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Macy's third-quarter sales declined with consumers cautious about spending, but sales and profit both topped Wall Street expectations. The department store also raised the top end of its full-year revenue and adjusted profit forecasts. Overall sales fell 7% to $4.86 billion, with sales at traditional stores and online sales both down 7%. “We delivered better-than-expected top and bottom line third quarter results and are entering the holiday period in a healthy inventory position,” Chairman and CEO Jeff Gennette said in a prepared statement. Also on Thursday, Walmart posted better-than-expected third-quarter results as its low prices attract shoppers looking for deals in a tough economic environment.

Persons: Jeff Gennette Organizations: Zacks Investment Research, Walmart, Target, Inc

However, it offered a cautious outlook and said that shoppers pulled back their spending in late October. Industry analysts are dissecting the data, seeking to shed more light on how consumers are feeling as the holiday approaches. Walmart reported that profits were $453 million, or 17 cents per share, for the three-month period ended Oct. 31. Comparable store sales — those from established stores and online operating over the past 12 months — rose 4.9% for the Walmart U.S. division for the quarter. Global e-commerce sales rose 15%.

Persons: That's, Doug McMillon, it’s, McMillon, Macy’s, Anne Organizations: Walmart, Industry, Shoppers, Federal Reserve, U.S . Commerce Department, Revenue, Walmart U.S Locations: Bentonville , Arkansas, U.S

Retail sales fell 0.1% last month after jumping a strong 0.9% in September, according to a report released Wednesday by the Commerce Department. Excluding sales of gas and autos, retail sales ticked up 0.1%. “The October retail sales report was stronger than expectations, but confirmed a slowdown in consumption,” Ellen Zentner, chief U.S. economist at Morgan Stanley, wrote in a note to clients. Restaurants and bars reported a 0.3% sales increase, though that was much lower than September's 1.6% gain. The government’s monthly retail sales report offers only a partial look at consumer spending; it doesn’t include many services, including health care, travel and hotel lodging.

Persons: “, ” Ellen Zentner, Morgan Stanley Organizations: Commerce Department, Consumer, Walmart, Target, Federal Reserve, National Retail Federation Locations: U.S, Europe, United States

☆ Toys R Us is opening in America’s biggest mall as part of its comeback
▼ + stars: | 2023-11-13 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +2 min

New York CNN —Just a few years ago, Toys R Us was on its way to the retail graveyard after going out of business. Now, it’s coming to America’s biggest mall, just in time for countdown to Christmas. Toys R Us at one point was the leading toy chain in the United States and globally. But Toys R Us’ size – both in global store fleet and massive inventory – eventually contributed to its downfall as the company buckled under billions of dollars of debt. Since then, Toys R Us has been on an expansion frenzy as it attempts to reintroduce the toy store company to more online-savvy Millennial and Gen Z shoppers.

Persons: New York CNN —, Michael Siluk, Macy’s Organizations: New, New York CNN, America’s, WHP, Tru, of, Go, Retail Locations: New York, United States, of America, Bloomington , Minnesota, America, New Jersey

☆ The Fed is terrified Americans could get used to high inflation. It may already be happening.
▼ + stars: | 2023-11-12 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Fed officials don’t expect inflation to reach 2% until 2026, according to their latest economic projections released in September. If there’s one thing that would make the Fed quake in its boots, it would be worsening inflation expectations. The keyword there is “timely.”Sticky inflation could possibly “un-anchor” inflation expectations or elicit a consistent deterioration in Americans’ perception on inflation. “The Fed really just wants people to not expect inflation will run at 4% forever.”So what’s kept inflation expectations in check this long? For individuals and married people filing separately, the new federal standard deduction will increase to $14,600, up from $13,850 this year.

