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☆ Trucking firm Yellow cuts jobs - WSJ
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

Companies Yellow Corp FollowJuly 28 (Reuters) - U.S. trucking firm Yellow (YELL.O) has laid off a large number of workers as the company copes with a cash crunch and weighs options including an imminent bankruptcy filing, people familiar with the actions told the Wall Street Journal on Friday. The third-biggest U.S. trucking company, which has been in ongoing negotiations with union of Teamsters-represented workers regarding worker benefits and pension accruals, averted a threatened strike on Sunday. WSJ had earlier reported that Yellow was preparing to file for bankruptcy. Yellow did not immediately respond to a Reuters request for comment. Reporting by Savyata Mishra in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Savyata Mishra, Pooja Desai Organizations: Wall, U.S, Teamsters, Thomson Locations: U.S, Bengaluru

☆ What are global companies saying about China's economy?
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: 1 min

July 28 (Reuters) - Major global firms ranging from banks to chipmakers are taking a largely cautious stance on their China business amid a frail recovery at the world's second-largest economy from a pandemic slowdown. Following are comments from firms on their China business during the latest reporting season:Reporting by Savyata Mishra and Arunima Kumar in Bengaluru; Additional reporting by Niket Nishant, Granth Vanaik, Aditya Soni and Bhanvi Satija; Editing by Sriraj Kalluvila, Eileen Soreng and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Savyata Mishra, Arunima Kumar, Niket Nishant, Granth Vanaik, Aditya Soni, Bhanvi, Sriraj Kalluvila, Eileen Soreng, Maju Samuel Organizations: Thomson Locations: China, Bengaluru

☆ Cadbury-maker Mondelez lifts annual revenue growth forecast on strong demand
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - Mondelez International (MDLZ.O) on Thursday raised its annual 2023 revenue growth forecast for the second time this year, helped by robust demand for the Oreo maker's snacks and chocolates despite higher prices. Shares of the Cadbury chocolate maker rose 1.6% in after-hours trading as the company also beat second-quarter revenue expectations. Mondelez's upbeat forecast came on the back of a strong first quarter and indicated that consumers remained resilient to higher prices for their favorite snack brands. The company said it expects a full-year organic net revenue growth of more than 12% in 2023, up from a prior forecast of more than 10% growth. The company's net revenue rose 17% to $8.51 billion in the second quarter, surpassing analysts' average estimate of $8.21 billion.

Persons: Campbell, General Mills, Kraft Heinz, Savyata Mishra, Pooja Desai Organizations: Mondelez, Cadbury, Kellogg, Thomson Locations: Bengaluru

☆ Mattel bets on Barbie revival, posts surprise quarterly profit
▼ + stars: | 2023-07-26 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

The California-based company also posted a surprise profit in the second quarter and its sales exceeded market expectations. The "Barbie" movie made a record-breaking debut in cinemas over the weekend, with $162 million in ticket sales in the United States and Canada. Mattel is slated to release a Disney Princess film later this year and another one in early 2024, with a Hot Wheels movie set for 2025. Kreiz said the "Barbie" movie's success will "serve as a template" for collaborations on other Mattel-owned intellectual property. Mattel maintained its full-year sales forecast, which it expects to be flat from last year, and adjusted profit per share between $1.10 and $1.20 per share.

Persons: America Ferrera, Margot Robbie, Maja Smiejkowska, Ynon Kreiz, Kreiz, Richard Dickson, Savyata Mishra, Pooja Desai Organizations: America, REUTERS, Mattel, Reuters, Disney, Thomson Locations: London, Britain, California, United States, Canada, billings, Bengaluru

☆ 'Barbie' buzz likely just a flash in the pan for toymaker Mattel
▼ + stars: | 2023-07-24 | by ( Savyata Mishra | ) www.reuters.com time to read: +3 min

July 24 (Reuters) - The fanfare around Margot Robbie-starrer "Barbie" could jolt the iconic Mattel (MAT.O) doll's sales out of a year-long slump, but Wall Street thinks the party in pink will be short-lived. While Mattel will report second-quarter results on Wednesday, days after the theatrical release of the movie, analysts say the boost for Barbie sales will be most pronounced in the quarter ending Sept. 29 before tapering off. Retailers worldwide have also pitched in, with brands from Zara (ITX.MC) to H&M (HMb.ST) and Gap rolling out themed merchandise like Barbie hoodies, perfumes and toothbrushes. But its gross billings - or the amount invoiced to customers - fell behind Hot Wheels in the first quarter of 2023. Mattel's forward 12-month price-to-earnings multiple (P/E), a common benchmark for valuing stocks, is 16.01, higher than 13.6 for Hasbro.

