DIRS.INFO The most relevant business & tech news

REUTERS/Mike Segar/File Photo Acquire Licensing RightsDec 1 (Reuters) - Retailers like Amazon.com and Foot Locker are signaling optimism for holiday season sales after stronger-than-expected figures during Black Friday and Cyber Monday, as heavy discounts lured budget-strained customers on the peak U.S. shopping days. Early estimates on holiday shopping have been encouraging to some investors after retailers sounded cautious notes in the lead-up to the season. "We know we're buying for wallet share with a value-conscious consumer this holiday season. Deep discounts have been a key feature heading into this year's holiday shopping season and holiday discounts could get even bigger in December, according to some retail executives. Kohl's (KSS.N) CEO Tom Kingsbury said last week the company was "coming out on holiday very aggressively in terms of promotions."

Persons: Mike Segar, Jimmy Lee, we've, Mary Dillon, Tom Kingsbury, Cos, Jason Benowitz, Deborah Sophia, Juby Babu, Pooja Desai Organizations: REUTERS, Adobe Analytics, National Retail Federation, Wealth Consulting, Amazon, Black, BofA, Walmart, Abercrombie, Fitch, American Eagle Outfitters, Roosevelt, Thomson Locations: Robbinsville , New Jersey, U.S, Bengaluru

The holiday season, which begins with Black Friday at the end of November and lasts roughly until the end of December, is expected to be especially tough for retailers selling discretionary items, executives say. "We are seeing some early Black Friday sales start just now," Barbie maker Mattel's (MAT.O) president and chief commercial officer, Steve Totzke, told Reuters on Monday. "The market for toys has been declining for the whole year," said Florian Sieber, CEO of German toy maker Simba. "We are expecting a good holiday season for Mattel," Totzke said. "We expect to continue to gain share throughout the holiday season."

Persons: Peter Nicholls, Larian, Santa Claus, Barbie, Loo, Isaac Larian, Toymakers, Nic Aldridge, Aldridge, Mattel's, Steve Totzke, Florian Sieber, Simba, Sieber, Totzke, Frédérique Tutt, Jerry Storch, Richa Naidu, Matt Scuffham Organizations: REUTERS, Hasbro, Mattel, Consumers, Euromonitor, MGA Entertainment, Toymakers Hasbro, Reuters, Bandai, P, Global, Storch Advisors, Hudson's, Thomson Locations: London, Britain, Europe, Santa, United States, Loo Wee, U.S

"We are seeing some early Black Friday sales start just now," Barbie maker Mattel's (MAT.O) president and chief commercial officer, Steve Totzke, told Reuters on Monday. "The market for toys has been declining for the whole year," said Florian Sieber, CEO of German toy maker Simba. "We are expecting a good holiday season for Mattel," Totzke said. "We expect to continue to gain share throughout the holiday season." "But it's a reality that there won't be as many toys sold this year as last year."

LSEG Workspace, a financial news and data platform, calculated inventory turnover ratios of 30 major U.S. retailers for Reuters. "I am relatively pessimistic about the holiday season," said Gerald Storch, retail consultant and former Target vice chairman and ex-CEO of Hudson's Bay. Department stores' holiday season is "likely not going to be that strong," said David Swartz, a Morningstar analyst. Reuters Graphics Reuters GraphicsTo be sure, inventory turnover is not the only metric Wall Street investors use to judge retailers' inventory levels. Some are already slashing prices and dangling discounts to clear excess inventory before Black Friday, the start of holiday shopping season.