Persons: we’ve, Raphael Bostic, “, ” Luke Tilley, ”, Jerome Powell, presser, Powell, Michelle Bowman, Tilley, ” Drew Matus, what’s, Matus, “ They’re, Jeanne Sahadi, Lisa Cook, Phillip Jefferson, Michael Barr, Loretta Mester, Austan Goolsbee, John Williams, Christopher Waller, Mary Daly Organizations: DC CNN, Federal Reserve, Fed, University of Michigan’s, Atlanta Fed, Bloomberg, Investment Advisors, CNN, ”, New York Bankers Association, New York Fed, MetLife Investment Management, IRS, Tyson Foods, Depot, US Labor Department, National Federation of Independent Business, China’s National Bureau of Statistics, Target, National Statistics, US Commerce Department, Walmart, National Association of Home Builders, San Francisco Fed Locations: Washington, Wilmington, Palm Beach , Florida

☆ Israel-Hamas War Palestinian Deaths Could Exceed the Cited Toll, a U.S. Official Tells Congress
▼ + stars: | 2023-11-10 | by ( Michael Crowley | ) www.nytimes.com time to read: +4 min

On the steps of the New York Public Library, demonstrators waved flags and called for a cease-fire in the Israel-Hamas war. The march in Midtown closed sections of Fifth Avenue before protesters turned onto 34th Street, snarling evening commute traffic. Tensions have risen on college campuses in recent weeks as the debate over the Israel-Hamas war has divided student groups and roiled campus life. Fadi Shuman, a computer science undergraduate who is Palestinian, said he was upset Columbia wasn’t doing more to combat Islamophobia on campus. Credit... Jeenah Moon for The New York TimesLuis Cruz, 19, who traveled to Bryant Park from Staten Island, said he was glad to see students in the crowd.

Persons: ”, Sam Cribben, they’re, Fadi, Mr, Shuman, “, Sandor John, John, The New York Times Luis Cruz, ” Troy Closson, Nate Schweber, Liset Cruz, Erin Nolan Organizations: New York Public Library, Israel, Eighth, The New York Times, Columbia University, Low, Columbia, Bryant, City University of New, Fifth, CUNY, Times, New York Times Locations: Israel, Midtown Manhattan, New York City, Midtown, Bryant Park, Gaza, Palestine, City University of New York, Vietnam, Bryant, Staten Island

☆ Holiday Retail Sales Are Expected to Increase, but at a Slower Pace
▼ + stars: | 2023-11-02 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +3 min

The ContextHoliday retail sales are a closely watched measure of the health of the U.S. consumer and often the most lucrative time of the year for major retailers. The BackgroundThis year’s estimate of holiday sales growth is lower than in previous years. In 2022, holiday sales increased 5.3 percent from the year before to $936.3 billion. Average holiday sales growth from 2010 to 2019 (right before the pandemic) was 3.6 percent, the organization noted. What’s NextThis month, major retailers like Walmart, Target and Macy’s will report quarterly earnings and are expected to give their outlook on the fourth quarter.

Persons: ” Matthew Shay, ” Mr, Shay, Brian Cornell, “ They’re, Mr, Cornell, ” Organizations: Federal Reserve, Wall, Fed, National Retail Federation, Walmart, Target, CNBC

NEW YORK (AP) — Cher is obviously a superstar but even a superstar can be the opening act when it comes to Santa. Organizers of this year's Macy’s Thanksgiving Day Parade have nabbed the Oscar-, Emmy- and Grammy Award-winner for their 97th annual event. Cher will make her appearance just before the parade's end, signaled by the arrival of Santa’s sleigh, parade organizers said. This year’s parade will feature 16 giant character balloons, 26 floats, 32 novelty and heritage inflatables, 12 marching bands, 700 clowns and eight performance groups. Other marching bands this year will represent Alabama, Indiana, Wisconsin, Michigan, Washington, New York, Illinois, New Jersey and Texas.

