DIRS.INFO The most relevant business & tech news

☆ The shortened trading week features earnings from our best stock of the year
▼ + stars: | 2023-11-18 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

After making three trades this week, we're heading into a shortened trading week. NVDA YTD mountain Nvidia YTD Shares of Nvidia closed Nov. 14 at a record high of $496.56 each. Here's the full rundown of all the important domestic data in the week ahead, which also features a slew of earnings from brand-name retailers. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: FactSet, It's, Jim Cramer, NIU, Jack, JACK, Jim Cramer's, Jim, New York Stock Exchange Michael Nagle Organizations: Fed, TJX, Palo Alto Networks, PMI, ISM, Institute for Supply Management, Nvidia, Apple, Technologies, Video Communications, Agilent Technologies, Baidu, Abercrombie, Fitch, Burlington Stores, Eagle Outfitters, Dick's Sporting, Autodesk, HP, Nordstrom, Urban Outfitters, Deere & Company, CNBC, New York Stock Exchange, Bloomberg, Getty Locations: U.S, China

☆ Cramer's week ahead: Earnings reports from retailers and Nvidia
▼ + stars: | 2023-11-17 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer guided investors through next week's Wall Street action, pinpointing earnings reports from numerous retailers, as well as semiconductor giant Nvidia . "Next week is historically a pretty positive time, but I'm cognizant that we've had a big run here," Cramer said. He said he's optimistic next week will be strong, albeit short, "if we get a continuation of the rotation into beaten down retailers, along with a huge guide-up by Nvidia." Cramer said Tuesday brings a "deluge" of earnings from retail companies: Best Buy , Burlington , Dick's Sporting Goods , Kohl's , Nordstrom and Lowe's . Nvidia will also report on Tuesday, and Cramer reiterated that investors should own the stock because it is the "king" of AI semiconductors.

Persons: CNBC's Jim Cramer, we've, Cramer, he'll, Nordstrom Organizations: Nvidia, Microsoft, Dick's Sporting Goods, Deere Locations: Burlington

☆ Here are Friday's biggest analyst calls: Nvidia, Zoom, Expedia, Analog Devices, Cava, Roblox, Dick's & more
▼ + stars: | 2023-11-17 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Roth MKM downgrades ChargePoint to neutral from buy Roth said it's concerned about weak demand for charging equipment. UBS upgrades Pacific Biosciences to buy from neutral UBS said the biotech company has growth potential. Citi reiterates Microsoft as buy Citi said it's standing by its buy rating on the stock. Morgan Stanley upgrades Analog Devices to overweight from equal weight Morgan Stanley said the bottom is in sight for the semiconductor company. Truist initiates Dick's as buy Truist said in its initiation of the stock that it sees an attractive buying opportunity. "

Persons: Evercore, Roth, it's, CHPT, Wolfe, underperform Wolfe, RBLX, GitLab, Hubbell, Morgan Stanley, Carvana, Raymond James, Cava, Redburn, Piper Sandler, Piper, buybacks, Baird, Truist, Lululemon, Kimberly, Clark Organizations: EV, UBS, Pacific Biosciences, Citi, Microsoft, Barclays, JPMorgan, HSBC, UW, downgrades, Products, Nvidia, Coherus BioSciences, Goods, Zim Locations: ChargePoint, billings, 2Q24

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

☆ 8-year-old CEO got a $50,000 'Shark Tank' offer from two billionaires: 'I believe you're going to be a winner'
▼ + stars: | 2023-10-17 | by ( Ashton Jackson | ) www.cnbc.com time to read: +4 min

On Friday's episode, that kid was Gavin Batarse, an avid baseball player and the CEO of Glove Wrap. "Just place a ball in a glove and wrap it up with Glove Wrap. Some players wrap baseball gloves in rubber bands or stuff them under sofas. The potential market is large, spanning millions of kids and Major League Baseball players alike in the U.S. alone. The deal: $50,000 for a 22% equity stake in Glove Wraps.

