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☆ Nike CEO touts strength in Gen Z China shopper as Covid disruptions dent regional sales
▼ + stars: | 2023-01-12 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +3 min

Nike CEO John Donahoe said Thursday the company is "really focused" on Gen Z consumers in China and that the athletic apparel retailer is continuing to see strong demand in the region, even amid Covid-related disruptions. We're really focused on the Gen Z consumer in China, we saw a very good response from the Gen Z consumer who wants the most innovative products and wants brands that are globally relevant," Donahoe told CNBC's "Closing Bell." "We factored in some disruption in our outlook, but we view that as transitory, we still believe in the fundamentals of China," said Donahoe. "The consumer is still paying list price for the Nike products that they know and love. Nike has invested heavily in its direct-to-consumer strategy, but Donahoe glossed over that focus on Thursday and said wholesalers remain "very, very important" to Nike.

☆ 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.

A shopping cart sits in the parking lot at a Babies "R" Us store on January 24, 2018 in Chicago, Illinois. Babies R Us is trying to make a comeback. WHP Global, a brand management firm, owns the retailer's parent company, Tru Kids. "Our plan to open Babies R Us at American Dream in the coming months is a huge milestone in the return of Babies R Us to the U.S.A., and it sets the stage for a national rollout of Babies R Us in the future," Shmidman said. American Dream, which has had its own struggles, is located near MetLife Stadium, about 10 miles outside New York City.

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.

☆ StitchFix CEO steps down, 20% of salaried workforce to be cut
▼ + stars: | 2023-01-05 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: 1 min

StichFix founder Katrina Lake on Thursday announced the company will be cutting 20% of its salaried workforce and that she will reassume her post as CEO. The brand's current CEO Elizabeth Spaulding, who joined the company in 2020, will be stepping down effective immediately. "I will be stepping in as interim CEO and leading the search process for our next CEO," Lake said in a news release. StitchFix will also be closing their Salt Lake City distribution center. Shares of the company were up more than 4% in morning trading after the announcements.

☆ Walgreens may have overstated theft concerns, CFO says
▼ + stars: | 2023-01-05 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

A top Walgreens executive on Thursday acknowledged the company may have overblown concerns about thefts in their stores after shrinkage stabilized over the last year. He also said the company would consider moving away from hiring private security guards. Over the last two years, Walgreens has been raising the alarm about increased theft. As a result, it hired private security guards and locking up merchandise so it can't be accessed without a store associate. The company is using more law enforcement as opposed to private security, he added.

☆ Walgreens Boots Alliance (WBA) Q1 earnings 2023
▼ + stars: | 2023-01-05 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +4 min

Walgreens Boots Alliance on Thursday reported fiscal first quarter earnings beat Wall Street's estimates Thursday after an early flu season boosted demand for cough and cold medicine. The company said it also raised its full-year revenue outlook due in part to its U.S. health care segment's just-sealed acquisition of Summit Health. The company is in the process of acquiring CareCentrix, which coordinates home care for patients after they're discharged from the hospital, and Shields Health Solutions, a specialty pharmacy company. The acquisition led Walgreens to increase its full year sales guidance to $133.5 billion to $137.5 billion. The company is also maintaining its full-year earnings per share guidance of $4.45 to $4.65, compared to estimates of $4.50.

Prosecutors charged the FedEx driver, arrested earlier this month and accused of killing a 7-year-old girl, with the alleged sexual assault of a minor, jail records in Texas revealed. Tanner Lynn Horner, 31, had been booked into custody and charged with alleged capital murder and aggravated kidnapping, but Wise County jail records now show he's also facing three counts of sexual assault on a child. The new charges appear to challenge Horner's alleged explanation to investigators for his killing of Athena Strand. Horner had told investigators the little girl was not seriously injured when he accidentally backed his truck into her, according to an arrest warrant affidavit. The suspect told investigators that he “panicked” and feared “she was going to tell her father about being hit by the FedEx truck the Defendant was operating,” leading him to strangle her, the affidavit said.

Under Armour said Wednesday that it has hired Marriott International President Stephanie Linnartz to be its next CEO, capping off a seven-month hunt for a new boss that the company hopes will grow its digital business. Linnartz, who has been with Marriott since 1997, was one of 60 candidates considered for the role. "She's really a learner," Plank said. Linnartz, who started as a financial analyst at Marriott in 1997, will start her new job on Feb. 27. The company is banking on Linnartz's experience leading Marriott's multibillion-dollar digital transformation to accelerate Under Armour's online initiatives.