Persons: Cher, It's, Jon Batiste, Bell Biv DeVoe, ENHYPEN, David Foster, Katharine McPhee, Drew Holcomb, Jessie James Decker, Ashley Park, ” Pentatonix, Paul Russell, Amanda Shaw, Alex Smith, Manuel Turizo, Jordan Chiles, Ezra Frech, Jessica Long, Grace Stanke, Kung, Panda’s, ” “ Leo, ”, ” “, ” “ Pillsbury Doughboy ”, Uncle Dan, “, Josh Gad, Andrew Rannells, ” “ Ronald McDonald, Stuart, SpongeBob, Mariah Carey, Marjory Stoneman, Savannah Guthrie, Hoda Kotb, Al Roker, Carlos Adyan, Andrea Meza, ___ Mark Kennedy Organizations: En, Miss, ” “ Pillsbury, “, Marjory Stoneman Douglas High School, NBC, Telemundo Locations: Brandy, Chicago, Manuel Turizo ., U.S, In Ohio, Parkland, Florida, Alabama, Indiana , Wisconsin , Michigan, Washington , New York , Illinois , New Jersey, Texas, Peacock, Savannah, “, Spanish

☆ Holiday horror films, like ‘Gremlins’ and ‘Thanksgiving,’ turn jolly tropes on their heads
▼ + stars: | 2023-10-26 | by ( Scottie Andrew | ) edition.cnn.com time to read: +7 min

CNN —“Gremlins” turned a benign Christmas holiday into a snowy backdrop for cartoonish murders. Holiday horror films work for the same reason holiday tearjerkers do: There’s already an “emotional foundation” with holidays like Thanksgiving and Christmas, DuPée said. Holiday horror is especially taboo because so many of its tropes are sacred — innocent children in footie pajamas! “It can be exhausting to be constantly faced with scenes of happiness, togetherness and love,” said Alexandra West, an author of several books on horror films and co-host of the “Faculty of Horror” podcast. “Putting a horror spin on these holidays offers an antidote and, in some cases, a reprieve.”Olivia Hussey in "Black Christmas," 1974.

Persons: ”, “, Valentine ”, Eli Roth, Pilgrim finery, Nell Verlaque, ” George Mihalka, ” Mihalka, Matthew DuPée, DuPée, Krampus, Emjay Anthony, ” DuPée, Claus, Malcolm McDowell, Alexandra West, ” Olivia Hussey, ” West Organizations: CNN, Tristar Pictures, Universal, Hollywood, “, Horror Locations: Canadian, tinsel

☆ A new docuseries follows Juul’s catastrophic crash and burn
▼ + stars: | 2023-10-11 | by ( Jacqui Palumbo | ) edition.cnn.com time to read: +7 min

If you were a millennial, brought up amid secondhand smoke in homes and restaurants in the ’80s and ’90s (like this writer), Juul’s rise might not have felt so alarming. But if you were a teenager, Juul’s impact was immediately striking — and likely unnerving for your parents — as explored in a new Netflix docuseries. “Big Vape” neither neatly ties up Juul’s troubles nor addresses the company’s motives. Bulls***t.”“Big Vape: The Rise and Fall of Juul” is out now on Netflix. Watch: “Thank You for Smoking” (2005)This Jason Reitman-directed black comedy follows Big Tobacco lobbyist Nick Naylor (Aaron Eckhart), who spins, spins, spins the narrative by any means necessary, his job at odds with his role as parent to a 12-year-old.

Persons: R.J . Cutler, “, Juul, Gabby Jones, James Monsees, Adam Bowen, David Pierce —, Pierce, Juul’s splashy, “ James, Adam, ”, Jamie Ducharme, — Bella Hadid, Dave Chapelle, Adele, Jennifer Lawrence, ” Chase Amiratta, Spencer Platt, ‘, ’ ”, Erica Halverson, Jamie Ducharme’s, Stanford grads ’, —, Jason Reitman, Nick Naylor, Aaron Eckhart, Pets.com ”, Pets.com, Anna Lembke, Dr Organizations: CNN, Netflix, Juul Labs, Food and Drug, Apple, Bloomberg, Getty, Washington D.C, Bulls, Stanford, ., Big Tobacco Locations: “, New York , California , Massachusetts, New Mexico , Illinois, Colorado, Washington, Juul

☆ Levi Strauss cuts annual forecasts as promotions, wholesale weakness weigh
▼ + stars: | 2023-10-05 | by ( ) edition.cnn.com time to read: +3 min

Levi Strauss & Co cut its annual forecasts for the second time on Thursday after missing third-quarter sales estimates, reeling from hefty promotions and falling demand at wholesale channels in North America. Levi has struggled with declining sales at its overall wholesale business, particularly in North America, which has a higher exposure to the middle-income consumer. This has impacted Levi’s sales at retail partners such as Walmart and Target, where prices of its Signature and Denizen lines start just below $30. Analysts have said Levi might have to increase promotions and cut prices if wholesale channel sales continue to worsen, which could pressure its margins further. Levi forecast revenue to be flat to up 1% in fiscal 2023, compared with prior estimate of 1.5% to 2.5% growth.

