DIRS.INFO The most relevant business & tech news

☆ Conservative boycotts against Target and Bud Light are working thanks to a 'perfect storm' of social media and culture wars, experts say
▼ + stars: | 2023-06-03 | by ( Avery Hartmans | Natalie Musumeci | ) www.businessinsider.com time to read: +7 min

Experts say the boycotts work thanks to the culture wars and panic-stoking online and in the media. Bud Light was the target of social-media outcry in April after it partnered with the trans influencer and TikTok star Dylan Mulvaney. Bud Light owner Anheuser-Busch said that several of its facilities had received threats following the weeks of backlash against its brands. Like Bud Light, Nike also partnered with Mulvaney, but that outrage cycle seemed to blow over quickly. "Well, you know what, the next company is gonna say, 'We don't want to be Bud Light or Target.

Persons: —, Bud Light, Dylan Mulvaney, Disney, Ron DeSantis, Joe Raedle, Lawrence Glickman, Glickman, Bud, Busch, Brian Cornell, Scott Olson, Vanitha Swaminathan, Republican Sen, Ted Cruz, Cruz, Ari Drennen, Drennen Organizations: Service, Target, Florida Gov, American Studies, Cornell University, Consumer, Bud Light, Anheuser, Survey, Carey School of Business, Arizona State University, Cornell, Nike, Mulvaney, Katz, Branding, University of, Republican, Disney, Media Matters Locations: Target, America, Patagonia

☆ Target Pride backlash exposes 'rainbow capitalism' problem, designer says
▼ + stars: | 2023-05-31 | by ( Helen Reid | ) www.reuters.com time to read: +4 min

[1/2] Erik Carnell, transgender designer and artist whose products were pulled by U.S. retailer Target from its Pride Collection amid backlash from some of their customers, poses for a portrait in London, Britain, May 30, 2023. REUTERS/Dylan MartinezLONDON, May 31 (Reuters) - U.S. retailer Target's decision to remove some LGBTQ-themed merchandise after customer backlash in its stores highlights the problem with companies' "rainbow capitalism," said Erik Carnell, a transgender designer whose products were pulled from its stores. Target (TGT.N) has sold LGBTQ-related goods tied to Pride month for years. Target's collection for Pride Month, which is celebrated every year in June, includes more than 2,000 products, including Carnell's Abprallen brand. "We stand with you now and will continue to do so - not just during Pride Month, but each and every day," he said.

Persons: Erik Carnell, Dylan Martinez, Carnell, influencer Dylan Mulvaney, Brian Cornell, Etsy, Helen Reid, Siddharth Cavale, Kate Masters, Matt Scuffham, Deepa Babington Organizations: U.S, Target, REUTERS, Dylan Martinez LONDON, Kohl's, Pride Month, Anheuser, Reuters, Business, Pride, Thomson Locations: London, Britain, New York

☆ Target and Disney trip up on the Pride divide
▼ + stars: | 2023-05-31 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

[1/2] A shopping cart is seen in a Target store in the Brooklyn borough of New York, U.S., November 14, 2017. REUTERS/Brendan McDermid/File PhotoNEW YORK, May 31 (Reuters Breakingviews) - Target (TGT.N) and Walt Disney (DIS.N) are fighting different battles over a similar social issue. Of the two, retailer Target has the harder balancing act. The $62 billion retailer run by Brian Cornell last week decided to pull some items from its 2023 collection celebrating Pride Month. Some of Disney’s employees were upset by the regulation and Iger took a stand on their behalf.

Persons: Brendan McDermid, Walt Disney, Brian Cornell, ”, Bob Iger, Ron DeSantis, Iger, Marjorie Taylor Greene, John Foley, Sharon Lam Organizations: REUTERS, Reuters, Target, Pride, Disney, Sunshine, Cornell, Walt Disney, Fox News, Thomson Locations: Brooklyn, New York, U.S, Florida, Orlando, UK

☆ The North Face doubles down on 'Summer of Pride' campaign amid backlash from right-wingers
▼ + stars: | 2023-05-27 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Right-wingers are now targeting The North Face after the brand debuted its "Summer of Pride" collection. "Nature lets you be who you are," The North Face began its caption. According to Fox News, the collection initially included children's clothing, but The North Face later took the items down from the site after backlash. However, rainbow-themed kids apparel can be found on the site of sportswear retailers that carry North Face items, Fox reported. —Marjorie Taylor Greene 🇺🇸 (@mtgreenee) May 24, 2023Despite the alleged removal of kids clothing from its site, North Face defended its "Summer of Pride" campaign when asked to comment on the backlash.

