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☆ Why we’re cautiously optimistic about Disney’s new multibillion dollar theme park investment
▼ + stars: | 2023-09-20 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

We're cautiously optimistic about Disney 's (DIS) decision to invest billions upon billions more into its booming theme parks. DIS 5D mountain DIS stock performance. In a separate note, KeyBanc believes Disney's DPEP segment has a "bright long-term future" after its analysts attended Disney's Investors Summit. Bottom line Disney's moat is its strong intellectual property that it can use to monetize and grow its business. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: We're, Bob Iger, doesn't, Iger, He's, Morgan Stanley, KeyBanc, Jim Cramer's, Jim Cramer, Jim, Joseph Prezioso Organizations: Disney, Disney Parks, Hulu, ESPN, CNBC, Comcast, Penn Entertainment, Investments, Disney's Investors, DIS, Parks &, Anadolu Agency, Getty Locations: Hulu

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). AdvertisementAdvertisementI've learned a lot about how to make travel painless, and I always use a travel rewards credit card. Some travel credit cards even offer bonus points that apply when you book airfare directly with airlines. However, credit cards come with more robust protections when it comes to disputes thanks to the Fair Credit Billing Act. 5. Credit cards have zero fraud liabilityFinally, credit cards come with zero fraud liability, which is incredibly important when you're making pricey purchases online (e.g., buying airfare through an airline website or mobile app) and trying to prevent credit card fraud before it happens.

Persons: I've, There's Organizations: Service, ®, American, Delta, Federal Trade Commission Locations: Wall, Silicon, Delta

☆ No one thought of Disney theme parks as a growth business, says New York Times' Jim Stewart
▼ + stars: | 2023-09-20 | 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 EmailNo one thought of Disney theme parks as a growth business, says New York Times' Jim StewartJames Stewart, The New York Times columnist, joins 'Squawk Box' to discuss Disney's plans to nearly double its investment in parks and cruises business, what it means for the company's business model and its media and entertainment business, and more.

Persons: Jim Stewart James Stewart Organizations: New York Times, The New York Times

☆ Around-the-World Itineraries on Private Jets for $120,000: Photos
▼ + stars: | 2023-09-20 | by ( Brittany Chang | ) www.businessinsider.com time to read: +1 min

TCS World Travel operates global group travels by private jet. Its recently unveiled 2024 and 2025 itineraries start at 16 days for $120,000. Travelers will get to fly on a 52-guest custom Airbus A321 with lie-flat seats and large bathrooms. Interest has been so high, luxury cruise lines like Regent Seven Seas and Oceania have seen strong or "record-breaking" booking success. But for wealthy travelers who're interested in traveling around the world but don't want to spend over 100 days at sea, there's another option: go by jet.

Persons: who're Organizations: Travel, Travelers, Service, Seven Locations: Wall, Silicon, Seven Seas, Oceania

☆ Disney to Invest $60 Billion in Theme Parks, Cruises Over Next Decade
▼ + stars: | 2023-09-19 | by ( Robbie Whelan | Alyssa Lukpat | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

Shoppers wait in line at Target on the Thanksgiving Day holiday in Burbank, California, November 22, 2012. REUTERS/Jonathan Alcorn/File Photo Acquire Licensing RightsSept 19 (Reuters) - Target (TGT.N) said on Tuesday it would hire nearly 100,000 employees for the holiday season, like in the past two years, and start offering discounts for the festive period as early as October. However, Amazon.com (AMZN.O) on Tuesday announced plans to hire 250,000 workers for the holiday season, higher than the 150,000 it planned to bring in last year. Macy's said on Monday it would hire more than 38,000 full and part-time seasonal workers, fewer than the 41,000 workers it had announced to hire in 2022. Major retailers, including Target, have warned of a hit to profit resulting from inventory theft.

Persons: Jonathan Alcorn, Macy's, Jessica Ramirez, Jane Hali, Sarah Henry, Henry, Ananya Mariam Rajesh, Deborah Sophia, Arun Koyyur, Anil D'Silva Organizations: REUTERS, Mastercard, Challenger, Tuesday, Retail bellwether Walmart, Associates, Target, Logan Capital Management, Thomson Locations: Target, Burbank , California, United States, Bengaluru

☆ Disney plans to nearly double its investment in parks and cruises business
▼ + stars: | 2023-09-19 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

Disney said in a securities filing Tuesday it will nearly double its planned investment in its parks division to roughly $60 billion over the course of 10 years. Still, the company's domestic parks, particularly Walt Disney World in Florida, have seen a slowdown in attendance and hotel room occupancy. Disney will lean on its brands and intellectual property as it builds out its theme parks. The company planned to unveil more details about the investment at its investor day Tuesday. Disney highlighted the historical results of the parks and experiences business since 2017 on the back of heightened investment.

