DIRS.INFO The most relevant business & tech news

☆ Walmart to raise minimum wage for U.S. hourly workers to $14
▼ + stars: | 2023-01-24 | by ( Siddharth Cavale | ) www.reuters.com time to read: +2 min

Jan 24 (Reuters) - Walmart Inc (WMT.N) on Tuesday said it will raise average hourly wages for its U.S. store workers starting next month, as it seeks to attract and retain employees in a tight domestic labor market. Walmart's new wage hikes lift its average hourly wage pay to $17.50 from the current $17 an hour and will reflect in March 2 paychecks, the company said. Data from earlier this month showed average hourly earnings growth for U.S. workers slowed to 0.3% in December, compared with 0.4% in the prior month. This has raised prospects that the U.S. Federal Reserve could further raise interest rates, putting further strain on minimum wage workers and household budgets. It has previously also raised pay for truck drivers and distribution center workers.

☆ Walmart to raise wages for U.S. workers
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: 1 min

Jan 24 (Reuters) - Walmart Inc (WMT.N) said on Tuesday it will raise wages for its U.S. workers next month, taking its average hourly wage to more than $17.50. Reporting by Uday Sampath in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ P&G raises sales forecast on price hikes, sees volumes fall
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +3 min

Jan 19 (Reuters) - Tide detergent maker Procter & Gamble Co (PG.N) raised its full-year sales forecast on Thursday and said it plans to continue raising prices despite a drop in sales volumes, warning that high commodity costs were pressuring profits. While the price hikes have been met with less pushback compared to discretionary products, customers have still bought fewer of its products. P&G said organic sales in China, its second largest market, were down 7% due to COVID lockdowns and weaker consumer confidence. P&G said net sales fell 1% to $20.77 billion in the quarter, hurt by the impact of a stronger dollar on overseas revenue but beating Wall Street expectations. It's the first fall in quarterly net sales in a little over five years, according to Refinitiv data.

[1/3] The logo of the Times Square Disney store is seen in Times Square, New York City, U.S. December 5, 2019. Peltz, a billionaire activist who operates via his Trian Partners hedge fund, called for Disney to cut costs and turn a profit at its Disney+ streaming business, which has been losing money despite expanding at a fast clip. Its shares sank last year as losses deepened in its streaming business, and the price is now less than half the stock's 2021 high. Disney, Trian said, had overpaid for the assets of 21st Century Fox and bid aggressively for pay-TV giant Sky PLC. Disney said Trian would file with the Securities and Exchange Commission on Thursday to elect Peltz for a board seat in opposition to the company's nominees.

☆ Factbox: The 10 biggest U.S. retail bankruptcies in 5 years
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +4 min

J.C. PenneyAssets: $7.99 billionLiabilities: $7.16 billionStores: 846After more than a century in business, the department store chain filed for bankruptcy protection in May 2020, weighed down by mounting debt. At the time, its bankruptcy was the biggest collapse of a U.S. retailer by assets since Kmart in 2002. It soon emerged from bankruptcy with much of its store base intact and $400 million in fresh financial aid. Tailored BrandsAssets: $2.48 billionLiabilities: $2.84 billionStores: Over 1,400The owner of tuxedo and business suit chain Men's Wearhouse filed for bankruptcy in August 2020. It emerged from bankruptcy just days short of a year since it filed for bankruptcy under a new name, Premier Brands.

☆ 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.

☆ Bed Bath & Beyond's road to potential bankruptcy
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: 1 min

Jan 5 (Reuters) - From a failed merchandising strategy to activist investor pressure over overpayed executives, Bed Bath & Beyond Inc (BBBY.O) has been on a largely downhill ride over the last few years. The company said on Thursday it was exploring options including a bankruptcy, which sources told Reuters could come within weeks. Here's a look at some of the major developments at the retailer over the past year:Reporting by Uday Sampath in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Amazon to lay off over 17,000 workers - WSJ
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +1 min

