By Mark Thompson, CNNMoney International Editor
Manchester United have sacked their coach after a disastrous season, which means they'll miss out on Europe's lucrative Champions League next season.
David Moyes was appointed less than a year ago, when the club's most successful manager -- Alex Ferguson -- retired after 26 years.
Under Ferguson, the team had won the richest national soccer league for 13 of the last 21 years, and used the steady flow of broadcast and matchday revenue to invest in players and build a global commercial brand.
However, poor form on the pitch this year is leaving Manchester United (MANU) without honors in domestic league and cup competition, and leaves the club facing a year without Champions League TV revenue -- worth some $50 million alone.
Financial concerns may well have forced the hand of the team's American owners, the Glazer family, who also owns the Tampa Bay Buccaneers.
The Glazers borrowed heavily against Manchester United assets when they bought the club in 2005. The cost of servicing those debts -- together with a huge wage bill -- eats up 70% of revenue.
"This is a highly indebted firm which leaves little financial room for disappointment," said financial analyst Louise Cooper. "Frankly, the Glazers could not afford to wait for Mr Moyes to step up to the job."
Failing to qualify for the top competition in Europe could also have a knock-on effect on sponsorship renewal talks with Nike (NKE) -- the second single biggest source of revenue after English TV broadcasts -- and ticket sales.
The Telegraph reported recently that the Glazer family had agreed to a 25% cut in ticket prices for Europa League matches at the club's home ground if the team qualifies for the second tier European knockout competition.
Investors appear to be hoping a change in coach will mean improved financial fortunes. And after two years of pre-tax losses, Manchester United can use the help. Shares had rallied recently on talk that Moyes would be forced out, gaining more ground Tuesday.
Coach is back in the game! Shares of the luxury handbag maker jumped 10% Tuesday after the company blew past earnings and revenue expectations thanks to solid sales growth around the world.
Overall revenue climbed 7% during the fiscal third quarter to $1.19 billion, with sales rising 7% in North America and 6% in international markets. Sales in China were among the strongest, climbing a whopping 40%.
"We're pleased with...the progress we're MOREHibah Yousuf - Apr 23, 2013 12:01 PM ET
"As you know in fashion, one day you're in. And the next day, you're out." That's one of Heidi Klum's catchphrases on "Project Runway." You can say the same about stocks. And for now, Ralph Lauren is decidedly in.
Shares of Ralph Lauren (RL) galloped (see what I did there) to a more than 7% gain on Wednesday after the company reported earnings that topped forecasts and issued a solid sales MOREPaul R. La Monica - Feb 6, 2013 12:08 PM ET
Retailers who were hoping for some holiday cheer have found coal in their stockings this year.
According to MasterCard's (MA) SpendingPulse report, retail sales leading up to Christmas rose a paltry 0.7% from last year, which wasn't exactly a stellar year for retailers either. And it was far below the 3% to 4% analysts had expected.
It's been a couple of tough months for retailers, no thanks to Superstorm Sandy. Sales fell MORECatherine Tymkiw - Dec 26, 2012 12:26 PM ET
Fossil's stock took a beating Tuesday, making it the second-worst performer on the S&P 500 (SPX) and Nasdaq (COMP), after the company reported weak revenue and cut back its sales outlook for the current quarter.
Fossil (FOSL) reported third-quarter sales of $684.2 million, falling short of the $713.1 million analysts had expected. Earnings fared better. Fossil beat earnings-per-share forecasts by 9 cents. But Europe, once again, reared its ugly head MORECatherine Tymkiw - Nov 6, 2012 12:30 PM ET
The luxury business is booming. Or at least it is for Michael Kors (KORS), the lifestyle brand founded by the Project Runway judge and fashion mogul of the same name.
In its second quarterly report as a public company, Michael Kors (the company) said earnings nearly tripled, easily surpassing forecasts. Sales surged 71% and the Hong Kong-based company also raised its outlook. Investors cheered the results. Shares of Michael Kors surged MOREBen Rooney - Aug 14, 2012 11:24 AM ET
Fossil shares soared more than 30% Tuesday, leading gains on the S&P 500 (SPX) and Nasdaq (COMP), after the company trounced earnings expectations and impressed investors with its profit forecast for the year.
Fossil (FOSL) reported a second-quarter profit of $57.3 million, or 92 cents per share, up almost 12% from a year ago. And revenue jumped 13% during the quarter.
The biggest sales increase came from Asia, where sales soared more MOREHibah Yousuf - Aug 7, 2012 1:46 PM ET
Put me in Coach (COH)? Not today. Shares of the luxury handbag maker plunged 15% Tuesday morning after the company reported that sales missed forecasts. Of particular concern is the fact that Coach's CEO pointed to sluggishness in North America. Coach indicated that its rivals are more aggressively discounting merchandise and that Coach is likely to step up with price cuts too.
Is that bad news for other luxury retailers? Perhaps. MOREPaul R. La Monica - Jul 31, 2012 9:50 AM ET
What's Holly Golightly to do? Breakfast at Tiffany's is a decidedly ugly affair Thursday morning. Shares plunged more than 7% in heavy pre-market trading after the jeweler reported earnings that missed estimates and also issued guidance for the fiscal year that was below forecasts.
Is the bad news from Tiffany (TIF) a sign that even the most affluent of consumers around the world are starting to feel the pinch from what MOREPaul R. La Monica - May 24, 2012 8:01 AM ET
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