Persons: Disney, Bob Iger Organizations: Disney, Walt Disney Locations: Florida, Hong Kong, Paris, Tokyo, Shanghai

☆ Disney, Challenged Elsewhere, Plans to Spend $60 Billion on Parks and Cruises
▼ + stars: | 2023-09-19 | by ( Brooks Barnes | More About Brooks Barnes | ) www.nytimes.com time to read: +2 min

Disney’s theme parks will generate an estimated $10 billion in profit this year, up from $2.2 billion a decade ago. Disney’s overseas parks — aside from Tokyo Disney Resort, which it receives royalties from but does not own — have sometimes struggled to turn a profit. That amount is double what Disney spent on parks and the cruise line over the past decade, which was itself a period of greatly increased investment. Disney has also poured money into its Paris and Hong Kong parks, with themed expansions tied to “Frozen” and other Disney films scheduled to open soon. Three more ocean liners are on the way, bringing the Disney fleet to eight ships, and Disney is nearing completion of a new port on a Bahamian island.

Persons: Robert A, Iger, Ron DeSantis, Disney, ” Organizations: Walt Disney, Tokyo Disney Resort, Disney Cruise, Disney, Shanghai Disney Resort, Guardians, Galaxy Locations: Anaheim , Calif, Orlando, Fla, Tokyo, Shanghai, Paris, Hong Kong

☆ Stocks making the biggest moves midday: Instacart, Disney, Planet Fitness, Rackspace and more
▼ + stars: | 2023-09-19 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Starbucks — Shares fell 2% in midday trading following a downgrade to market perform from TD Cowen. Instacart — The grocery delivery stock roared out the gates as it debuted on the public market midday Tuesday, with shares popping about 12.3% and closing at $33.70. Planet Fitness — Shares of the gym franchise slid 4.2% after JPMorgan downgraded the stock to a neutral rating from overweight. The Wall Street firm also upgraded Carnival to hold from sell, sending shares nearly 0.5% higher. Raymond James earlier upgraded Rackspace to outperform from market perform and said it likes the company management's execution.

Persons: TD Cowen, Andrew Charles, George Wang, Evercore, Chris Rondeau, Lab's, Lazard, Goldman Sachs, Raymond James, — CNBC's Brian Evans, Jesse Pound, Samantha Subin, Yun Li, Lisa Kailai Han, Michelle Fox Organizations: Starbucks, Disney, Barclays, Deere, JPMorgan, Bank of America, Truist, Technology Locations: Alhambra , California, Los Angeles, China, New Zealand

New York CNN —Disney is greatly expanding its investment into theme parks and cruises, the company said Tuesday. The investment comes at a time the company is facing revenue challenges in its streaming services, movie and television assets — almost everywhere but its international theme parks. The theme park, which was announced in 2019, is set to include restaurants, hotels and, of course, rides. It will become the third theme park within the Universal Orlando Resort, stepping up its rivalry with Walt Disney World’s four theme parks. Trouble at homeDisney said Tuesday that it is focused on “expanding and enhancing” its theme parks, in the US and internationally, along with its cruise lines.

Persons: That’s, Walt Disney, Ricardo Ramirez Buxeda, Alicia Stella, didn’t, ”, Josh D’Amaro, Wakanda, Disney, Horacio Villalobos, Corbis, Kevin Lansberry, Bob Iger, ” Iger, Florida Governor Ron DeSantis, “ Disney, Stella Organizations: New, New York CNN, Disney, Disney Parks, SEC, Universal Orlando Resort, Orlando Sentinel, Tribune, Service, Star Wars, Getty, Parks, Walt Disney, Florida Governor Locations: New York, Parks, Orlando , Florida, Orlando, Anaheim , California, Asia, ”, Florida

☆ A stranded luxury cruise ship was stuck in Greenland for 3 days. It's finally been pulled free.
▼ + stars: | 2023-09-14 | by ( Associated Press | ) www.businessinsider.com time to read: +4 min

The 206 passengers on a luxury cruise ship will be heading home soon. The MV Ocean Explorer ran aground in a isolated part of Greenland on Monday. The name of the Greenland ship was Tarajoq and it belongs to the Greenland Institute of Natural Resources, a government agency. AdvertisementAdvertisementThe Bahamas-flagged cruise ship has passengers from Australia, New Zealand, South Korea, the United Kingdom and the United States. The others on the MV Ocean Explorer were "safe and healthy," it added.

