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☆ Rent the Runway to sell secondhand luxury on Amazon as it chases profitability
▼ + stars: | 2023-01-12 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

Rent the Runway began selling its secondhand luxury clothes Thursday on Amazon as the subscription-based startup continues to chase profitability. Rent the Runway CEO Jennifer Hyman said the relationship could be a "key engine" of growth for the retailer. "It really brings Rent the Runway much wider brand awareness," Hyman said in an interview with CNBC. The resale market, and Amazon's wide customer base, offer a path to profitability, Hyman said. The total resale market in the U.S. is on track to top $64 billion by the end of 2024, according to research firm GlobalData.

☆ Walmart strikes a deal with Salesforce to sell more of its tech to other retailers
▼ + stars: | 2023-01-12 | by ( Melissa Repko | ) www.cnbc.com time to read: +5 min

Walmart Global Chief Technology Officer Suresh Kumar said the deal with Salesforce will help Walmart improve the experience for shoppers. For instance, as Walmart's GoLocal has more packages to deliver from more retailers, its drivers will have denser routes, he said. It began selling Store Assist, technology that its own store employees use, in the summer. In November, Walmart Chief Financial Officer John David Rainey said Walmart added more than 8,000 sellers to its third-party marketplace in the fiscal third quarter. Walmart will stand out in its app store as a technology by retailers and for retailers, he added.

☆ Bed Bath & Beyond lays off more employees as it fights to survive
▼ + stars: | 2023-01-10 | by ( Melissa Repko | ) www.cnbc.com time to read: +2 min

A "Store Closing" banner on a Bed Bath & Beyond store in Farmingdale, New York, on Friday, Jan. 6, 2023. Bed Bath & Beyond has begun its latest round of layoffs, as it fights to stay in business, according to a memo sent to employees Tuesday that was obtained by CNBC. Bed Bath & Beyond is approaching a potential bankruptcy, as its sales decline and losses grow. Bed Bath issued a "going concern" warning last week, saying it may run out of funds to cover expenses. Gove said in the memo Tuesday that Bed Bath will hold a town hall on Wednesday to discuss its future.

☆ Bed Bath & Beyond reports wider-than-expected loss as possible bankruptcy looms
▼ + stars: | 2023-01-10 | by ( Melissa Repko | ) www.cnbc.com time to read: +3 min

A man is seen at a Bed Bath & Beyond store in New York, on Jan. 5, 2023. Bed Bath lost $393 million during the period, it said Tuesday, worse even than the $385.8 million quarterly loss it projected just last week and 42% larger than the loss it reported in the year-ago quarter. The quarterly losses include an approximately $100 million impairment charge, which the company said Tuesday was related to "certain store-level assets." Bed Bath's net losses have now exceeded $1.12 billion for the first nine months of the fiscal year. Namesake banner Bed Bath & Beyond's comparable sales dropped by 34% and Buybuy Baby's comparable sales declines were in the low-20% range.

In this article BBBY Follow your favorite stocks CREATE FREE ACCOUNTA pedestrian walks by a Bed Bath and Beyond store in San Francisco, California. Justin Sullivan | Getty ImagesWhen Bed Bath & Beyond leaders speak to investors Tuesday morning, they won't simply report sales and earnings results. On Thursday, Bed Bath warned it may have to file for bankruptcy, saying it could soon be unable to cover costs as sales lag and store traffic dwindles. If Bed Bath has made significant inroads in improving inventory, it could offer a glimmer of hope for the quarters ahead. Before Bed Bath can address moving product off shelves, though, it needs to tackle an even more fundamental problem: having enough merchandise to fill them.

☆ Macy's warns holiday-quarter will come in light, citing squeeze on shoppers' wallets
▼ + stars: | 2023-01-06 | by ( Melissa Repko | ) www.cnbc.com time to read: +2 min

Macy's on Friday warned its holiday-quarter sales will come in on the lighter side, saying consumers' budgets are under pressure and that it anticipates that squeeze to continue into this year. It expects adjusted diluted earnings per share to be in the previously issued range of $1.47 to $1.67. For the year-ago period, Macy's reported revenue of $8.67 billion and adjusted earnings per share of $2.45. As it orders inventory, Gennette said it is using customer data to pick the merchandise that will sell and caters to customers who are looking for fashionable items and also seeking value. Gennette, Macy's Chief Financial Officer Adrian Mitchell and Chief Merchandising Officer Nata Dvir, will participate in the investor conference next week.

