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☆ Target shares plummet 18% in premarket trade as it posts disappointing earnings and cuts guidance
▼ + stars: | 2024-11-20 | by ( Nora Redmond | ) www.businessinsider.com time to read: +2 min

The retailer cut its full-year financial guidance and reported sales growth of just 0.3%. Target shares plunged as much as 18% in premarket trading after the retailer posted disappointing third-quarter earnings and lowered its financial guidance for the year. On Wednesday, Target reported adjusted earnings per share of $1.85, down just under 12% year-over-year. AdvertisementIn the release, Target also cut its full-year financial guidance, saying it expects earnings per share of between $8.30 and $8.90. At its second-quarter earnings in August, the retailer said it expected full-year EPS of between $9 and $9.70.

Persons: Brian Cornell Organizations: Analysts, Revenue, Target Corporation, Target, Walmart, Costco

☆ Apple reportedly offers $100 million investment to end iPhone 16 sales ban in the world's 4th-most-populous country
▼ + stars: | 2024-11-19 | by ( Nora Redmond | ) www.businessinsider.com time to read: +2 min

AdvertisementApple has offered a $100 million investment to lift Indonesia's iPhone 16 sales ban, Bloomberg says. Indonesia has blocked iPhone 16 sales because they do not contain 40% locally made components. Apple has reportedly offered to invest $100 million in Indonesia to reverse a ban on iPhone 16 sales in the world's fourth-most populous nation. AdvertisementIndonesia's Ministry of Industry last month blocked Apple from selling its iPhone 16, which first launched in September, for failing to comply with regulations. As the world's fourth-most populous nation with over 280 million citizens, Indonesia is an increasingly important Apple market.

Persons: —, Apple hadn't Organizations: Apple, Bloomberg, Indonesia's Ministry, Industry, Indonesia's Ministry of Industry, Business Locations: Indonesia, Cupertino, Asia's, Bandung, Jakarta

☆ Ikea group CEO tells BI shoppers are trading down to save money
▼ + stars: | 2024-11-19 | by ( Nora Redmond | ) www.businessinsider.com time to read: +3 min

And while the past year has been challenging, this strategy is paying off, according to Jasper Brodin, CEO of Ikea's parent company, Ingka Group. "People have the same needs, but they have much less money in their wallet," he added. AdvertisementHowever, Ikea has benefited from investing in low prices because it has attracted more shoppers away from pricier rivals. AdvertisementBecause of this, he said that Ikea customers are largely engaging in needs-based shopping, picking up the necessities first, like a new bed or kitchen table, instead of non-essential items. "There is a large stimulus package coming from the government right now, which is helping, but people have been holding on to their money," Brodin said.

Persons: Jasper Brodin, — Brodin, —, Nora Redmond, lockdowns, Brodin Organizations: Ikea, Ingka, Oxford, Starbucks Locations: London, China

☆ HSBC reportedly asks middle managers to reapply for jobs as layoffs loom
▼ + stars: | 2024-11-18 | by ( Nora Redmond | ) www.businessinsider.com time to read: +2 min

AdvertisementHSBC has reportedly asked some managers to reapply for their jobs as part of a cost-cutting restructure. Bloomberg reported Monday that hundreds of senior staff will likely lose their jobs. HSBC has asked some managers to reapply for their jobs in its newly created corporate and institutional banking division as part of a cost-cutting drive, Bloomberg reported. The biggest change announced was the simplification of HSBC's structure, creating Eastern and Western arms to manage its global operations. He previously told staff in October that they should expect job cuts following the announcement of the revamp, Reuters reported at the time, citing an internal memo.

