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☆ What’s it like to play Rafael Nadal on clay? We asked Djokovic, Ruud and Dimitrov
▼ + stars: | 2024-10-10 | by ( Charlie Eccleshare | ) www.nytimes.com time to read: +19 min

The players we heard from, including world No 1 Novak Djokovic, almost unanimously described playing Nadal on clay as “the toughest test in tennis”. Ruud’s words call to mind Andy Roddick’s famous “first your legs, then your soul” description of Novak Djokovic, so what exactly makes playing Nadal specifically so terrifying? GO DEEPER Why you should be excited about this year's tennis clay court swingLet’s start with the ultimate, ultimate test — playing Nadal on Chatrier. Nadal beat Monfils in the 2016 Monte Carlo final (Michael Steele/Getty Images)Corentin Moutet, the world No 79, played Nadal at the French Open two years ago. But perhaps it’s fitting that the only person who has properly got the better of Nadal on clay is Rafael Nadal himself.

Persons: Rafael Nadal’s, ” Casper Ruud, Rafael Nadal, Philippe, Chatrier, Roland Garros, Nadal, Ruud, Novak Djokovic, ”, Monfils, Tim Clayton, Corbis, Karen Khachanov, Andy Roddick’s, Roger Federer, Serena Williams, Arthur Ashe, Djokovic, Rod Laver, — Djokovic, “, ” Nadal, It’s, Novak, Alexander Zverev, Zverev, Arnold Schwarzenegger, Philippe Chatrier, can’t, ” Zverev, Nadal’s, Sebastian Korda, “ He’s, ” Korda, Korda, Julian Finney, Clive Brunskill, haven’t, Kecmanovic, Rafa, ” Khachanov, “ It’s, there’s, Federer, Grigor Dimitrov, —, ” Dimitrov, Neal Simpson, ” Bergs, Monte, Michael Steele, Moutet, I’ve, Yannick Hanfmann, Nadal didn’t, ” Hanfmann, Bergs, ” Ruud, “ I’m, Fabio Fognini, Andy, Roger, Nole, Hubert Hurkacz, Mike Hewitt, Mateo Villalba, Dan Goldfarb Organizations: Nadal, Getty, PlayStation, Centre Court, Federer, Monte Carlo, Wimbledon, Athletic Locations: Monte Carlo, Madrid, Rome, German, Chatrier, Paris, Australia

☆ Nike is getting a new CEO as struggles mount
▼ + stars: | 2024-09-19 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Nike, struggling from rising competition and its own strategy mistakes, is making a major shakeup. The athletic giant announced Thursday that CEO John Donahoe will retire next month and will be replaced by Elliott Hill, a veteran former Nike executive. Nike’s stock rose 9% during after-hours trading Thursday, a sign Wall Street was eager for a CEO change. Nike’s stock has dropped 24% so far this year. But the change hurt Nike’s sales.

Persons: John Donahoe, Elliott Hill, “, ” Neil Saunders Organizations: New, New York CNN, Nike, Dick’s Sporting Goods, “ Nike, GlobalData Locations: New York

☆ Dan Hurley declines Lakers head-coaching job, will return to UConn: Sources
▼ + stars: | 2024-06-10 | by ( The Athletic Staff | ) www.nytimes.com time to read: +5 min

The UConn coach declined a six-year, $70 million contract offer from the Los Angeles Lakers to become the team’s next head coach, team and league sources confirmed Monday. Los Angeles would have made Hurley one of the NBA’s six highest-paid coaches. Lakers vice president of basketball operations Rob Pelinka and team governor Jeanie Buss made an aggressive pitch to Hurley in Los Angeles on Friday. The Lakers are open to any contract structure that will keep James in Los Angeles, league sources told The Athletic. History repeats itself for the Los Angeles Lakers.

