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☆ 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

☆ Lululemon lifts annual sales, profit forecasts on steady demand
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

June 1 (Reuters) - Lululemon Athletica Inc (LULU.O) raised its annual sales and profit forecasts on Thursday, betting on strong demand for its activewear from affluent U.S. shoppers and a recovery in China, sending its shares up 11% in extended trading. Lululemon is also banking on new launches and more full-price selling to drive revenues and offset any impact from promotions taken to clear inventories. Vancouver, Canada-based Lululemon now expects full-year 2023 revenue between $9.44 billion and $9.51 billion, compared with its prior estimate of $9.30 billion to $9.41 billion. The company projected full-year 2023 profit between $11.74 and $11.94, compared with its prior estimate of $11.50 to $11.72 per share. Reporting by Deborah Sophia in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Lululemon, Deborah Sophia, Devika Organizations: Nordstrom Inc, Thomson Locations: China, Vancouver, Canada, Bengaluru

☆ 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

☆ U.S. consumer outlook dims as upscale retailers, discounters slash forecasts
▼ + stars: | 2023-06-01 | by ( Aishwarya Venugopal | ) www.reuters.com time to read: +3 min

Broadly, U.S. consumer spending trends showed resilience in the face of high inflation, but big-ticket purchases suffered. Upscale retailer Macy's said the U.S. consumer pulled back more than anticipated and slashed its annual sales and profit forecasts for the year. Macy's and lingerie brand Victoria's Secret & Co (VSCO.N) are resorting to more discounts to clear out excess inventory. "Our business in North America became increasingly more challenging," Victoria's Secret CEO Martin Waters said during a post earnings call on Thursday. The pinch from slowing consumer spending was not just limited to high-end retailers.

Persons: Macy's, Hogan, Martin Waters, they're, Nordstrom, Peter Nordstrom, Dr Martens, Arun Sundaram, Aishwarya Venugopal, Savyata Mishra, Shinjini Organizations: U.S, Goods, Riley, Nordstrom Inc, Discount, CFRA Research, Thomson Locations: U.S, North America, United States, Bengaluru

"The bill now moves to the Senate, where we believe it will clear the 60-vote hurdle after some political and procedural posturing," analysts at BTIG said. ET, Dow e-minis were up 13 points, or 0.04%, S&P 500 e-minis were up 10 points, or 0.24%, and Nasdaq 100 e-minis were up 22.5 points, or 0.16%. The S&P Global manufacturing PMI and the Institute for Supply Management's (ISM) manufacturing PMI for May will also be on the watch list. C3.ai Inc (AI.N) slumped 22.8% after the artificial intelligence company forecast annual revenue outlook below street estimates. Reporting by Shreyashi Sanyal and Shristi Achar A in Bengaluru; Editing by Shounak Dasgupta and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: BTIG, Philip Jefferson, Patrick Harker, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel Organizations: Dow, Nasdaq, Republicans, Senate, Dow e, U.S . Federal Reserve, Labor, P Global, PMI, Institute for Supply, Fed Governor, Philadelphia Fed, Dow Jones, Nordstrom, Macy's Inc, Dollar General Corp, Thomson Locations: Bengaluru

☆ Nordstrom beats quarterly sales estimates as apparel demand holds up
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

May 31 (Reuters) - Nordstrom Inc (JWN.N) beat market estimates for first-quarter sales on Wednesday as demand from wealthy shoppers cushioned a wider, inflation-driven slowdown in spending on clothing and accessories. In a bid to attract more budget-conscious shoppers, Nordstrom has been opening new stores under its off-price banner Rack. While quarterly sales at Rack decreased 11.9%, Nordstrom said trends improved later in the quarter, driven by its moves to stock up shelves with crowd-favorite brands. The company also reported a 110-basis-point increase in quarterly gross margin, thanks to easing cost pressures and tighter inventory management. On an adjusted basis, the company reported a profit of 7 cents per share.