Persons: Georges Elhedery, Elhedery Organizations: HSBC, Bloomberg, Business Insider, Business, Reuters Locations: Asia, Pacific, Americas, London

☆ McDonald's is reportedly spending $100 million to help lure customers back after the E. coli outbreak
▼ + stars: | 2024-11-18 | by ( Nora Redmond | ) www.businessinsider.com time to read: +2 min

AdvertisementMcDonald's is investing $100 million into recovering from an E. coli outbreak, CNN reported. McDonald's said the outbreak led to a drop in restaurant visits and sales. McDonald's is reportedly spending $100 million to lure customers back to stores following an E. coli outbreak linked to slivered onions served on Quarter Pounder hamburgers. AdvertisementAn additional $65 million will be spent on the franchisees that were worst affected by the outbreak, it said. AdvertisementIts new marketing campaign will reportedly include TV ads that showcase a 10 McNuggets for $1 deal that can be redeemed through the chain's app.

Persons: McDonald's, Michael Gonda, Tariq Hassan Organizations: CNN, Marketing, Business, US Centers for Disease Control, CDC Locations: North America

☆ Costco recalled almost 80,000 pounds of butter because the labels failed to say it contained milk
▼ + stars: | 2024-11-12 | by ( Nora Redmond | ) www.businessinsider.com time to read: +2 min

Costco has recalled 79,200 pounds of butter for failing to note it contained milk. The butter was produced by Continental Dairy Facilities Southwest and distributed in Texas. AdvertisementCostco recalled 79,200 pounds of butter last month because it failed to include a disclaimer that the product contained milk. AdvertisementThe 46,800 pounds of unsalted butter and 32,400 pounds of salted butter were distributed across Texas. Costco and Continental Dairy Facilities Southwest did not respond immediately to requests for comment from Business Insider, sent outside regular US working hours.

Persons: —, butters, Kirkland Organizations: Costco, FDA, Continental Dairy, Service, Kirkland, Drug Administration, Business Locations: Texas

☆ What Trump's win means for retail giants like Walmart, Target, and Costco
▼ + stars: | 2024-11-07 | by ( Dominick Reuter | Nora Redmond | ) www.businessinsider.com time to read: +7 min

Trump's second term likely means changes are on the way that will impact retailers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDonald Trump's return to the White House is likely to usher in sweeping changes that will impact retailers like Walmart, Target, and Costco — ranging from new tariffs to tax cuts and a new regulatory environment. Trump's campaign promises, along with his prior term record, offer some insights into what major retailers can expect from his second term. Advertisement"That's actually very unhelpful for a lot of retailers, especially in areas like technology, which a lot of retailers are involved," he said.

Persons: —, Donald Trump's, Donald Trump, Neil Saunders, it's, John David Rainey, Trump, Chris Walton, Walton, Jonathan Gold, Johns, Tinglong Dai, Saunders, He's, Lina Khan Organizations: Service, Walmart, Target, Costco, TractorTractor, Dick's Sporting Goods, Data, Omni, National Retail Federation, Trump, Pew Research, Federal, FTC, Kroger, Albertsons, Republican Locations: China, Johns Hopkins, Washington

☆ Sales are sliding at KFC and Burger King as fast-food chains keep struggling
▼ + stars: | 2024-11-05 | by ( Mary Hanbury | Nora Redmond | ) www.businessinsider.com time to read: +2 min

Both KFC and Burger King saw sales fall in the US in the three months to the end of September. On Tuesday, Burger King owner Restaurant Brands International and the parent company of KFC followed in its footsteps. Comparable sales dropped by 0.4% for Burger King and 3.8% at Popeyes in the US. Fast-food chains have struggled recently as price hikes have increasingly put off some consumers. McDonald's, KFC, and Burger King are among those trying to lure back diners with new value menu deals.

Persons: It's, —, McDonald's, Burger, Taco Bell, Burger King, Tim Hortons Organizations: KFC, Burger King, Service, Restaurant Brands, ! Brands, Taco, Burger, Taco Bell Locations: Popeyes

☆ It's not getting any easier for fast-food chains
▼ + stars: | 2024-11-05 | by ( Mary Hanbury | Nora Redmond | ) www.businessinsider.com time to read: +2 min

Both KFC and Burger King saw sales fall in the US in Q3. On Tuesday, Burger King owner Restaurant Brands International and the parent company of KFC followed in its footsteps. AdvertisementMeanwhile, Restaurant Brands International, which owns chains including Burger King, Tim Hortons, and Popeyes, reported a weaker-than-expected 0.3% increase in same-store sales across the group for Q3. McDonald's, KFC, and Burger King are among those trying to lure back diners with new value menu deals. Some consumers say they're increasingly turning to independent restaurants, casual dining chains, or home cooking to get a better deal.

