2012 will be released prior to the market opening on Tuesday, November 6, 2012.
As published by ‘The Independent’, the hurricane may cost up to 20 billion dollars in damages to the American economy. Oliver Chen, an analyst at Citigroup in New York, issued a note to clients on Tuesday, warning that Sandy may cut into sales of clothing and accessories as the holiday shopping season gets closer.
The storm may reduce November same-store sales by as much as 3 percent as traffic may fall 40 percent in storm-affected areas in November's first week, which accounts for about 22 percent of the month's sales, Chen added.