Persons: Jovan Buha, Brendan Quinn, Dana O’Neil Dan Hurley, Hurley, John Wooden, Rob Pelinka, Jeanie Buss, Dan Hurley didn’t, Ham, —, podcaster JJ Redick, James Borrego, Anthony Davis, Redick, LeBron James, James, Mike Krzyzewski, Laker Kobe Bryant, K, Dan Hurley, Mike Vorkunov, Tom Izzo, Billy Donovan, Donovan, he’ll, Donovan Clingan, Tristen Newton, Alex Karaban, Hassan Diarra, Jaylin Stewart, Chris Coduto Organizations: NBA, UConn, Los Angeles Lakers, NCAA, UCLA, Lakers, ESPN, New Orleans Pelicans, of Fame, Duke, Laker, Michigan State, Cleveland Cavaliers, Orlando Magic, Big Locations: Angeles, Los Angeles, Storrs, Conn, Florida, Connecticut

☆ Dick’s Sporting Goods raises guidance, says shoppers are spending more on sneakers and athletic gear
▼ + stars: | 2024-05-29 | 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 EmailDick’s Sporting Goods raises guidance, says shoppers are spending more on sneakers and athletic gearMichael Lasser, UBS equity research analyst, joins 'Squawk Box' to break down Dick's Sporting Goods' quarterly earnings results.

Persons: Michael Lasser Organizations: UBS, Sporting Goods

☆ Americans are expected to splurge on travel this summer — again
▼ + stars: | 2024-05-26 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Analysts are expecting the Memorial Day weekend to usher in yet another summer of strong consumer spending on travel and other leisure activities. “We haven’t seen Memorial Day weekend travel numbers like these in almost 20 years,” Paula Twidale, senior vice president at AAA Travel, said in a release. Spending this summer will likely be a little softer than last year’s, they said, but still strong. The bank’s consumer travel survey showed that 72% of people said they’re planning to travel, with 36% saying they’ve already planned their trip. Even among respondents making less than $75,000 a year, more than 60% said they’re planning to travel this summer.

Persons: ” Paula Twidale, Royal Caribbean’s, ” David Tinsley, they’ve, Joelle, aren’t, Dogecoin, Shiba Inu “, Atsuko Sato, ”, Sato, ” Kabosu, Kabosu, Shiba, Loretta Mester, Neel Kashkari, Lisa Cook, Robin, John Williams, Raphael Bostic, Lorie Logan Organizations: CNN Business, Bell, Washington CNN —, Transportation Security Administration, AAA, AAA Travel, Bank of America Institute, Bank of America, Japan, Europe, New York Fed, Public Policy Research, Mizuho Financial, Federal, Global, Index, Board, HP, Dick’s Sporting Goods, Abercrombie, Fitch, Eagle Outfitters, Costco, Dell, Dollar, Hormel, US Commerce Department, US Labor Department, National Association of Realtors, China’s National Bureau of Statistics, Atlanta Fed Locations: Washington, Caribbean, South Korea, Switzerland, Colombia, Costa Rica, Canada, Mexico, Domestically , California, Florida, California, “, Sakura, CAVA, Chewy, Burlington, Birkenstock, Nordstrom, Kohl’s

☆ Under Armour was a real threat to Nike. Now it’s fighting to stay relevant
▼ + stars: | 2024-05-18 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +10 min

It was the upstart athletic brand that was making real inroads against Nike, the dominant name in the industry. People saw it as a company that actually could break through and take market share from Nike among the hardcore athletes,” Swartz said. String of controversiesThe period from 2016 onward is when “things really started to fall apart” at Under Armour, Swartz said. A bulk of Under Armour products are sold through sporting goods retailers and department stores, including Macy’s and Kohl’s, and online. The basketball superstar Curry, arguably the best shooter in history, famously signed with Under Armour instead of Nike in 2013.