Persons: Steven Fraser, Fraser Organizations: Ocean Explorer, Greenland, Service, Arctic Command, Greenland Institute of Natural Resources, Aurora Expeditions, Expeditions, Sydney Morning Herald, DR, Danish Maritime Authority, Ships, Command Locations: Greenland, Monday, Wall, Silicon, Copenhagen, Alpefjord, France, Spain, Ittoqqortoormiit, Nuuk, Australia, New Zealand, South Korea, United Kingdom, United States, Greenland's, Kirkenes, Arctic Norway, Bergen, Norway

☆ SpaceX’s Starlink partners with European satellite giant SES for combined cruise market service
▼ + stars: | 2023-09-13 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +3 min

SES will manage the joint offering, called "SES Cruise mPOWERED + Starlink," as a service that it says will provide high-speed, reliable internet service to cruise ships, regardless of whether they're clustered in port or far out at sea. PARIS – European satellite operator SES is teaming up with SpaceX's Starlink to offer a combined service to cruise operators, the companies announced on Wednesday. SpaceX has launched over 5,000 Starlink satellites to date and had over 1.5 million customers as of May. SES said it's in discussions with multiple initial cruise customers for the combined service, but declined to specify further. And the companies are also talking about other potential markets that would be a fit for the combined SES and Starlink service.

Persons: Pinto, MEO, Ruy Pinto, SpaceX's Starlink, Chad Gibbs, Starlink, it's, " Pinto Organizations: SES, GEO, MEO, LEO, CNBC, SpaceX, Starlink, Intelsat, Royal Caribbean Cruises, Revenue Locations: Luxembourg, PARIS, European

☆ US Open: Novak Djokovic cruises to final after comfortable win against American Ben Shelton
▼ + stars: | 2023-09-08 | by ( Thomas Schlachter | ) edition.cnn.com time to read: +3 min

CNN —Novak Djokovic cruised through to the US Open final after a dominant 6-3 6-2 7-6 (7-4) win against American youngster Ben Shelton. Shelton, playing in his first ever grand slam semifinal, came out all guns blazing but was unable to lay much of a glove on the ever-impressive Djokovic. Being two sets down against Djokovic is a place where no tennis player wants to be and, despite being behind, Shelton will be proud of his efforts in the final set. For Djokvoic, he has now made it to a record-equaling 10th US Open final and he will be looking to win his fourth title at Flushing Meadows in Sunday’s final. He also has the chance to make history and level Margaret Court’s record of 24 grand slam singles titles.

Persons: CNN — Novak Djokovic, Ben Shelton, Shelton, ” Djokovic, “, Matthew Stockman, Djokovic, Arthur Ashe, ” Shelton, Manu Fernandez, Margaret Court’s, Carlos Alcaraz, Daniil Medvedev Organizations: CNN, US, American, Getty, North, Djokovic, Serbian Locations: North America, American, Flushing Meadows, Sunday’s

The UAE introduced a new regulatory body to oversee commercial gaming on Monday, made up of casino and gambling experts from the United States. Gambling is currently illegal in the UAE, where some laws are based on the Quran, which forbids the practice. The new federal body, called the General Commercial Gaming Regulatory Authority (GCGRA), would create a “regulatory framework for a national lottery and commercial gaming,” according to Emirati state media WAM. “[GCGRA will] facilitate unlocking the economic potential of commercial gaming responsibly,” WAM said. “I look forward to establishing a robust regulatory body and framework for the UAE’s lottery and gaming industry,” Mullally said on his new appointment, according to WAM.