Persons: Gavin Batarse, Jon, Morgan Batarse, Gavin, sofas, Gavin didn't, Mark Cuban, Michael Rubin, " Rubin, Still, Rubin, he'd, Cuban, Mark, Morgan, Gavin isn't, Sofi Overton, Lori Greiner, Daymond John, Barbara Corcoran Organizations: Baseball, Major League Baseball, Sporting Goods, Sharks, Wise, Products, Twitter, CNBC Locations: Orange County , California, U.S, Cuban

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. Birkenstock is the latest high-profile listing to put investor focus on the initial public offering (IPO) market, which is gradually reopening after two relatively quiet years and a burst of activity in September. Due to recent price hikes, worldwide footwear sales are expected to rise just 2.9% over 2022, according to market research firm Euromonitor International. AllBirds (BIRD.O), Dr Martens (DOCS.L), and On Running (ONON.N) have all seen their market value fall since their IPOs in 2021. "When you look at the trend of other shoe companies that have IPO-ed, it doesn't give a great outlook for Birkenstock," Valechha said.

Persons: Fabrizio Bensch, Birkenstock, Kellogg, Mamta, Cheviot, Valechha, Johann Adam Birkenstock, Barbie, Margot Robbie, Jessica Ramirez, Jane Hali, Siobhan Gehin, Roland Berger, Thomas Hayes, sneaker, Dr Martens, Allbirds, Alexandre Arnault, LVMH, Bernard Arnault, Matt Oguz, Iris, L, Ananya Mariam Rajesh, Helen Reid, Emma, Victoria Farr, Echo Wang, Abigail Summerville, Deepa Babington Organizations: REUTERS, LVMH, New York Stock Exchange, Euromonitor, Associates, Dick's Sporting, Reuters, Partners, Norges Bank Investment Management, Thomson Locations: Berlin, Germany, New York, London, Neustadt, United States, U.S, Cannes, Silicon Valley

In the past year, clothing retailers have sought to clear excess stock that had piled up due to a shift in consumer demand to essentials from discretionary items like clothing. But with fourth-quarter temperatures expected to start off warm, according to weather tracking firm Weather Trends International, stores carrying winter styles and gear could find themselves loaded with inventory at the end of the season. European company Pepco Group (PCOP.WA) also noted that the landing of its autumn and winter clothing inventory had coincided with persistent record-warm weather in its core Central and Eastern European markets. In the United States, temperatures could rise by 2 to 12 degrees Fahrenheit on average in the October-December period compared with last year, according to Weather Trends International. Abercrombie & Fitch (ANF.N) also said there was strong demand for "seasonless products" in the second quarter, particularly in the men's category, as customers picked out year-round clothing items and styles.

Persons: Helena Helmersson, Andy Bond, Bill Kirk, Clodagh, David Swartz, Robert Woods, Kristen D'Arcy, Abercrombie, Simon Wolfson, Ananya Mariam Rajesh, James Davey, Helen Reid, Matthew Lewis Organizations: Reuters, Pepco, Amazon.com, REUTERS, Walmart, Dick's Sporting, Costco Wholesale, Morningstar Research, Vision Brands, Fitch, Thomson Locations: United States, Europe, Cos, Eastern, Grafton, Dublin, Ireland, outerwear, Bengaluru, London

☆ Nike misses on revenue for first time in two years, but stock pops as earnings, margins beat
▼ + stars: | 2023-09-28 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +9 min

Nike reported revenue Thursday that fell short of Wall Street's sales expectations for the first time in two years, but it beat on earnings and gross margin estimates, sending its stock soaring in after-hours trading. Revenue for the quarter was just shy of the $12.98 billion analysts had expected, according to LSEG. For the second quarter, Nike expects revenue growth to be up slightly versus the prior year and gross margins to grow by about 1 percentage point versus the prior year. During the previous quarter ended May 31, Nike saw China sales jump 16% compared to the year-ago period. Analysts had expected sales to be about $660 million, according to StreetAccount.

Persons: Matthew Friend, They're, John Donahoe, he's, Friend, Jefferies, doesn't bode, It's Organizations: Nike, LSEG, Revenue, Investors, Reuters, Asia Pacific, Converse, Sporting Goods, Footlocker Locations: China, North America, Europe, East, Africa, America, Asia

NEW YORK (AP) — Target will close nine stores in four states, including one in East Harlem, New York and three in San Francisco, saying that theft and organized retail crime have threatened the safety of its workers and customers. Political Cartoons View All 1182 ImagesWhile the store closings account for just a fraction of the 1,900 stores Target operates nationwide, the move is significant. For example, the Target store in East Harlem is located in a heavily Hispanic area, and residents have few choices to buy good quality healthy foods. “Our team continues to face an unacceptable amount of retail theft and organized retail crime,” Cornell told analysts. More than two-thirds of respondents said they were seeing even more violence and aggression from perpetrators of organized retail crime compared with a year ago.

