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Target’s earnings disappoint
  + stars: | 2024-11-20 | 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 EmailTarget’s earnings disappointTarget’s third quarter earnings report fell short of Wall Street analysts forecast, a quarter after the retailer increased its full year guidance. For the third quarter, the retailer pointed to weaker sales of discretionary categories and higher costs associated with a port strike for the disappointing quarter. Target shares hit 52 week lows following the news. Courtney Reagan spoke with company executives and has more on CNBC’s Power Lunch.
Persons: Courtney Reagan Organizations: Street
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVuori is on a global growth journey & have 'a lot of room left' in the U.S., says CEO Joe KudlaJoe Kudla, Vuori CEO, joins CNBC's Courtney Reagan on 'Power Lunch' to discuss whether the brand is considering an IPO, expansion plans, and more.
Persons: Joe Kudla Joe Kudla, CNBC's Courtney Reagan Locations: U.S
Open to allIt's unclear why the NRF rejected Shein's membership application, but according to one of the people familiar, someone with sway is strongly against the company's admittance. The NRF's board has a leadership team and an executive committee. An NRF membership application form that can be found online states: "Companies principally engaged in retailing are eligible for membership in the Federation." Two of the board members said they weren't aware of any instances where the NRF denied a retailer membership. "I don't think they are in the business of turning anyone down," one of the board members told CNBC.
Persons: Scott Olson, Matthew Shay, Courtney Reagan, CNBC Steve Dennis, Neiman, Sears, Dennis, Shein, John Furner, Bob Eddy, Mike George, Brian Cornell, Tony Spring, wasn't, Wang Ying, Ashley Sanchez, Joscelin Flores, Allen J, They've, Temu, it's Organizations: Getty, National Retail Federation, CNBC, Neiman Marcus, New York Stock Exchange, Shay, Walmart U.S, BJ's Wholesale, Qurate, QVC, Federation, Brands, Publicis Groupe, Coresight, Xinhua News Agency, Forum, World Retail, Los Angeles Times, Chinese Communist Party Locations: Whitestown , Indiana, New York City, America, U.S, New York, United States, Hamburg, Germany, Los Angeles, Paris, Davos, Switzerland, Las Vegas, Shoptalk, Fontana, Ontario Mills, Ontario
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSelling Stolen: Authorities crackdown against retail theft rings who set up thriving businessesCNBC's Courtney Reagan reports on the crackdown against retail theft rings.
Persons: Courtney Reagan Organizations: Authorities
CNBC embedded with teams from HSI and California Highway Patrol to witness four organized retail crime operations for this investigation. CNBCAt the bottom of organized retail crime rings are boosters — the people who go into stores and take the items. A bin filled with sparkly silver boots that police suspect an alleged San Jose, California, crime ring stole from T.J. Maxx. In a statement, a TJX spokesperson said the company is "thankful" for CHP's efforts and is taking organized retail crime "very seriously." Court records filed in connection with the case provide a rare glimpse into the inner workings of an alleged organized retail crime ring.
Persons: Michelle Mack, Mack, Michelle Mack's, Louis Vuitton, Adam Parks, they've, Parks, HSI, It's, Joaquin, El, Guzman, Scott Robles, Robles, moisturizer, Allegra, Maxx, Gabrielle Fonrouge, Manny Nevarez, TJX, Michael Ball, Diego, Donna Washburn, Washburn, Mack —, we'll, Charlotte, Estee Lauder, masterminding, Rob Bonta, Kenneth Mack, Bonta, Kimora Lee Gooding texted Michelle Mack, Jan, Gooding, Andrew Barclay, Scott, let's, Kenneth Mack texted Michelle Mack, Michelle Mack texted Alina Franco, Sephora, Prada, Ulta's, Dave Kimbell, Kimbell Organizations: Police, CNBC, Patrol, Homeland Security Investigations, Department of Homeland, New, U.S . Custom House, Operation French, Walgreens, New Orleans Public, Federal, Gillette, CHP, TJX Companies, Bay Area, CNBC Police, Flea, Santa, Attorney, Capitol Flea, L'Oreal, Macy's, Body Locations: San Diego, Bonsall , California, California, Washington , Utah , Oregon, Colorado , Arizona , Illinois , Texas, Florida , Pennsylvania, Massachusetts, Ohio, U.S, Baton Rouge , Louisiana, HSI, New Orleans, Orleans, San Jose, Jose , California, Maxx, Bay, Bay Area, San Jose , California, Santa Clara, Washburn, St, Augustine , Florida, Charlotte Tilbury, Prada, LensCrafters
Read CNBC's full investigation into the alleged organized theft groups that police say are stealing and reselling items from retailers including Ulta Beauty, T.J. Maxx and Walgreens. Faced with sophisticated organized retail crime rings that investigators say have targeted his company, Ulta Beauty CEO Dave Kimbell is laying some blame on e-commerce sites. "You used to have to sell stolen goods at flea markets or out of the trunk of your car, or maybe just locally. The 53-year-old mother of three and her husband, Kenneth Mack, were charged with conspiracy to commit organized retail theft, grand theft and receipt of stolen property in connection with the alleged crime ring. During a raid at her California mansion in December, California Highway Patrol and Homeland Security agents say they found $387,000 in suspected stolen goods, most of which had come from Ulta.