☆ Target is expanding removal of Pride merchandise across the country, workers say, in a potential win for anti-LGBTQ protestors
▼ + stars: | 2023-05-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Target reportedly is doubling down on its controversial decision to pull Pride merchandise from its stores. Sources tell Insider that Target ordered stores across the US to remove swimwear and other items. Workers in Florida and Texas, where displays were previously removed, told Insider that products and apparel that mention or celebrate transgender Pride were no longer for sale either. A day earlier, CEO Brian Cornell defended the decision to remove some Pride month displays in an email to staff. If you are a Target worker who wants to share your perspective, please contact Dominick via email or Signal 646.768.4750.

☆ Target CEO defends the decision to remove Pride displays and pledges to support the LGBTQ community. Read his letter to employees.
▼ + stars: | 2023-05-25 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The company has long been an outspoken LGBTQ supporter, but some employees have felt let down by the move. CEO Brian Cornell defended the choice, saying it took "many difficult days of deliberation." A Target spokesperson told Insider the move was a response to "threats impacting our team members' sense of safety and wellbeing." This has been a very hard day for Target, and it follows many difficult days of deliberation and decision-making. Thank you for the care you've shown each other, our frontline teams and the LGBTQIA+ community.

☆ Target is being held hostage by an anti-LGBTQ campaign
▼ + stars: | 2023-05-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

New York CNN —During every Pride Month in June for the past decade, Target has sold merchandise for LGBTQ customers, employees and allies. But this year, Target faced an anti-LGBTQ campaign that went viral on social media. Fueled by far-right personalities and on social media platforms, the anti-trans campaign spread misleading information about the company’s Pride Month products and its business practices. It won’t be worth whatever they think they’ll gain.”The campaign became hostile, with threats levied against Target employees and instances of damaged products and displays in stores. Meeting demandTarget became the focus of the anti-LGBTQ campaign’s ire for its Pride Month merchandise, but the campaign misrepresented Target’s ambitions.

Persons: ”, Matt Walsh, Kelley Robinson, Bud Light, Yoram, “ It’s, Brian Cornell, Fortune, Erik Carnell, ” Target, Gavin Newsom, Sarah Kate Ellis, Tim Calkins, Ron DeSantis, “, Paul Argenti Organizations: New, New York CNN, Target, Twitter, Human Rights, Pride, University of Pennsylvania’s Wharton School, Gallup, ”, Wall Street Journal, GLAAD, Northwestern University’s Kellogg School of Management, Companies, Nike, Disney, Florida Gov, Los Angeles Dodgers, Dodger, Dartmouth University’s Tuck School of Business Locations: New York, California, statehouses

☆ Why retail theft is soaring: inflation, the economy – and opportunity
▼ + stars: | 2023-05-23 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +7 min

But as economic fears grow amid inflation and rising borrowing costs, shoplifting often comes with the territory, industry watchers say. Need and opportunity become forceful catalysts for driving up incidents of retail crime, experts said. He described two types of store theft plaguing retailers currently. “This is organized retail crime. “What’s happening in the overall economy matters when you analyze retail crime overall, but also what is happening more locally, in towns and neighborhoods,” said Hayes.

Persons: Nordstrom, can’t, ”, Read Hayes, criminologist, Hayes, Burt Flickinger, “, Mark Cohen, Cohen, Brian Cornell, Cornell, ” Cornell, that’s, Doug McMillon Organizations: New, New York CNN —, Foods, University of Florida, Prevention Research Council, Walmart, Target, Strategic Resource, Gallup, Columbia Business School, National Retail Federation, CNN, ” Walmart, CNBC Locations: New York, San Francisco, Target

☆ The Target of Runaway Theft
▼ + stars: | 2023-05-22 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week's worst and best from Kim Strassel, Bill McGurn and Dan Henninger. Images: Reuters/AFP/Getty Images Composite: Mark KellyAmerica’s turn toward lawlessness is nowhere more evident than at retail stores, where these days even toothpaste is often under lock and key. Now Brian Cornell , the CEO of Target Corp., has put a number on the cost of “inventory shrinkage,” which is mostly theft: $500 million in lower profits this year.

☆ Target offers 1 year to return items from store brands like Cat & Jack kids' clothes. Here's everything you need to know about the unusually generous policy.
▼ + stars: | 2023-05-22 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +7 min

Target guarantees satisfaction for a year on owned-brand goods, including Cat & Jack kids clothes. Here's Target's policy, the strategy behind it, and what could cause it to change. Target's policy says most items must be returned within 90 days and they must be in new condition or unopened. In a way, the return policy helps Target make sales, as it incentivizes shoppers to buy its in-house brands. "These are people admitting on social media that they were actually quite satisfied, but they are just finding a loophole and this return policy," Herzog said.

