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☆ Gap announces big loss, declining sales and executive shakeup
▼ + stars: | 2023-03-09 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +5 min

Gap reported sales of $4.24 billion, down 6% from $4.53 billion a year earlier. Online sales, which represent 41% of total net sales, plummeted 10% compared to last year, the company said. It expected first quarter net sales to decrease in the mid-single digit range compared to the prior fiscal year and expects fiscal 2023 net sales to decrease in the low to mid-single digit range. Overall, net sales for the year dropped to $15.62 billion compared to $16.67 billion in the prior fiscal year. Net losses for the year came in at $202 million, compared to a net income of $256 million in the prior fiscal year.

☆ Peloton hires former Twitter executive Dalana Brand to be chief people officer
▼ + stars: | 2023-03-01 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

Peloton said Wednesday it hired former Twitter executive Dalana Brand to be its new chief people officer, as the fitness company continues its transformation and attempts to return to profitability. Dalana's addition is the culmination of that strategy, rounding out and completing the leadership team," McCarthy said. She follows behind Leslie Berland, the former chief marketing officer of Twitter, who took the same job at Peloton in mid-January. "I'm thrilled to join the team at Peloton as the company continues striving to make fitness accessible for all." While at Twitter, she led the company's global workforce and helped speed up its processes to make the workplace more inclusive.

☆ This startup found success using A.I. to build beauty products. But can it keep making money?
▼ + stars: | 2023-03-01 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +7 min

Oddity Il Makiage Coutesy: OddityOddity — the direct-to-consumer beauty and wellness platform known for its ubiquitous Il Makiage social media ads — is making money and growing in an environment that's increasingly risky for purely digital retailers. Since its U.S. launch in 2018, Oddity has achieved profitability, the company said, making $380 million in gross sales in 2022. In Spoiled Child's first year on the market, the new brand brought in $48 million in gross sales. Oddity builds out new products and brands by using its tech to figure out what customers are looking for. Oddity is in the process of integrating the tech into its Il Makiage powermatch quiz to improve accuracy.

☆ Lowe's offers soft sales outlook as revenue misses expectations
▼ + stars: | 2023-03-01 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

Lowe's on Wednesday reported fiscal fourth-quarter sales that fell short of Wall Street's expectations, while also issuing a conservative outlook for the current year. However, Lowe's fiscal fourth quarter included an extra week that saw $1.4 billion in sales. Without that additional week, sales would have declined slightly from the year-ago period. This time last year, Lowe's was benefiting from a red-hot housing market that led many to fix up and renovate their homes. Last week, rival Home Depot missed Wall Street's revenue expectations for the first time since November 2019 and issued a muted outlook.

☆ Boeing temporarily halts delivery of 787 Dreamliners over fuselage issue
▼ + stars: | 2023-02-23 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

The exterior of a 787 Dreamliner at the Boeing manufacturing facility in North Charleston, on December 13, 2022. Boeing has temporarily halted deliveries of its 787 Dreamliners so it can do additional analysis on a fuselage component, the Federal Aviation Administration told CNBC Thursday. The company won't be able to resume deliveries until they can show the FAA they solved the issue. A few months later, United Airlines said it was planning to buy 100 787 Dreamliners, with the option to buy 100 more, to replace some of its older stock. Read the full statement from the FAA:"Boeing temporarily halted deliveries of 787 Dreamliners after notifying the FAA that it is conducting additional analysis on a fuselage component.

☆ Dick's Sporting Goods to buy e-commerce outdoor retailer Moosejaw from Walmart
▼ + stars: | 2023-02-22 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +1 min

Dick's Sporting Goods has agreed to buy outdoor retailer Moosejaw from Walmart in a bid to take share in the multibillion-dollar outdoor market. Walmart purchased Moosejaw for $51 million in February 2017 under then-e-commerce President Marc Lore. The acquisition, a rare move for Dick's, could help the retailer grow its presence in the outdoor market and develop its e-commerce footprint after its 2021 launch of Public Lands, which has a stronger brick-and-mortar focus. Dick's wants to turn those outdoor lovers into customers and sees huge opportunity in the market overall, which isn't crowded and is estimated to be worth about $40 billion. While Moosejaw operates about a dozen brick-and-mortar locations in the Midwest and near the Great Lakes, it's primarily an e-commerce company that's been around since 1992.