Persons: Target, ”, Brian Cornell, Cornell, ” Cornell, Anne Organizations: Target, University of Washington, Month, Pride Month, Dick's Sporting Goods, National Retail Federation, ACT, U.S . Department of Homeland, Security Investigations Locations: East Harlem , New York, San Francisco, Portland , Oregon, Seattle, East Harlem, Folsom

☆ Dick's Sporting Goods' proposed holiday hiring slips to 8,600 amid higher labor costs
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

Sept 26 (Reuters) - Athletic-wear retailer Dick's Sporting Goods (DKS.N) said on Tuesday it would recruit 8,600 workers across the United States for the holiday shopping season, less than its proposed hiring for the same period a year earlier. The company's announcement comes close on the heels of conservative holiday hiring plans announced by retailers Target (TGT.N) and department store retailer Macy's (M.N) last week. Dick's Sporting Goods last year had said it would hire 9,000 temporary employees for the holiday season. A report by Challenger, Gray & Christmas earlier this month showed that retailers in the U.S. would hire the lowest number of seasonal workers this holiday season since 2008, as they battle increased labor costs. Sporting goods retailers such as Dick's Sporting Goods, Nike (NKE.N) and Foot Locker (FL.N) are battling weak wholesale demand in the U.S. as consumers cut down on spending on pricier discretionary items such as sporting apparel.

Persons: Juveria, Vinay Dwivedi Organizations: Sporting, Target, Dick's Sporting Goods, Challenger, Deloitte, Nike, Thomson Locations: United States, U.S

☆ The single biggest piece of the economy is showing signs of deteriorating
▼ + stars: | 2023-09-20 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

While consumer spending data has been surprisingly resilient this year, there are signs that household wallets may have hit their limit. "We asked consumers about their Holiday season spending plans in July and September. The percentage of consumers who said they plan to spend less this Holiday season jumped 840 [basis points] sequentially, while the percentage who said they plan to spend more rose only 340 [basis points]. "The U.S. consumer will determine whether or not the U.S. economy glides down for a 'soft landing' in the months ahead. On Wall Street, slower consumer spending would spell particularly bad news for retailers that are already struggling.

Persons: Jay Sole, Wolfe, Chris Senyek, we've, Senyek, UBS's, Michael Bloom Organizations: Federal Reserve, U.S, Target, Dick's Sporting Goods, UBS, Fed, Wolfe Research, Retail Locations: U.S

☆ Fog is the latest tool retailers are deploying to fight theft
▼ + stars: | 2023-09-19 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

One such system fills a space with a dense, dry fog to reduce visibility and disorient criminals. In particular, the system was so effective at curbing cigarette theft from UK convenience stores, the company said, that thieves began targeting stores without the tech. Large retailers including Target and Dick's Sporting Goods have blamed a rise in retail theft for taking a larger bite out of profits, as well as jeopardizing the safety of workers and customers. Industry groups estimate inventory shrink costs companies more than $100 billion, with external theft contributing about 37% of that figure. A small business owner in Chicago told the local CBS affiliate she installed the Density system after her store was hit with a pair of robberies within one year.

Persons: Mike Egel, DensityUSA, Egel Organizations: Service, Target, Dick's Sporting Goods, Industry, Washington Examiner, CBS Locations: Wall, Silicon, Chicago

☆ Cramer: The 4 fears that are upsetting the market and what needs to happen next
▼ + stars: | 2023-09-17 | by ( Jim Cramer | ) www.cnbc.com time to read: +11 min

