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☆ 4 economic reports the market cares about most next week, including a fresh look at inflation
▼ + stars: | 2024-03-09 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Within the Club, we heard this week from Foot Locker on Wednesday, then from Costco and Broadcom on Thursday. The big economic data drop of the week arrived Friday with February's nonfarm payrolls report . The center of attention is Tuesday's February consumer price index report . On Thursday, the February produce price index is due out. ET: Producer Price Index 8:30 a.m.

Persons: FactSet, Locker, Foot Locker, February's nonfarm, Jerome Powell, he's, we'll, MANU, LEN, Jim Cramer's, Jim Cramer, Jim, Mostafa Bassim Organizations: Nasdaq, Dow Jones Industrial, Costco, Broadcom, Commerce, Federal, PPI, Ballard Power Systems, Fortrea Holdings, Casey's, Vail Resorts, MTN, Daniels, Midland, Kohl's Corporation, Kanzhun, Game Technology, Manchester United, Blade Air Mobility, Clover Health, Beauty Health, Energy Vault Holdings, PHX Minerals, Guild Holdings, Finance, Heron Therapeutics, ZIM Integrated Shipping Services, Arcos Dorados Holdings, ARCO, Petco, Wellness Company, Farms, Sonoma, WSM, ESS Tech, DICK'S Sporting, Inc, Futu Holdings, Bear, Autolus Therapeutics, III Apparel, Solo Brands, Weibo Corporation, Embraer, CNBC, Washington DC, Anadolu, Getty Locations: U.S, Asana, ASAN, Williams, Washington, United States

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 17, 2023. Big Tech stocks, which have powered most of the S&P 500's gains this year, now face an important test, with Nvidia due to report third-quarter results after markets close. Declining issues outnumbered advancers for a 2.33-to-1 ratio on the NYSE and for a 2.04-to-1 ratio on the Nasdaq. The S&P index recorded 19 new 52-week highs and no new low, while the Nasdaq recorded 24 new highs and 36 new lows. Reporting by Amruta Khandekar and Shristi Achar A; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Robert Pavlik, Pavlik, Lowe's Cos, advancers, Amruta Khandekar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Big Tech, Nvidia, Dakota Wealth, Traders, Dow Jones, Kohl's, NYSE, Thomson Locations: New York City, U.S, China

☆ Kohl's beats profit estimates on cost cuts, leaner inventory
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

Aug 23 (Reuters) - Kohl's Corp (KSS.N) beat estimates for quarterly profit on Wednesday, as leaner inventories, lower costs and fewer discounts helped the department store chain counter a broader retail slowdown. Inventory declined 14% during the quarter as Kohl's undertook stock clearance, leading to a 61 basis points drop in gross margin. "It managed to sell more excess inventory and reduced its expenses, which helped it beat expectations," Insider Intelligence analyst Zak Stambor said. "While Kohl's is still in the early innings of its turnaround plan, it appears to be moving in the right direction," Stambor said. The company earned 52 cents per share in the second quarter ended July 29, above analysts' estimates of 22 cents.

Persons: Tom Kingsbury, Kohl's, Zak Stambor, Stambor, Savyata Mishra, Anil D'Silva Organizations: Kohl's, Insider, Retailers, Thomson Locations: Kingsbury, Bengaluru

☆ Dow, S&P 500 end down as US interest-rate worries mount, bank shares slip
▼ + stars: | 2023-08-22 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. Financials (.SPBK) were the biggest drag on the S&P 500. An S&P downgrade of multiple regional U.S. lenders weighed on bank shares, with both the KBW regional banking index (.KRX) and the S&P 500 banks index (.SPXBK) sharply lower. According to preliminary data, the S&P 500 (.SPX) lost 11.90 points, or 0.27%, to end at 4,387.87 points, while the Nasdaq Composite (.IXIC) gained 10.01 points, or 0.07%, to 13,507.60. Shares of Nvidia hit an all-time high of $481.87 early but were lower on the day.

Persons: Carlo Allegri, Jerome Powell, Peter Tuz, Caroline Valetkevitch, Amruta Khandekar, Shinjini Ganguli, Maju Samuel, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Nvidia, NEW YORK, Dow, Reserve, Nasdaq, Investors, Chase Investment, Treasury, Dow Jones, . Department, Kohl's Corp, Nordstrom Inc, Thomson Locations: New York, U.S, Jackson Hole , Wyoming, Charlottesville , Virginia

Data showed U.S. retail sales unexpectedly rose in May as consumers spent on a range of goods including vehicles. All 11 S&P 500 sector indexes rose, led by health care (.SPXHC), up 1.55%, followed by a 1.54% gain in communication services (.SPLRCL). The S&P 500 climbed 1.22% to end the session at 4,425.84 points. Advancing issues outnumbered falling ones within the S&P 500 (.AD.SPX) by a 7.1-to-one ratio. The S&P 500 posted 48 new highs and no new lows; the Nasdaq recorded 80 new highs and 72 new lows.