Jan 4 (Reuters) - Amazon.com Inc (AMZN.O) is planning to lay off more than 17,000 workers, a higher number than the e-commerce giant initially planned, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. Some of the additional layoffs are from Amazon's corporate ranks, according to the WSJ report. The Seattle-based company began laying off staff in its devices division in November, with a source telling Reuters at the time that Amazon was targeting 10,000 job cuts. Amazon, America's second-largest private employer with more than 1.5 million workers including warehouse staff, has been bracing for likely slower growth as soaring inflation forces businesses and consumers to cut back spending. Reporting by Uday Sampath in Bengaluru; Editing by Shailesh Kuber and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Jan 4 (Reuters) - Amazon.com Inc's (AMZN.O) layoffs will now stretch to more than 18,000 roles as part of a workforce reduction it previously disclosed, Chief Executive Andy Jassy said in a public staff note on Wednesday. The layoff decisions, which Amazon will communicate starting Jan. 18, will largely impact the company's e-commerce and human-resources organizations, he said. Amazon has more than 1.5 million workers including warehouse staff, making it America's second-largest private employer after Walmart Inc (WMT.N). It began letting staff go in November from its devices division, with a source telling Reuters at the time it was targeting 10,000 job cuts. In number, its layoffs now surpass the 11,000 job cuts at Facebook-parent Meta Platforms Inc (META.O) as well as reductions at other tech-industry peers.

☆ Elon Musk's Twitter lifts ban on political ads
▼ + stars: | 2023-01-03 | by ( Sheila Dang | ) www.reuters.com time to read: +2 min

Jan 4 (Reuters) - Twitter Inc will reverse its 2019 ban on political ads, the company's head of trust and safety confirmed to Reuters on Wednesday, as the Elon Musk-owned company seeks to grow revenue. The change brings Twitter's policies closer to Meta Platform's (META.O) Facebook and Alphabet Inc's (GOOGL.O) YouTube, which allow political advertising. One platform that still bans political ads is Chinese video app TikTok. "We believe that cause-based advertising can facilitate public conversation around important topics," the social media company tweeted. Twitter banned political ads in 2019 after it and other social media companies faced widespread criticism for allowing election misinformation to spread.

☆ Amazon secures $8 billion term loan
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - Amazon.com Inc (AMZN.O) said on Tuesday it had reached an agreement with certain lenders to provide the e-commerce giant an $8 billion unsecured loan. The term loan will mature in 364 days, with an option to extend for another 364 days and the proceeds would be used for general corporate purposes. The online retailer has been bracing for likely slower growth, as soaring inflation forces businesses and consumers to cut back spending. Amazon had about $35 billion in cash and cash equivalents and long-term debt of about $59 billion at the end of the third quarter ended Sept. 30. Toronto Dominion was the administrative agent for the loan agreement in which DBS Bank and Mizuho Bank were among lenders, Amazon said.

☆ Twitter to expand permitted political advertising
▼ + stars: | 2023-01-03 | by ( Sheila Dang | ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - Twitter Inc on Tuesday said it would expand the types of political ads allowed on the social media platform, an apparent reversal of its 2019 global ban on political ads, as the Elon Musk-owned company seeks to grow revenue. The company tweeted it would also relax its advertising policy for "cause-based ads" in the United States, and moving forward would align its advertising policy "with that of TV and other media outlets." Twitter banned political ads in 2019 after it and other social media companies like Facebook faced widespread criticism for allowing election misinformation to spread across its services. "We believe political message reach should be earned, not bought," tweeted Jack Dorsey, Twitter's then-chief executive, in announcing the move. Last month, Musk defended his deep cost-cutting measures, and said Twitter had been facing "negative cash flow" of $3 billion next year.

Nov 29 (Reuters) - Deal-hungry Americans snapped up everything from toys to electronics during the five-day long Thanksgiving through Cyber Monday shopping bonanza lured by steep discounts, sales data showed. Online toy sales on Cyber Monday jumped nearly eight-fold compared to an average day in October 2022, according to Adobe. Electronics sales rose about five-fold, while sporting goods, appliances and books also saw increases over 400%. Reuters Graphics Reuters GraphicsCyber Monday sales rose 5.8%, said Adobe, which analyzes purchases at 85% of the top 100 internet retailers in the United States. Overall global online sales for the cyber week hit an all-time high of $281 billion, according to data from Salesforce (CRM.N), while U.S. online sales gained 9% to $68 billion.