Bed Bath & Beyond warned Thursday it’s running out of cash and is considering bankruptcy. Shares of the company plummeted by 17% in premarket trading after Bed Bath issued the updates in a pair of financial filings. Among its challenges, Bed Bath said it is having trouble getting enough merchandise to fill its shelves and is drawing fewer customers to its stores and website. In recent quarters, Bed Bath has warned it’s been quickly burning through cash. So far, Bed Bath has not seen sales trends change.

☆ Holiday 2022: Online sales jump 3.5%, boosted by discounts
▼ + stars: | 2023-01-05 | by ( Melissa Repko | ) www.cnbc.com time to read: +1 min

Online sales during the holiday season jumped 3.5% year over year to $211.7 billion, according to Adobe Analytics, as record high discounts persuaded shoppers to open up their wallets. That spending marked a new record for e-commerce sales during the major retail season, according to Adobe. The overall spending got a boost from key shopping holidays, including $35.3 billion in online sales during Cyber Week, the five-day period from Thanksgiving to Cyber Monday. The latest holiday numbers come as retailers brace for a tougher year and weigh if consumers are running out of gas. In a separate report, which includes in-store spending, holiday sales rose 7.6% in stores and online from Nov. 1 to Dec. 24, according to data from Mastercard SpendingPulse.

☆ Bed Bath & Beyond shares plummet as company warns of deeper financial troubles
▼ + stars: | 2023-01-05 | by ( Melissa Repko | ) www.cnbc.com time to read: +1 min

A Bed Bath & Beyond store is seen on June 29, 2022 in Miami, Florida. Bed Bath & Beyond warned Thursday that it is struggling to attract customers and drive sales, which is contributing to mounting losses and deeper financial troubles for the embattled home goods retailer. Shares of the company plummeted by 17% in pre-market trading after Bed Bath issued the financial filings. Among its challenges, Bed Bath said fewer customers are coming to its stores and website and it has less merchandise to put on its shelves. The quarterly losses include an approximately $100 million impairment charge, which was not specified.

☆ Retailers brace for tougher times and more frugal customers in 2023
▼ + stars: | 2023-01-02 | by ( Melissa Repko | ) www.cnbc.com time to read: +4 min

Sales from Nov. 1 to Dec. 24 rose 7.6%, according to data from MasterCard SpendingPulse, which measures in-store and online retail sales across all forms of payment. The next few weeks, which close out many retailers' fiscal year, could help determine whether the holiday quarter is a win or a bust. Retailers enter 2023 reckoning with the fact that store traffic already lagged during peak weeks of the holiday season. It is also retailers' last chance to sell through excess inventory and start the new fiscal year in a cleaner position. Like many other retailers, Walmart's holiday quarter includes January.

☆ Consumers tap savings and credit during the holiday season
▼ + stars: | 2022-12-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumers tap savings and credit during the holiday seasonCNBC's Melissa Repko reports on the strength of the consumer.

☆ Pivotal January for retailers looking to rebound from awful year
▼ + stars: | 2022-12-28 | by ( Melissa Lee | ) 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 EmailPivotal January for retailers looking to rebound from awful yearCNBC's Melissa Repko on why January could be a big month for retailers. With CNBC's Melissa Lee and the Fast Money traders, Guy Adami, Dan Nathan, Steve Grasso and Carter Worth.

☆ Here are the post-holiday shopping trends to watch in January
▼ + stars: | 2022-12-28 | by ( Melissa Repko | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere are the post-holiday shopping trends to watch in JanuaryRetailers are about to close out a make-or-break month, but January is also shaping up to be important. CNBC's Melissa Repko joins 'Squawk Box' to break down the details.

