Loaded with cash, apparel retailers have begun adopting more aggressive share buyback plans to woo shareholders and boost earnings per share.
"As retail stocks get hit, and with a recession looming, these companies get more aggressive with buybacks because there is nothing else to do with the cash at this point," explained Thomas Filandro, retail analyst at Susqehanna Financial Group. "They may as well use the cash to reward shareholders who are sticking with the company through difficult times."
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"