Persons: King, King of Prussia, Sarah Silbiger, Gerald Storch, Jeff Bornino, David Swartz, Ulta, pare, Jason Benowitz, Joseph Feldman, Jane Hali, Nordstrom, Brian Mulberry, Savyata Mishra, Ananya Mariam Rajesh, Richa Naidu, Siddharth Cavale, Aishwarya Venugopal, Rod Nickel Organizations: REUTERS, Dollar, Walmart, Reuters, North America, Kroger, Department, Morningstar, TJX Companies, Dick's Sporting, Reuters Graphics Reuters, Roosevelt, Telsey Advisory, Research, Associates, Nordstrom, Zacks Investment Management, Thomson Locations: King of, King, King of Prussia , Pennsylvania, U.S, Hudson's, North

☆ Disney taps PepsiCo veteran Johnston as CFO
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 6 (Reuters) - Walt Disney (DIS.N) on Monday hired PepsiCo (PEP.O) veteran Hugh Johnston as its chief financial officer, strengthening top boss Bob Iger's hands as he tries to turn around the media giant facing a decline in its cable business and investor pressure. Johnston had also helped guide the Doritos maker through its bitter battle with activist investor Nelson Peltz's Trian Fund Management. At PepsiCo, Johnston will be replaced by Jamie Caulfield, currently CFO at the company's North America business. Johnston will receive an annual base salary of $2 million, Disney said, compared with the $1 million base salary he received at PepsiCo at of the end of 2022, according to a regulatory filing.

Persons: Brendan McDermid, Walt Disney, Hugh Johnston, Bob Iger's, Johnston, Nelson Peltz's, Trian, Michael Ashley Schulman, Christine McCarthy, Jamie Caulfield, Disney, Akash Sriram, Aishwarya Venugopal, Sriraj Organizations: Walt Disney Company, New York Stock Exchange, REUTERS, Monday, PepsiCo, ESPN, Fund Management, Disney, Running, Microsoft, HCA Healthcare, Hollywood, Thomson Locations: New York, U.S, America, Bengaluru

Roughly half of the S&P 500 (.SPX) companies have reported results thus far, with more than 77% exceeding results. But of that group, consumer discretionary companies have been the biggest surprise, on average exceeding earnings-per-share estimates by 19%, according to LSEG I/B/E/S data. A 4.9% rise in U.S. gross domestic product in the third quarter further highlights the health of the consumer. Including Monday's gains, the S&P 500 consumer discretionary index (.SPLRCD) is up nearly 19% this year, far outperforming the broader S&P 500, which is up nearly 8%. Reuters GraphicsAmong the other consumer discretionary names that have surpassed expectations are Amazon (AMZN.O), Hilton Worldwide Holdings (HLT.N) and Royal Caribbean (RCL.N).

Persons: LSEG, Jason Benowitz, Roosevelt, McDonald's, Brian Mulberry, Gerald Pascarelli, Aishwarya Venugopal, Ananya Mariam Rajesh, Anil D'Silva Organizations: Reuters Graphics, Hilton Worldwide Holdings, Royal, Zacks Investment Management, Thomson Locations: U.S, Royal Caribbean, Bengaluru

☆ Costco taps operation chief Vachris as next CEO
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: 1 min

Companies Costco Wholesale Corp FollowOct 18 (Reuters) - Costco Wholesale (COST.O) said on Wednesday CEO Craig Jelinek would step down from his role by the end of the year and would be succeeded by operations head Ron Vachris. The membership-only retailer said company veteran Vachris, who has been with the firm for over 40 years, will take on the role from Jan. 1. Reporting by Aishwarya Venugopal in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Craig Jelinek, Ron Vachris, Vachris, Aishwarya Venugopal, Devika Organizations: Costco Wholesale, Thomson Locations: Bengaluru

[1/2] The Macy's logo is displayed on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 19, 2021. A bellwether for back-to-school demand, Foot Locker joined rival Dick's Sporting Goods (DKS.N) on Wednesday to cut annual profit forecast, sending the shares of sportswear retailers tumbling. "We did see a softening in trends in July and are adjusting our 2023 outlook to allow us to best compete for price-sensitive consumers," Foot Locker CEO Mary Dillon said. Walmart last week raised its full-year forecasts and beat second-quarter results, benefiting from strong demand for its low-priced groceries. Reporting by Ananya Mariam Rajesh and Aishwarya Venugopal in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Cristina Fernandez, Foot Locker, Mary Dillon, Macy's, Adrian Mitchell, Locker, Thomas Hayes, Hogan, Ananya Mariam Rajesh, Aishwarya Venugopal, Arun Koyyur Organizations: New York Stock Exchange, REUTERS, Dick's Sporting, Target, Walmart, Riley Wealth, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

