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☆ Futures dip after Wall St rally, focus on Fed
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +3 min

The S&P 500 (.SPX) has risen 20% from its Oct. 12 closing low, heralding the start of a new bull market, as defined by some market participants. The Nasdaq and S&P 500 have notched new year-to-date highs in recent sessions, boosted by an AI-driven rally in megacap stocks, a better-than-expected earnings season and expectations that the Fed is nearing the end of its rate-hiking cycle. Fed fund futures are pricing in a 76% chance that the U.S. central bank will hold interest rates at the current 5%-5.25% range at its June 13-14 policy meeting, according to CMEGroup's Fedwatch tool. Signs of a resilient U.S. economy and hopes of the Fed pausing its aggressive monetary tightening have pushed volatility gauges tumbling. ET, Dow e-minis were down 75 points, or 0.22%, S&P 500 e-minis were down 6.25 points, or 0.15%, and Nasdaq 100 e-minis were down 5.75 points, or 0.04%.

Persons: Jerome Powell, Sruthi Shankar, Vinay Dwivedi Organizations: Dow, Nasdaq, BNP Paribas, Apple Inc, Amazon.com Inc, Microsoft Corp, Tesla Inc, General Motors, Tesla, GM, Dow e, Target Corp, Citi, Thomson Locations: megacap, U.S, Bengaluru

REUTERS/Carlo AllegriJune 8 (Reuters) - Amazon.com (AMZN.O) said on Thursday that it was cutting delivery routes short for drivers in places affected by poor air quality, while Target also said its contactless order pickup service may not operate in the most affected areas. On Wednesday, New York City's air quality was considered the worst in the world. A spokesman for Amazon, the nation's most valuable retailer by market capitalization, said it was cutting routes short where air quality is hazardous, and providing N-95 masks to delivery workers. Drivers were also encouraged to return to delivery stations if they felt ill.Target Corp (TGT.N) said its contactless order pick-up service called "Drive Up" may be turned off at locations with poor air quality. Separately, Home Depot Inc (HD.N) on Thursday said it was shipping supplies of air filters, respirator masks, box fans and air scrubbers to meet increased demand in areas dealing with poor air quality.

Persons: Carlo Allegri, Deborah Sophia, Michael Perry Organizations: REUTERS, Target, Amazon, Target Corp, Depot Inc, Thomson Locations: Manhattan, New York City , New York, U.S, Canada, United States, New York, Bengaluru, Arriana

☆ Dollarama beats sales estimates on strong demand for essentials
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - Canadian discount store chain Dollarama Inc (DOL.TO) beat market expectations for quarterly sales on Wednesday, benefiting from strong demand for its cheaper groceries and household supplies. The company's U.S. counterpart Dollar Tree Inc (DLTR.O), however, trimmed its annual profit forecast in May, while Dollar General Corp (DG.N) cut its annual profit and sales forecast, both citing slowing demand for discretionary goods. Last month, retail bellwether Walmart Inc (WMT.N) said it saw strong demand for its low-priced groceries and other essentials, and is expecting this trend to continue in the back half of the year. Dollarama on Wednesday reaffirmed its fiscal 2024 same store sales forecast and gross margin at 5.0% to 6.0% and 43.5% to 44.5%, respectively. The company's sales rose to C$1.29 billion ($964 million) in the first quarter, from C$1.07 billion a year earlier, compared with analysts' average estimate of C$1.25 billion, according to IBES data from Refinitiv.

Persons: Dollarama, Juveria Tabassum, Aatrayee Chatterjee, Shailesh Organizations: Inc, Dollar, Corp, Walmart Inc, Thomson Locations: U.S, Refinitiv, Bengaluru

☆ Retailers battle for uncertain back-to-school demand after ‘volatile’ quarter
▼ + stars: | 2023-06-06 | by ( Katherine Masters | ) www.reuters.com time to read: +5 min

[1/2] Shopping trolley is seen in front of Walmart logo in this illustration, July 24, 2022. U.S. shoppers' spending in the summer ahead of the college and K-12 school year has grown steadily since 2015, according to the National Retail Federation, a trade group. The chain is stocking Adidas' Samba and Gazelle sneakers ahead of the new school year, it said. The challenge for retailers is predicting whether parents will buy less clothing and sneakers when the cost of necessities - such as pencils, notebooks and laptops - strains many households. Retailers face a "volatile time," said Jessica Ramirez, a senior research analyst at Jane Hali & Associates.

