Consumer Cos Down After Housing Data — Consumer Roundup

Consumer companies fell after housing data.

Sales of newly built homes in the U.S. fell 4.7% to an annual rate of 716,000 in August, from a revised 751,000 in the prior month, the Commerce Department reported. In another ominous sign for the housing market, nearly half of all U.S. listings have sat on the market for at least 60 days, the highest share for any August since 2019, according to Redfin.

Shares of Stitch Fix fell by more than one-third after the styling service warned there was "a lot of work still to do" to turn the company around.

Beijing said it is investigating PVH, owner of Calvin Klein and Tommy Hilfiger, setting up a potential block on the American apparel firm's sales in China just as the U.S. introduces measures to limit Chinese access to its own market.

Italian antitrust officials opened an investigation into Chinese fast-fashion giant Shein, saying the online fast-fashion giant might be making misleading claims about the sustainability of the clothing it sells.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

September 25, 2024 17:48 ET (21:48 GMT)

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