Persons: Armour, Stephen Curry, Jordan Spieth, Kevin Plank, Howard Schultz’s, Bob Iger’s, Plank, ”, David Swartz, Morningstar, ” Swartz, Justin Sullivan, Tommy Gilligan, ” Plank, Swartz, “, —, Stephanie Linnartz, ” Schwartz, Andrew Kelly, Merrell, Zak Stambor, Stambor, Plank’s, Noel Celis, Eric Smallwood, Dwayne Johnson, Johnson, ” Smallwood, Smallwood, Curry, Joel Embiid, Embiid, Skechers, Caitlin Clark Organizations: New, New York CNN, Nike, Starbucks, Disney, CNN, Sports, North, Maryland Terrapins, Southern Methodist Mustangs, Capital, Maryland, Reuters, —, Armour, Sports Authority, Sporting Goods, UCLA, US Securities and Exchange Commission, Footwear News, Adidas, NBA Golden State Warriors, UA Curry II, Getty, Apex Marketing, United Football League, NBA, WNBA Locations: New York, San Rafael , California, North America, College Park , Maryland, Manhattan , New York, Petaluma , California, Manila, AFP

☆ Peloton cuts jobs and is looking for a new CEO after its turnaround plan spins out
▼ + stars: | 2024-05-02 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Peloton CEO Barry McCarthy is leaving his role, and the company is cutting about 15% of its workforce as numerous attempts to regain its pandemic-era glory have failed. McCarthy, who was named CEO just two years ago, will become a strategic advisor through the end of the year, Peloton said in a press release. In his place, Peloton has started a “comprehensive search process” for his replacement and two executives will become interim co-CEOs in the meantime. Peloton also announced that it’s eliminating 400 jobs, which will help the company cut $200 million in costs. McCarthy, a former chief financial officer of Spotify and Netflix, tried to engineer a number of ideas to turn around Peloton.

Persons: Barry McCarthy, McCarthy, Lululemon Organizations: New, New York CNN, Spotify, Netflix, Consumer Product Safety, Sporting Goods Locations: New York

☆ Opinion: 25 years later, ‘The Matrix’ is less sci-fi than tech reality
▼ + stars: | 2024-03-30 | by ( Opinion Rizwan Virk | ) edition.cnn.com time to read: +11 min

In 2003, Oxford philosopher Nick Bostrom imagined a “technologically mature” civilization could easily create a simulated world. With simulated worlds far outnumbering the “real” world, the likelihood that we are in a simulation would be significantly higher than not. Remember, the simulations would be so good that you wouldn’t be able to tell the difference between a physical and a simulated world. Either the signals are being beamed directly into your brain, or we are simply AI characters inside the simulation. Already, millions of humans are chatting with AI characters, and millions of dollars are pouring into making AI characters more realistic.

Persons: Virk, X, CNN — It’s, ”, Lana, Lilly Wachowski, Philip K, Dick, Tessa, Morpheus, Laurence Fishburne, Keanu Reeves, Nick Bostrom, Elon Musk, Smith, Hugo Weaving, Carrie Ann, Moss, Musk, OpenAI, it’s, Reeves ’ Organizations: Labs, MIT, Physics, Eastern, Arizona State University’s College of Global Futures, Center for Science, CNN, Apple, Trinity Locations: zenentrepreneur.com, Oxford, Silicon, Silicon Valley

☆ Why Nike wants to make Air Force 1 sneakers harder to find
▼ + stars: | 2024-03-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

New York CNN —Nike Air Force 1 and Nike Pegasus sneakers are everywhere. The Air Force 1 and Pegasus are staples of Nike’s sneaker lineup, and some of Nike’s oldest sneaker lines. The Air Force 1’s are known for their all-white design, while the Pegasus have large Nike swooshes on their mid-sole. “We are pulling back supply of classics such as the Air Force 1, and we’re reducing supply of Pegasus.”Nike’s moves could also make it harder for consumers to find traditional white Air Force 1 sneakers and Pegasus versions at shoe stores. Sneaker collectors focus on limited-edition and special collaboration lines — not mass market lines like Air Force 1, he said.