REUTERS/Mario Anzuoni/File Photo Acquire Licensing RightsNEW YORK, Aug 17 (Reuters) - Resilient U.S. consumer spending drove Walmart's (WMT.N) better-than-expected second-quarter results and forecast hike but its international business on Thursday posted its best quarterly performance in several years. The retail behemoth's international business, which spans 19 countries, posted a 13.3% jump in sales during the second quarter, its strongest result since at least 2016, Refinitiv data shows. The unit posted $27.6 billion in sales, or 17% of the company's quarterly revenue, beating market estimates of $26.12 billion. In India, Walmart's majority-owned business Flipkart posted double-digit sales growth and PhonePe processed more than 5 billion transactions in a single month, Walmart said. "Walmart's international business continues to perform well.

Persons: Mario Anzuoni, Walmart's, Doug McMillon, Flipkart, Judith McKenna, McKenna, Kathryn McLay, Jason Benowitz, Siddharth Cavale, Aishwarya Venugopal, Vanessa O'Connell, Mark Porter Organizations: Walmart, REUTERS, Reuters Graphics, Unilever, Caterpillar, Sam's, Walmart International, Walmart's Sam's, Thomson Locations: Rosemead , California, U.S, Canada, United States, Mexico, India, China, New York, Bengaluru

An employee arranges shopping carts outside a Walmart store in Chicago, Illinois, U.S., November 20, 2018. Shares in Walmart, which have climbed 12.3% this year, were up about 3% in premarket trading. Smaller rival Target (TGT.N) on Wednesday beat quarterly profit estimates, benefiting from leaner inventory, but in contrast to Walmart, cut its forecast for the year. Online sales rose 24% in the second quarter, mainly driven by double-digit growth in store-fulfilled pickup and delivery. The company's global advertising business, called Walmart Connect, rose 35%.

Persons: Kamil Krzaczynski, Hogan, John David Rainey, Aishwarya Venugopal, Siddharth Cavale, Sriraj Kalluvila, Sharon Singleton Organizations: Walmart, REUTERS, Walmart Inc, Riley, Walmart's, Wednesday, Thomson Locations: Chicago , Illinois, U.S, United States, Bengaluru, New York

REUTERS/Peter Power/File Photo Acquire Licensing RightsAug 16 (Reuters) - Target (TGT.N) cut its full-year sales and profit expectations even as its quarterly profit exceeded Wall Street estimates on Wednesday, benefiting from fewer discounts and better stocked store shelves. The retailer's second-quarter sales, however, dropped 5%, partly due to the fallout of a backlash against its Pride merchandise in May. Target now expects annual comparable sales to decline in the mid-single digit range compared to its prior forecast of low-single digit decline to a low-single digit increase. It expects 2023 adjusted profit per share between $7 to $8, compared with the prior range of $7.75 to $8.75. On an adjusted basis, Target earned $1.80 per share in the quarter ended July 29, beating expectations of $1.39.

Persons: Peter Power, Target, Erik Carnell's Abprallen, Brian Cornell, Cornell, Dave Wagner, Ananya Mariam Rajesh, Savyata Mishra, Aishwarya Venugopal, Arun Koyyur Organizations: REUTERS, Wall, Pride, Aptus Capital, Target, Walmart, Thomson Locations: Target, Ancaster, Bengaluru

☆ Coach owner's Michael Kors deal creates US giant to take on European luxury rivals
▼ + stars: | 2023-08-10 | by ( Aishwarya Venugopal | ) www.reuters.com time to read: +3 min

Aug 10 (Reuters) - Coach parent Tapestry (TPR.N) will buy Michael Kors owner Capri Holdings (CPRI.N) in a deal valued at $8.5 billion, creating a U.S. fashion powerhouse to challenge larger European rivals for a bigger share of the global luxury market. Thursday's deal will also bring under one roof Tapestry's more affordable luxury brands Kate Spade, Stuart Weitzman and Capri's Jimmy Choo and Versace labels. That compares with about $87 billion for LVMH last year and roughly $23 billion for another European rival Kering (PRTP.PA). The deal will help Capri revive its Michael Kors brand under "better management" at Tapestry after weak sales in the past few quarters, analysts said. In the same year, Capri, formerly known as Michael Kors, acquired British shoemaker Jimmy Choo for $1.2 billion.