Persons: Levi Strauss, Nordstrom, Levi, Harmit Singh, “, ” Singh, Singh, ”, Michael Ashley Schulman, Schulman Organizations: Financial, Reuters, Walmart, Target, Running Locations: North America, Americas

☆ Toys 'R' US to open stores across US, including airports and cruise ships
▼ + stars: | 2023-09-29 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Toys “R” Us stores are making another comeback — this time it’s at airports and cruise ships. WHP Global, the toy store’s parent company, announced an expansion of up to 24 flagship stores, as well as opening stores at airports and cruise ships. The stores for the cruise industry will sell cruise-themed merchandise, though Toys “R” Us did not specify on which cruise lines or where the stores will open. The 24 flagship locations will join the 452 Toys “R” Us shops that are currently open in Macy’s stores across the country. In 2021, WHP Global acquired Toys “R” Us from Tru Kids Inc., which bought the failed brand in a 2018 liquidation sale.

Persons: WHP Global, ”, Yehuda Shmidman Organizations: New, New York CNN, Dallas Fort Worth International, Duty, WHP, Go, WHP Global, Tru Kids Inc, Tru, Covid Locations: New York, New Jersey, Texas

NEW YORK (AP) — The actor picked to play the iconic, baby-faced flapper Betty Boop in a new stage musical is a triple threat from Texas with a contagious laugh. Jasmine Amy Rogers will star in “BOOP! The Betty Boop Musical” making its debut this fall in Chicago with hopes that it can charm itself to Broadway. I have so many people around me that are helping me find her and bring her to life, and so it’s really, really exciting,” Rogers told The Associated Press before her official unveiling Wednesday. Betty Boop has been a queen of animated cartoon characters since 1930, wearing round eyes, a strapless minidress, with a garter peeking out above her knee and large hoop earrings in her ears.

Persons: Betty Boop, Jasmine Amy Rogers, “ BOOP, ” Rogers, Jerry Mitchell, Rogers, Nancy ”, they’ve, ‘, ’ ”, Mitchell, Tony, “ Kinky Boots, ”, Rotten, “, She’s, David Foster, Susan Birkenhead, Bob Martin, Betty, she’s, “ I’m, Jasmine, Gretchen Wieners, ” “, ‘ ’, it’s, I’ve, Roger Rabbit, ___ Mark Kennedy Organizations: Broadway, Associated Press, Alliance Theatre, Manhattan School of Music, ” Fleischer Studios Locations: Texas, Chicago, Atlanta, New Jersey, Nancy

☆ AI deals give investment banks a glimmer of hope
▼ + stars: | 2023-09-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

About a third of all M&A deals in the first half of 2023 were technology deals, and a lot of that was related to AI, said Berlin. The success of these deals mean more M&A is likely on the horizon, said Dan Ives, a tech analyst at Wedbush. Costco members now have access to $29 online health care visitsCostco is known for its giant tubs of mac and cheese, cheap hotdogs and more-for-less warehouse deals. The retailer is offering the new service in partnership with Sesame, a direct-to-consumer health care marketplace that connects medical providers nationwide with consumers. Costco is among several retailers, including Amazon, CVS and Walgreens, who are directly providing health care to customers as the demand booms for urgent care access outside of a traditional hospital setting.