Baldwin's lawyers had called the so-called firearm enhancement unconstitutional in a motion filed Feb. 10. Two days after Baldwin's defense filed the Feb. 10 motion, special prosecutor Andrea Reeb wrote in an email: "We are a tad confused on your motion on the firearm enhancement." A couple hours later, Reeb sent a third email, admitting that the prosecutors were wrong and that she "100 percent" agreed with Baldwin's lawyers' evaluation of the firearm enhancement. "I will have our documents drafted to amend the criminal information to take off the firearm enhancement," she wrote. Days later, the prosecutors officially downgraded the charges, removing the firearm enhancement that could have landed Baldwin more than five years in prison if convicted.

☆ The wedding boom is winding down but inflation is still driving up the cost to say 'I do'
▼ + stars: | 2023-02-21 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +3 min

The explosive wedding boom seen last year is winding down, but the average cost of nuptials is still going up, according to new data from Zola. Couples will shell out an average of $29,000 this year to say "I do" – up from $28,000 last year, the digital wedding planning platform found. The expected jump is in large part because of the rising, inflationary costs that vendors are facing, the company said. Catering costs and other labor-intensive services are a particular pain point, Thom said, as vendors raise wages to support workers. "Florals or installations or anything that's really decor-heavy that requires extra labor on site, those costs are rising dramatically," she said.

☆ Home Depot misses on revenue, issues muted outlook
▼ + stars: | 2023-02-21 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +3 min

Home Depot's revenue fell short of Wall Street's estimates in its fiscal fourth-quarter earnings report Tuesday. The company also provided a muted outlook for the next year amid a tough consumer backdrop. In the quarter ended Jan. 29, Home Depot reported $35.83 billion in sales, up 0.3% from the year ago period, which saw $35.72 billion in revenue. Home Depot said it expects sales and comparable sales to be approximately flat for the new fiscal year. The retailer issued the muted outlook because it expects some pressure in the goods sector and flat consumer spending, McPhail said.

☆ Inside Peloton's rapid rise and bitter fall — and its attempt at a comeback
▼ + stars: | 2023-02-19 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +9 min

"It felt like nothing could get in the way of all that," said a former engineer who attended the party. For this report, CNBC spoke with 16 current and former Peloton employees, the majority of whom declined to be identified because they are not permitted to speak publicly about the company. Foley, meanwhile, spoke briefly with CNBC by phone, saying that while Peloton's stock has fallen, the company has not. Peloton's stock price was slowly sliding down, and employees began to panic as they saw their paper wealth evaporate. By June 30, the end of Peloton's fiscal year, the company's full-year net loss ballooned to $2.83 billion.

☆ Alec Baldwin attorneys seek to reduce possible penalty in Rust movie set manslaughter case
▼ + stars: | 2023-02-10 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +3 min

Actor Alec Baldwin departs his home, as he will be charged with involuntary manslaughter for the fatal shooting of cinematographer Halyna Hutchins on the set of the movie "Rust", in New York, January 31, 2023. Alec Baldwin's attorneys filed a motion Friday arguing New Mexico prosecutors have wrongly charged the actor under a statue that doesn't apply to his case — and which carries a mandatory five-year jail sentence. If the case ends up going to trial, jurors would have to decide which involuntary manslaughter charge Baldwin is guilty of, if either. "The prosecutors in this case have committed an unconstitutional and elementary legal error by charging Mr. Baldwin under a statute that did not exist on the date of the accident," Baldwin's attorneys wrote in the motion. Baldwin's attorneys argue the new version of the statute cannot apply to conduct that occurred before it was enacted and called retroactively applying the enhancement "flagrantly unconstitutional."

☆ Baby killed, another injured in strollers sold by major retailers, CPSC says
▼ + stars: | 2023-02-09 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

A baby was killed and another was injured after they became entrapped in a popular Baby Trend stroller that's sold at retailers like Amazon , Walmart and Buybuy Baby, the Consumer Product Safety Commission announced Thursday. "Baby Trend and the CPSC agree that Sit N' Stand Double and Ultra strollers with detachable canopy are completely safe when used as intended and in accordance with the company's operating instructions," a company spokesperson said. The CPSC and Baby Trend are warning consumers to remove and separately store the canopy when it's not in use and ensure children are always fully secured in the stroller with its built-in five-point harness. Baby Trend is a global manufacturer of products for children that's been in business for more than 30 years, according to company news releases. The Alpha Group is an animation and pan-entertainment platform based in China that started as a toy company.