☆ Food deliveries are getting more expensive — but we can't stop ordering
▼ + stars: | 2024-11-05 | by ( Nora Redmond | ) www.businessinsider.com time to read: +6 min

Research shows that ordering food for delivery has gotten expensive, yet demand remains high. But demand for food delivery has remained high — as has its price. Last week, food delivery company DoorDash, reported an 18% rise in orders year over year in its third quarter of 2024. A food delivery driver previously told BI that he decides to accept or pass on a variety of deliveries often based on the highest upfront tips. But despite lockdowns coming to an end and the country gradually opening back up, people grew accustomed to the trend of ordering food.

Persons: —, There's, Mills, Doug Martin, Uber, Anthony Miyazaki, Miyazaki, Alon Chen, Oliver Wright, Wright, Chris Olivola, It's, Olivola Organizations: Service, Business, Revenue, Florida International University, Starbucks, McDonald's, KFC, Accenture, Tepper School of Business Locations: Doordash, Olive

☆ Why fast-food chains and big brands love loyalty programs
▼ + stars: | 2024-11-01 | by ( Nora Redmond | ) www.businessinsider.com time to read: +6 min

Fast-food chains and retailers are using loyalty programs to drive sales amid inflation challenges. AdvertisementRetailers and fast-food chains are leaning into loyalty programs to drive sales. Starbucks' loyalty program is also growing. AdvertisementThe power lies in the perksHowever, a good loyalty program should be about more than just the points. Advertisement"In a marketplace where choices are endless, a strong loyalty program doesn't just retain customers, it also builds a relationship that feels personal and valuable," she said.

Persons: —, McDonald's, Chris Kempczinski, Kempczinski, It's, Laxman Narasimhan, Paschal, Lindsey Wasson, Burger, Kevin Shahnazari, Zsuzsa Kecsmar, Zarina Stanford, doesn't, Kecsmar Organizations: Service, Global, Starbucks, Costco, AP, KFC, Burger King, Nike Locations: Colorado

☆ McDonald's sales dropped for the 2nd quarter in a row as customers keep tightening their belts
▼ + stars: | 2024-10-29 | by ( Nora Redmond | ) www.businessinsider.com time to read: +3 min

McDonald's global sales fell for the second consecutive quarter, down 1.5%. AdvertisementGlobal sales at McDonald's have fallen for a second consecutive quarter as the fast-food chain struggled in international markets, especially France, the UK, China, and the Middle East. Sales were down 1.5% in its third quarter, following from a 1% slide in the previous quarter, ending June 30. Comparable sales in the US were virtually flat, up 0.3% from the same period in 2023, while sales in international markets dropped 2.1%. Sales in licensed international markets fell 3.5%.

Persons: —, Chris Kempczinski, Neil Saunders Organizations: Service, Consumers Locations: France, China, McDonald's

☆ Restaurants made big changes to cope with the pandemic. Lots of them have stuck.
▼ + stars: | 2024-10-29 | by ( Nora Redmond | ) www.businessinsider.com time to read: +1 min

Restaurants made big changes during the pandemic to minimize the spread of COVID. Some of these changes have stuck, like QR code menus, higher cleaning standards, and more takeout. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . State after state introduced lockdowns, banning large groups of people and temporarily shutting eateries. Here is a list of a few of the changes which stuck.