U.S. shoppers spent $35.27 billion online overall during Cyber Week, the period from Thanksgiving through Cyber Monday. But the modest pickup trounced the paltry 2.9% increase in sales during China's Singles Day, an 11-day shopping festival ending November 11, hosted by Alibaba and other Chinese e-commerce firms. Originally, Singles Day was an unofficial Chinese holiday on Nov. 11 (11/11) to celebrate people who were not in relationships. These days, brands use Singles Day to clear inventory and experiment with new products. With the COVID-19 pandemic still raging in China, "it wont be fair to can compare" Singles Day with Cyber Week, Chernev said, as Americans are shopping with fewer restrictions.

☆ Cyber Monday sets sales record as shoppers splurge on toys, electronics- report
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

Toys were the hottest products on Cyber Monday, their online sales jumped nearly eight-fold compared to an average day in October 2022, according to the Adobe Analytics report. Electronics sales rose about five-fold, while sporting goods, appliances and books also saw increases over 400%. About 196.7 million shoppers made purchases during the five-day holiday period from Thanksgiving Day through Cyber Monday, the National Retail Federation said on Tuesday. Reuters Graphics Reuters GraphicsCanada's Shopify Inc (SHOP.TO) said its merchants recorded $7.5 billion in sales globally from Black Friday through Cyber Monday. Still, some experts were not convinced that a bright Cyber Monday was a sign of inflation easing its burden on consumer sentiment.

The estimate from Adobe Analytics predicts an increase of up to 8.5% from a year earlier. Adobe Analytics measures e-commerce performance by analyzing purchases at 85% of the top 100 internet retailers in the United States. Both Adobe and MasterCard Spending Pulse are expected to release their updated Cyber Monday spending estimates on Tuesday. Americans have put off holiday shopping for weeks in the hopes of finding deeper post-Thanksgiving markdowns. Last year, Cyber Monday sales fell 1.4%, according to Adobe Analytics, as retailers kicked off holiday promotions early to avoid product shortages amid a global shipping crisis.

☆ Cyber Monday sales to touch up to $11.6 bln as shoppers go discount hunting
▼ + stars: | 2022-11-28 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +2 min

Adobe Analytics, which measures e-commerce by analyzing transactions at websites, has access to data covering purchases at 85% of the top 100 internet retailers in the United States. Cyber Monday sales fell 1.4% last year as retailers spread out promotional deals across weeks from as early as October to better manage inventories amid widespread product shortages. Walmart (WMT.N) and Best Buy websites also showed discounts worth hundreds of dollars on high-end laptops and televisions. Shoppers will find record discounts today for computers, peaking at 27% off listed price, while nearly all other categories, including apparel, toys and furniture, also have double-digit discounts, Adobe said. U.S. shoppers spent a record $9.12 billion online on Black Friday, according to Adobe Analytics.

☆ Cyber Monday set for record sales of $11.2 bln as shoppers wait for discounts
▼ + stars: | 2022-11-28 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +2 min

The Adobe Analytics report predicts spending on Cyber Monday to rise 5.2% as inflation-weary consumers have been putting off holiday shopping for weeks in the hopes of deep post-Thanksgiving markdowns. Cyber Monday sales fell 1.4% last year as retailers spread out promotional deals across weeks from as early as October to better manage inventories amid widespread product shortages. "With holiday promotions kicking off long before the Thanksgiving weekend, consumers have been shopping strategically for the season's best deals," said Mastercard Chief U.S. U.S. shoppers also spent a record $9.12 billion online on Black Friday, according to Adobe Analytics. However, with sporadic rain in some parts of the country, brick-and-mortar stores and malls saw thinner crowds than usual.

After weeks of passing up early Black Friday deals from Walmart, Target and Amazon, Uribe is on the hunt for a Nintendo Switch and video games for her daughter, Tupperware for her kitchen and a vacuum cleaner. Checking off items from the holiday list is "just cheaper" on Black Friday, plus, "it's our favorite day of the year, so we just wait," Uribe said. Uribe joins millions of shoppers who waited for what they hope might be the deepest discounts of the holiday season on Black Friday, despite an industry-wide push by retailers to get shoppers to buy holiday items starting in October. The waiting game by shoppers has forced retailers to offer steep discounts on items, which may pinch profit margins in the fourth quarter. Americans, especially from low-income households, are expected to pull back on their holiday shopping this year as inflation and higher energy prices pinch their spending power.