Persons: ” WAM, Kevin Mullally, Jim Murren, Mullally, ” Mullally, Ras Al Khaimah, Craig Billings, ” Billings Organizations: Abu Dhabi CNN —, United Arab, Gaming Regulatory Authority, Industry, MGM Resorts International, MGM, Gaming Laboratories, Wynn Resorts, United, WYNN, Wynn Hotels, Global, Caesars Entertainment, Royal, Royal Caribbean Cruise, UAE, Costa Cruises, Bloomberg Locations: Abu Dhabi, United Arab Emirates, UAE, United States, Ras Al, Dubai, Royal Caribbean, Singapore

☆ Jimmy Buffet's 'Margaritaville' has built an empire. Here's what it's like to visit its resorts and RV parks, and sail on its cruise line.
▼ + stars: | 2023-09-07 | by ( Brittany Chang | ) www.businessinsider.com time to read: +6 min

See what it's like to vacation on its cruise line and at some of its resorts and RV parks. A hotel room at Camp Margaritaville RV Resort and Lodge in Pigeon Forge, Tennessee. Now, there are Margaritaville hotels in what seems like almost every major vacation destination in the US from San Diego, California to Gatlinburg, Tennessee. Brittany Chang/InsiderThe first Camp Margaritaville RV resort — which focuses on "upscale camping" — opened in Georgia in 2019 as a "surprise" hit, Jim Wiseman, the president of development at Camp Margaritaville, told Insider in 2021. To create this floating Margaritaville hotel, the brand refurbished the over 30-year-old flagship vessel of budget cruise line Bahamas Paradise Cruise Line, which has since rebranded to Margaritaville at Sea.

Persons: Jimmy Buffett, Brittany Chang, Buffett, Forbes, it's, there's, Liberty, hasn't, Margaritaville, Jim Wiseman, Orlando — Organizations: Service, Yorker, New, Margaritaville, Paradise, Cruise Locations: Wall, Silicon, Pigeon Forge , Tennessee, Margaritaville, Pensacola Beach , Florida, San Diego , California, Gatlinburg , Tennessee, New York City, Margaritaville's New York City, of, Georgia, Auburndale, Florida, Crystal Beach , Florida, Poconos, Forge , Tennessee, Auburndale , Florida, Orlando, cabanas, Florida's Port, Palm Beach, Bahamas, Freeport, Grand Bahama

☆ Is Travel Insurance Worth It?
▼ + stars: | 2023-09-05 | by ( Kat Tretina | ) www.wsj.com time to read: +12 min

Trip cancellation and interruption coverage is the most common form of travel insurance, making up nearly 90% of travel protection plans sold. Travel medical: When you travel to another country, typical health insurance plans — including Medicare — don’t cover you. Like all forms of insurance, travel insurance policies don’t cover every event that can impact your vacation. “When you travel using airline miles and hotel points, most credit card travel insurance policies won’t cover the trips,” says Huffman. “If you do not get travel insurance, you are rolling the dice,” says Hines, who adds she always recommends travel insurance to her clients.

Persons: Kat, we’ve, it’s, ”, Tiffany Hines, Mark Friedlander, ” What’s, Friedlander, Lee Huffman, Huffman, Kevin Payne, Payne, Hines, “ We’ve, won’t Organizations: Global, Travel, Insurance Information Institute, Disease Control, Prevention, World Health Organization, Spirit Airlines, Delta, Allianz Travel Locations: Athens , Georgia, Europe, U.S

☆ Las Vegas is the latest flashpoint between workers and AI, from robot bartenders to casino security guards
▼ + stars: | 2023-09-04 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

AI is in the early stages of replacing some human work in Las Vegas, NPR reported on Monday. Restaurants, bars, casinos, and other attractions in the city are using AI instead of humans for some jobs, NPR reported Monday. Tipsy Robot, the name of the robot-powered bar shown in the TikTok video, already has two locations on the Las Vegas strip, NPR reported. AdvertisementAdvertisementIn another example, the M Resort, located south of Las Vegas proper in Henderson, Nevada, started using a security robot in its parking lot earlier this year. But she also said that robots can't provide the same personal service that many Las Vegas workers offer.

Persons: Ted Pappageorge, Pappageorge, emgaudy3, Sabrina Bergman, lasvegaslina, Holly Lang, Lang Organizations: NPR, Service, Nevada Independent, Culinary Union, MGM Locations: Las Vegas, Wall, Silicon, Southern Nevada, Nevada, Vegas, Henderson , Nevada

☆ Life at Sea's three-year cruise to become the cruise that never ends
▼ + stars: | 2023-09-02 | by ( Julia Buckley | ) edition.cnn.com time to read: +5 min

CNN —If the idea of spending three years on a cruise ship made you claustrophobic, it’s time to look away now. There will now be seven potential start locations in the first year of the cruise, which departs Istanbul on November 1. Life at Sea CruisesHolmes says the new system shouldn’t affect the company’s policy to sell only 85% capacity. The new policy is the latest change in what has been a baptism of fire for Life at Sea. While they aren’t the first to offer permanent (or semi-permanent) cruises, Life at Sea remains the only (relatively) affordable option for long-term cruising, says Holmes.