Persons: Michael Kors, Tiffany, Louis Vuitton, Thursday's, Kate Spade, Stuart Weitzman, Jimmy Choo, Versace, Morningstar, Jelena Sokolova, Tapestry, Neil Saunders, Capri, Joanne Crevoiserat, Kering, Valentino, LVMH, Aishwarya Venugopal, Savyata Mishra, Deborah Sophia, Chandni Shah, Sonia Cheema Organizations: Capri Holdings, Dior, Capri, Thomson Locations: Paris, U.S, Capri, Bengaluru

☆ Coach owner creates US luxury giant with $8.5 bln deal for Michael Kors parent
▼ + stars: | 2023-08-10 | by ( Aishwarya Venugopal | ) www.reuters.com time to read: +2 min

Aug 10 (Reuters) - Coach parent Tapestry (TPR.N) will buy Michael Kors owner Capri Holdings (CPRI.N) in a deal valued at $8.5 billion, creating a top U.S. fashion house that can better compete with larger European rivals in the global luxury market. Tapestry will pay Capri shareholders $57 per share in cash, or $6.69 billion, representing a premium of nearly 65%. In the same year, Capri, formerly known as Michael Kors, acquired British shoemaker Jimmy Choo for $1.2 billion. LVMH, the world's largest luxury group, closed its $15.8 billion acquisition of Tiffany in early 2021. The Wall Street Journal first reported about a potential deal between Capri and Tapestry late on Wednesday.

Persons: Michael Kors, Tapestry's, Kate Spade, Stuart Weitzman, Jimmy Choo, Versace, Tiffany, Louis Vuitton, Neil Saunders, John Idol, Capri, Gucci, Valentino, LVMH, Chandni Shah, Aishwarya Venugopal, Sonia Cheema Organizations: Capri Holdings, Capri, Dior, Inc, Street Journal, Thomson Locations: U.S, Capri, Bengaluru

☆ Lululemon shares surge as consumers snap up pricier athletic wear
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +2 min

Lululemon's first-quarter results also moved past estimates as the company saw traffic across both its stores and online up about 30%. The company also reported a 79% rise in sales in China, bolstered by the rollback of COVID restrictions. The company's strong results also lifted shares of other athletic wear makers including Nike Inc (NKE.N) and Athleta owner Gap Inc (GPS.N) by 3% and 1%, respectively, in premarket trading. "We continue to believe that Lululemon is best positioned in a consumer slowing cycle," said Adrienne Yih, analyst at Barclays. Reporting by Savyata Mishra and Aishwarya Venugopal in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Piper Sandler, Abbie Zvejnieks, Lululemon's, Cowen, Adrienne Yih, Savyata Mishra, Aishwarya Venugopal, Krishna Chandra Organizations: Barclays, Nike Inc, Gap Inc, Adidas, Puma, Thomson Locations: China, U.S, Bengaluru

☆ U.S. consumer outlook dims as upscale retailers, discounters slash forecasts
▼ + stars: | 2023-06-01 | by ( Aishwarya Venugopal | ) www.reuters.com time to read: +3 min

Broadly, U.S. consumer spending trends showed resilience in the face of high inflation, but big-ticket purchases suffered. Upscale retailer Macy's said the U.S. consumer pulled back more than anticipated and slashed its annual sales and profit forecasts for the year. Macy's and lingerie brand Victoria's Secret & Co (VSCO.N) are resorting to more discounts to clear out excess inventory. "Our business in North America became increasingly more challenging," Victoria's Secret CEO Martin Waters said during a post earnings call on Thursday. The pinch from slowing consumer spending was not just limited to high-end retailers.