Persons: Margot Robbie, Barbie, Arpiné Kocharyan, Kocharyan, Ryan Gosling, Ken, Warner Bros, Zachary, Carol Osborne, Savyata Mishra, Devika Organizations: Mattel, UBS, Warner, Sunday, Reuters Graphics Reuters, CFRA Research, University of South, Muma College of Business, Hasbro, Thomson Locations: Zara, United States, Canada, Bengaluru

☆ Global retailers cash in on Barbie movie craze
▼ + stars: | 2023-07-21 | by ( Helen Reid | Thomson Reuters | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +3 min

REUTERS/Arriana McLymoreJuly 21 (Reuters) - Shoppers are snapping up Barbie hoop earrings, perfume, jumpsuits, and dresses as retailers seek to cash in on Friday's Barbie film release, reigniting the craze for the plastic doll and her hot pink, sequin-adorned universe. Mattel says the Barbie movie is expected to boost global sales of Barbie dolls, which declined last year from record growth during the pandemic. A Gap Barbie hoodie for women was available only in size XXS online, while a pair of Barbie Crocs, priced at $59.99 - $10 more than normal Crocs - was sold out on the Crocs website. Luggage brand Beis had a waiting list for all three sizes of suitcases in a Barbie pink, priced at a premium to its usual colour range. Walmart pitched Barbie dolls in varying skin tones and hairstyles at $45 to collectors.

Persons: browses, Arriana, Friday's, Barbie, Jo Ashdown, Ryan Gosling, Ken, Zara Barbie, hoodie, Barbie Crocs, Barbie toothbrushes, James Zahn, that's, Helen Reid, Savyata Mishra, Siddharth Cavale, Nick Zieminski Organizations: REUTERS, Mattel, WPP, Walmart, Hyatt Hotels, Hilton, Thomson Locations: Zara's Soho, New York City, U.S, Bogota, Colombia, Kuala Lumpur, Malaysia

☆ Juul seeks US authorization for new e-cigarette
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

July 19 (Reuters) - Juul Labs said on Wednesday it was seeking U.S. authorization for a new e-cigarette that has age-verification capabilities and prevents the use of unauthorized refill cartridges. In its latest premarket tobacco product application to the U.S. Food and Drug Administration submitted on Tuesday, Juul Labs said it was seeking to sell tobacco-flavored pods at a nicotine concentration of less than 2%. The e-cigarette maker has been in a tussle with the FDA to get its existing products approved after their sale was briefly banned last year following thousands of lawsuits that accused Juul of fueling a teen vaping epidemic. The company, in which Marlboro maker Altria (MO.N) was a former investor, would pursue additional filings to expand its e-cigarette alternatives, while pursuing an appeal of the FDA's stayed decision, a company spokesperson told Reuters. Reporting by Deborah Sophia and Savyata Mishra in Bengaluru; Editing by Shinjini Ganguli and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: FDA's, Deborah Sophia, Savyata Mishra, Shinjini Ganguli, Anil D'Silva Organizations: Juul Labs, U.S . Food, Drug Administration, FDA, Thomson Locations: Britain, U.S, Marlboro, Altria, Bengaluru

☆ Aurora Innovation plans $600 mln private placement, shares fall
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

Companies Aurora Innovation Inc FollowJuly 18 (Reuters) - Self-driving technology firm Aurora Innovation (AUR.O) said on Tuesday it plans to sell $600 million worth of class A common stock in a private placement, sending the company's shares down more than 10% in after-market trading. The company also commenced an underwritten public offering of up to $200 million of its Class A common stock. Aurora said in a regulatory filing it expects to report that it had $785 million of cash, cash equivalents and short-term investments, exclusive of restricted cash, as of June 30. Aurora on Tuesday forecast quarterly cash use of $175 million to $185 million, on average, from the third quarter of 2023 through its planned commercial launch. The company plans to launch its self-driving Aurora Driver platform at the end of 2024.