Persons: Nordstrom, Deborah Sophia, Devika Organizations: Nordstrom Inc, Abercrombie, Fitch, Target Corp, Home Depot Inc, Thomson Locations: Bengaluru

☆ Nordstrom delivers surprise profit as inventory woes ease
▼ + stars: | 2023-05-31 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

May 31 (Reuters) - Nordstrom Inc (JWN.N) posted a surprise first-quarter profit on Wednesday as better inventory control and demand from wealthy shoppers helped the company defy an inflation-driven slump in retail spending, sending its shares up 7% after hours. While quarterly sales at Rack fell 11.9%, Nordstrom said trends improved later in the quarter and have continued into May. The company's inventories decreased 7.8% at quarter-end, while gross margin improved 110 basis points, partly due to easing cost pressures. Total quarterly revenue at Nordstrom fell about 11% to $3.18 billion, but surpassed analysts' average estimate of $3.12 billion, according to Refinitiv IBES data. Excluding items, it reported a per-share profit of 7 cents, compared with estimates for a loss of 13 cents.

Persons: they're, Erik Nordstrom, Nordstrom, It's, it's, Morningstar, David Swartz, Deborah Sophia, Devika Organizations: Nordstrom Inc, Abercrombie, Fitch, Target Corp, Home Depot Inc, Nordstrom, Thomson Locations: Bengaluru

☆ Patagonia accuses Nordstrom of selling 'thousands' of fake Patagonia sweatshirts and T-shirts at its Rack stores
▼ + stars: | 2023-05-31 | by ( Ben Tobin | ) www.businessinsider.com time to read: +3 min

Patagonia filed a lawsuit against Nordstrom in California federal court on Tuesday accusing the retailer of selling 'counterfeit' Patagonia products. Patagonia had a "years-long dealer relationship" with Nordstrom, but after Patagonia chose to end the agreement Nordstrom sold "counterfeit" Patagonia items in its off-price Nordstrom Rack stores in 2023, according to the suit filed Tuesday in the US District Court for the Central District of California. An alleged counterfeit Patagonia clothing item claiming to be both 100% polyester and made of organic cotton. A tag attached to an alleged counterfeit Patagonia clothing item showing a typographical error. Additionally, Patagonia is asking a judge to immediately prevent Nordstrom from manufacturing, producing, sourcing, importing, and selling any products that resemble Patagonia's products and trademark.

Persons: Nordstrom, —, Defendant, Ben Tobin Organizations: Nordstrom, Service, Seattle, Court, Central, Central District of, Patagonia Inc, Nordstrom Inc Locations: Patagonia, California, Central District, Central District of California, Nordstrom

☆ Apparel Retailers Turn to Chips to Track Merchandise in Stores
▼ + stars: | 2023-03-29 | by ( Liz Young | ) www.wsj.com time to read: 1 min

Department-store chain Nordstrom is among the retailers expanding the use of RFID technology. Apparel retailers are taking their inventory-management systems to the sales floor as they look to track individual items more closely through busy environments and fulfill more online orders through stores. Apparel sellers American Eagle Outfitters Inc., Victoria’s Secret & Co. and Nordstrom Inc. are among merchants expanding their use of a new generation of radio frequency identification, or RFID, chips to close an information gap in supply chains that grows as consumers try on and move merchandise around a store.

☆ Nordstrom to Close, Liquidate Its Canadian Stores
▼ + stars: | 2023-03-03 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Nordstrom said its Canadian store wind down is expected to be completed by June. Nordstrom Inc. said it would wind down and liquidate its operations in Canada under court protection, closing 13 stores and laying off about 2,500 workers. The luxury department store chain said Thursday it filed for protection under the Companies’ Creditors Arrangement Act, Canada’s rough equivalent of chapter 11 bankruptcy.

☆ 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.