Organizations: & &

☆ Five takeaways about the consumer from Walmart, other retailers after a big week of earnings
▼ + stars: | 2023-05-19 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +8 min

So far, at least five retailers – Target, Walmart, Tapestry , Bath and Body Works and Foot Locker – have spoken about sales trends across the country getting worse. The retailer's comparable sales in the U.S. declined 4.6% in the quarter versus the year-ago period. Target, Home Depot and Walmart all saw a noticeable pattern: Fewer pricey and fun items in shopping carts. At Home Depot, customers bought fewer big-ticket items like appliances and grills in the fiscal first-quarter. Customers at Walmart have become more selective when shopping for electronics, TVs, home items and apparel, Rainey told CNBC.

☆ 'It's not people shoplifting': Why retail is focused on organized crime
▼ + stars: | 2023-05-18 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +4 min

watch nowIt's been hard to get an exact read on the rise in retail theft. But this quarter's batch of retail earnings have brought the theft issue to the forefront again. Target said organized retail crime will reach $500 million more in stolen and lost merchandise this year compared with a year ago. The National Retail Federation says organized retail crime is the main reason for retail "shrink" — a mismatch between actual inventory and what is on the books — which reached $94.5 billion in 2021, an increase of almost $4 billion year over year. But shoplifting is a big part of organized crime.

☆ Premarket stocks: Investors shouldn't ignore this recession warning sign
▼ + stars: | 2023-05-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

“Retail growth held on by the skin of its teeth this month,” said Neil Saunders, managing director of GlobalData. The retailer posted disappointing sales for its first quarter and lowered its outlook for the year as customers slowed their spending. Total sales ticked up 0.5% during its latest quarter from a year ago, the company said Wednesday. The bill, which will take effect in January, specifically names TikTok as its target, prohibiting the app from operating within state lines. Pence said he expects to come to a decision about a presidential run before the end of June.

Discretionary products account for a major portion of the company's merchandise and it has been looking to increase the share of household essentials as sticky inflation and higher interest rates weigh on consumers' spending decisions. "American consumers continue to face difficult trade-off decisions as they juggle the wants and needs of their families ... The fear of a looming recession weighs heavily on many American families," Senior Target executive Christina Hennington said on a post-earnings call. Target projected adjusted profit between $1.30 and $1.70 per share, below estimates of $1.93 for the current quarter and forecast comparable sales to decline in the low-single digits. Target executives used the word "cautious" at least 13 times during the hour-long earnings call.

☆ Target expects organized retail crime-fueled losses to jump by $500 million this year
▼ + stars: | 2023-05-17 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Target said Wednesday that organized retail crime will fuel $500 million more in stolen and lost merchandise this year compared with a year ago. He described retail theft as "a worsening trend that emerged last year," and said violent incidents have increased at Target's stores. "The country has a retail theft problem," Home Depot CFO Richard McPhail said on a call with CNBC on Tuesday. Yet it's hard to verify if organized retail theft has grown and if so, by how much. Target has become more vocal about organized retail theft, as it has struggled with excess inventory and its margins have disappointed.

☆ Target expects to take a $500 million hit this year due to missing inventory, and says shoplifting and organized crime is largely to blame
▼ + stars: | 2023-05-17 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

Target says it expects to take a $500 million hit in profits this year because of missing inventory. It said that this is largely due to theft and organized crime. Inventory shrink refers to when the company has fewer products on its shelves than what is reported in its inventory. Last November, the company said that missing inventory had cost it $400 million in profits so far that year and that this number could reach $600 million by year-end. According to research from the National Retail Federation, retail shrink cost retailers $94.5 billion in 2021, up from $90.8 billion in 2020.

☆ Target flashes a recession warning: Shoppers are buying fewer clothes and more necessities
▼ + stars: | 2023-05-17 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Shoppers are pulling back at Target, Home Depot and other major chains as they face pressure from higher prices and borrowing costs. But digital sales fell, and the company said shoppers pulled back on discretionary purchases in what CEO Brian Cornell called a “very challenging environment” for consumers. It’s the latest retailer to say shoppers pulled back on items like clothing and home goods and shifted to groceries and necessities. Retail shrink hit $94.5 billion in 2021, a 53% jump from 2019, according to the National Retail Federation’s annual survey of around 60 retail member companies. But the impact of shoplifting on retail losses may have been overstated in some cases.