Persons: Matthew Friend, “, ”, Christopher Burns, Burns, Nike, Randal Konik, Joe Biden, Locker Organizations: New, New York CNN, Nike Air Force, Nike Pegasus, Nike, Air Force, Pegasus, Arch USA, Jefferies, Consumer, White, Dick’s Sporting Goods Locations: New York, French

☆ Dick’s Sporting Goods soars past holiday quarter estimates, raises dividend 10%
▼ + stars: | 2024-03-14 | 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 EmailDick’s Sporting Goods soars past holiday quarter estimates, raises dividend 10%CNBC's Joe Kernen reports on the company's quarterly earnings results.

Persons: Joe Kernen Organizations: Goods

☆ Here’s why the Fed cares about the cost of your haircut and your doctor’s visit
▼ + stars: | 2024-03-10 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Overall, consumer prices rose 0.3% in January 2024 from December 2023, according to the latest Consumer Price Index. The Labor Department releases its Consumer Price Index for February on Tuesday. The drivers of services inflation have been threefold: Vehicle insurance, hospital insurance, and financial services. The US Labor Department releases its Consumer Price Index for February. The US Commerce Department releases February figures on retail sales in addition to January data on business inventories.

Persons: don’t abate, Price, it’s, Bell, Saira Malik, They’ve, I’ve, Biden, Joe Biden, I’m, ”, Biden’s, Read, Guess Organizations: Washington CNN, Federal Reserve, Labor Department, Oracle, Asana, Vail Resorts, US Labor Department, US Treasury Department, National Statistics, Adobe, Dollar, Sporting Goods, Getty, US Commerce Department, The New York Fed, Manufacturing Index, University of Michigan Locations: Nuveen, Thursday’s State, America

☆ Peloton shares plunge as turnaround plan garners mixed results
▼ + stars: | 2024-02-01 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Peloton shares slid more than 20% Thursday after the fitness company said it expects to report another loss in the current quarter and is trimming its full-year revenue forecast, signaling that its several years-long turnaround is spinning out. CEO Barry McCarthy wrote in a letter to investors that some of his ideas have failed, including a push into selling Peloton bikes with college colors. McCarthy revealed that the company “sold substantially fewer bikes to alumni and boosters than we expected.” The short-lived program will be discontinued. He said the experience has “tarnished our brand” and that the busy holiday shipping season was “particularly taxing” for customers. The connected fitness company adjusted its full-year revenue lower from the previous $2.7 billion to $2.8 billion expected, with Peloton now forecasting it to be between $2.68 billion and $2.75 billion.

Persons: Barry McCarthy, McCarthy, Lululemon “, TikTok Organizations: New, New York CNN, Sporting Goods, Consumer Product Safety Locations: New York

☆ Australian Open: Coco Gauff shows off new serve during first round demolition
▼ + stars: | 2024-01-15 | by ( Ben Church | ) edition.cnn.com time to read: +2 min

CNN —Coco Gauff showcased a devastating new serve as she sealed an impressive straight sets – 6-3 6-0 – victory against Anna Karolína Schmiedlová at the Australian Open on Monday. It worked with devastating effect in the first round demolition of Schmiedlova, with Gauff recording 123 mph for her fastest serve. “I don’t think I could have gotten anybody else better to help me,” Gauff told reporters after her win, speaking about Roddick’s influence. “I just told myself, ‘I feel good, I look good, so just have fun,’” Gauff told reporters after the match. That’s why I play tennis, to have fun, so I remind myself.”She added: “I was able to just calm down and then play good, not my best, but good tennis from that point.