Persons: CNN —, Goldman Sachs, Goldman, ” Goldman, David Solomon, Instacart’s, ”, Mitch Berlin, “ You’re, Dan Ives, ” Ives, Taavon Naja, Ramishah Maruf, Parija Kavilanz, Sesame Organizations: CNN Business, Bell, CNN, Wall, Companies, Renaissance, Nasdaq, Cisco, Wedbush, of Foreign, Control, Costco, Costco Pharmacy’s, Amazon, CVS, Walgreens Locations: Americas, Berlin, Iran, Switzerland, United States, PFAS, New York

☆ Christmas is on hold: Stores’ holiday hiring plans are the lowest since 2008
▼ + stars: | 2023-09-19 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

That would mark the industry’s lowest seasonal hiring total since 2008. Late to the partyWhile most big names have ordinarily announced their hiring plans by this time of year, the majority have not yet done so, according to Challenger. Amazon is looking for full-time, part-time, and seasonal employees to stow, pick, pack, sort and ship customer orders in centers across the country. Target said it is keeping its holiday hiring plans at 100,000, while Macy’s said it plans to hire 3,000 fewer people, according to Challenger, Gray & Christmas. UPS, which has hired 100,000 seasonal workers in years prior, has not announced its hiring plans after narrowly avoiding a strike with Teamsters.

Persons: They’re, Macy’s, ” Organizations: New, New York CNN, Target, Depot, Challenger, Amazon, Employees, UPS, Teamsters, Kroger Locations: New York, stow

☆ Macy's to hire more than 38,000 employees for holiday season
▼ + stars: | 2023-09-18 | by ( Reuters Staff | ) www.reuters.com time to read: 1 min

FILE PHOTO: 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. REUTERS/Andrew Kelly/File Photo(Reuters) - Macy’s said on Monday it would hire more than 38,000 full and part-time seasonal positions for the holiday season, compared with 41,000 last year as U.S. retailers gear up for the busy shopping period amid a tight consumer spending environment.

Persons: Andrew Kelly, Macy’s Organizations: New York Stock Exchange, REUTERS Locations: Manhattan , New York City, U.S

Most economists think that while the hit could be substantial, it will not be so big that it would plunge America into a recession. Goldman Sachs analysts expect renewed student loan payments to cost households about $70 billion per year. But the student loan payments will also restart at the same time consumers face a number of other headwinds, including shrinking savings piles, a cooler job market and higher price levels after two years of rapid inflation. Retailers have begun to publicly fret that the resumption of student loan payments could collide with those other developments, pushing their shoppers closer to a breaking point. Executives from companies like Walmart, Macy’s, Best Buy and Gap have all warned analysts and investors that student loan payments may put pressure on shoppers’ budgets, eating into some of their sales in the process.

Persons: Goldman Sachs, Biden, Julia Coronado, “ It’s, ” Organizations: Hollywood, United Auto Workers, Retailers, Walmart, Macy’s

Retail sales rose 0.6% in August, compared with a revised 0.5% increase in July, according to a report issued by the Commerce Department on Thursday. The surge in gas prices is coursing through the economy and could slow down shoppers' momentum heading into the critical holiday shopping season. Excluding gas sales, retail sales were just up 0.2% for August, according to the Commerce Department report. Sales at gas stations rose a robust 5.2%, while furniture and home furnishings stores saw a 1% drop in sales. August's uptick in retail sales, which marks the fifth straight monthly gain, reflects the economy’s resiliency despite a still tough economic environment.

Persons: August's, ”, Michael Pearce, “, Anne Hatfield, They’re, Kendra Scott, Chris Rugaber, Anne Organizations: Commerce Department, U.S . Labor Department, Labor Department, Federal Reserve, AAA, Amazon Prime, U.S, Oxford Economics, ”, Walmart, Pride, AP Locations: Washington

☆ CEOs are having their worst year in decades
▼ + stars: | 2023-09-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Oil prices hit 10-month highGlobal oil prices climbed above $92 a barrel on Tuesday for the first time in nearly 10 months, reports my colleague Matt Egan. Takeaways from Apple’s iPhone 15 eventTuesday was a big day for Apple as the tech titan unveiled its iPhone 15 lineup along with other major updates during its September keynote event. Among the highlights: The iPhone 15 Pro and iPhone 15 Pro Max now feature a titanium casing, allowing the design to be slimmer and thinner than before. The iPhone 15 comes in 5 colors (white, black, pink, green and yellow) and in two sizes: A 6.1-inch screen for the iPhone 15 and 6.7 inches for iPhone 15 Pro. The iPhone 15 will start at $799, and iPhone 15 Pro will start at $999.