Persons: Macy's, Hogan, Martin Waters, they're, Nordstrom, Peter Nordstrom, Dr Martens, Arun Sundaram, Aishwarya Venugopal, Savyata Mishra, Shinjini Organizations: U.S, Goods, Riley, Nordstrom Inc, Discount, CFRA Research, Thomson Locations: U.S, North America, United States, Bengaluru

☆ Walmart lifts annual sales, profit view on resilient consumer spending
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

May 18 (Reuters) - Walmart Inc (WMT.N) raised its annual sales and profit targets on Thursday as the retail behemoth drew from price-conscious shoppers trading down to cheaper groceries, easing worries of softening consumer spending due to inflation. Shares of the top U.S. retailer rose about 2.6% as it also reported better-than-expected results for the first quarter. The strong results are a stark contrast to smaller rival Target's bleak second-quarter forecast, which it blamed on weak consumer demand. Walmart forecast second-quarter results above expectations. "We leveraged expenses, expanded operating margin, and grew profit ahead of sales," CEO Doug McMillon said.

Discretionary products account for a major portion of the company's merchandise and it has been looking to increase the share of household essentials as sticky inflation and higher interest rates weigh on consumers' spending decisions. "American consumers continue to face difficult trade-off decisions as they juggle the wants and needs of their families ... The fear of a looming recession weighs heavily on many American families," Senior Target executive Christina Hennington said on a post-earnings call. Target projected adjusted profit between $1.30 and $1.70 per share, below estimates of $1.93 for the current quarter and forecast comparable sales to decline in the low-single digits. Target executives used the word "cautious" at least 13 times during the hour-long earnings call.

☆ Target forecasts gloomy second-quarter as consumers turn cautious
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

Target projected adjusted profit between $1.30 and $1.70 per share, below estimates of $1.93 for the current quarter. It forecast comparable sales to decline in the low-single digits, compared to estimates of a 0.25% rise, according to Refinitiv data. The company also said theft and organized crime could reduce this year's profitability by more than $500 million compared to 2022. The pressure in discretionary categories outweighed strong growth seen in its everyday essential businesses, Chief Financial Officer Michael Fiddelke said. "We are confident that the economy and consumer will stabilize overtime and will once again benefit from growth in that (discretionary) portion."

☆ Big U.S. firms adopt cautious tone on China recovery
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +3 min

In April, China's imports contracted sharply, underscoring signs of weak domestic demand as a battered property market, worries over job stability and global economic uncertainty kept shoppers wary. "We grew mid-single digits in China, which had previously been a double-digit growth market for us pre-pandemic. "Consumer confidence remains weak and shaken because many Chinese faced job and salary cuts in 2022 and Chinese New Year bonuses in 2023 were low," said Shaun Rein, managing director at China Market Research Group. Still, a rapid recovery in domestic travel demand propped up sales at hotels. "China will be a growth driver for many multi-national companies but will not be at the high growth rates many analysts predict," China Market Research's Rein said.

☆ Walmart sees sustained pressure from inflation; to slow hiring pace
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

April 5 (Reuters) - Walmart Inc (WMT.N) said on Wednesday it was expecting inflation to add sustained pressure to its business this year, and that it was planning to slow the pace of hiring as its uses more automation amid a tight labor market. The world's biggest retailer said on Tuesday that about 65% of its stores were expected to employ some form of automation by the end of its fiscal year 2026. Still feeling the effects of higher prices," Chief Financial Officer John David Rainey said at the company's investor meeting. Rainey expects inflation at about 3% by the end of the year. Reporting by Aishwarya Venugopal in Bengaluru and Siddharth Cavale in New York; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

March 20 (Reuters) - Nike is expected to report a rise in third-quarter revenue and grow its market share through 2023, helped by major rival Adidas' split with designer and rapper Kanye West that caused the German company to lose about $600 million in quarterly sales. Nike (NKE.N) is also expected to get a boost from higher sales of its Jordan Retros and some newer launches as the world's No. "There is an opportunity for Nike to pick more market from Adidas," said Jessica Ramirez, senior analyst at Jane Hali and Associates, adding that Adidas has not had as many bestsellers as Nike. Nike has also doubled down on its product lines such as the LeBron 20s and Nike Mercurial shoes, while also grabbing a bigger chunk of the growing China market. Still, Nike's margins are expected to be squeezed in the quarter as it continues to offer promotions and discounts to shed excess stock.