Persons: Read, Dave Kimbell, Kimbell, Michelle Mack, Kenneth Mack, I'm, we've Organizations: Maxx, Walgreens, Ulta, CNBC, Homeland Security Locations: U.S, San Diego, California
"We're seeing a shift in much larger center stone engagement rings, primarily as a result of lab-grown diamonds, and sapphires and rubies tend to be very hot," Daga said. A decade ago, about 5% of engagement rings were colored gemstones, according to Daga. watch nowIndustry giant Signet Jewelers is seeing the same gemstone trend in the wedding category as well as in fashion pieces. Beyond engagement rings, Signet said amethyst and ruby are always popular stones for the Valentine's season. Solidcolours | Istock | Getty ImagesWholesale prices for sapphire gemstones are up 12% per year over the past three years, Daga said.
Persons: Craig Hastings, Ankur Daga, Daga, Jared, Kay, Signet, Beth Gerstein, Gerstein, Boonyakiat, Tourmalines Organizations: Industry, Signet, Getty, Istock, Rolex Locations: London, Madagascar, Angara, Kashmir, Sri Lanka, Zambia, Colombian
Lab diamond demand shines bright
  + stars: | 2024-02-13 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLab diamond demand shines brightCNBC's Courtney Reagan on 'Power Lunch' discusses the demand surge for lab grown diamonds.
Persons: Courtney Reagan
As more consumers shop online and send back more of those orders, retailers have moved to crack down on fraud. Retailers expect 16.5%, or $24.5 billion worth, of holiday returns to be fraudulent this year, according to a survey by Appriss Retail and the National Retail Federation. Shipping back an empty box or a different item than was received, such as a box of bricks instead of a television, is the most common form of return fraud, according to Pitney Bowes' Ramachandran. Zoom In Icon Arrows pointing outwards Source: Appriss Retail/National Retail FederationReturn abuse is more commonThere's also less egregious behavior, often considered return abuse rather than fraud. More than half, or 56%, of consumers confess to "wardrobing," according to a survey from fraud prevention firm Forter.
Persons: it's, Vijay Ramachandran, Pitney, we've, Michael Osborne, Marc Metrick, That's, Pitney Bowes, Ramachandran, fraudsters, Osborne, Doriel Abrahams, Abrahams, Jeff Greenberg Organizations: Pitney Bowes, Retailers, Appriss Retail, National Retail Federation, Appriss, Saks, Shipping, CNBC, National, Federation, Ikea, Universal, Getty Locations: Doral , Miami
Return fraud bites into profits for retail companies
  + stars: | 2024-01-29 | 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 EmailReturn fraud bites into profits for retail companiesCNBC's Courtney Reagan reports on the rising trend of return fraud, and how it's hitting retail companies.
Persons: CNBC's Courtney Reagan
Last year, U.S. companies announced 55% more CEO changes than in 2022, according to outplacement firm Challenger, Gray & Christmas. Boards didn't want to make changes, CEOs themselves didn't want to leave. The retail industry in 2023 saw 52 CEO departures, its second-highest number since Challenger, Gray & Christmas started tracking them, and more than double the 21 CEO turnovers in 2022, according to the firm's data. It was below 2019's record 63 CEO departures in the industry. In Korn Ferry's separate analysis of retail CEO turnover in 2023, the executive recruitment firm found 57% of new chief executives named in the industry last year were already working for the company they will lead.