Persons: Kendra Holmes, –, Holmes, It’s, ” Holmes, Cruises Holmes, “, ”, ‘, “ We’d, we’d, Lara Organizations: CNN, Miray, Cruises, SDI Locations: Dubai, India, Istanbul, Barcelona, Bahamas, Rio de Janeiro, America

☆ Wall St Week Ahead Investors lower outlook for consumers as student loans, credit card debts pile up
▼ + stars: | 2023-09-01 | by ( David Randall | ) www.reuters.com time to read: +5 min

"The U.S. consumer is on thin ice coming into the final stretch of 2023," said Emily Roland, co-chief investment strategist at John Hancock Investment Management. Further declines in the labor market will likely act as a double-edged sword for investors, relieving some inflation pressures while weighing on consumer spending. Overall consumer spending rose slightly more than expected in August, while the savings rate fell to its lowest since November 2022, the Commerce Department said on Thursday. Betting against the consumer spending has so far been a losing wager. (This story has been corrected to say BNY Mellon Investment Management, not BNY Mellon, in paragraph 10)Reporting by David Randall; editing by Megan Davies and Andy SullivanOur Standards: The Thomson Reuters Trust Principles.

Persons: Caitlin Ochs, Nordstrom, Macy's, Emily Roland, Jake Jolly, Gregory Daco, Young, Jason Draho, Sandy Villere, Mellon, David Randall, Megan Davies, Andy Sullivan Organizations: New York Stock Exchange, REUTERS, Apollo Group . Department, John Hancock Investment Management, of Labor Statistics, Commerce Department, BNY Mellon Investment Management, Treasury, Ernst, Atlanta Fed's, UBS Global Wealth Management, Royal Caribbean Cruises, Villere, Thomson Locations: New York City, Russia, Ukraine, New York, U.S

AdvertisementAdvertisementI love cruises as a vacation option with an affordable fixed price, and my Virgin Voyages cruise was great. Vacations often come with surprise expenses — cruises are a great value and make it easy to know exactly how much you'll spend in advance, and my Virgin Voyages cruise was a great value. While the cruise ship itself offered plenty to see and do, I thought the four included stops were some of the best I have ever visited on a cruise. Finally, we loved the inclusiveness the Virgin Voyages brand builds into their cruise product, which helped make the cruise more carefree and fun. Now all I have to do is start planning how we'll spend days in port on our next Virgin Voyages cruise in February.

Persons: Richard Branson's, Jeff Bezos, Katy Perry, Orlando Bloom, Usher, That's, Burger, we'll Organizations: Service, HBO, Virgin, Voyages, Virgin Voyages Locations: Wall, Silicon, Athens, Greece, Dubrovnik, Split, Croatia, Kotor, Montenegro, Corfu, Old, Montenegro Kotor, Town, San Juan , Puerto Rico, St, Croix , Puerto Plata, Dominican Republic, Bahamas

☆ Travel experts give their top tips for booking flights to and from a cruise
▼ + stars: | 2023-08-25 | by ( Hannah Towey | ) www.businessinsider.com time to read: +4 min

Most major cruise lines offer airfare programs that come with certain travel protections. AdvertisementEvery cruise line's policy is slightly different, so make sure you read the fine print. But Bhagwan said she tells her clients to never book airfare through a cruise line, even though they often offer cheaper fares. Like any other third-party booking service, buying flights through a cruise line means you won't have direct control over your reservation if something goes awry, she said. From trip interruption and cancellation insurance to evacuation and property coverage, not all travel insurance policies are made equal.

Persons: —, Stewart Chiron, Guy, Sonia Bhagwan, Bhagwan, that's, Chiron, he's Organizations: Service, Business Locations: Miami, Seattle, Los Angeles, airfare, Europe

☆ ETIAS and Europe's city taxes explained: When, who pays and how much?
▼ + stars: | 2023-08-24 | by ( Julia Buckley | Who Needs Etias Authorization | ) edition.cnn.com time to read: +8 min

The ETIAS visa waiver program will allow entry into EU countries from $7.70. And, of course, citizens of many countries need “real” visas to EU countries – which is not only a costly process, but a time-consuming one, too. ETIAS will join the myriad accommodation and “tourist taxes” that are already charged around Europe. What other tourist taxes are there in Europe? If your ship docks at Barcelona for 12 hours or more you’ll pay 4.75 euros (3 euros regional fee and 1.75 euros city surcharge).