☆ Target Investing $100 Million to Expand Next-Day Delivery
▼ + stars: | 2023-02-23 | by ( Liz Young | ) www.wsj.com time to read: +3 min

Target is one of several retailers using stores to fill orders to help manage inventory and the high costs of last-mile delivery. A Target worker loads packages for last-mile delivery at the retailer’s Minneapolis sortation center. Despite slowing growth, online orders make up a substantial portion of Target’s sales. The sortation centers are meant to relieve stores of the burden of sorting packages for final delivery, speeding shipments up in the process. The facilities handled 26 million packages last year, and Target expects that number to double this year.

Feb 21 (Reuters) - TJX Cos Inc (TJX.N) is likely to see a strong growth in annual sales as inflation pushes bargain-hungry but brand-conscious customers to off-price retailers offering cheaper deals and promotions. A case in point is Nordstrom Inc (JWN.N), which cut its annual profit forecast after its off-price store chain Rack failed to attract people despite heavy discounting due to inventory mismanagement. Jessica Ramirez, analyst at Jane Hali and Associates, said TJX is in tune with what the customer is shopping for and are interested. "TJX is very strong with their assortment ... they have been able to bring a lot of good names into their product offerings," she said. Reporting by Ananya Mariam Rajesh and Aatrayee Chatterjee in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Ryan Cohen Takes Stake in Nordstrom
▼ + stars: | 2023-02-03 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

Ryan Cohen, now one of Nordstrom Inc.’s largest nonfamily shareholders, wants to engage with company management about targeted changes to the board. Activist investor Ryan Cohen is amassing a sizable stake in Nordstrom Inc. and intends to urge the upscale department-store chain to make changes to its board following a steep share-price decline, according to people familiar with the matter. Mr. Cohen, known for helping ignite big rallies in so-called meme stocks including GameStop Corp., is one of the top-five nonfamily shareholders of Nordstrom, the people said.

☆ Activist Ryan Cohen Targets a Familiar Foe at Nordstrom
▼ + stars: | 2023-02-03 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Mark Tritton lost his job as chief executive of Bed Bath & Beyond Inc. after an activist investor challenged his leadership. Now, the same activist is trying to oust Mr. Tritton again—from his board seat at Nordstrom Inc.Ryan Cohen , the billionaire co-founder of pet retailer Chewy Inc., has amassed a large stake in Nordstrom and is agitating for cost cuts amid sluggish sales. Shares of Nordstrom surged Friday after The Wall Street Journal reported on the move Thursday evening.

☆ Billionaire Cohen builds stake in Nordstrom, urges board shakeup
▼ + stars: | 2023-02-03 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Cohen has privately called Tritton, a former chief executive of Bed Bath & Beyond, "conflicted and unqualified," said the people, who were not permitted to discuss the private negotiations. Bed Bath & Beyond is preparing to file for bankruptcy, Reuters reported this week. Investors cheered Cohen's reported involvement at Nordstrom by sending the stock price up 25% in after-hours trading on Thursday. The Wall Street Journal first reported Cohen's stake in Nordstrom. As possible replacements on the Nordstrom board, Cohen has identified executives with experience at retail and e-commerce companies, the people said.

☆ Investor Ryan Cohen takes stake in Nordstrom - WSJ
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

The billionaire investor believes it is inappropriate for Tritton, who used to work at Nordstrom from 2009 to 2016, to be deciding compensation for Nordstrom family members who are executives at the company, as he used to work around them, according to WSJ. Cohen has previously traveled to Seattle, where Nordstrom is based, to meet with members of the family and learn more about the business, WSJ said. Both Cohen and Nordstrom did not immediately respond to Reuters requests for comment. The department store chain in September last year adopted a "poison pill" to prevent investors from amassing 10% or more of its shares, after Mexican department store chain Liverpool (LIVEPOLC1.MX) disclosed a 9.9% passive stake in Nordstrom. Cohen also had a 9.8% stake in Bed Bath & Beyond, which he sold in August, following a stunning rally in the stock.