Persons: Coco Gauff, Anna Karolína Schmiedlová, Andy Roddick, Gauff, Roddick, ” Gauff, Jason Heidrich, she’s, Rod Laver, “, Caroline Dolehide Organizations: CNN, Melbourne Park, Melbourne

☆ Retailers Have Cleaned Up Their Inventories for the Holidays
▼ + stars: | 2023-11-27 | by ( Liz Young | ) www.wsj.com time to read: 1 min

Many retailers have spent much of the year working through the stockpiles from last year and now say they have cleaned up their distribution centers and their balance sheets. Photo: Scott Olson/Getty ImagesRetailers are heading into their most crucial sales period of the year with a very different inventory strategy than they undertook in 2022. Warehouses are no longer stuffed with merchandise and store shelves aren’t spilling over with discounted goods in hopes of luring wary consumers into last-minute sales. Instead, merchants from big-box retailers like Walmart and Target to more specialized sellers like Best Buy and Dick’s Sporting Goods have pared back their inventories while trying to focus their supply chains more tightly on products that shoppers want.

Persons: Scott Olson Organizations: Getty, Walmart, Target, Dick’s Sporting Goods

BANGKOK (AP) — Shares slipped in Asia on Wednesday, tracking a decline on Wall Street a day after stocks there hit their highest level since the start of August. Troubled property developer Sunac China Holding's shares rose 2.3% as state media reported it had completed a restructuring of its $90 billion in debts. Retailers were mixed after several reported their earnings for the latest quarter and, more importantly, their forecasts for the upcoming holiday shopping season. Lowe’s sank 3.1% despite reporting better profit for the latest quarter. Best Buy dipped 0.7% after likewise beating analysts’ expectations for profit in the latest quarter but falling short on revenue and cutting its forecast for the full year.

Persons: OpenAI's, Sam Altman, Altman, Satya Nadella, OpenAI, “, ”, Bret Taylor, Larry Summers, Adam D’Angelo, Australia's, Stocks, Brent Organizations: Microsoft, U.S ., Federal Reserve, University of Michigan, Nikkei, China, Dow Jones, Nasdaq, Lowe’s, Dick’s, Goods, Federal, Deutsche Bank, Fed, Treasury, New York Mercantile Exchange, U.S Locations: BANGKOK, Asia, Tokyo, Mumbai, U.S, Japan, OpenAI, Francisco, Adam D’Angelo ., Seoul, Hong Kong, Shanghai, Taiwan, Thailand

☆ Lowe’s, Best Buy and Kohl’s predict weak holiday
▼ + stars: | 2023-11-21 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

Best Buy, Lowe’s and Kohl’s all reported sales declines during their most recent quarter Tuesday and are forecasting holiday sales to drop from a year ago. In 2021, Holiday shopping sales spiked by 14% and grew by a healthy 5% last year. But Moody’s Investors Service said in a report today that consumers are “losing spending steam” and holiday sales will grow by just 1% to 3% this year. “Retailers offering a combination of value and non-discretionary essentials will see their sales outperform the broader retail industry this holiday season,” according to Moody’s. “One trend that’s sticking is a longer holiday season.

Persons: Corie Barry, TJ Maxx, Moody’s, ”, Berna Barshay Organizations: New, New York CNN, Shoppers, Consumer, Moody’s, Service, Walmart, Costco, “ Retailers, Retailers, Sporting Goods Locations: New York

☆ Helmets Off, Mics Up: N.F.L. Players Discover the Power of Podcasts
▼ + stars: | 2023-11-20 | by ( Emmanuel Morgan | More About Emmanuel Morgan | ) www.nytimes.com time to read: +2 min

The phenomenon of active athletes hosting podcasts largely started in the N.B.A., where players can command more attention because there are smaller rosters and more frequent games. Early entries included JJ Redick’s “The Vertical” in 2016 and Richard Jefferson and Channing Frye’s “Road Trippin’” in 2017. Podcasting is particularly attractive to players who are still generating N.F.L. Hill said he started his podcast, “It Needed to Be Said,” partly to prepare for a potential broadcasting career. Brands such as Bleacher Report, which works with Parsons and Miller, have increasingly signed up athletes.