Persons: Aurora, Savyata Mishra Organizations: Aurora Innovation, Aurora, Thomson Locations: Bengaluru

☆ Factbox: Food and beverage products that mention aspartame on their labels
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

July 14 (Reuters) - Aspartame, one of the world's most popular sweeteners, has been deemed a "possible carcinogen" by two groups linked to the World Health Organization, though it remains safe for consumption at already-agreed levels. The sugar substitute, used in products from diet sodas to sugar-free yoghurts and cough drops, is a combination of two amino acids - phenylalanine and aspartic. The U.S. Food and Drug Administration, which approved aspartame in 1974, advises that products carry a warning label for Phenylketonurics - people with a rare genetic disorder who have difficulty in breaking down phenylalanine. Below are some food and beverage companies that mention aspartame on their product label:Source: US FDA, NCBI, company websitesReporting by Granth Vanaik, Juveria Tabassum and Savyata Mishra in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Granth Vanaik, Juveria, Savyata Mishra, Shailesh Organizations: World Health Organization, U.S . Food, Drug Administration, FDA, Thomson Locations: U.S, Bengaluru

☆ What is aspartame and what do the new WHO rulings mean?
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +4 min

Discovered in 1965 by American chemist James Schlatter, aspartame is about 200 times sweeter than regular table sugar. One group of experts, the International Agency for Research on Cancer (IARC), said aspartame is a "possible carcinogen". For aspartame, this limit is 40 milligrams of aspartame per kilogram of body weight per day. Aspartame's use in food products has been debated for decades and has also prompted some companies to remove the compound from their products. PepsiCo (PEP.O) removed aspartame from Diet Pepsi in 2015 but brought it back a year later.

Persons: James Schlatter, Gunter Kuhnle, Mills, Yoplait, JECFA, Elissa Welle, Savyata Mishra, Deborah Sophia, Caroline Humer, Catherine Evans Organizations: World Health, U.S . Food, Drug Administration, WHO, International Agency for Research, Cancer, FAO, United Kingdom's University of Reading, PepsiCo, Pepsi, FDA, IARC, National Library of Medicine, Thomson Locations: Diet, saccharin, United Kingdom, Spain, France, Italy, Denmark, Germany, Australia, New Zealand, New York, Bengaluru

☆ Meta's social media apps back up after brief outage - Downdetector.com
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

[1/2] Facebook, Whatsapp and Instagram logos are displayed in this illustration taken October 4, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoJuly 10 (Reuters) - Meta Platforms' (META.O) social media apps Instagram and Facebook, messaging app WhatsApp and Twitter-rival Threads were all back up after a brief outage affecting thousands of users on Monday, according to Downdetector.com. At the peak of the outage, lasting over an hour, over 14,000 users reported issues with accessing Instagram, while around 7,000 and 2,700 users faced issues with Facebook and WhatsApp, respectively. Meta's newest offering Threads also experienced an outage, with about 470 users reporting problems accessing the app. The outage could have affected a larger number of users.

Persons: Dado Ruvic, Meta, Savyata Mishra, Jyoti Narayan, Vinay Dwivedi, Krishna Chandra Organizations: REUTERS, Facebook, Twitter, Thomson Locations: Bengaluru

☆ Buy Buy Baby stores set to shutter as Go Global's deal falls apart - CNBC
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - Bankrupt retailer Bed Bath & Beyond's Buy Buy Baby stores are set to shutter after a last ditch effort to save the chain and keep the business alive fell apart, CNBC reported on Tuesday. Brand management firm Go Global Retail was eager to buy the Bed Bath & Beyond chain and keep it running, but couldn't reach an agreement on valuation, the firm's CEO Jeff Streader told CNBC. Bed Bath did not immediately respond to a Reuters' request for comment. Once a storied retailer, Bed Bath & Beyond filed for Chapter 11 bankruptcy protection in April after struggling for years with dwindling sales and a failed merchandising strategy. Reporting by Savyata Mishra in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeff Streader, Savyata Mishra Organizations: Bed, CNBC, Brand, Go, Retail, Sixth Street Partners, Global, Thomson Locations: Bengaluru