☆ Nordstrom Holiday Sales Decline as Shoppers Tighten Belts
▼ + stars: | 2023-01-20 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Nordstrom has been working to aggressively lower inventory levels, with more markdowns taken in the final weeks of the year. Nordstrom Inc. became the latest retailer to report declining holiday sales as consumers tightened their spending amid persistent economic challenges. The department-store chain said Thursday that sales during the nine weeks that ended Dec. 31 declined 3.5% from a year earlier, leading the Seattle-based company to adjust its full-year forecast.

☆ Nordstrom cuts annual profit outlook on heavy discounts, weak holiday sales
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

Jan 19 (Reuters) - Nordstrom Inc (JWN.N) on Thursday slashed its forecast for annual profit following weak sales during the all-important holiday period, as the department store chain took a blow from heavy discounts and promotions to clear out excess inventories. Nordstrom said it offered more markdowns than planned, while holiday sales came in weaker than pre-pandemic levels. Nordstrom said it now expects adjusted earnings per share of $1.50 to $1.70 for fiscal 2022, compared with its prior outlook of $2.30 to $2.60. Net sales declined 3.5% for the nine-week holiday period ended Dec. 31. Reporting by Deborah Sophia in Bengaluru; Editing by Devika Syamnath and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

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.

☆ Retailers Rethink In-Store Tech as Shoppers Return
▼ + stars: | 2022-12-19 | by ( Isabelle Bousquette | ) www.wsj.com time to read: +4 min

Retailers during the pandemic poured investments into e-commerce, as many questioned whether shoppers would ever return in full force to physical stores. E-commerce is now 16.4% of all retail shopping, down from 18.8% at the height of the pandemic, according to the National Retail Federation. Photo: The Kroger Company“There is an opportunity to remove the friction,” said Mr. Cosset. “It’s never enough.”In addition to cost barriers, Mr. Cosset of Kroger said it is also wise to hold back on some investments based on what the consumer actually wants. But privacy concerns coupled with the cost of large-scale camera installation make it impractical, Mr. Cosset said.

It’s a seemingly simple calculation, but supply-chain experts caution that shipping from stores can be more challenging than filling orders at fulfillment centers that are set up for the job. It now packages orders at 116 of its approximately 1,350 stores, said Amiee Bayer-Thomas, the company’s chief supply chain officer. The chain said it has converted areas in 35 stores to serve as semi-automated miniature distribution centers. That is one reason department store Nordstrom is pulling back on shipping orders from stores for its discount brand Nordstrom Rack. The company will continue using Nordstrom stores to fulfill online orders for that brand.

A "substantial majority" of policymakers agreed it would "likely soon be appropriate" to slow the pace of interest rate hikes, the minutes showed. Since the Fed's last meeting on Nov. 1-2, investors have been more optimistic that price pressures have started to ease, meaning smaller rate hikes could curtail inflation. Heavyweight stocks, including Amazon.com Inc (AMZN.O) and Meta Platforms Inc (META.O), rose 1.00% and 0.72%, respectively. Advancing issues outnumbered decliners on the NYSE by a 1.97-to-1 ratio; on Nasdaq, a 1.61-to-1 ratio favored advancers. The S&P 500 posted 21 new 52-week highs and no new lows, while the Nasdaq Composite recorded 97 new highs and 126 new lows.

☆ FTX's bankruptcy hearing is underway and the details are wild. Here's what to know.
▼ + stars: | 2022-11-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

FTX kicked off its bankruptcy hearing on Tuesday, and the initial statements give Sam Bankman-Fried and company little to cheer. James Bromley, counsel to FTX's new management, had choice words during the first day in the Delaware hearing. Ray and his new management team's estimate of FTX's cash holdings has nearly doubled, a Saturday filing showed. In the letter, seen by the Financial Times, Bankman-Fried said excessive borrowing by Alameda Research was responsible for FTX's collapse. Elon Musk's EV maker has seen its market cap plunge from a high of $1.2 trillion.

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