Persons: TD Cowen, Ross Mayfield, Baird, who'd, David Russell, Kroger, Shristi Achar, Sruthi Shankar, Noel Randewich, Vinay Dwivedi, Shounak Dasgupta, David Gregorio Our Organizations: Nasdaq, Dow, U.S . Federal, Treasury, Apple, Microsoft, Fed, U.S, Market Intelligence, Dow Jones, Kohl's Corp, Alibaba, People's Bank of China, Thomson Locations: China, Bengaluru, Oakland, Calif

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

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

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

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

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

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

☆ Foot Locker slumps as weak demand, heavy discounts drive annual outlook cut
▼ + stars: | 2023-05-19 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Foot Locker Inc's (FL.N) shares closed down 27% on Friday as the footwear retailer cut its annual sales and profit forecasts amid a sharp drop in demand and a hit from heavy discounts aimed at clearing excess inventories. The company also missed analysts' estimates for first-quarter results and named former Kohl's Corp (KSS.N) executive Mike Baughn as its new finance chief, effective June 12. Foot Locker doubled down on discounts to drive demand, which coupled with an increase in theft-related inventory losses led to a 400-basis point hit to the company's quarterly gross margins. Foot Locker now expects full-year comparable sales to fall between 7.5% and 9.0%. The company also forecast annual adjusted per-share earnings between $2.00 and $2.25, compared with its previous outlook of $3.35 to $3.65.

☆ Foot Locker slumps as weak demand, heavy discounts drive annual forecast cut
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Shares of Foot Locker Inc (FL.N) plunged 25% premarket on Friday, after the footwear retailer cut its annual sales and profit forecasts reeling under a sharp drop in demand and a hit from heavy discounts aimed at clearing excess inventories. This dented sales at a wide range of companies, including big-box retailer Target Corp (TGT.N) and home improvement chain Home Depot (HD.N). Foot Locker doubled down on promotions and markdowns to drive demand at its stores, which, coupled with a rise in theft-related inventory "shrink", dealt a 400-basis-point hit to its quarterly gross margin. It also expects adjusted earnings of between $2.00 to $2.25 per share, much lower than the $3.35-$3.65 range estimated previously. Excluding items, Foot Locker earned 70 cents per share, which was also below estimates of 81 cents per share.

☆ Vitamin Shoppe owner taken private in $2.6 bln deal with CEO-led group
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - Vitamin Shoppe owner Franchise Group Inc (FRG.O) would be taken private by a group led by CEO Brian Kahn in a deal valued at about $2.6 billion, the company said on Wednesday. Shares of Franchise, which also owns retailer Buddy's Home Furnishings and discount furniture store American Freight, climbed about 3% premarket. The offer price represents an equity value of about $1.05 billion. The company in March disclosed it had received an unsolicited proposal for a buyout, but did not disclose any details about the buyer. Reporting by Deborah Sophia in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Macy's forecasts upbeat annual profit, shares surge
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - Macy's Inc (M.N) forecast full-year profit largely above Wall Street estimates on Thursday, as the department store operator looks to cut back on promotions to protect its margins. The company said it expects adjusted full-year profit per share between $3.67 and $4.11, while analysts on an average had estimated $3.84, according to IBES data from Refinitiv. Macy's sees 2023 sales between $23.7 billion and $24.2 billion, compared to estimates of $24.29 billion. Consumers at the higher end of the income rung have shrugged off a hit to savings from stubbornly high inflation, helping boost sales at department stores like Macy's that mostly offer luxury and discretionary items. However, peer Kohl's Corp (KSS.N), which caters more to inflation-hit lower-income customers posted a surprise quarterly loss and forecast full-year profit well below estimates as deep discounts to boost demand shredded the retailer's margins.

☆ Kohl's swings to surprise loss as margins crumble on steep discounts
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

March 1 (Reuters) - Kohl's Corp (KSS.N) reported a surprise quarterly loss and forecast full-year profit well below analysts' estimates on Wednesday, as steep discounts to boost sluggish demand for apparel shredded the retailer's margins. Those discounts were the major contributor to a more than 10 percentage point decline in fourth-quarter gross margins to 23%, Kohl's said. Kohl's reported a loss of $2.49 per share for the fourth quarter ended Jan. 28, compared with estimates for a profit of 98 cents. Comparable sales at Kohl's fell 6.6% in the fourth quarter, compared with analysts' estimate of a 3.7% decrease. Separately, apparel maker Abercrombie & Fitch (ANF.N) also missed holiday quarter earnings estimates on Wednesday, hit by higher costs of cotton.