Persons: Dado Ruvic, Locker, Spencer, hasn't, Ralph Lauren, Nordstrom, Doug McMillon, John David Rainey, Jessica Ramirez, Jane Hali, Moody’s, Moody's, Maxx, Martin Waters, Fran Horowitz, Jennifer Foyle, Abercrombie’s Hollister, URBN, Katherine Masters, Siddharth Cavale, James Davey, Gerry Doyle Organizations: Walmart, REUTERS, National Retail Federation, Ulta, Adidas, U.S . Commerce Department, Associates, Target, Moody's Victoria’s, Abercrombie & Fitch, Urban Outfitters, Abercrombie, Fitch, Free People, Thomson Locations: Britain, U.S, North America, New York, Bentonville , Arkansas, London

☆ Stingy European savers will help the ECB, not LVMH
▼ + stars: | 2023-06-06 | by ( Francesco Guerrera | ) www.reuters.com time to read: +7 min

LONDON, June 6 (Reuters Breakingviews) - Pandemic-era lockdowns and government stimulus have left euro zone citizens with 1 trillion euros in extra savings. That will leave consumer goods giants like $445 billion LVMH (LVMH.PA) downcast, but the European Central Bank pretty pleased. Euro zone citizens put as much as 1 trillion euros – or 8% of GDP – in their piggy banks since the health emergency, according to Oxford Economics’ estimates. Finally, euro zone savers have been favouring the higher returns offered by illiquid assets instead of sticking with easily accessible cash. These investments account for 33% of euro zone citizens’ total financial assets, compared to 30% before the pandemic.

Persons: can’t, –, lockdowns, Christine Lagarde, George Hay, Oliver Taslic Organizations: Reuters, European Central Bank, Oxford Economics, White House, –, Federal Reserve Bank of San, San Francisco Fed, Walmart, United Airlines, American Airlines, U.S, U.S . Federal, Allianz, BMW, stingy, Thomson Locations: U.S, Ukraine, Federal Reserve Bank of San Francisco, U.S ., Europe, Germany, France, Italy, Spain, That’s, Asia

The deal, announced last month, would open more than 12,000 Tesla Superchargers to drivers of Ford vehicles in North America starting in 2024. SS&C has invested in such charging companies as ChargePoint Holdings Inc (CHPT.N), EVgo Inc (EVGO.O) and Blink Charging Co (BLNK.O). The Ford deal was a boost to Tesla's more widespread, reliable North American Charging Standard (NACS) and dented the value of smaller players offering the rival Combined Charging System (CCS). Complaints about other charging companies' software bugs or broken charging hardware only opens the door to greater access for Tesla's standard, however, industry officials said. Under its new deal, Ford will distribute Tesla adapters to customers and starting in 2025 will equip future EVs with NACS.

Persons: Joe Biden, Paul Baiocchi, Ford, Elon Musk, Tesla's, Biden, Pete Buttigieg, Tesla, Lazard, Mohit Kohli, Chris Harto, Arcady Sosinov, Chris Anthony, Sosinov, Abhirup Roy, Hyunjoo Jin, David Shepardson, Jarrett Renshaw, Ben Klayman, Matthew Lewis Organizations: FRANCISCO, Ford, North America, U.S, SS, C ALPS Advisors, ChargePoint Holdings, EVgo Inc, CNBC, CCS, EVs, Volta, Volkswagen AG, General Motors Co, BMW, Consumer, Aptera, Thomson Locations: U.S, North, Europe, San Francisco, Washington

☆ Energy sector's COVID recovery turns into massive CEO payday
▼ + stars: | 2023-06-05 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +8 min

Occidental said its CEO pay ratio follows the rules laid out by the U.S. Securities and Exchange Commission (SEC). IT'S RELATIVE WHEN IT COMES TO RETURNSTo be sure, the value of stock-based pay shrinks when markets sour. But most energy CEOs also have a measure of built-in protection from steep declines. That’s because about 90% of energy companies measure stock performance against others in the same industry who tend to suffer at similar times. Many energy companies are under pressure from investors to reform CEO pay, according to disclosures in their annual proxy statements.