[1/2] Customers shop at a mall ahead of the Chinese Lunar New Year, in Beijing, China January 15, 2023. REUTERS/Tingshu Wang/File PhotoLONDON/MILAN/FRANKFURT/NEW YORK, March 1 (Reuters) - The world's top consumer and luxury goods companies have seen sales of everything from cosmetics to condoms grow in China since Beijing ended strict COVID-19 curbs, another sign that the world's No. Tourism from China was helping sales in neighbouring Macau, Hong Kong, Taiwan and even Japan, he added. Reckitt Benckiser, which makes Nurofen tablets, cold remedy Lemsip and Durex, saw a pick-up in China after a decline in volumes because of lockdowns. U.S. retailer Walmart Inc (WMT.N), which operates nearly 400 retail and wholesale stores in China, reported strong traffic in its stores since reopening.

☆ Analysis: To raise prices or not? Consumer goods makers weigh bets on buyer strength
▼ + stars: | 2023-02-20 | by ( Jessica Dinapoli | Thomson Reuters | New York-Based Reporter Covering U.S. Consumer Products Spanning Paper Towels To Packaged Food | ) www.reuters.com time to read: +6 min

But, there are small signs the pressure is easing, with U.S. consumer prices a month earlier declining for the first time in two-and-a-half years, due in part to gas prices. Price hikes - or halts - are set to take center stage at the Consumer Analyst Group of New York annual conference on Feb. 20 in Boca Raton, Florida. DIFFERENT PREDICTIONSAfter more than a year of consistent price hikes, some consumer goods makers such as Kraft Mac & Cheese manufacturer Kraft Heinz Co (KHC.O) are pressing pause as they weigh consumer demand for their items. Frozen pizza prices have risen about 14% in the last year, according to IRI data. "Retailers cannot truly push back on prices … if the company has an important brand," Bernstein analyst Bruno Monteyne said.

Jan 5 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) on Thursday said it was exploring options including a bankruptcy filing to address the U.S. home goods retailer's plunging sales, dwindling cash and debt load, sending its shares tumbling. Bed Bath & Beyond said it expects to report a third-quarter loss of $385.5 million after sales plunged 33%. The stock was one of the most active on the Nasdaq, with nearly 9.4 million shares traded as of 09:37 ET. Bed Bath & Beyond's fortunes dwindled and its stock collapsed in value after it pursued a strategy focused on its own private-label goods. Activist investor Ryan Cohen, the chairman of GameStop Corp (GME.N), took a stake in Bed Bath & Beyond, which he later sold, sending shares crashing.

☆ Bed Bath & Beyond exploring options including bankruptcy, shares fall 13%
▼ + stars: | 2023-01-05 | by ( Jessica Dinapoli | Thomson Reuters | New York-Based Reporter Covering U.S. Consumer Products Spanning Paper Towels To Packaged Food | ) www.reuters.com time to read: +2 min

Jan 5 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) on Thursday said it was exploring options including a bankruptcy filing to address the U.S. home goods retailer's plunging sales, dwindling cash and debt load, sending its shares tumbling. Bed Bath & Beyond's fortunes dwindled and its stock collapsed in value after it pursued a strategy focused on its own private-label goods. The company became a meme stock last year when its shares soared more than 400%. Activist investor Ryan Cohen, the chairman of GameStop Corp (GME.N), took a stake in Bed Bath & Beyond, which he later sold, sending shares crashing. Bed Bath & Beyond in its prior financial update in the fall said it had liquidity of $850 million but had burned through $325 million in the quarter.

Search resuls for: "Aishwarya Venugopal"

25 mentions found