☆ Kohl's close to naming Tom Kingsbury as permanent CEO - NYT
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: 1 min

Jan 25 (Reuters) - Department store chain Kohl's Corp (KSS.N) is in late-stage talks to name Tom Kingsbury as its permanent chief executive, the New York Times reported on Wednesday, citing two people familiar with the situation. Kingsbury was named interim CEO in December, after Michelle Gass left Kohl's to become the top boss at Levi Strauss & Co (LEVI.N). The appointment will come as the department store chain is struggling with declining sales and greater pressure from activist investors. In November, Kohl's withdrew its 2022 sales and profit forecasts, blaming an uncertain economic outlook and the departure of Gass. Reporting by Mrinalika Roy in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Bed Bath & Beyond in talks with Sycamore Partners for sale of assets - NYT
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

Bed Bath & Beyond said it does not "comment on speculation of this nature" and reiterated a previous statement that it was exploring multiple paths. Sycamore Partners declined to comment. Shares of Bed Bath & Beyond were down about 4% at $5.02 in morning trading amid weakness in the broader market. The Union, New Jersey-based company had earlier considered selling its buybuy Baby stores after shareholder pressure, but held off on hopes it could fetch a higher price later, Reuters reported. The company's buybuy Baby chain, which sells products for infants and toddlers, helped Bed Bath & Beyond obtain a loan worth $375 million last year.

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Other rate-sensitive growth stocks like Apple Inc (AAPL.O) and Alphabet Inc (GOOGL.O) gained about 1% each as U.S. Treasury yields declined. The gains pushed technology (.SPLRCT) to the top of the major S&P 500 sector indexes list. The S&P 500 growth index (.IGX) was up 3.6%, outperforming a 0.7% rise in its value peers (.IVX). Advancing issues outnumbered decliners for a 3.68-to-1 ratio on the NYSE and a 2.15-to-1 ratio on the Nasdaq. The S&P index recorded 10 new 52-week highs and two new lows, while the Nasdaq recorded 95 new highs and 14 new lows.

☆ Macy's tempers holiday sales view, warns of more inflation pain ahead
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

Jan 6 (Reuters) - Macy's Inc (M.N) said on Friday it expects fourth-quarter sales to come in at the lower end of its forecast, blaming a deeper-than-expected lull in shopping between the season's major holidays. While that helped sales during major shopping occasions such as Black Friday and Christmas, Macy's said the periods in between those days saw bigger-than-expected drop-offs in spending. Chief Executive Officer Jeff Gennette said the company had taken steps to better align its merchandise with the expected slowdown in demand. Macy's net sales are now expected to be at the low end to mid-point of its previously forecast range of $8.16 billion to $8.40 billion. Reporting by Uday Sampath in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Consumers held out for better deals over the Thanksgiving weekend, even as retailers ranging from Target Corp (TGT.N) to Kohl's Corp (KSS.N) kicked off a holiday discount frenzy as early as October. "The Thanksgiving holiday shopping weekend is a tradition treasured by many American families ... As inflationary pressures persist, consumers have responded by stretching their dollars in any way possible," NRF President Matthew Shay said. In comparison, the number of people shopping online grew at a slower pace. "It is important to note that while some may claim that retail sales gains are the result of higher prices ... Data from Mastercard SpendingPulse, which measures in-store and online sales across all forms of payments, also showed on Tuesday that U.S. retail sales rose about 11% between Thanksgiving Day and Sunday.

Sale-leasebacks allow retailers to raise capital without shedding stores by selling the underlying real estate and turning them from landlords into tenants. They also point out that companies often spend the money on share buybacks and dividends rather than investing in their business. Spokespeople for Kohl's, Macellum and Ancora declined to comment. It is not clear how many of Kohl's 1,100 stores would have been involved in any deal. Reuters GraphicsRENT EXPENSESIn a letter to shareholders in March defending its strategy against criticism from hedge fund Macellum Capital Management LLC, Kohl's said that a "large" sale-leaseback would "negatively impact margins by adding unnecessary rent expenses in perpetuity and risk Kohl's investment-grade rating".

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Several other Fed officials in recent days have also stressed the need to continue raising rates, albeit at a slower pace. "The Fed is trying to make sure the market doesn't get too ahead of itself," said Tim Holland, chief investment officer at Orion Advisor Solutions. "They're trying to walk this rhetorical tightrope where in between meetings and big data points, they're reminding the market that they're still tightening." Traders are now pricing in 89% odds of a 50-basis-point rate hike from the Fed in December and see terminal rate at around 5% in June 2023. The S&P index recorded no new 52-week high and one new low, while the Nasdaq recorded 12 new highs and 101 new lows.