Persons: Aeisha, Virginia Parks, Christina Noel, Darren Woods, Exxon, Michael Hennigan, ”, Rosanna Landis Weaver, Toby Rice, EQT, Phillips, ” Phillips, ” Mastagni, Richard Valdmanis, Anna Driver Organizations: Energy, California State Teachers, Marathon Petroleum, University of California Irvine, Occidental Petroleum Corp, Occidental, U.S . Securities, Exchange Commission, SEC, American Petroleum Institute, ExxonMobil, Services, Microsoft, Exxon, New York, EQT Corp, Reuters, Thomson Locations: U.S, California, Virginia, CalSTRS

☆ Spotify to lay off 200 workers in podcast division
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

June 5 (Reuters) - Spotify Technology SA (SPOT.N) said on Monday it would cut 200 jobs from its podcast unit in its second round of layoffs, as the company restructures the business after years of heavy investment. Spotify had spent aggressively to build up its podcast business in recent years, hoping the higher engagement levels offered by the format will bring in more advertisers. In response, Spotify cut 6% of its workforce earlier in 2023 and announced the departure of Dawn Ostroff, who helped shape its podcast business and guided it through controversies such as the backlash around Joe Rogan's show for allegedly spreading misinformation about COVID-19. Sahar Elhabashi, who heads the podcast business, said on Monday that the company has "made the difficult but necessary decision to make a strategic realignment." Spotify also said it will merge its Parcast and Gimlet studios into a single Spotify Studios division, which will produce Spotify originals.

Persons: Dawn Ostroff, Joe Rogan's, Sahar Elhabashi, Elhabashi, Tiyashi Datta, Vinay Dwivedi, Shweta Agarwal Organizations: Spotify Technology SA, Spotify, Spotify Studios, Thomson Locations: Sweden, Bengaluru

☆ Walmart reiterates goal of doubling international gross merchandise in five years
▼ + stars: | 2023-06-03 | by ( Siddharth Cavale | ) www.reuters.com time to read: +3 min

The analysts meeting and a press presentation by Walmart CEO Doug McMillon were held on Friday in conjunction with the retailer's annual shareholders meeting in Bentonville. Five years ago, Walmart International generated about $120 billion in GMV. Walmart's business model has evolved over the past few years, with a greater focus on omni-channel - a strategy that ties together its e-commerce business, delivery services, advertising and marketplace business. McKenna said Walmart's huge size and technological breadth will give it the leverage to scale this strategy more quickly. Walmart's omni-channel efforts have been a boon for the retailer as recession fears push more Americans to seek bargains in groceries.

Persons: Judith McKenna, Doug McMillon, McKenna, McMillon, Siddharth Cavale, Will Dunham Organizations: Walmart, Bentonville ., Walmart International, International Monetary, omni, Thomson Locations: BENTONVILLE , Arkansas, Mexico, India, Fayetteville , Arkansas, Bentonville, Brazil, Argentina, Japan, United Kingdom

"While it appears to be a hot number on the actual number of people employed, the wage rate is not increasing as fast," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. The data brought relief to investors who mostly expect the Fed to pause hiking rates at its policy meeting on June 13-14. But some pointed to the much hotter-than-expected jobs data as a sign the Fed still has not yet tamed inflation. All 11 S&P 500 sectors advanced, with the materials index (.SPLRCM) leading, up 3.4%, and the consumer discretionary sector (.SPLRCD), housing Amazon, close behind, rising 2.2%. The S&P 500 posted 15 new 52-week highs and two new lows; the Nasdaq Composite recorded 74 new highs and 40 new lows.