☆ Target hopes value-hungry shoppers will come to the rescue this holiday season
▼ + stars: | 2022-12-20 | by ( Melissa Repko | ) www.cnbc.com time to read: +5 min

Melissa Repko | CNBCTarget has more than 1,700 toys that are exclusive to its stores and website this holiday season. Target is also trying to cut through the noise of a more promotional holiday season. And, as shoppers juggle holiday parties and hit stores again, Target wants shoppers' store visits to be convenient and fun, said Cara Sylvester, chief guest experience officer. She said the goal is to be a "holiday happy place" where shoppers want to stay awhile and fill up their carts. Baker said investors hope to see signs Target's sales are picking up as the holiday rush gains steam.

☆ Goldman Sachs ups its price target on one athleisure stock, giving it over 30% upside
▼ + stars: | 2022-12-13 | by ( Zavier Ong | ) www.cnbc.com time to read: +2 min

Goldman Sachs has upped its price target on athleisure retailer Lululemon , describing it as a "best-in-class market share gainer." The bank reiterated its buy rating on the stock in a note Friday and raised its 12-month price target to $431 from $383 prior. "We continue to believe Lululemon's innovation engine is best-in-class, leading us to believe that Lululemon will continue to demonstrate above-trend growth," she wrote. "We believe Lululemon is well-positioned given limited reliance on promotions and strong pricing power. She added that the company will benefit from "cost tailwinds" in 2023, which would help deliver "solid" earnings per share growth.

☆ Dollar General's new Popshelf stores chase inflation-weary shoppers in the suburbs
▼ + stars: | 2022-12-13 | by ( Melissa Repko | ) www.cnbc.com time to read: +3 min

In this article DG Follow your favorite stocks CREATE FREE ACCOUNTwatch nowHigher incomes, higher profitsPopshelf is designed to drive higher sales and higher profits than the Dollar General store banner. Each Popshelf store is projected to hit between $1.7 million and $2 million in sales annually with an average gross margin rate that exceeds 40%. Inside of Popshelf stores, the brands and items on shelves reflect that customer. Dollar General is the fastest-growing retailer in the country by store count, according to Coresight Research, a retail-focused advisory firm. The company plans to open about 1,050 new stores in the U.S. in the coming fiscal year — including the Popshelf locations.

☆ Retail giant Walmart enters 'buy now, pay later' space
▼ + stars: | 2022-12-09 | 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 EmailRetail giant Walmart enters 'buy now, pay later' spaceCNBC's Melissa Repko joins 'Closing Bell' to report on Walmart getting into the buy now, pay later space by backing a fintech startup.

☆ Walmart-backed fintech startup plans to launch its own buy now, pay later loans
▼ + stars: | 2022-12-09 | by ( Melissa Repko | ) www.cnbc.com time to read: +4 min

Buy now, pay later allows customers to gradually pay off a purchase with fixed monthly payments, along with interest. The news about the Walmart-backed startup's interest in buy now, pay later was first reported by The Information. Buy now, pay later has become a more crowded space, with companies including Affirm, PayPal , Klarna and AfterPay all offering their own versions. Apple also announced plans to launch its own buy now, pay later option, Apple Pay Later. Ahead of last holiday season, it ended its layaway program and replaced it with the buy now, pay later financing.

☆ Lululemon shares fall after company offers weak holiday quarter guidance
▼ + stars: | 2022-12-08 | by ( Melissa Repko | ) www.cnbc.com time to read: +2 min

Lululemon on Thursday reported sales and profit that topped estimates, but the company offered softer guidance than expected for the fourth quarter. CEO Calvin McDonald said on an earnings call that the company had a strong start to the holiday season. Lululemon said Thursday it expects fourth quarter per-share earnings of $4.20 to $4.30, compared to estimates of $4.30. It also sees revenue of between $2.605 billion to $2.655 billion, versus a projected $2.649 billion. It also raised its adjusted earnings per share outlook to a range of $9.87 to $9.97, from last quarter's guidance of $9.75 to $9.90.