☆ Meta's Facebook, Instagram, Whatsapp down for thousands of users - Downdetector.com
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: 1 min

[1/2] Facebook, Whatsapp and Instagram logos are displayed in this illustration taken October 4, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoJuly 10 (Reuters) - Thousands of U.S. users across Meta Platforms' (META.O) social media offerings Instagram and Facebook, and messaging app WhatsApp reported outages on Monday, according to Downdetector.com. As many as 13,000 users reported issues with accessing Instagram, while around 5,400 and 1,870 users faced outages on Facebook and WhatsApp, respectively. Downdetector tracks outages by collating status reports from a number of sources including user-submitted errors on its platform. The outage could have affected a larger number of users.

Persons: Dado Ruvic, Meta, Savyata Mishra, Vinay Dwivedi Organizations: REUTERS, Facebook, Thomson Locations: Bengaluru

☆ Coca-Cola to see less pain from looming WHO decision on aspartame - analysts
▼ + stars: | 2023-06-30 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

June 30 (Reuters) - Coca-Cola (KO.N) will only see a limited impact if the world health agency classifies the artificial sweetener used in its Diet Coke, aspartame, as a possible carcinogen, thanks to its scale of production, analysts said on Friday. But for Coca-Cola, whose low-calorie products accounted for a third of its total volumes sold in 2022, analysts said switching to a natural sweetener could be easier than many other companies that use aspartame. In the past, beverage makers like Coca-Cola and PepsiCo have tweaked their ingredient composition to comply with evolving policy changes. However, PepsiCo could get an edge over its rival as it had moved away from aspartame to a blend of sucralose and acesulfame potassium earlier, CFRA Research said. Reporting by Savyata Mishra in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Charlie Higgs, Grzegorz, Savyata Mishra, Arun Koyyur Organizations: World Health, Redburn Ltd, Cola, PepsiCo, Conotoxia, Research, Thomson Locations: California, Bengaluru

☆ Explainer: What is aspartame, the 'possible carcinogen' in diet sodas, sugar-free juices?
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +3 min

WHAT PRODUCTS CONTAIN ASPARTAME? Aspartame's use in food products has been debated for decades and has also prompted some companies to remove the compound from their products. PepsiCo (PEP.O) removed aspartame from some U.S. diet sodas. General Mills' (GIS.N) Yoplait also removed aspartame from its yogurts in 2014. Saccharin, sucralose and neotame are among five other artificial sweeteners alongside aspartame authorized by a WHO expert committee on food additives.

Persons: James Schlatter, Mills, Yoplait, Savyata Mishra, Deborah Sophia, Sriraj Kalluvila, Aurora Ellis Organizations: World Health Organization, Reuters, U.S . Food, Drug Administration, PepsiCo, FDA, National Library of Medicine, Thomson Locations: Diet, Spain, France, Italy, Denmark, Germany, Australia, New Zealand, Bengaluru

Several consumer industry trade bodies - whose members use aspartame - on Thursday rejected the IARC’s assessment. Shoppers can find aspartame in Weight Watchers yoghurts, some Snapple drinks and Conagra’s Mrs. Butterworth’s syrups. “Aspartame has been in use as an intense sweetener for more than 30 years in the UK. In 2014 General Mills (GIS.N) swapped the aspartame in Yoplait Light for the sweetener widely known as Splenda. Sweeteners have varying levels of sweetness and price, and are different chemical compounds, making it difficult to simply swap ingredients.

Persons: Health Organization's, Garrett Nelson, Butterworth’s, ” Nelson, ” Tom Sanders, Mills, Richa Naidu, Savyata Mishra, Jessica DiNapoli, Barbara Lewis Organizations: Reuters, International Agency for Research, Cancer, Health, Joint WHO, Food, Agriculture Organization's, CFRA Research, Shoppers, Nutrition, King’s College London, PepsiCo, Thomson

☆ General Mills forecasts dour profit as price hikes impact demand
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

June 28 (Reuters) - General Mills' (GIS.N) full-year profit forecast on Wednesday came in largely below analysts' estimates as the U.S. packaged food maker battles with slow demand for its ready-to-eat cereals and meal kits due to higher prices. Shares of the Cheerios cereal maker fell 4% in premarket trading after General Mills reported a 6 point fall in sales volumes in the fourth quarter. Price hikes to offset inflation in labor, raw materials and transportation has aided top-line growth at U.S. packaged food makers. Increasing caution on part of consumers also impacted their at-home versus away-from-home food choices, and the brands they choose, General Mills said. General Mills forecast fiscal 2024 organic net sales to rise 3% to 4%, while it reported growth of 5% in fiscal 2023.