Persons: —, Mary King Organizations: Service, The Locations: State

☆ The CEO of optics giant Olympus has resigned after accusations he bought illegal drugs, sending its shares plummeting
▼ + stars: | 2024-10-28 | by ( Nora Redmond | ) www.businessinsider.com time to read: +3 min

The CEO of optics giant Olympus has resigned after it was alleged that he had bought illegal drugs. Stefan Kaufmann's departure as CEO pushed the company's shares almost 6% lower Monday. AdvertisementOlympus Corporation's CEO, Stefan Kaufmann, has exited the optics giant following allegations he purchased illegal drugs. It said that based on the results, Kaufmann had likely acted inconsistently with Olympus' global code of conduct, core values, and corporate culture. Business Insider was unable to reach Stefan Kaufmann for comment.

Persons: Stefan Kaufmann's, —, Stefan Kaufmann, Kaufmann, Yasuo Takeuchi, Julie Hamp Organizations: Olympus, Service, Tokyo Stock Exchange, Police, Kyodo, Toyota Motor Corporation Locations: Tokyo, Japan

☆ Saudi Arabia will reportedly give a select group of visitors a first glimpse of Neom, showing them Sindalah — a luxury island retreat in the Red Sea
▼ + stars: | 2024-10-25 | by ( Nora Redmond | ) www.businessinsider.com time to read: +3 min

Some guests at Saudi Arabia's annual investment conference will have the chance to visit part of Neom. A group of visitors will be taken to Sindalah, an island retreat in the Red Sea, Bloomberg reports. AdvertisementAs guests descend upon Saudi Arabia for a major annual investment conference, some will have the opportunity to see the country's futuristic megacity, Neom, firsthand. Days before the conference begins, a select group of guests has been invited to visit Sindalah Island, per Bloomberg. Sindalah is a luxury island complex in the Red Sea off Saudi Arabia's west coast designed as a "unique escape" for visitors to Neom.

Persons: Neom, —, BlackRock's Larry Fink, Goldman Sachs, David Solomon, Citigroup's Jane Fraser, Julia Hoggett, Ken Griffin, Sindalah, Prince Mohammed bin Salman, Malcolm Aw Organizations: Saudi, Bloomberg, Service, Investment Initiative, London Stock, Solar, Business Locations: Neom, Red, Saudi, Saudi Arabia, Riyadh, Sindalah

☆ Denny's is closing 150 locations in the latest sign of the squeeze on family dining
▼ + stars: | 2024-10-25 | by ( Nora Redmond | ) www.businessinsider.com time to read: +4 min

AdvertisementDenny's is the latest casualty of the squeeze on family dining chains, announcing this week that it plans to close about 150 locations before 2026. "We believe this is absolutely the right thing to do to make our system stronger," Denny's CEO Kelli Valade told investors. "Everyone has lost traffic," Denny's CEO Valade said. The turn toward takeoutThe rise in takeout has also impacted family dining as more customers look to order food in rather than go out. "They are drawing customers away from traditional family dining establishments," Puzhakov said.

Persons: —, Kelli Valade, Valade, Gregg Majewski, Neil Saunders, Tomas Gorny, Gorny, Elijah Puzhakov, Puzhakov Organizations: Service, Securities, Exchange, Craveworthy Brands, McDonald's, KFC Locations: Olive, takeout

☆ Emirates has placed a fresh order for Boeing freight planes, just days after its chairman criticized ongoing delivery delays
▼ + stars: | 2024-10-21 | by ( Nora Redmond | ) www.businessinsider.com time to read: +3 min

Emirates has ordered five Boeing 777 freighters, eventually expanding its fleet to 21 of the planes. The order comes days after Emirates' boss criticized a fresh delay to Boeing's new passenger jet, the 777X. AdvertisementEmirates has announced a fresh order for Boeing 777 freight planes, just days after its chairman publicly criticized the embattled planemaker. Emirates is one of Boeing's biggest customers, so a fresh order of Boeing planes is not unusual. Emirates' Sir Tim Clark criticized the latest delays to the Boeing 777X last week.