Persons: Kim Forrest, Phil Orlando, Nobody’s, Michael Landsberg, Herbert Lash, Shreyashi Sanyal, Shristi, Shashwat Chauhan, Nivedita Bhattacharjee, Maju Samuel Organizations: Amazon, Nvidia, Reserve, Labor Department, Bokeh Capital Partners, Fed, Federal Reserve, Federated Hermes, Reuters Graphics Reuters, Dow Jones, Nasdaq, Dow, Verizon Communications Inc, T Inc, Mobile US Inc, Inc, U.S, Verizon, Mobile, Nvidia Corp, Landsberg Bennett, Wealth Management, NYSE, Thomson Locations: Washington, Pittsburgh, New York, Punta Gorda , Florida, Bengaluru

The debt deal capped national security spending in fiscal 2024 at $886 billion, which is what U.S. President Joe Biden requested. Ordinarily, some of the $16 billion worth of unfunded priorities would get tacked on, as well as billions worth of lawmaker initiatives. In recent years Congress has increased defense spending by more than any president requests, generally by tens of billions of dollars. This year, the debt ceiling deal could make that more difficult. That Ukraine supplemental spending request is now expected to include a broader range of military spending and could include some items and pet projects left behind.

Persons: Joe Biden, Abrams, Lockheed Martin, Biden, Mackenzie Eaglen, Eaglen, Mike Stone, Patricia Zengerle, David Holmes Organizations: U.S, Department of Defense, General Dynamics, Lockheed, Huntington Ingalls Industries, Congressional, Pentagon, Congress, Democratic, Republican, American Enterprise Institute, Thomson Locations: Ukraine, Washington

☆ Amazon in talks to offer low-cost mobile services - Bloomberg News
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

June 2 (Reuters) - Amazon.com Inc (AMZN.O) is in talks with several telecom providers to offer low-cost or possibly free mobile phone service to U.S. Prime subscribers, Bloomberg News reported on Friday, citing people familiar with the matter. Talks between Amazon and Dish were reported last week. The reported talks come as Amazon faces a slowdown in new sign-ups for the Prime service, its key loyalty program that offers subscribers faster shipping and video streaming. For telecom companies, a resell partnership with Amazon could serve as a means to attract new users and boost revenue. The details of the potential deals between Amazon and the telecom firms were not immediately known.

Persons: Tanya Jain, Akash Sriram, Yuvraj Malik, Nivedita Bhattacharjee Organizations: Amazon.com Inc, Bloomberg, Verizon Communications, Mobile US Inc, Dish Network Corp, Amazon, T Inc, Verizon, Mobile, Dish Network, Thomson Locations: Bengaluru

☆ Economic policies sacrifice poor Americans
▼ + stars: | 2023-06-02 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

NEW YORK, June 2 (Reuters Breakingviews) - Dollar General (DG.N), the ultra-low-cost retailer with 19,000 stores reaching 75% of the U.S. population, has never been a comfortable reflection of the American consumer. That underscores troubling consequences of current U.S. economic policy: the poor are being sacrificed. Over the past two decades, dollar stores have upended how the cross section of the United States shops. In smaller towns, Dollar General and competitors including Dollar Tree (DLTR.O) offer cheap and accessible groceries. Reuters GraphicsIn the past week, U.S. Congress has continued to roll back policies that would help Americans with less to go around.

Persons: Jeffery Owen, Lululemon, Nordstrom, Ralph Lauren’s, Joe Biden’s, Lululemon Athletica’s, Erik Nordstrom, Jennifer Saba, Sharon Lam Organizations: YORK, Reuters, Dollar, Walmart, Shoppers, Reuters Graphics, Congress, Thomson Locations: United States

☆ Amazon in talks with Verizon, others for low-cost mobile services -Bloomberg News
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

June 2 (Reuters) - Amazon.com Inc (AMZN.O) is in talks with wireless carriers Verizon Communications (VZ.N), T-Mobile US Inc (TMUS.O) and Dish Network Corp (DISH.O) to offer low cost mobile services in the U.S., Bloomberg News reported on Friday. Bloomberg News also said Amazon has been negotiating to get the lowest possible wholesale prices that would let it offer Prime members wireless plans for $10 a month or possibly for free. Shares of Verizon, T-Mobile and AT&T were down about 6% in premarket trading on Friday. Shares of Dish Network, whose talks with Amazon were earlier reported in the media, were up 9%. Reporting by Tanya Jain, Akash Sriram and Yuvraj Malik in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Tanya Jain, Akash Sriram, Yuvraj Malik, Nivedita Organizations: Amazon.com Inc, Verizon Communications, Mobile US Inc, Dish Network Corp, Bloomberg, T Inc, Verizon, Mobile, Dish Network, Amazon, Thomson Locations: U.S, Bengaluru