Nike, under CEO John Donahoe, continued its total dominance that it had under previous leaders Mark Parker and Phil Knight. I really, really like Starbucks CEO Laxman Narasimhan and we are going to see a very strong executive make decisions now that Howard is gone. Apple weakness just casts a pall over everything. We have had weakness in the banks on fears of more regulation and that's only getting worse. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Let's, John Donahoe, Mark Parker, Phil Knight, It's, Armour, Nike's, Locker, Mary Dillon, Kevin Johnson, Howard Schultz, Schultz, Bob Iger, Robert Chapek —, Johnson, Chapek, Laxman Narasimhan, Howard, Gina Raimondo, Apple —, Stellantis, Joe Biden, Shawn Fain, Safra, Marc Benioff couldn't, LEN, Darden, it's, Jim Cramer's, Jim Cramer, Jim, Bill Pugliano Organizations: Nike, Adidas, Armour, Dick's Sporting, China, Disney, Apple, Micron, Qualcomm, Starbucks, United Auto Workers, Detroit, —, Motors, Chrysler, Ford, walkouts, U.S, UAW, Oracle, Marriott, Booking Holdings, Federal, FedEx, KB, Jim Cramer's Charitable, CNBC, General Motors, Big, Getty Locations: China, Europe, American, United States, Oracle's, Detroit , Michigan

☆ The main reasons retailers are posting weaker profits this year have nothing to do with theft
▼ + stars: | 2023-09-13 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

A growing number of retailers are blaming retail theft for hurting their profits this year. Estimates say inventory shrink will exceed $100 billion for 2023, with over a third due to external theft. Inventory shrink is an accounting term that refers to several reasons merch goes missing, including damage, managerial errors, and, most conspicuously, theft. Dick's Sporting Goods cited an "alarming" rise in retail crime as responsible for one-third of the decline in merchandise profits for the last quarter. CFO Navdeep Gupta said the surprisingly high inventory losses were discovered as a result of the company's annual inventory audit.

Persons: merch, Lowe's, Brian Cornell, Navdeep Gupta, Dick's, — Organizations: Service, National Retail, CNBC, Dick's Sporting Goods, Cornell, Dick's, Goods Locations: Wall, Silicon

☆ Britain faces 'epidemic' of shoplifting as Primark profits hit
▼ + stars: | 2023-09-12 | by ( James Davey | ) www.reuters.com time to read: +2 min

Sadly, in the last year we've seen twice as many offences," Sharon White, chair of the John Lewis Partnership that owns department stores and Waitrose supermarkets, told BBC Radio. Weston said some of the theft was "quite organised" and Primark was also seeing higher levels of anti-social behaviour. His comments echo those of Tesco (TSCO.L) CEO Ken Murphy, who earlier this month said Britain's biggest supermarket chain was offering body-cams to staff who need them. Murphy also called for a change in the law to make abuse and violence towards retail workers a specific offence in Britain. Target (TGT.N), Foot Locker (FL.N) and Dick's Sporting Goods (DKS.N) have all warned that profits have been under pressure from loss of inventory due to theft at their stores.

Persons: John Lewis, It's, we've, Sharon White, White, shoplifters, George Weston, Weston, Primark, Ken Murphy, Murphy, James Davey, Mark Potter Organizations: Police, Foods, John Lewis Partnership, Waitrose, BBC Radio, British Foods, Crown Prosecution Service, Reuters, Tesco, Dick's Sporting, Thomson Locations: Britain, United States

☆ How much are retailers losing to shrink and theft? In many cases, it's not the main drag on profits
▼ + stars: | 2023-09-08 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +13 min

During second-quarter earnings reports in August and September, nearly two dozen retailers said shrink has continued to weigh on profits. During its second quarter earnings call with analysts, the company said shrink was in line with the year-ago period. Over the last few quarters, more and more retailers have called out shrink as a drain on profits and blamed theft for those losses. Others that loosely blame shrink and theft for plummeting profits without providing much more explanation may be trying to obfuscate internal issues, said Lapinsky. Contrary to other retailers, shrink was the largest drag on Ulta's earnings during fiscal 2022, according to a securities filing.