Persons: ETIAS, you’re, They’re, Pretty, Armando Oliveira, iStockphoto, –, you’ll, Vila Real de Santo António, it’s, doesn’t Organizations: CNN, UAE, EU, United States ’, Manchester, Edinburgh, Vila Real de Santo Locations: Europe, United States, United Kingdom, Japan, Singapore, EU, Amsterdam, Wales, Barcelona, Italy, Portugal, Catalonia, Vienna, it’s, Algarve, Faro, Vila, Rome, Venice, Paris, France, Greece, Caribbean, New Zealand

☆ 4 people have gone overboard on cruise ships this summer. Here's why most cruise lines don't use technology that could've helped save them.
▼ + stars: | 2023-08-24 | by ( Hannah Towey | ) www.businessinsider.com time to read: +18 min

An average of 19 people go overboard on cruise ships every year, industry data has found. At 6:36 p.m. — more than 12 hours after Peale fell overboard — Carnival contacted the Coast Guard, according to the agency. Less than two months after Peale fell overboard, 30-year-old Jaylen Hill also went overboard a Carnival cruise ship. Legislation without regulationThe US Coast Guard does not check for man-overboard image capture or detection technology during compliance inspections of cruise ships. A Coast Guard spokesperson said there are no regulations preventing cruise lines from installing MOB detection systems on their vessels.

Persons: Ronnie Peale Jr, Peale, Linda Peale, —, Travis Heggie, Hill, Eric Rodriguez, Joe Perez, Ross Klein, Paul McConnell, Jamie Barnett, James Michael Grimes, Grimes, CLIA, it's, Mike Collier, MOBtronic, Sen, Richard Blumenthal, Collier, Blumenthal, Linda Peale Jennilyn Blosser, Blosser, didn't, Barnett, Jim Walker Organizations: US Coast Guard, Carnival, Coast Guard, Bowling Green State University, Cruise Lines International Association, Royal Caribbean's, Princess Cruises, Jacksonville , Florida . U.S . Coast, Washington Post, Carnival Corporation, U.S . Coast Guard, Getty, Cruise Vessel Security, Safety, Guard, International Cruise Victims Association, Line International Association, USA, Royal Caribbean, International, Organization Locations: Virginia's Shenandoah, Connecticut, Jacksonville , Florida . U.S, Richard Blumenthal of Connecticut, MOBtronic

[1/2] The Macy's logo is displayed on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 19, 2021. A bellwether for back-to-school demand, Foot Locker joined rival Dick's Sporting Goods (DKS.N) on Wednesday to cut annual profit forecast, sending the shares of sportswear retailers tumbling. "We did see a softening in trends in July and are adjusting our 2023 outlook to allow us to best compete for price-sensitive consumers," Foot Locker CEO Mary Dillon said. Walmart last week raised its full-year forecasts and beat second-quarter results, benefiting from strong demand for its low-priced groceries. Reporting by Ananya Mariam Rajesh and Aishwarya Venugopal in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Cristina Fernandez, Foot Locker, Mary Dillon, Macy's, Adrian Mitchell, Locker, Thomas Hayes, Hogan, Ananya Mariam Rajesh, Aishwarya Venugopal, Arun Koyyur Organizations: New York Stock Exchange, REUTERS, Dick's Sporting, Target, Walmart, Riley Wealth, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

Raw material and freight costs have eased from pandemic-era highs, but a tight labor market is exacerbating the drag of persistent inflation on production costs. This overshadowed Coty's quarterly revenue beat despite customers splurging on its high-end and affordable fragrances and cosmetics, ranging from Hugo Boss to Gucci. The company reported a quarterly adjusted profit of 1 cent per share, missing estimates of 2 cents, according to Refinitiv data. Coty forecast 2024 adjusted profit between 44 cents and 47 cents per share. Rival Estee Lauder (EL.N) had also provided downbeat annual forecasts, hurt by frail recovery in travel retail and slowing U.S. demand.

Persons: Andrew Kelly, Hugo Boss, Gucci, Laurent Mercier, Mercier, Estee Lauder, Javier Gonzalez Lastra, EL.N, Juveria Tabassum, Ananya Mariam Rajesh, Pooja Desai Organizations: Coty Inc, REUTERS, Coty, Reuters, L'Oreal, Tema, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

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