☆ US telecom stocks fall on report Amazon in talks for wireless services
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +2 min

Bloomberg News reported that Amazon was negotiating to get the lowest possible wholesale prices and could offer wireless plans for $10 a month or lower to Prime members through these partnerships. AT&T declined to comment, while T-Mobile said it was not in discussions with Amazon for inclusion of its wireless in Prime service. The details of the potential deals between Amazon and the wireless carriers were not immediately known. Dish's shares were an outlier in telecom stocks with a gain of 22%. The company's shares had also soared in May after a Wall Street Journal report that it was in talks to sell its wireless plans through Amazon.

Persons: Christopher Ali, Brandon Nispel, Yuvraj Malik, Tanya Jain, Akash Sriram, Aditya Soni, Sheila Dang, Nivedita Bhattacharjee Organizations: Verizon Communications Inc, Mobile US Inc, Inc, U.S, Bloomberg News, Amazon, Penn State University, Verizon, Mobile, KeyBanc, Markets, Dish Network Corp, Journal, Thomson Locations: Amazon, Bengaluru, Dallas

Online consumers alleged "social casino" games developed by the defendants "constitute unlawful gambling under Washington's gambling laws." International Game Technology, based in the U.K., and DoubleDown have denied any liability. Tens of thousands of class members "purchased and lost chips" by wagering at DoubleDown Casino, the plaintiffs' lawyers alleged. Logan said in the latest settlement "many class members stand to receive, individually, hundreds of thousands of dollars." The plaintiffs' lawyers had said they would seek no more than 30% for fees.

Persons: Robert Lasnik, DoubleDown, Lasnik, Todd Logan, Logan, Benson, Jay Edelson, Rafey Balabanian, Cecily Jordan, Tousley Brain Stephens, Jaime Drozd Allen, Davis Wright Tremaine, Lauren Case, Duane Morris, Adam Pankratz, Nash, Smoak, Mike Scarcella, Leigh Jones Organizations: DoubleDown Interactive, Game Technology, District, International Game Technology, U.S, Circuit, Appeals, DoubleDown, Western District of Washington, Technology, Stewart, Thomson Locations: U.S, Washington, Seattle, Edelson, Chicago, Western District

The West Coast is home to the busiest U.S. container port complex at Los Angeles/Long Beach. Pacific Coast ports are an important engine of the U.S. economy and handle everything from apparel and furniture to agricultural products and automobiles. Some Port of Los Angeles terminals were affected by labor shortages, a spokesperson there said. Meanwhile, West Coast ports have lost cargo to rival ports on the East and Gulf Coasts as shippers worry that a breakdown in talks could strand cargo on ships or in docks. Reporting by Lisa Baertlein in Los Angeles; Editing by Will Dunham and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Willie Adams, Adams, Mario Cordero, Cordero, Friday's, Lisa Baertlein, Will Dunham, Diane Craft Organizations: U.S . West, Pacific Maritime Association, Warehouse Union, ILWU, Twitter, Long Beach, Walmart, Thomson Locations: ANGELES, U.S . West Coast, Los Angeles, Long Beach, Oakland, California, Tacoma, Seattle, Washington, Coast, Pacific Coast, U.S, Port, Long, West Coast, Gulf Coasts

That's exactly what the Fed would like to see," said Art Hogan, chief market strategist at B Riley Wealth in New York. The data brought relief to investors who now expect the Fed to skip an interest rate hike this month for the first time since starting its aggressive policy tightening more than a year ago. Fed funds futures trading showed an over 70% probability that the Fed will hold interest rates steady at its June 13-14 policy meeting. The S&P 500 communication services index (.SPLRCL), housing telecoms, fell 0.5% while the S&P 500 consumer discretionary sector (.SPLRCD), housing Amazon, soared 1.6%. The S&P 500 industrials sector (.SPLRCI) rose 1.4%, while Dow heavyweight Caterpillar (CAT.N) gained 3.7%.