Persons: Michelle Gass, Levi Strauss, Macy's, Andy Challenger, Challenger, Korn Organizations: Kohls Corp, National Retail Federation Inc, Challenger Locations: New York, U.S
(Photo by Rodin Eckenroth/Getty Images)In a year stained by boycotts, protests and heightened consumer choice, hundreds of companies came through for LGBTQ+ equality, according to a leading advocacy group. The Human Rights Campaign Foundation awarded 545 companies with a perfect score on its annual Corporate Equality Index, which evaluates U.S. based companies that opt into the survey on their policies for LGBTQ+ equality. More than 800 of the 1,384 companies scored earned at least 90 of the possible 100 points. When the index first began in 2002, only 13 companies earned the highest score. Target scored a 95 this year, while Anheuser-Busch scored a 75.
Persons: Rodin Eckenroth, they're, Kelley Robinson, Robinson, JPMorgan Chase, Salesforce, Busch, Target, Brian Cornell, we've, Bud, influencer Dylan Mulvaney Organizations: Rights, Foundation, Employees, Cola, JPMorgan, HRC, Target, Anheuser, Nike Locations: Hollywood , California
Record Cyber Monday sales expected
  + stars: | 2023-11-27 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRecord Cyber Monday sales expectedCNBC's Courtney Reagan joins 'Power Lunch' to report on the holiday weekend retail sales and expectations for Cyber Monday.
Persons: CNBC's Courtney Reagan
Home Depot CEO Ted Decker: We are operating really well
  + stars: | 2023-11-20 | 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 EmailHome Depot CEO Ted Decker: We are operating really wellHome Depot CEO Ted Decker and CNBC's Courtney Reagan join 'The Exchange' to discuss how the company is preparing for Black Friday, the state of the consumer, and more.
Persons: Ted Decker, CNBC's Courtney Reagan Organizations: Home, Black
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWalmart tops earnings estimates as e-commerce helps drive 5% jump in salesCNBC's Courtney Reagan joins 'Squawk Box' to break down the company's quarterly earnings results.
Persons: CNBC's Courtney Reagan Organizations: Walmart
In this article TGT Follow your favorite stocks CREATE FREE ACCOUNTwatch nowAs Target tries to fight theft at its stores, it has left customers frustrated to find many everyday items locked up. Still, the retailer's CEO, Brian Cornell, claimed many shoppers are actually grateful to see their body wash, toothpaste and deodorant behind a glass panel. Target CEO Brian Cornell. Like other retailers, Target has put many items in locked cases in stores where theft is a bigger problem. Locked up merchandise, to prevent theft in Target store, Queens, New York.
Persons: Brian Cornell, Courtney, I've, we've, Scott Mlyn, Cornell, it's, Lindsey Nicholson Organizations: CNBC, Cornell, CNBC CNBC, Target, Universal, Getty Locations: East, West, New York City, Bay, California, Seattle, Portland , Oregon, Queens , New York
"[Organized retail crime] has to be dealt with in a comprehensive way. The retail lobby group dubbed its event "Fight Retail Crime Day." Representatives from more than 30 retailers joined a major industry lobbying group on Capitol Hill on Thursday, as they ramped up pressure to pass a law that backers say will curb retail theft. Organized retail crime is different from shoplifting. The Combating Organized Retail Crime Act was reintroduced earlier this year.
Persons: Sen, Chuck Grassley, Matthew Shay, William Blair, Scott McBride, McBride, Dina Titus Organizations: Capitol, National Retail Federation, Retailers, Department of Homeland Security, American Eagle Outfitters, Walgreens Locations: Iowa, Washington
Retailers push lawmakers to pass legislation to help fight theft
  + stars: | 2023-10-26 | 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 EmailRetailers push lawmakers to pass legislation to help fight theftCNBC's Courtney Reagan joins 'Power Lunch' to discuss retailers' push for new law to help fight theft.