☆ Best Buy forecasts smaller drop in sales ahead of holiday season
▼ + stars: | 2022-11-22 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Best Buy Co Inc (BBY.N) on Tuesday forecast a smaller drop in annual sales than it had previously estimated, saying it was confident that a ramp up in deals and discounts will bring in more inflation-weary customers during the holiday season. Best Buy expects full-year comparable sales to fall about 10%, compared with a previous forecast of a decrease of about 11%. "Best Buy may be better positioned for the holiday season than other retailers," said Jason Benowitz, senior portfolio manager at Roosevelt Investment Group. "We expect modest growth in consumer holiday spend this year and believe many companies hold too much inventory relative to demand, while Best Buy appears to have rightsized its holdings ahead of the season," Benowitz added. However, heavier discounts will take a toll on holiday-quarter profit margins, Best Buy warned.

☆ Best Buy forecasts smaller-than-expected drop in annual sales ahead of holiday season
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

Nov 22 (Reuters) - Best Buy Co Inc (BBY.N) said on Tuesday it forecast a smaller-than-expected drop in annual sales ahead of the holiday season, as steep discounts help soften the blow to electronics demand. Surging prices have driven down demand for non-essential products this year, forcing Best Buy and other retailers to opt for discounts and promotions to clear excess stock of products such as televisions, laptops and other electronics. Best Buy said it expects full-year comparable sales to fall about 10%, compared with a previous forecast of a decrease of about 11%. The company's comparable sales decreased 10.4% in the third quarter ended Oct. 29, compared with analysts' estimates of a 12.9% fall, according to IBES data from Refinitiv. Reporting by Uday Sampath in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Apple's Pro iPhones will be harder to find in stores this holiday -Best Buy
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Apple Inc's (AAPL.O) high-end iPhones will be in short supply at stores this holiday season, Best Buy Co Inc's (BBY.N) chief executive said on Tuesday, as the tech giant grapples with production issues at a virus-blighted plant in China. read moreThe supply issues are expected to most significantly impact Apple's premium iPhone 14 Pro and iPhone 14 Pro Max models, which start at nearly $1,000. Best Buy CEO Corie Barry said the electronics retail giant was seeing a shortage in stocks of the premium iPhones and had factored the expected loss in sales into its holiday quarter forecast. Apple's iPhones and other products draw a lot of customers to Best Buy stores and often trigger impulse buying of other gadgets as well. Wedbush analyst Dan Ives estimates 8 million iPhone 14 units will be sold over the Black Friday weekend, about 2 million fewer than a year ago.

☆ Hasbro looks to sell part of eOne TV production business
▼ + stars: | 2022-11-17 | by ( Joyce Lee | Soo-Hyang Choi | ) www.reuters.com time to read: 1 min

Nov 17 (Reuters) - Hasbro Inc (HAS.O) said on Thursday it is looking to sell part of its eOne production unit, which makes TV shows including "Yellowjackets" and "The Rookie", as the toymaker looks to streamline its business and focus on core brands. The company bought eOne, maker the popular children's TV show "Peppa Pig", for about $4 billion in 2019. Hasbro said Peppa Pig is not a part of the business that it is putting up for sale. Hasbro shares rose marginally in premarket trading. Reporting by Uday Sampath in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Hasbro looks to sell part of eOne TV business
▼ + stars: | 2022-11-17 | by ( Joyce Lee | Soo-Hyang Choi | ) www.reuters.com time to read: 1 min

Nov 17 (Reuters) - Toymaker Hasbro Inc (HAS.O) said on Thursday it is looking to sell part of its eOne TV and film production business. Reporting by Uday Sampath in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Macy's raises annual profit forecast on firm luxury demand
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Upscale department store chain Macy's Inc (M.N) raised its annual profit forecast on Thursday on resilient demand for high-end suits, gowns and beauty products as wealthier shoppers were undeterred by inflation. Like other retailers, Macy's has introduced more discounts to clear excess stock of casual and athleisure apparel, while luxury goods sales has held up relatively well. The department store chain said it expects fiscal 2022 adjusted profit of $4.07 to $4.27 per share compared with its previous forecast of $4 to $4.20. Net sales at the department store chain fell to $5.23 billion in the third quarter ended Oct, 29 compared with $5.44 billion a year earlier. Reporting by Deborah Sophia and Uday Sampath in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Sampath"

25 mentions found