Persons: JJ Redick’s, Richard Jefferson, Channing Frye’s, Taylor Lewan, “, ”, Will Compton, Hill, Said, Pat McAfee, Miller, Josh Pyatt, LeBron James, Peyton Manning, ” Miller, Damar Hamlin Organizations: Tennessee Titans, Boys, Indianapolis Colts, ESPN, Brands, Parsons, WME Sports

Excluding volatile food and energy components, the core PCE price index rose 0.1% in August month-on-month, compared with estimates of 0.2% advance. Consumer discretionary led gains among the major S&P 500 sectors, rising 0.9%. But the sector is set to emerge as the only major S&P 500 sector to notch monthly gains. The S&P 500 and the Nasdaq are poised for their worst monthly showing of the year amid uncertainty around interest rates. The S&P index recorded one new 52-week high and five new lows, while the Nasdaq recorded 25 new highs and 109 new lows.

Persons: Brendan McDermid, ”, David Russell, “ It’s Organizations: Reuters, Nasdaq, New York Stock Exchange, REUTERS, Commerce Department, Apple, Microsoft, Nvidia, University of Michigan Consumer, Energy, Dow Jones, Dow, Democratic, Traders, JPMorgan Hedged Equity, Nike, Dick’s, Goods, NYSE Locations: New York City, U.S

FILE PHOTO:Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Excluding volatile food and energy components, the core PCE price index rose 0.1% in August month-on-month, compared with estimates of 0.2% advance. The S&P 500 and the Nasdaq are poised for their worst monthly showing of the year amid uncertainty around interest rates. Riding the current of higher crude prices, energy is set to emerge as the only major S&P 500 sector to notch monthly gains. The S&P index recorded no new 52-week high and two new lows, while the Nasdaq recorded 21 new highs and 60 new lows.

Persons: Brendan McDermid, ”, Kim Forrest, “ Organizations: Reuters, New York Stock Exchange, REUTERS, Commerce Department, Bokeh Capital Partners, Apple, Microsoft, Nvidia, University of Michigan Consumer, Dow Jones, Nasdaq, Energy, Dow, Democratic, Traders, JPMorgan Hedged Equity, Nike, Dick’s, Goods, NYSE Locations: New York City, U.S, Riding

☆ Target citing crime for closing stores shows retailers are fighting an uphill battle
▼ + stars: | 2023-09-27 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +7 min

Industry experts say even a small increase in crime can have massive, cascading effects that cause retailers to close stores. And stolen items can have an outsized impact on store profitability, considering the razor thin profit margins many large retailers typically operate at. “Increasing store crime is another variable in play right now for retailers,” said Zak Stambor, senior retail & ecommerce analyst with Insider Intelligence. Organized retail crimeAt issue is a particular type of store theft that loss prevention experts classify as “organized retail crime” or ORC. Last month, Dick’s Sporting Goods warned that retail theft was damaging its business and would lead to lower annual profits.

Persons: New York CNN —, ”, Burt Flickinger, Zak Stambor, Jane Roh, Shawn Kelly, TJ, they’re, Read Hayes, criminologist, ” Stambor, Hayes, “ Organizations: New, New York CNN, Strategic Resource, Insider Intelligence, eBay, Facebook, Pennsylvania Liquor Control, Police, CNN, Philadelphia, Attorney’s Office, “, GS, Cheltenham Plaza, Pennsylvania Liquor Control Board, Dick’s Sporting Goods, TJX Companies, TJ Maxx, Goods, Nordstrom, Foods, University of Florida, Prevention Research Council, Walmart, Target, National Retail Federation, ”, Walgreens Locations: New York, Los Angeles, Chicago, Philadelphia, Cheltenham, Wyncote, Montgomery County, San Francisco

☆ Walgreens CEO steps down
▼ + stars: | 2023-09-01 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +2 min