Persons: CNBC's Courtney Reagan Organizations: Retailers
However, the fall Prime event might have better prices for home goods. In fact, the best prices happened on days that were not key shopping event days. Regardless, the July Prime event offered a deeper discount to shoppers when compared to last year's October Prime sale and Super Saturday. The product did go on sale during last October's Prime member event and this past July's Prime sale, but the discounts were not as deep. Downloads of Amazon's shopping app have declined steadily during each subsequent Prime member shopping event since Amazon's Prime Days in July 2021, according to data intelligence platform Apptopia, which tracks mobile app usage for brands like Amazon.
Persons: Tom Williams, Nick Handrinos, Julie Ramhold, it's, Ramhold, iRobot's, Keurig, AF101, fryer, The Bissell Organizations: Washington , D.C, Cq, Inc, Getty, Adobe, Amazon Prime, Gallup, Finance, Deloitte, CNBC, Electronics, Deal, CoreSight Research, NBC, Scout, Amazon, Sony, Black, Health, Revlon, Philips, July's Locations: Washington ,, Research's U.S
Interestingly, male teens report spending 11% more than last fall, while females are spending 8% less. When teens are spending, 37% said they are using funds earned from a part-time job, while 62% said parents contribute to spending. Clothing and apparel spending fallsTeens are spending 4% less on clothing compared to last year, down to $563 per year. After Nike, American Eagle and Lululemon are the second- and third-most preferred brands among teens, the same as in the spring. Converse held the spot for the second-most favorite brand behind Nike but dropped in market share by 1 percentage point.
Persons: Joe Raedle, Piper, Shein, Converse, Temu, Polly Organizations: Nike, Getty, Adidas, Ross Stores, Nordstrom, Target, Walmart Locations: Miami Beach , Florida, U.S, Maxx, Australia
Holiday toy sales expected to slow as consumers cut spending
  + stars: | 2023-10-05 | 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 EmailHoliday toy sales expected to slow as consumers cut spendingCNBC's Courtney Reagan joins 'Squawk Box' with a look at this year's holiday toy trends.
Persons: CNBC's Courtney Reagan
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCostco shrugs off 'shrink' while Target closes stores due to 'theft'CNBC's Courtney Reagan reports on news from Costco and the broader retail sector.
Persons: CNBC's Courtney Reagan Organizations: Costco, Target
Total retail shrink grew to more than $112 billion in 2022, up from $93.9 billion the year before, according to the newest National Retail Security Survey. The metric, which accounts for various types of inventory loss including theft, damage and vendor error, generally rises as retail sales climb. External theft, which includes organized retail crime, was again reported as the largest source of shrink last year at 36.15%, but that was slightly below 37% in 2021. The NRF conducted the online survey of senior loss prevention and security executives in the retail industry. The results for 2022 include 177 retail brand respondents, which the organization said accounted for 22% of retail sales in 2022.
Persons: Duane Reade, Angela Weiss, Locker, David Johnston Organizations: Afp, Getty, Target, National Retail Federation, National Retail Security Survey, Retail Security Locations: New York City
Deloitte predicts soft holiday sales
  + stars: | 2023-09-13 | by ( Courtney Reagan | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDeloitte predicts soft holiday salesCNBC's Courtney Reagan joins 'Squawk on the Street' to discuss holiday spending and more.
Persons: CNBC's Courtney Reagan Organizations: Deloitte
"We've seen most cannabis ETFs rally over 30% since the news broke last week on this recommendation," Amplify ETFs CEO Christian Magoon told CNBC's Courtney Reagan on "ETF Edge" on Wednesday. The Roundhill Cannabis ETF (WEED) has soared nearly 71% since the announcement, while the AdvisorShares Pure US Cannabis ETF (MSOS ) and AdvisorShares Pure Cannabis ETF (YOLO) have jumped 64% and 45%, respectively. "Consumer packaged goods and pharmaceutical companies are going to be able to now look at these cannabis companies as M&A targets to partner with them." "The great thing about the ETF industry is there's a lot of opportunity," Lydon said in the same interview on Wednesday. Lydon pointed out that Amplify ETFs holds a great "first mover advantage" with its pair of cannabis-based funds.
Persons: Christian Magoon, CNBC's Courtney Reagan, Magoon, marijuana's, Tom Lydon, Lydon Organizations: Cannabis ETF, U.S . Department of Health, Human Services, HHS, DEA, Cannabis, VettaFi Locations: YOLO
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