☆ Target CEO Brian Cornell earned 680 times its median employee's pay last year. And that was after he saw a pay cut.
▼ + stars: | 2023-05-03 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The median employee — a part-time hourly worker — earned $25,993 for the full year. Cornell's pay ratio works out to 680 times that of the median worker, down from last year's figure of 775. That works out to a CEO-to-median worker pay ratio of 680 to one. McMillon's pay ratio was even higher, earning 933 times the typical worker's annual pay. Most companies argue that the mandatory CEO pay ratio figure should not be used to compare different types of businesses.

☆ Americans are about to put the brakes on spending, and that's got Wall Street analysts on alert. Here's why, and what it means for stocks.
▼ + stars: | 2023-03-04 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +6 min

Here's why spending is likely to slow down, and why it could mean more turmoil for markets. Retailers and others believe that consumer expenditure is likely to fall, after kicking off the first weeks of 2023 on the rise. Meanwhile, the Fed's preferred PCE inflation gauge showed a 1.8% jump in consumer expenditure that month, compared with December. It's fair to say most analysts weren't expecting consumer spending data to be so resilient in January — and some suggest those figures might be overblown. A dip in consumer spending might signal the beginning of a sustained drop in demand in the US.

☆ Target, Macy's and Best Buy say consumers are strained
▼ + stars: | 2023-03-02 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Big retailers say consumer demand is starting to buckle from the strain of inflation and customers are making changes in how they shop. Target (TGT), Best Buy (BBY), Macy’s (M) and other chains say shoppers have pulled back on discretionary goods like clothing, electronics and home improvement. The slowdown could mean consumers will see more discounts on shelves as stores look for ways to entice shoppers and work down their inventory. “The consumer electronics industry continues to feel the effects of the broader macro environment and its impact on consumers,” Best Buy finance chief Matt Bilunas said. Best Buy predicts its comparable sales will decline 3% to 6% this year.

☆ Target fends off holiday gloom with discounts, warns on 2023 earnings
▼ + stars: | 2023-02-28 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +2 min

The big-box retailer forecast full-year earnings of $7.75 to $8.75 per share, below analysts' estimates of $9.23, according to Refinitiv data. The company's comparable sales in the quarter ended in Jan. 28 rose 0.7%, while analysts had expected a 1.5% fall. Target in November had forecast fourth-quarter comparable sales to fall by about a low single-digit percentage, saying it was a witnessing a "precipitous decline" in discretionary demand. Excluding items, Target earned $1.89 per share in the fourth quarter, beating estimates of $1.40 per share. The company said it expects full-year comparable sales in a wide range from a low-single digit decline to a low-single digit increase.

☆ Target leans into 'affordable joy' and its cheap chic reputation as sales slow
▼ + stars: | 2023-02-28 | by ( Melissa Repko | ) www.cnbc.com time to read: +2 min

An increased number of mannequins feature clothing and shoes throughout the remodeled Target store in Orange, California. It also intends to expand a network of hubs to make it cheaper and faster to get online orders to customers. Target plans to offer more items at lower price points, such as $3, $5, $10 and $15. "Given value is absolutely top of mind right now, being able to deliver affordable joy differentiates us in the marketplace," CEO Brian Cornell said. "And that's a clear advantage in the near term and remains our focus over the long term."

☆ Jim Cramer's top 10 things to watch in the stock market Tuesday: February to forget, 100 days of Iger
▼ + stars: | 2023-02-28 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Sign up for my Top 10 Morning Thoughts on the market email newsletter for free 2. RBC Capital calls General Electric (GE) a buy ahead of next week's analyst day; ahead of separation of energy and power businesses into GE Vernova. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

☆ Target CEO Brian Cornell on Q4 earnings
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTarget CEO Brian Cornell on Q4 earningsTarget CEO Brian Cornell joins 'Squawk Box' to discuss the company's quarterly earnings results as it topped Wall Street's earnings expectations for the first time in a year.

☆ Target had a surprisingly good quarter because of discounts
▼ + stars: | 2023-02-28 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

New York CNN —Target’s decision to cut prices to boost sales has paid off. The retailer’s holiday-quarter sales at stores open at least a year rose nearly 1% compared to same period in 2021. That came in well above analysts’ expectations: Wall Street had expected sales to slip. Partnerships, include a holiday-themed one with UK retailer Marks and Spencer, were also a hit with shoppers, it said. Shares of Target (TGT) rose more than 5% in premarket trading.

Search resuls for: "Brian Cornell"

25 mentions found