Softer-than-expected inflation data in recent days had boosted expectations of smaller interest rate increases, but strong retail sales figures on Wednesday stoked fears that the Fed could keep tightening the monetary policy further. Several other Fed officials in recent days have also stressed on the need to continue raising interest rates, though at a slower pace. Wall Street closed the previous session lower as a grim outlook from Target Corp (TGT.N) sparked concerns about retailers heading into the crucial holiday season. ET, Dow e-minis were down 384 points, or 1.14%, S&P 500 e-minis were down 52.5 points, or 1.32%, and Nasdaq 100 e-minis were down 177.5 points, or 1.51%. U.S.-listed shares of Alibaba Group Holding Ltd fell 2.1% after the Chinese e-commerce giant posted a smaller-than-expected rise in quarterly revenue.

☆ Kohl's withdraws annual sales, profit forecasts
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Kohl's Corp (KSS.N) withdrew its 2022 sales and profit forecasts on Thursday, blaming an uncertain economic outlook and the departure of top boss Michelle Gass. Kohl's has struggled to attract shoppers despite steep discounts to clear excess inventory, as Americans cut back spending on apparel and other discretionary purchases amid decades-high inflation. Its third-quarter comparable sales fell 6.9%, in line with analysts' estimates, according to Refinitiv IBES data. Net income fell to $97 million, or 82 cents per share, compared with $243 million, or $1.65 per share, a year earlier. Reporting by Deborah Sophia in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Kohl's CEO Gass to leave for top job at Levi Strauss
▼ + stars: | 2022-11-08 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +2 min

Nov 8 (Reuters) - Kohl's Corp (KSS.N) Chief Executive Michelle Gass will step down and take the helm at Levi Strauss & Co (LEVI.N) amid renewed calls from activist investors for management and board reshuffles at the struggling department store chain. Gass came under renewed pressure from hedge funds Macellum Advisors and Ancora Holdings after Kohl's decided in July to remain independent after exploring a sale. The former Starbucks (SBUX.O) executive, who became Kohl's CEO in 2018, will leave in December to become president at Levi's early next year before taking over from long-time boss Chip Bergh within 18 months. At Levi's, Gass faces the challenge of helping the denim maker navigate out of an inflationary environment that has caused a slump in discretionary spending and hit earnings. Kohl's said Tom Kingsbury, a director nominated by Macellum and Ancora last year, will serve as interim CEO from Dec. 2.

☆ Levi's names Kohl's Michelle Gass as chief executive
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: 1 min

Nov 8 (Reuters) - Levi Strauss & Co (LEVI.N) on Tuesday named current Kohl's Corp (KSS.N) Chief Executive Officer Michelle Gass as its next CEO, replacing Chip Bergh. Gass will leave Kohl's in December to become president of Levi's and will report to Bergh before taking over as chief executive within the next 18 months. Kohl's said Tom Kingsbury, a director on the department store chain's board and former Burlington Stores Inc (BURL.N) chief executive, will serve as interim CEO from Dec. 2. Kohl's shares rose 11% in premarket trading, after it also forecast better-than-expected third-quarter earnings. Reporting by Uday Sampath in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Levi's names Kohl's Michelle Gass as next chief executive
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

Nov 8 (Reuters) - Levi Strauss & Co (LEVI.N) on Tuesday named current Kohl's Corp (KSS.N) Chief Executive Officer Michelle Gass as the next CEO of the denim maker, succeeding long-time head Chip Bergh. Gass' departure from the struggling department store chain comes as activist investor groups push for management and board reshuffles, including a change of CEO. Gass will leave Kohl's in December to become president of Levi's early next year, and will take over as chief executive within the next 18 months. Kohl's said Tom Kingsbury, a director who was nominated by Macellum and Ancora last year, will serve as interim CEO from Dec. 2. Kohl's forecast third-quarter earnings of 82 cents per share, compared with analysts' estimates of 64 cents, according to Refintiv IBES data.

☆ Retailer Kohl's faces fresh call for board rejig from activist group Macellum
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

Macellum owns about 5% of the retailer and wants its candidates to replace some of the long-tenured directors, including chairman Peter Boneparth and other members of the executive committee. This is not the first attempt by Macellum, which is led by veteran retail investor Jonathan Duskin, to change the board. Shareholder pressure for Kohl's returned again last month when Ancora Holdings, one of the hedge funds that spearheaded a board shake-up last year, sought the removal of chief executive and board chairman. In its letter to investors, Macellum also said it had recently approached the board to work together on a refresh, but that was rebuffed by the chairman. Kohl's said the interactions with Macellum over the past two years have been "unproductive and a distraction from running the business".

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