☆ Rent the Runway shares surge after fashion rental company reports stronger quarterly sales
▼ + stars: | 2022-12-07 | by ( Melissa Repko | ) www.cnbc.com time to read: +4 min

As some shoppers think twice about purchases, Rent the Runway is getting a bump. During the quarter, 28% of its subscribers also paid more to add at least one additional rental item each month. Rent the Runway now anticipates $72 million to $74 million in the fourth quarter. Since debuting on the stock market last year, shares of Rent the Runway have plummeted. Hyman said Rent the Runway customers are not just looking to save money.

The American shopper is still feeling "stressed" by inflation, but the effects aren't being felt evenly across categories, Walmart CEO Doug McMillon said Tuesday. "We've got some customers who are more budget-conscious that have been under inflation pressure now for months," he told CNBC's "Squawk Box." "That sustained pressure in some categories, I think, is something customers are having to deal with as we approach Christmas." Shoppers are being more selective about their purchases, McMillon said, and skipping some electronics, for example, in favor of staples. As the nation's largest grocer, Walmart has used low-priced groceries to attract customers — including wealthier ones.

☆ Ulta Beauty boosts outlook, as shoppers keep splurging on makeup
▼ + stars: | 2022-12-01 | by ( Melissa Repko | ) www.cnbc.com time to read: +4 min

Shoppers line up outside of Ulta Beauty before the 6am opening on Black Friday. Ulta Beauty on Thursday boosted its outlook and surpassed Wall Street's expectations for quarterly earnings and sales, as shoppers kept replenishing their makeup bags even while paying more at the grocery store. CEO Dave Kimbell said as shoppers weigh their purchasing decisions amid rising prices, they are still choosing to spend on beauty. Kohl's , which pulled its full-year forecast, also said beauty is driving sales. Ulta said it now anticipates full-year earnings of between $22.60 and $22.90 per share and full-year revenue of between $9.95 billion and $10 billion.

☆ Kroger hikes forecast after stronger grocery sales top estimates
▼ + stars: | 2022-12-01 | by ( Melissa Repko | ) www.cnbc.com time to read: +3 min

Kroger on Thursday raised its forecast for the year after stronger third-quarter sales topped Wall Street expectations and inflation continued to push up the prices shoppers pay for milk, eggs and other groceries. Kroger CEO Rodney McMullen said the company is attracting shoppers by offering value. At Kroger, identical sales rose 6.9%, excluding fuel, in the third quarter. For the full year, Kroger now anticipates adjusted net earnings to range from $4.05 to $4.15. Kroger announced in October that it plans buy its competitor, Albertsons , in a deal valued at $24.6 billion.

☆ Kroger, Albertsons CEOs defend grocery tie-up, say deal won't hurt competition
▼ + stars: | 2022-11-29 | by ( Melissa Repko | ) www.cnbc.com time to read: +2 min

The battle over whether grocery giants Kroger and Albertsons should be allowed to combine is heating up. "I just don't see less competition going forward," Kroger CEO Rodney McMullen said at the hearing by the Senate Judiciary Subcommittee on Competition Policy, Antitrust, and Consumer Rights. Kroger announced plans in October to acquire Albertsons in a deal valued at $24.6 billion. They emphasized that the proposed deal comes at a time when groceries are taking up more of American families' budgets. Food prices have surged as inflation hovers near four-decade highs.

☆ Shopper turnout hit record high over Black Friday weekend, retail trade group says
▼ + stars: | 2022-11-29 | by ( Melissa Repko | ) www.cnbc.com time to read: +2 min

The industry group said Tuesday that the figure topped the turnout of 179 million during last year's holiday weekend. The NRF, which began tracking the figure in 2017, had forecast a turnout of 166.3 million for this year. Figures from Adobe Analytics showed that online spending hit record highs on key days during the holiday shopping weekend. Black Friday sales hit $9.12 billion and Cyber Monday sales hit $11.3 billion, according to the company, which tracks sales on retailers' websites. It could also signal a return to the pre-pandemic timetable of holiday shopping, with people concentrating their gift-buying around Black Friday and in the final sprint before Christmas Day.

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