Persons: —, Sheikh Ahmed bin Saeed Al Maktoum, Tim Clark, Sir Tim Clark, BRENDAN SMIALOWSKI, Clark Organizations: Emirates, Boeing, Service, Emirates Airline and Group, Getty, Al, Al Maktoum International, Business Insider Locations: Dubai, Emirates, AFP, Al Maktoum

☆ There's more to China's luxury spending slump than its struggling economy
▼ + stars: | 2024-10-19 | by ( Maria Noyen | Nora Redmond | ) www.businessinsider.com time to read: +2 min

The country's economy is slowing down, and some shoppers are rethinking their luxury purchases. AdvertisementChina, with its sheer population size and once-meteoric economic growth, has been heralded as a reliable cash cow of luxury brands for decades. But the golden days of luxury shopping in China seem to be fading for many luxury brands — though there are exceptions. In 2021, the Asia region, excluding Japan, was responsible for 35% of LVMH's total revenue. It's a similar story at other luxury brands.

Persons: —, LVMH, Kering, Hugo Boss, Burberry Organizations: Service, Gucci, Swatch Locations: China, Asia, Japan, Pacific

☆ It looks like the glory days of luxury are over for LVMH, at least for now
▼ + stars: | 2024-10-16 | by ( Nora Redmond | ) www.businessinsider.com time to read: +2 min

LVMH reported a 3% decline in sales in its most recent quarter. The drop is driven by decreased demand from Chinese consumers, affecting luxury sales. AdvertisementFrench luxury conglomerate LVMH, the world's largest luxury company, reported a 3% year-on-year decline in sales in its most recent quarter. On Wednesday, LVMH shares fell by nearly 7% in early trading, driven by waning demand from Chinese consumers, who were once key spenders of European luxury goods. Some Chinese luxury consumers have been flocking to Japan to take advantage of lower prices caused by the country's currency downturn.

Persons: LVMH, —, Louis Vuitton, Christian Dior —, lockdowns, Jean, Jacques Guiony Organizations: Service, Louis, National Development, Reform Commission Locations: Beijing, China, Covid, Asia, Japan, United States, Europe

☆ Walgreens is closing 1,200 stores
▼ + stars: | 2024-10-15 | by ( Nora Redmond | ) www.businessinsider.com time to read: +2 min

Walgreens to close 1,200 stores in the US over the next three years. AdvertisementUS pharmacy giant Walgreens announced Tuesday that it will close 1,200 stores across the US over the next three years as part of its turnaround effort; 500 locations will close next year. CEO Tim Wentworth told analysts on the firm's quarterly earnings call in June that "changes are imminent" for the 25% of Walgreens stores that were underperforming. The news of 1,200 closures came as the firm announced its fourth-quarter and full-year results for fiscal 2024, reporting a $3 billion loss during the quarter. Along with closing unprofitable stores, the pharmacy chain is also dialing back investments in its primary care clinics — VillageMD — as part of its plan to cut costs.

Persons: —, Tim Wentworth, VillageMD Organizations: Walgreens, Service, SEC, UBS

☆ Sorry fast food fans — your burger is only going to get more expensive
▼ + stars: | 2024-10-14 | by ( Nora Redmond | ) www.businessinsider.com time to read: +6 min

Beef prices in the US are rising due to a historic drought and herd liquidation. Fast food chains like McDonald's and Burger King have already raised prices due to inflation. AdvertisementInflation has not been kind to food prices — especially for eating out. AdvertisementThe USDA reported that this led to record retail beef prices, with an all-fresh value of $8.15 per pound for July. "The reality is over the next couple of years, beef prices are going to continue to go higher," Zimmerman said.