Persons: Hogan, they're, FEDWATCH, Shreyashi Sanyal, Shristi, Nivedita Bhattacharjee, Maju Samuel Organizations: Amazon, Dow, Nasdaq, Federal Reserve, Labor, Riley, FEDWATCH Reuters Graphics Reuters, Dow Jones, Amazon.com Inc, Telecom, Verizon Communications, Mobile US Inc, Dish Network Corp, Caterpillar, NYSE, Thomson Locations: New York, United States, China, Bengaluru

☆ Macy's cuts annual forecasts as customers curb spending, shares fall
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

[1/2] People wait in line at Macy's before Black Friday sales in the Manhattan borough of New York City, New York, U.S., November 26, 2021. The company said it would need to discount further in the second quarter to clear out spring and early summer stocks as consumer spending weakens. This was in contrast to Macy's expectations last quarter to rein in promotions. Macy's expects 2023 sales between $22.8 billion and $23.2 billion, compared with its prior forecast of $23.7 billion to $24.2 billion. It sees adjusted full-year profit per share between $2.70 and $3.20, compared with $3.67 to $4.11 per share it had forecast previously.

Persons: Ananya Mariam Rajesh, Shinjini Organizations: Black, REUTERS, Macy's, Kohl's, Major U.S, Target, Nordstrom Inc, Thomson Locations: Macy's, Manhattan, New York City , New York, U.S, Bengaluru

☆ Walmart has not made changes to LGBTQ-themed merchandise
▼ + stars: | 2023-06-01 | by ( Siddharth Cavale | ) www.reuters.com time to read: +1 min

[1/2] Shopping trolley is seen in front of Walmart logo in this illustration, July 24, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoBENTONVILLE, Arkansas, May 31 (Reuters) - Walmart (WMT.N) on Wednesday said it has not made any changes to its LGBTQ-related merchandise tied to Pride Month, or to security measures in place at its stores, a week after rival Target (TGT.N) pulled some LGBTQ-themed products following customer backlash. Last week, Target pulled some Pride-related merchandise, including items by transgender designer Erik Carnell, saying the products led to "volatile circumstances," such as confrontations between customers and Target employees, and customers throwing Pride merchandise on the floor. Walmart also offers LGBTQ-themed merchandise tied to Pride Month, which is celebrated in June, including rainbow-adorned flags, clothing and accessories. "In this particular case, when we think about security ...we have not done anything in particular differently related to security in our stores," Watkins said.

Persons: Dado Ruvic, Latriece Watkins, Erik Carnell, Walmart's Watkins, Watkins, Siddharth Cavale, Lisa Shumaker Organizations: Walmart, REUTERS, Pride, Target, Thomson Locations: BENTONVILLE , Arkansas

☆ Dollar General prunes annual outlook as shoppers curb spending; shares slide
▼ + stars: | 2023-06-01 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

Low-cost retailers like Dollar General face stiff competition from bigger retailers like Walmart in the grocery and food business, which has lifted its annual outlook as it offers lower prices on groceries compared to rivals Target Corp (TGT.N). Shares of Dollar General were set for their worst day on record, if losses hold, as it also said an earnings decline would be "most significant" in the second quarter. The Tennessee-based company's gloomy outlook echoes disappointing results at its biggest rival Dollar Tree (DLTR.O) last week, which took a hit from slowing demand for non-essentials and elevated cost pressures. The company's first-quarter same-store sales and profit were also below analysts' average estimate as customers appeared to have reduced their spending budgets. Reporting by Savyata Mishra in Bengaluru; Editing by Pooja Desai and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeffery Owen, Michael Montani, Kelly Dilts, Savyata Mishra, Pooja Desai, Dhanya Ann Thoppil Organizations: General Corp, Walmart, Target Corp, Evercore ISI, Thomson Locations: The Tennessee, Bengaluru

☆ Nordstrom beats quarterly sales estimates as apparel demand holds up
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

May 31 (Reuters) - Nordstrom Inc (JWN.N) beat market estimates for first-quarter sales on Wednesday as demand from wealthy shoppers cushioned a wider, inflation-driven slowdown in spending on clothing and accessories. In a bid to attract more budget-conscious shoppers, Nordstrom has been opening new stores under its off-price banner Rack. While quarterly sales at Rack decreased 11.9%, Nordstrom said trends improved later in the quarter, driven by its moves to stock up shelves with crowd-favorite brands. The company also reported a 110-basis-point increase in quarterly gross margin, thanks to easing cost pressures and tighter inventory management. On an adjusted basis, the company reported a profit of 7 cents per share.