☆ Under Armour raises outlook as earnings and revenue beat expectations
▼ + stars: | 2023-02-08 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

Under Armour reported holiday quarter earnings Wednesday that beat Wall Street's expectations, but the retailer is contending with a growing inventory glut that heavy promotions and discounting failed to alleviate. Despite the inventory challenges, the athletic apparel company raised its earnings outlook for the fiscal year. It now expects to see per share earnings 52 cents to 56 cents, compared to the previously expected range of 44 cents to 48 cents. Despite heavy promotions and discounting during its crucial holiday quarter, inventory was up slightly from its previous quarter. A 2% decline in apparel, which accounts for the majority of Under Armour's sales, was offset by a 25% jump in footwear revenue.

☆ Bed Bath & Beyond lines up funding in a last-ditch bid to avoid bankruptcy
▼ + stars: | 2023-02-07 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

A Bed Bath & Beyond store in the Brooklyn borough of New York, US, on Monday, Feb. 6, 2023. Bed Bath & Beyond will live to see another day – at least for now. Bed Bath will receive $225 million in the offering up front plus an additional $800 million in proceeds over time, the company said. Whatever's left over will be used to aid Bed Bath's attempt at a turnaround, the company said. The efforts have evidently failed thus far, forcing Bed Bath to go to the public markets for funding.

☆ Nordstrom could use an activist, but Ryan Cohen might not be the right one
▼ + stars: | 2023-02-03 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +6 min

Activist investor Ryan Cohen is building a stake in the department store chain as he looks to shake up its board, people familiar with the matter told CNBC. Tritton had once worked at Nordstrom, and Cohen thinks this makes him "conflicted and unqualified" to serve, the Journal report said. JWN 1D mountain Nordstrom shares surged after a report says Ryan Cohen is building a stake in the department store chain. 'Begs for an activist' The department store business hasn't been an easy one as shoppers buy more goods online or look to avoid large malls. The analyst also recalled that El Puerto de Liverpool, a Mexico City-based department store operator, holds a 10% stake in Nordstrom.

☆ Venture capital for Black entrepreneurs plummeted 45% in 2022, data shows
▼ + stars: | 2023-02-02 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +8 min

Dixon is one of many Black entrepreneurs who struggled to secure funding for their businesses and relied on venture capital financing earmarked for diverse founders. While Dixon and many others have ultimately succeeded, Black-led businesses and Black founders have historically faced disparities in securing VC funding. Overall, Black entrepreneurs typically receive less than 2% of all VC dollars each year while companies led by Black women receive less than 1%, according to data from Crunchbase. That drop is the largest year-over-year decrease Black entrepreneurs have seen over the past decade. "Venture capital is a very privileged and exclusive industry, and has always been that way.

☆ Peloton CEO doesn't care that its equipment is losing money, sees path forward in the app
▼ + stars: | 2023-02-01 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

Peloton CEO Barry McCarthy told investors Wednesday he doesn't care that the company is losing money on its Bike, Tread and Row equipment. So from my part, I don't particularly care about the hardware margin," McCarthy said during the company's earnings call. In Peloton's fiscal second quarter 2023, ended Dec. 31, the exercise equipment company lost $42.8 million on its connected fitness products, bringing the division's gross margin to negative 11.2%. While subscription revenue was effectively flat quarter over quarter, it exceeded sales from Peloton's connected fitness products for the third quarter in a row. The cost of the app, which doesn't require any Peloton equipment, is $12.99 per month compared with the $44 monthly cost for the company's all-access membership that can be used on its connected fitness equipment.

☆ Peloton losses narrow as subscription revenue again outpaces equipment sales
▼ + stars: | 2023-02-01 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +3 min

Peloton said Wednesday its net loss narrowed year over year, and, for the third quarter in a row, subscriptions revenue was higher than sales of the company's connected fitness products. The fitness equipment company's fiscal second quarter revenue beat Wall Street's expectations, but the company posted wider losses per share than expected. Connected fitness product sales, which are typically strong during Peloton's holiday quarter, dropped 52% year-over-year while subscription revenue jumped 22%. Gross margins for its connected fitness products were negative 11.2%, but gross margins for subscription sales were 67.6%. The company is also expecting connected fitness subscribers to be between 3.08 million and 3.09 million.