Persons: New York CNN — It’s, ”, Bernard Looney, Looney, Stewart Glendinning, Timothy Baxter, Baxter’s, Baxter, Macy’s, Rosalind Brewer, Neil Saunders, hasn’t, Matt Egan, Brent, Matt Smith, “, Clare Duffy, Samantha Murphy Kelly, Max Organizations: CNN Business, Bell, New York CNN, Ferguson Partners, BP, Express, Tyson Foods, Walgreens Boots Alliance, Walgreens, “, Americas, AAA, Apple Locations: New York, —, Libya, “ Libya, Kpler, Russia, Saudi Arabia

☆ Macy’s Names Next Bloomingdale’s C.E.O.
▼ + stars: | 2023-09-12 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Macy’s named Olivier Bron the next chief executive of Bloomingdale’s, the company’s luxury chain, on Tuesday, the latest move in a leadership shuffle this year. Mr. Bron was previously chief executive of Central Group’s Central and Robinson Department Stores in Thailand. Macy’s announced this year that Mr. Spring would be elevated to chief executive of Macy’s in February after the planned retirement of Jeff Gennette, who has led the company since 2017. Macy’s has ambitions to become more competitive in e-commerce as younger shoppers pull away from department stores. Mr. Gennette previously said Bloomingdale’s, under Mr. Spring, had worked as a “scrappy incubator” for ideas that eventually made their way to Macy’s.

Persons: Macy’s, Olivier Bron, Bron, Tony Spring, Jeff Gennette, Gennette, Mr, Denis Guignebourg Organizations: Bloomingdale’s, Mr, Central Group’s, Robinson Department, Macy’s, Galleries Lafayette, Bain & Company . Credit, Sipa USA, Associated Press Locations: Thailand, United States

☆ Americans have never been wealthier
▼ + stars: | 2023-09-11 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

Consumer wealth has now completely recovered from the recent inflation-driven drop in stock prices and real estate holdings. This bump in wealth was driven mostly by a surge in the value of Americans’ stock market investments, which grew by $2.6 trillion during the quarter. Those rate hikes rocked financial markets, crushing the value of stock holdings, cooling the housing market and raising the specter of a recession. “Further, volatility in wealth since the onset of the pandemic will remind households of the fragility of any gains.”The stock market has rebounded in tandem with the US economy. And there are signs that some Americans are struggling to get by.

Persons: specter, “, Goldman Sachs, Janet Yellen, Joe Biden’s, Marc Rosen, ” Rosen Organizations: New, New York cnn, Federal Reserve, Moody’s Analytics, Bloomberg News, White, CNN, Wall Street, New York Federal Reserve Locations: New York, United States

☆ What China’s new smartphone means for Wall Street
▼ + stars: | 2023-09-11 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

Huawei’s feat could mean that Chinese technology has been progressing much faster than previously thought. Before the Bell spoke to Zino about what’s happening and what it means for Wall Street. Huawei’s new smartphone uses an internally developed, very powerful chip that’s manufactured by the Semiconductor Manufacturing International Corporation (SMIC), a partially state-owned Chinese semiconductor foundry. In the long term, this is probably a good thing for the leading semiconductor companies like Nvidia (NVDA) and Qualcomm (QCOM). Furniture companies are in a rutPeople aren’t buying furniture like they used to, reports my colleague Samantha Delouya.