Persons: Mills, Betty Crocker, Refinitiv, Savyata Mishra, Shinjini Organizations: Pillsbury, Thomson Locations: North America, Bengaluru

☆ Mondelez plans to separate Russia operations by year-end
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: 1 min

June 15 (Reuters) - Oreo-maker Mondelez International (MDLZ.O) said on Thursday it has scaled down operations in Russia and plans to make it a stand-alone business with a self-sufficient supply chain before the end of the year. The Chicago-based snack maker, which has faced a widening corporate boycott in the Nordic region over its presence in Russia, said it has discontinued new capital investments, product launches and advertising media spending in the country. "As a result of these actions...overall volumes have declined double digits and both our import volumes and market share have significantly decreased," the company said in a statement. Reporting by Savyata Mishra in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Savyata Mishra, Krishna Chandra Organizations: Mondelez, Thomson Locations: Russia, Chicago, Nordic, Bengaluru

June 15 (Reuters) - Mediterranean restaurant chain Cava Group (CAVA.N) notched a valuation of $4.7 billion in a stellar market debut on Thursday, signaling the IPO market was gaining momentum after a lull in 2022. Shares opened at $42 apiece on the NYSE, nearly double the IPO price of $22, last up 89%. Cava sold about 14.4 million shares in the offering, raising $318 million. “We think the markets are always welcoming long-term sustainable growth stories, especially category defining brands, as we try and define the Mediterranean category,” Cava Co-founder and CEO Brett Schulman said. Cava was founded by three friends with Greek roots — Ted Xenohristos, Ike Grigoropoulos and Dimitri Moshovitis — and opened its first restaurant Cava Mezze in Rockville in 2006.

Persons: Cava, Matthew Kennedy, Johnson, Brett Schulman, Ted Xenohristos, Ike Grigoropoulos, Dimitri Moshovitis —, Morgan, Jefferies, Manya Saini, Savyata Mishra, Echo Wang, Vinay Dwivedi Organizations: NYSE, Renaissance Capital, Reuters, Rivian, ”, Restaurant Brands, Cava, Citigroup, Thomson Locations: Cava, CAVA, United States, ” Cava, Rockville, Bengaluru, Echo, New York

☆ Online retailer Overstock to buy some assets of Bed Bath & Beyond
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

June 13 (Reuters) - Overstock.com (OSTK.O) will buy certain assets of bankrupt home goods retailer Bed Bath & Beyond for $21.5 million, the online retailer said on Tuesday. The deal, designated a "stalking horse" bid under the U.S. Bankruptcy Code, will include intellectual property, business data, rights to mobile applications, and will also assume certain liabilities of Bed Bath & Beyond. The retailer had delivered 10% of the purchase price in cash to an escrow agent in immediately available funds, Overstock said in a regulatory filing. Bed Bath & Beyond had in April filed for Chapter 11 bankruptcy protection after struggling with dwindling sales and a failed merchandising strategy. The Wall Street Journal last week reported that retail investment firm Go Global Retail was in talks with Bed Bath & Beyond for its Buybuy Baby chain.

Persons: Overstock, Savyata Mishra, Sriraj Kalluvila, Maju Samuel Organizations: Bed, U.S, Reuters, Go, Thomson Locations: Bengaluru

☆ Restaurant chain Cava raises IPO valuation target to $2.23 bln
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

June 12 (Reuters) - Cava Group Inc, which operates a chain of Mediterranean fast-casual restaurants in the United States, said on Monday that it is now aiming for a valuation of up to $2.23 billion in its U.S. initial public offering. Cava now intends to sell roughly 14.44 mln shares to raise $289 million based on the top end of the new proposed range, up from $274.4 million last week. The company is expected to debut on the New York Stock Exchange under the symbol "CAVA" on Thursday. Cava logged a net loss of $59 million in fiscal 2022 compared to $37.4 million in the prior year. Reporting by Manya Saini and Savyata Mishra in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Manya Saini, Savyata Mishra, Shailesh Organizations: Inc, New York Stock Exchange, Cava, Thomson Locations: Cava, United States, Bengaluru