☆ Nike stock jumps 10% after earnings and revenue top expectations
▼ + stars: | 2022-12-20 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +3 min

People walk past a store of the sporting goods retailer Nike Inc. at a shopping complex in Beijing, China March 25, 2021. Nike on Tuesday reported quarterly results that easily topped Wall Street's expectations, even as higher costs squeezed the company's margins. Nike reported revenue of $13.32 billion, up 17% from $11.36 billion a year earlier. Inventories were up 43% to $9.3 billion in the quarter, compared to last year. Nike Direct sales were up 16% for the quarter at $5.4 billion and digital sales were up 25%.

☆ Two New York men arrested for conspiring with Russians to hack JFK taxi system
▼ + stars: | 2022-12-20 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

Arriving passengers line up to get taxi outside of Terminal 4 at the JFK airport in New York. Two New York men were arrested for conspiring with Russian nationals to hack the taxi dispatch system at John F. Kennedy International Airport so they could manipulate the line and charge drivers for access to the front of the queue, federal prosecutors said Tuesday. "I know that the Pentagon is being hacked… so can't we hack the taxi industry[?]" Typically, taxi drivers looking to pick up travelers at JFK wait in a holding lot before they're dispatched to a specific terminal in the order in which they arrived. "For years, the defendants' hacking kept honest cab drivers from being able to pick up fares at JFK in the order in which they arrived," Williams said.

☆ Federal prosecutors ask judge to postpone SEC case in alleged New Jersey deli stock fraud
▼ + stars: | 2022-12-09 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +1 min

Federal prosecutors in New Jersey want the Securities and Exchange Commission to postpone its civil case against the alleged masterminds behind a $100 million fraud scheme involving a small-town deli so it won't get in the way of their ongoing criminal case. Prosecutors for the District of New Jersey filed a motion on Wednesday saying the SEC's case "substantially" overlaps with their ongoing criminal case and the civil matter should be postponed until the litigation, including a potential trial, is completed, court records show. Postponing the civil case would "preserve the integrity" of the ongoing prosecution by preventing the defendants from seeing the extent of the government's evidence against them, federal prosecutors argued in the filing. The SEC and the attorneys for the suspects consented to the request, which is common in such cases. A telephone conference is scheduled in the criminal case for Dec. 14, but it's expected to be mostly procedural and an opportunity for the prosecutors and defense attorneys to update the judge on the status of the litigation.

☆ Rising thefts at Walmart could lead to price jumps, store closures, CEO says
▼ + stars: | 2022-12-06 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +1 min

Walmart stores across the U.S. are grappling with an uptick in shoplifting that could lead to higher prices and closed stores if the problem persists, Walmart CEO Doug McMillon said Tuesday. "We've got safety measures, security measures that we've put in place by store location. When asked on Tuesday about how local jurisdictions handle shoplifting cases, McMillon said a lax approach from prosecutors could impact prices and lead to store closures down the line. "If that's not corrected over time, prices will be higher, and or stores will close," McMillon said. It's store managers working with local law enforcement and we've got great relationships there for the most part," he added.

☆ Nike severs ties with Kyrie Irving after antisemitism controversy
▼ + stars: | 2022-12-05 | by ( Gabrielle Fonrouge | Jessica Golden | ) www.nbcnews.com time to read: +2 min

Nike has officially cut ties with Kyrie Irving, the company said Monday. A Nike spokesperson didn’t immediately make any additional comment about the decision. Representatives for Irving didn’t immediately comment. The decision to sever ties with Irving comes just a month after Nike suspended its agreement with the longtime guard and announced it wouldn’t be releasing the latest version of his sneakers, the Kyrie 8. Nike founder Phil Knight told CNBC in an interview last month that he believed Irving stepped over the line.

BROOKLYN, NY - DECEMBER 2: Kyrie Irving #11 of the Brooklyn Nets prepares to shoot a free throw during the game against the Toronto Raptors on December 2, 2022 at Barclays Center in Brooklyn, New York. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2022 NBAE (Photo by Nathaniel S. Butler/NBAE via Getty Images)Nike has officially cut ties with Kyrie Irving, the company said Monday. Irving didn't immediately comment on the news but did post a video on Twitter that apparently referenced the severed contract with Nike. Nike founder Phil Knight told CNBC in an interview last month that he believed Irving stepped over the line.

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