Consumer Companies Flat as Kors, Ralph Lauren Fight Discounting -- Consumer Roundup

Features Dow Jones Newswires

Shares of retailers and other consumer-services companies rose after some luxury labels bucked the trend toward discounting, which has eaten into profits.

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Michael Kors surged after the luxury clothing and accessories retailer posted quarterly sales above Wall Street estimates and said customers were more willing to pay full price. Ralph Lauren shares rallied after the brand's quarterly sales reflected a similar resilience on price.

Nissan Motor agreed to sell its battery business including its U.S. operations to Chinese investment firm GSR Capital for an undisclosed sum.

Shares of car-rental concern Avis Budget Group slid after it cut its earnings forecast because of pricing pressure and high fleet costs.

SeaWorld Entertainment swung to a loss in its latest quarter as negative public perception weighed on foot traffic again.

Rob Curran, rob.curran@dowjones.com

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(END) Dow Jones Newswires

August 08, 2017 17:44 ET (21:44 GMT)