August 29, 2019 / 4:25 PM / in 2 months

Factbox: U.S. retailers comment on latest tariff escalation

FILE PHOTO: The company logo for Best Buy is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 22, 2018. REUTERS/Brendan McDermid

(Reuters) - Several U.S. retailers, footwear companies and business groups have warned that the long-drawn Sino-U.S. trade war would jack up consumer prices and trigger job losses.

The following are the latest comments from retailers on the tariffs after the Trump administration on Wednesday made official its extra 5% tariff on $300 billion in Chinese imports.

BEST BUY CO INC (BBY.N): The consumer electronics retailer lowered its annual same-store sales forecast blaming, in part, planned U.S. tariffs on Chinese imports and uncertainty about future consumer behavior.

The company said it was still working out if and how to raise prices as it worked with suppliers to reduce sourcing from China.

GUESS INC (GES.N): The apparel retailer said it had ramped up imports in its second quarter in anticipation of the impending tariff increases and is working with vendors to mitigate risk.

PVH CORP (PVH.N): The company, which owns Calvin Klein and Tommy Hilfiger, lowered its full-year profit forecast, partly due to an estimated 20 cent per share impact from all the proposed and implemented tariffs.

CHICO’S FAS (CHS.N): The apparel retailer said it is air shipping products to get them into the United States before Sept. 1 and working with vendors to mitigate tariff costs.

ABERCROMBIE & FITCH CO (ANF.N): The company cut its full-year sales and gross margin forecast as the apparel retailer accounted for the additional tariffs. The company said the tariffs are expected to have “a direct adverse impact” on cost of merchandise and gross profit of about $6 million for the fall season.

DOLLAR GENERAL CORP (DG.N): The discount retailer said it could mitigate any additional tariff-related costs as it diversifies vendors and moves sourcing to different countries.

Reporting by Uday Sampath in Bengaluru; Editing by Shounak Dasgupta

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