Persons: Lindsey Nicholson, Dick's, Ulta, Sonia Lapinsky, AlixPartners, that's what's, Macy's, CNBC's Courtney Reagan, Jeff Gennette, Gennette, TJX, John Klinger Organizations: Walgreens, Universal, Getty, CNBC, Target, Dick's Sporting Goods, Walmart, Lowe's Locations: Queens , New York

☆ How Tractor Supply managed to shrink theft rates when they're surging almost everywhere else
▼ + stars: | 2023-09-07 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Tractor Supply Co.'s CEO says retail crime is a major problem, but his company is bucking the trend. He revealed four factors that have helped Tractor Supply see lower rates of inventory shrink this year. AdvertisementAdvertisementIf it costs a lot at Tractor Supply, it's probably also heavy. "You basically get greeted and you're checked out right in the front of our store," Lawton said. Hard-to-steal merchandiseOf course, the types of products that Tractor Supply sells — livestock feed, gun safes, truck boxes, etc.

Persons: Jahi, Hal Lawton, Lawton, it's, Dominick Reuter, Jason Aldean Organizations: Target, Tractor Supply, Service, Dick's Sporting Goods, National Retail Federation, Giant Food, Washington, Getty, Tractor, Home, eBay, Retail Industry, Association, Supply, Costco Locations: Wall, Silicon, Macy's

☆ We met dumpster diving 14 years ago and now make up to $3,000 a month selling our trash treasures
▼ + stars: | 2023-09-06 | by ( Grace Mayer | ) www.businessinsider.com time to read: +8 min

They now make up to $3,000 per month from dumpster diving, and post their dives on TikTok. AdvertisementAdvertisementWe make between $2,000 and $3,000 a month selling our dumpster dive trash treasures. But it's still rare that we see somebody else dumpster diving at the spots we go to in Buffalo. When some people hear the term "dumpster diving," they sometimes picture a rat-infested dumpster covered in food, or that we're digging through household trash. We view our dumpster diving efforts, particularly selling scrap metal to scrap yards, as "carbon credits" that offset the carbon emissions from our next plane flights.

Persons: David, Erin Sheffield, David Sheffield, we're, It's, We've, Joe's, Erin, we've, — Organizations: Service, University at Buffalo, Walmart, Foods, Aldi, Body Works, Dick's Sporting Goods, Erin Sheffield Garage, eBay, Facebook, Body Locations: Wall, Silicon, Buffalo , New York, France, dumpsters, Norway, Mexico, TikTok, Buffalo

☆ Lululemon raises annual forecasts for second time on buoyant demand
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

Aug 31 (Reuters) - Lululemon Athletica (LULU.O) lifted its annual sales forecast for a second time on Thursday, betting on steady demand for its activewear from affluent shoppers in North America and China. Like industry peer Hibbett (HIBB.O), Lululemon has also been launching new products such as "road-to-trail" running shoes and introducing new colors in its sports apparel in a bid to attract more customers to shop at its stores. The company now expects full-year 2023 revenue between $9.51 billion and $9.57 billion, compared with its prior estimate of $9.44 billion to $9.51 billion. Lululemon now expects annual profit between $12.02 and $12.17 per share, compared with its prior estimate of $11.74 to $11.94 per share. Reporting by Granth Vanaik in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Hibbett, Lululemon, Granth, Maju Samuel Organizations: Nike, Dick's Sporting, Thomson Locations: North America, China, Bengaluru

☆ How Best Buy is winning the war against retail theft
▼ + stars: | 2023-08-30 | by ( Hayley Peterson | ) www.businessinsider.com time to read: +4 min

But Best Buy said Tuesday that theft at its stores has remained relatively stable. On Tuesday's call, Barry rattled off a list of strategies that she said has helped Best Buy combat theft. Best Buy employs security workers at store entrancesBarry said Best Buy employs asset-protection employees at its front doors. Best Buy stores have one entrance and few self-checkout registersBarry highlighted other features of Best Buy's stores as theft deterrents. Best Buy is locking away some merchandiseBarry said Best Buy has started removing some items from the sales floor that could be prime targets for thieves.