Persons: Nordstrom, Deborah Sophia, Devika Organizations: Nordstrom Inc, Abercrombie, Fitch, Target Corp, Home Depot Inc, Thomson Locations: Bengaluru

☆ Target Pride backlash exposes 'rainbow capitalism' problem, designer says
▼ + stars: | 2023-05-31 | by ( Helen Reid | ) www.reuters.com time to read: +4 min

[1/2] Erik Carnell, transgender designer and artist whose products were pulled by U.S. retailer Target from its Pride Collection amid backlash from some of their customers, poses for a portrait in London, Britain, May 30, 2023. REUTERS/Dylan MartinezLONDON, May 31 (Reuters) - U.S. retailer Target's decision to remove some LGBTQ-themed merchandise after customer backlash in its stores highlights the problem with companies' "rainbow capitalism," said Erik Carnell, a transgender designer whose products were pulled from its stores. Target (TGT.N) has sold LGBTQ-related goods tied to Pride month for years. Target's collection for Pride Month, which is celebrated every year in June, includes more than 2,000 products, including Carnell's Abprallen brand. "We stand with you now and will continue to do so - not just during Pride Month, but each and every day," he said.

Persons: Erik Carnell, Dylan Martinez, Carnell, influencer Dylan Mulvaney, Brian Cornell, Etsy, Helen Reid, Siddharth Cavale, Kate Masters, Matt Scuffham, Deepa Babington Organizations: U.S, Target, REUTERS, Dylan Martinez LONDON, Kohl's, Pride Month, Anheuser, Reuters, Business, Pride, Thomson Locations: London, Britain, New York

[1/3] A Turkish Air Force F-16 fighter jet ( C foreground) is seen between U.S. Air Force A-10 Thunderbolt II fighter jets at Incirlik airbase in the southern city of Adana, Turkey, December 11, 2015. "Now what's important is how does Erdogan want to move into the future with Turkey. NATO member Turkey requested in October 2021 to buy $20 billion of Lockheed Martin Corp (LMT.N) F-16 fighters and nearly 80 modernization kits for its existing warplanes. President Joe Biden's administration has said it supports the sale and has been in touch for months with Congress to win its approval. Secretary of State Antony Blinken urged Turkey on Tuesday to immediately finalize Sweden's accession to NATO, and rejected the suggestion that the Biden administration is linking Turkey's approval of Sweden's NATO accession to the F-16 sale.

Persons: Bektas, Tayyip Erdogan, Erdogan, he's, Bob Menendez, we've, I've, Menendez, Joe Biden's, Biden, Washington, Sweden's, Antony Blinken, Blinken, Patricia Zengerle, Stephen Coates Organizations: Turkish Air Force, . Air Force, REUTERS, NATO, Senate Foreign Relations, Turkey, Lockheed Martin Corp, House Foreign, Thomson Locations: Adana, Turkey, Bektas WASHINGTON, Turkish, Sweden, Ankara

☆ Target and Disney trip up on the Pride divide
▼ + stars: | 2023-05-31 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

[1/2] A shopping cart is seen in a Target store in the Brooklyn borough of New York, U.S., November 14, 2017. REUTERS/Brendan McDermid/File PhotoNEW YORK, May 31 (Reuters Breakingviews) - Target (TGT.N) and Walt Disney (DIS.N) are fighting different battles over a similar social issue. Of the two, retailer Target has the harder balancing act. The $62 billion retailer run by Brian Cornell last week decided to pull some items from its 2023 collection celebrating Pride Month. Some of Disney’s employees were upset by the regulation and Iger took a stand on their behalf.

Persons: Brendan McDermid, Walt Disney, Brian Cornell, ”, Bob Iger, Ron DeSantis, Iger, Marjorie Taylor Greene, John Foley, Sharon Lam Organizations: REUTERS, Reuters, Target, Pride, Disney, Sunshine, Cornell, Walt Disney, Fox News, Thomson Locations: Brooklyn, New York, U.S, Florida, Orlando, UK

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