Santa Fe prosecutors on Tuesday filed charges of two counts of involuntary manslaughter against Alec Baldwin for the fatal shooting on the set of the movie "Rust." Hannah Gutierrez-Reed, the armorer of the film, was also charged with the same two counts of involuntary manslaughter. Due to Baldwin's distractions, the training he received was estimated to be 30 minutes, according to the DA's statement. According to the probable cause statement, Baldwin has "asserted publicly that he is an '...expert...' in the realm of firearms and filmmaking." "Reed knew Baldwin required more training," which "could have prevented the fatal shooting," prosecutors said, citing a statement Gutierrez-Reed issued in her deposition.

☆ Bed Bath and Beyond shares plunge after retailer warns it doesn't have the cash to pay down debts
▼ + stars: | 2023-01-26 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +1 min

Signage is seen through an overturned shopping cart outside a Bed Bath & Beyond Inc. store in Greendale, Wisconsin. Bed Bath and Beyond said Thursday it doesn't have enough cash to pay down its debts, warning once again of a potential bankruptcy. Shares of Bed Bath plunged Thursday afternoon. The company's market value stands at about $278 million. The news comes several weeks after the retailer issued a "going concern" notice that it may not be able to cover its expenses following a worse-than-expected quarter.

☆ Levi Strauss beats estimates, offers upbeat guidance for fiscal year
▼ + stars: | 2023-01-25 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

Levi Strauss on Wednesday posted earnings and revenue that topped Wall Street's expectations. Shares of the company rose in after-hours trading as the company also offered upbeat sales guidance for its new fiscal year. Levi has been grappling with a slowdown in discretionary spending and a reduced demand for denim, leading some analysts to downgrade the stock. Europe will remain a strong focus for Levi in the coming fiscal quarter, Bergh said. Wall Street is estimating $6.27 billion in sales and $1.35 earnings per share.

☆ Chewy's push into pet telehealth runs into regulatory hurdles, skeptical veterinarians
▼ + stars: | 2023-01-24 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +10 min

Longtime veterinarians told CNBC the service can have some benefit for minor situations, or for people who don't have easy access to vet care. Because when you research pet health, you'll find that there's a specific term called VCPR," Singh said. Banfield Pet Hospital is owned by Mars Veterinary Health, a subsidiary of pet food and candy conglomerate Mars. "If you notice, there has been little to no innovation in pet health over the last decade, and yet in the last three years, there's been more innovation in pet health than in the last decade or 20 years," Singh said. Michael Nagle | Getty ImagesChewy said the program was created to make vet care more affordable and accessible to everyone.

Bed Bath & Beyond has been in discussions with prospective buyers and lenders as it works to keep its business afloat during a likely bankruptcy filing, according to people familiar with the matter. Comparable sales declined 32% year over year in the most recent fiscal quarter, ended Nov. 26. Last week, CNBC reported Bed Bath had begun another round of layoffs in an attempt to further cut costs. One possible buyer circling Bed Bath is private equity firm Sycamore Partners, according to the people familiar with the discussions. Bed Bath has also drawn interest from companies that acquire the intellectual property, or brands, of companies, particularly those under distress, the people said.

A shopper exits a Party City Holdco Inc. store in New York, U.S., on Wednesday, Nov. 7, 2018. Party City Holdco released earnings figures on November 8. To manage through the tougher period, Weston told investors in November that Party City would work to cut costs by $30 million. Party City tapped retail consultants AlixPartners in November as its financial advisor. Shares of Party City were up 10% and halted in premarket trading on Wednesday.

☆ Adidas says Berlin Fashion Week launch and co-CEO announcements are fake
▼ + stars: | 2023-01-16 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Several press releases allegedly sent from Adidas about a Berlin Fashion Week launch, its treatment of workers abroad and other topics related to its business structure were fake, according to the company. The groups hope Adidas signs onto the Pay Your Workers labor agreement, which advocates for garment worker pay and the right to organize. Two of the faked press releases claimed Adidas was launching new clothing called REALITYWEAR from celebrities Pharrell Williams, Bad Bunny and Philllllthy. The hoax release announcing the Berlin Fashion Week debut on Jan. 16 claimed it was part of a push for a renewed focus on workers' rights and material sourcing. The Guardian first reported that The Yes Men were behind the campaign.

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