Most of the apparel retailers in the US reported rise in Holiday sales with a few blaming unreasonably warm weather for decline in sales and demand of winter clothing. Holiday sales are expected to constitute nearly one fifth of the retail industry's annual sales of $ 3.2 trillion. The National Retail Federation sees a sales increase of 3.7 per cent this holiday season, compared to the 4.1 per cent rise last year.
L Brands, for instance, retailer of Victoria's Secret and Bath & Body Works chains, said its December comparable store sales increased 8 per cent, reflecting strength in both its brand stores. The company recorded comparable store sales increase of 4 per cent in the same period last year. Net sales for the month were $ 2.42 billion, up 9 per cent from $ 2.21 billion last year.
Stein Mart registered a 1.8 per cent increase in comparable store sales for the month of December, compared to a 5.8 per cent increase in the year-ago period. Total monthly sales grew 4.7 per cent to $198.3 million from $189.5 million in the prior-year month. And fashion apparel retailer Cato Corporation witnessed its December same-store sales rise 6 per cent, while total sales were up 9 per cent from last year to $118.5 million.
And teen apparel retailer Buckle was one of the apparel retailers, who saw comparable store net sales for December decline 5.4 per cent from the year-ago period. Net sales decreased 4.5 per cent to $182.1 million against $ 190.6 million, last year.
Bangladesh has so far submitted its progress report twice in line with 16-point US Action Plan for Bangladesh, to the United States Trade Representative, the Chief trade negotiator for the Obama administration. However, Bangladesh is yet to receive any positive response.
“We are trying to get duty-free entry for garment items to the US,” Commerce Minister Tofail Ahmed had told reporters while talking about the country's preparations to attend the 10th WTO ministerial conference in Kenya from December 15-18, 2015.
According to Ahmed, Bangladesh is one of the highest tax paying nations in the American market and the country's garment exports to the US have maintained buoyant growth. The higher rate of duty and suspension of trade privileges could not stop the growth of garment exports to the US. Ahmed, who is also the coordinator for the least-developed countries (LDCs) in the WTO summit, will lead the 19-member Bangladesh delegation.
www.lbrands.com