Persons: Burger King, —, Chris Kempczinski, Burger, Lance Zimmerman, Rabo AgriFinance, McDonald's, Erin McDowell, Zimmerman, Taco Bell, Jay Bandy, Bandy, Dudler Organizations: Service, Starbucks, McDonald's, KFC, Brands, Department of Agriculture, Goliath Consulting, Accenture Locations: Olive, Taco, Georgia

☆ Europe's richest person is about to buy a soccer club with Paris FC deal
▼ + stars: | 2024-10-10 | by ( Nora Redmond | ) www.businessinsider.com time to read: +2 min

Bernard Arnault's family is set to become a majority shareholder in Paris FC. AdvertisementBernard Arnault's family is set to invest in Paris FC football club alongside Red Bull as the billionaire LVMH CEO further embraces the world of sport and its lucrative sponsorship opportunities. Red Bull will acquire a 15% stake. "LVMH operates a global business and needs to find global audiences and global languages," Luca Solca, a senior analyst at Bernstein covering global luxury goods, told Business Insider. LVMH and Red Bull did not immediately respond to a request for comment from Business Insider.

Persons: Bernard Arnault's, LVMH, —, Red Bull, Pierre Ferracci's, Arnault, Louis Vuitton, Moët Hennessy, Luca Solca, Bernstein Organizations: Paris FC, Rolex, Service, Paris FC football, Bloomberg, Ligue, TAG, Olympic, Paralympic Games, Business Locations: Paris, LVMH, Swiss

☆ Zara's website is a confounding headache — but it's also the secret to its success
▼ + stars: | 2024-10-08 | by ( Maria Noyen | Nora Redmond | ) www.businessinsider.com time to read: +5 min

Zara's website is often ridiculed for being confusing. This helps Zara target aspirational shoppers who can't afford to splurge on high fashion. Luxury giants such as LVMH and Kering have seen sales slow in recent months, in part because aspirational shoppers are being squeezed. Zara stores have a minimalist look. It's reminiscent of the experience of browsing luxury brands online, she says, where customers looking to add a ready-to-wear item to their basket often have to find a boutique where the product is available first.

Persons: —, Zara, Kering, it's, Rober, Tariro Makoni, Makoni, Burberry, Gucci, Carlotto, Omer Messinger, Yves Saint Laurent's, Stefano Pilati, Cindy Crawford, Kaia Gerber, Mike Marsland, Sokolova, Zara ., Crawford, Kaia —, Saint Laurent Organizations: Service, Europa Press, Getty, Business, Sotheby's Institute of Art Locations: Zara, Instagram, Paris, Saint

☆ Luxury stocks are on the slide again as China's stimulus plans disappoint
▼ + stars: | 2024-10-08 | by ( Nora Redmond | ) www.businessinsider.com time to read: +2 min

European stocks took a hit as China's stock rally lost momentum. A lack of new stimulus details from China has affected the luxury sector. AdvertisementEuropean stocks took a hit on Tuesday as China's stock rally cooled following a lack of much-awaited details about how the government plans to support economic growth in the country. Investors were expecting the National Development and Reform Commission, China's top economic planner, to provide fresh information regarding stimulus plans at a press conference on Tuesday. Luxury brands have seen sales suffer in China in recent months amid the country's economic slowdown.

Persons: —, Louis Vuitton, Christian Dior, Gucci, Burberry, Kering, Marc Jacobs Organizations: Service, Investors, National Development, Reform Commission, Louis, Burberry Locations: China, LVMH, Asia, Japan, Pacific

☆ Everyone's talking about RTO. Here's why a leading expert thinks remote work is 'here to stay.'
▼ + stars: | 2024-10-02 | by ( Nora Redmond | ) www.businessinsider.com time to read: +3 min

Amazon's RTO order has people questioning the future of remote work. Employees respondong to his surveys ranked the right to work from home equal to an 8% pay increase. AdvertisementThe pandemic-prompted right to remote work may be in trouble — Amazon hit headlines last month when it ordered all corporate employees back to the office five days a week from January. But Nick Bloom, a leading expert in remote work, said working from home was "here to stay" as he shared the latest developments in his 20-year research. Bloom concluded his presentation by saying remote work was "here to stay," citing big steps in technology that facilitate it, such as video calls and virtual reality.

Persons: Nick Bloom, —, Amazon's, Bloom Organizations: Service, Stanford University Locations: WFH, COVID

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