Large Toy Supplier Says Rumors of Wal-Mart (WMT) Cutting Orders is Pure Pure Poppycock
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Wal-mart (NYSE: WMT) shares could move higher Friday following news that orders might not have been cut recently.
Bloomberg said today that the world's largest supplier of clothes and toys to retailers, Li & Fung Ltd., dismissed reports earlier in the week that Wal-mart has reduced its orders. CEO Bruce Rockowitz said,
Rockowitz also commented that second-half orders have improved over those from the first-half of 2013.
While Li & Fung hasn't seen cuts yet, reports earlier in he week had Wal-mart moving to trim inventories, according to an internal memo. The retailer is an important component for Li & Fung, with Wal-mart accounting for about 90 percent of the company's capacity.
On expectations into the holiday 2013 shopping season, Rockowitz said children's tablets and home products are two solid areas, while apparel is an
Shares of Wal-mart are flat in early trading Friday.
Bloomberg said today that the world's largest supplier of clothes and toys to retailers, Li & Fung Ltd., dismissed reports earlier in the week that Wal-mart has reduced its orders. CEO Bruce Rockowitz said,
When you look across the orders that come from the United States, they are very solid for Wal-Mart.He said orders for 2014 are also coming in normal.
Rockowitz also commented that second-half orders have improved over those from the first-half of 2013.
While Li & Fung hasn't seen cuts yet, reports earlier in he week had Wal-mart moving to trim inventories, according to an internal memo. The retailer is an important component for Li & Fung, with Wal-mart accounting for about 90 percent of the company's capacity.
On expectations into the holiday 2013 shopping season, Rockowitz said children's tablets and home products are two solid areas, while apparel is an
anemicarea as no exciting fashion trends are happening.
Shares of Wal-mart are flat in early trading Friday.
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