☆ Lululemon shares surge as consumers snap up pricier athletic wear
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +2 min

Lululemon's first-quarter results also moved past estimates as the company saw traffic across both its stores and online up about 30%. The company also reported a 79% rise in sales in China, bolstered by the rollback of COVID restrictions. The company's strong results also lifted shares of other athletic wear makers including Nike Inc (NKE.N) and Athleta owner Gap Inc (GPS.N) by 3% and 1%, respectively, in premarket trading. "We continue to believe that Lululemon is best positioned in a consumer slowing cycle," said Adrienne Yih, analyst at Barclays. Reporting by Savyata Mishra and Aishwarya Venugopal in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Piper Sandler, Abbie Zvejnieks, Lululemon's, Cowen, Adrienne Yih, Savyata Mishra, Aishwarya Venugopal, Krishna Chandra Organizations: Barclays, Nike Inc, Gap Inc, Adidas, Puma, Thomson Locations: China, U.S, Bengaluru

☆ U.S. consumer outlook dims as upscale retailers, discounters slash forecasts
▼ + stars: | 2023-06-01 | by ( Aishwarya Venugopal | ) www.reuters.com time to read: +3 min

Broadly, U.S. consumer spending trends showed resilience in the face of high inflation, but big-ticket purchases suffered. Upscale retailer Macy's said the U.S. consumer pulled back more than anticipated and slashed its annual sales and profit forecasts for the year. Macy's and lingerie brand Victoria's Secret & Co (VSCO.N) are resorting to more discounts to clear out excess inventory. "Our business in North America became increasingly more challenging," Victoria's Secret CEO Martin Waters said during a post earnings call on Thursday. The pinch from slowing consumer spending was not just limited to high-end retailers.

Persons: Macy's, Hogan, Martin Waters, they're, Nordstrom, Peter Nordstrom, Dr Martens, Arun Sundaram, Aishwarya Venugopal, Savyata Mishra, Shinjini Organizations: U.S, Goods, Riley, Nordstrom Inc, Discount, CFRA Research, Thomson Locations: U.S, North America, United States, Bengaluru

☆ Dollar General prunes annual outlook as shoppers curb spending; shares slide
▼ + stars: | 2023-06-01 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

Low-cost retailers like Dollar General face stiff competition from bigger retailers like Walmart in the grocery and food business, which has lifted its annual outlook as it offers lower prices on groceries compared to rivals Target Corp (TGT.N). Shares of Dollar General were set for their worst day on record, if losses hold, as it also said an earnings decline would be "most significant" in the second quarter. The Tennessee-based company's gloomy outlook echoes disappointing results at its biggest rival Dollar Tree (DLTR.O) last week, which took a hit from slowing demand for non-essentials and elevated cost pressures. The company's first-quarter same-store sales and profit were also below analysts' average estimate as customers appeared to have reduced their spending budgets. Reporting by Savyata Mishra in Bengaluru; Editing by Pooja Desai and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeffery Owen, Michael Montani, Kelly Dilts, Savyata Mishra, Pooja Desai, Dhanya Ann Thoppil Organizations: General Corp, Walmart, Target Corp, Evercore ISI, Thomson Locations: The Tennessee, Bengaluru

☆ Appen launches cost-cutting plan as earnings drop, expands into generative AI
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

Shares of the company tanked as much as 19.4% to A$2.570 in early trade. Appen, one of the world's largest AI training providers, announced on Wednesday a raft of cost-saving initiatives expected to deliver annualised cost savings of about $36 million in fiscal 2024. "Going forward, costs will be managed in line with the revenue opportunity and market conditions," it said in a statement. It further launched a set of data products and services in a push to diversify its revenue by tapping into the hot generative AI market, on the back of its partnership with NVIDIA Corp (NVDA.O) to offer AI solutions to the latter's enterprise customers. Appen said it had "multiple projects underway that relate to generative AI model development and evaluation for both large tech and enterprise customers."

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