New York CNN —Walgreens Boots Alliance on Friday said that CEO Rosalind Brewer has stepped down less than three years after taking the helm at the pharmacy chain. Walgreens’ board named Ginger Graham, a member of the board, as interim CEO as the company launches a search for a permanent CEO. Walgreens slashed its full-year profit guidance in June, warning of softening consumer spending and a pullback in demand for Covid vaccines. Under Brewer, Walgreens had implemented cost-saving measures in an effort to boost profitability in its healthcare segment. Walgreens says it’s a digital-first experimental store to benefit customers and not designed to deter theft, Walgreens says.

Persons: Rosalind Brewer, Brewer, Ginger Graham Organizations: New, New York CNN, Walgreens Boots Alliance, Fortune, Walgreens, Roosevelt, Dick’s Sporting Goods Locations: New York, United States, United Kingdom, Chicago

☆ Dollar General shares tumble after it cuts forecasts, blaming a spending slump and theft
▼ + stars: | 2023-08-31 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —Dollar General slashed its sales and profit outlook for the year on Thursday, blaming headwinds including weaker consumer spending on non-essential purchases and increasing theft. Dollar General shares tumbled nearly 17% in pre-market trading Thursday. For its second quarter, Dollar General logged a 1% drop in its same-store sales. Meanwhile, close on the heels of Dick’s Sporting Goods sounding the alarm on store theft eating into its profit this year, Dollar General also flagged an increase in product theft, among other factors, hurting its profit. Target warned earlier this year that it was bracing to lose half a billion dollars because of rising theft.

Persons: ” Neil Saunders, ”, “, it’s Organizations: New, New York CNN —, Dollar, Sporting Locations: New York

☆ Dollar Tree said theft is such a problem it will start locking up items or stop selling them altogether
▼ + stars: | 2023-08-24 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

New York CNN —Dollar Tree had a miserable quarter, and company management is chalking it up to a mix of factors: changing consumer demands on top of higher prices for fuel and electricity … and theft. Shares of Dollar Tree plunged 10% on the news. Dick’s Sporting Goods this week also cited theft as a primary reason why its profit plunged last quarter, even though sales rose. Target warned earlier this year that it was bracing to lose half a billion dollars because of rising theft. And the summer heat has sent air conditioning costs through the roof; Dollar Tree said that, too, has hurt its bottom line.

Persons: Richard Dreiling, Jeffrey Davis, Davis, Dreiling, “, Kurt Petermeyer Organizations: New, New York CNN, Wall, OSHA, Dick’s, Goods, Walgreens Locations: New York, Atlanta, Lowe’s

☆ Americans are shopping less. But the US economic engine is still humming
▼ + stars: | 2023-08-23 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

That’s important, because Americans’ spending on goods and services accounts for two-thirds of US gross domestic product. Historically, sluggish retail sales, credit card delinquency and even shoplifting have been signs of a dark cloud on the horizon. The question of credit card debt is another area where the nuance matters. And as a share of total credit card debt, it is relatively low. But Americans’ credit card debt is unquestionably rising.

Persons: CNN Business ’, New York CNN —, Macy’s, they’ve, Taylor Swift, Barbie, ”, Ubers, Covid, Taylor, Sarah Yenesel, Chris Rupkey, Leticia Miranda, That’s, TJ Maxx, Louis Navellier, they’re, Brett Ryan, —, Alicia Wallace, you’ll Organizations: CNN Business, New York CNN, Dick’s Sporting Goods, Nike, FwdBonds, Atlanta Federal Reserve, “, “ Retailers, Deutsche Bank, Walmart, Amazon, Federal Reserve, Bank of America Locations: New York

☆ Dick’s Sporting Goods, Macy’s Flash Warning Signs on U.S. Consumer Spending
▼ + stars: | 2023-08-22 | by ( Sarah Nassauer | Suzanne Kapner | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

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