Persons: there’s, Mike Gallagher, Michael McCaul, Angelo Zino, Bell, There’s, they’ve, They’ve, it’s, Anna Cooban, Samantha Delouya, Hooker, “, ” Williams, Laura Alber Organizations: CNN Business, Bell, New York CNN —, Huawei, House, Skyworks, Materials, Semiconductor Manufacturing International Corporation, Nvidia, Qualcomm, Intel, Federal Reserve, West Elm Locations: New York, China, Taiwan, Korea, United States, Asia, Saudi Arabia, Europe, Virginia, Wayfair, Williams, Sonoma

☆ Jeffrey A. Trachtenberg — Reporter at The Wall Street Journal
▼ + stars: | 2023-09-09 | by ( Jeffrey A. Trachtenberg | ) www.wsj.com time to read: +2 min

Jeffrey A. TrachtenbergJeffrey Trachtenberg covers the book industry and is part of the Journal’s Media and Marketing Bureau in New York. Other topics in Jeff’s coverage have included the popularity of political books, debates over “cancel culture” within publishing houses and other literary trends. Jeff co-authored a 2021 series on the succession drama at Scholastic, following the unexpected death of the children’s publisher’s longtime boss. Jeff has also covered the magazine industry for the Journal, chronicling how giants such as Condé Nast have sought to pivot from a focus on glossy print titles into online publishers. Previously, Jeff covered the retailing, consumer electronics and music industries for the Journal, reporting on such big retail chains as Federated Department Stores and Saks Fifth Avenue, and the music arms of Sony, Bertelsmann and Polygram.

Persons: Jeffrey A, Trachtenberg Jeffrey Trachtenberg, he’s, Barnes, Noble, Jimmy Carter, Philip Roth, J.K, Rowling, Jeff, Condé Nast, Barry, Meredith, Ralph Lauren, Jacqueline Bisset, Kirk Douglas, Lew Wasserman Organizations: Journal’s Media, Marketing Bureau, Scholastic, IAC, Better Homes, Gardens, Federated Department Stores, Saks Fifth, Sony, Bertelsmann, Polygram, Forbes, Franklin & Marshall College Locations: New York, Westchester, N.Y

☆ Furniture companies in a rut as fewer people buy big-ticket items
▼ + stars: | 2023-09-09 | by ( Samantha Delouya | ) edition.cnn.com time to read: +4 min

CNN —People aren’t buying furniture like they used to. Last week, a pair of furniture retailers said they are experiencing a massive sales slump compared to last year. On Friday, shares of RH (RH) fell 16%, while Hooker Furnishings (HOFT) dropped 17%. The two companies are the latest in a growing list of furniture retailers seeing a slowdown after years of growth fueled by pandemic-era stay-at-home trends. Wayfair, an online furniture seller, saw its second-quarter revenue decline 3.4%, and La-Z-Boy, a furniture manufacturer, reported a 20% drop in sales in August.

Persons: Hooker, David L, Ryan, ” Williams, Laura Alber, Brad Thomas, ” Thomas, ”, Gary Friedman, Thomas, Bob Williams, Chris Moye, ” Hooker, Jeremy Hoff, “ Organizations: CNN, West Elm, Boston Globe, KeyBanc, Home, Target, Mortgage, Association Locations: Virginia, Wayfair, Williams, Sonoma, Lynnfield

☆ Express CEO Tim Baxter resigns, replaced by former Tysons Foods exec Stewart Glendinning
▼ + stars: | 2023-09-09 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +3 min

CNN —Former Tyson Foods executive Stewart Glendinning will be the new CEO of clothing company Express, replacing Timothy Baxter, effective September 15, the company announced. “He is a highly accomplished executive who will bring fresh thinking to the Company and our strategies for profitable growth. Baxter’s resignation was announced one day after Express released its second-quarter results, with net sales of its Express brand and its lifestyle line UpWest decreasing 15% compared to last year. Express affirmed Baxter’s departure was not related to the company’s financial position. Baxter, who spent more than 11 years with Macy’s, joined Express in June 2019.

Persons: Stewart Glendinning, Timothy Baxter, ” Mylle Mangum, Stewart, Glendinning, Baxter’s, Neil Saunders, Baxter, Macy’s Organizations: CNN, Tyson Foods, Express, Express Board, Company, New York Stock, ” Express, “ Express, WHP, NYSE, “, VF Corporation Locations: womenswear

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