Persons: —, Corie Barry, Dick's, Barry, Matt Kelley, Richard Galanti, we've Organizations: Walmart, Service, Dick's Sporting Goods, Costco, LiveView Technologies Locations: Wall, Silicon

☆ A mixed picture for retailers as bargain-hunting shoppers pick their spots
▼ + stars: | 2023-08-29 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +3 min

A sale sign greets shoppers at a retail store in Carlsbad, California, U.S., May 25, 2023. Sephora "performed exceptionally well" with strength in North America in the first half of the year, the beauty retailer's owner LVMH (LVMH.PA) said last month. Retailers have also flagged the impact from Americans prioritizing experiences like movies, vacations and concerts over discretionary purchases. Tempered forecasts from sportswear retailers Foot Locker (FL.N) and Dick's Sporting Goods (DKS.N) also added to the mixed picture, with Dick's also citing an increase in organized retail crime and theft at stores. Reporting by Deborah Sophia in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Edward Jones, Brian Yarbrough, LVMH, Yarbrough, Dick's, Corie Barry, Liza Amlani, We've, Christina Hennington, Deborah Sophia, Sriraj Organizations: REUTERS, Ross Stores, Walmart, Dick's Sporting, Electronics, U.S . Labor Department, Thomson Locations: Carlsbad , California, U.S, North America, Bengaluru

☆ Theft has become such a nightmare for Dollar Tree and Family Dollar stores that they're going to lock up some items and simply stop selling others
▼ + stars: | 2023-08-25 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Theft is becoming a mounting problem at Dollar Tree and Family Dollar stores. At Dollar Tree, shrink costs increased 0.75% in the quarter to July 29 year-over-year. At Family Dollar, shrink costs were up 0.45%. As of late July, Dollar Tree, Inc owned just under 16,500 stores, with around half Dollar Tree and half Family Dollar. Execs said at May's call that measures to help improve shrink levels included defensive merchandising, store closures, and local government action.

Persons: Rick Dreiling, Dreiling, Execs, Brian Cornell, Jeff Davis, Davis, We'll Organizations: Service, Inc, Dick's Sporting Goods Locations: Wall, Silicon

☆ Nordstrom tops revenue estimates on resilient demand from affluent shoppers
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

Aug 24 (Reuters) - Nordstrom (JWN.N) beat expectations for quarterly revenue on Thursday, benefiting from steady demand from affluent shoppers at a time when still-high inflation is forcing consumers to rethink their non-essential purchases. Net sales in its eponymous stores dropped 10.1%, while Nordstrom Rack posted a 4.1% decrease, both improving sequentially from the first quarter. Reuters Graphics Reuters GraphicsTo get shoppers, Nordstrom has also been opening more Rack stores, which represents the largest source of new customers, according to the company. Total revenue fell about 8% to $3.77 billion in the second quarter ended July 29, but topped expectations of $3.65 billion, according to Refinitiv data. Still, Nordstrom joined rival department store chains in maintaining its annual targets.

Persons: Nordstrom, Granth, Maju Samuel Organizations: Nordstrom, Dick's Sporting, Nike, Reuters Graphics Reuters, Thomson Locations: Bengaluru

☆ Retail's turnaround is being pressured by the lower income consumer, says Jane Hali & Associates
▼ + stars: | 2023-08-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRetail's turnaround is being pressured by the lower income consumer, says Jane Hali & AssociatesJessica Ramirez, Senior Research Analyst at Jane Hali & Associates, discusses the dip in several retail stocks this week, including Dick's Sporting Goods, Macy's, and Foot Locker.

Persons: Jane Hali, Jessica Ramirez, Locker Organizations: Associates, Dick's Sporting Goods

☆ Foot Locker plummets, drags down peers, on forecast cut, dividend pause
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

The Foot Locker store in Broomfield, Colorado is seen on November 17, 2016. The athletic-wear retailer also missed expectations for quarterly sales, said it would pause its dividend payouts and flagged softer demand in July, which is typically when back-to-school shopping starts. The shares of the company's larger rivals Nike (NKE.N), Dick's Sporting Goods (DKS.N) and Under Armour fell between 2% and 4% in premarket trade. Foot Locker's warnings kept the pressure on sportswear retailers after they tumbled on Tuesday when Dick's Sporting Goods also cut its full-year profit targets, slammed by hits to its margins from retail theft. Foot Locker also said its quarter was hit by inventory shrink, or retail theft, and steeper discounts.

Persons: Rick Wilking, Mary Dillon, Armour, Locker, Juveria Tabassum, Savio D'Souza Organizations: REUTERS, Nike, Dick's Sporting, Adidas, Puma, Dick's Sporting Goods, Thomson Locations: Broomfield , Colorado

Search resuls for: "Dick's Sporting Goods"

25 mentions found