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☆ ‘Maybe we cried too much’ over shoplifting, Walgreens executive says
▼ + stars: | 2023-01-06 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

“Maybe we cried too much last year” about merchandise losses, Walgreens finance chief James Kehoe acknowledged Thursday on an earnings call. Kehoe’s message is a notable shift from comments about theft from Walgreens and other retailers like Walmart and Target over the last nearly three years. Companies and retail industry groups have tried to draw attention to shoplifting and “organized retail crime” rings smashing windows and grabbing aisles full of merchandise off shelves, urging lawmakers to crack down. One of the shuttered stores that closed had only seven reported shoplifting incidents in 2021 and a total of 23 since 2018, according to the newspaper. Overall, the five stores that closed had fewer than two recorded shoplifting incidents a month on average since 2018.

☆ Mike Sievert of T-Mobile is the CNN Business CEO of the Year
▼ + stars: | 2022-12-26 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +8 min

T-Mobile’s solid performance on Wall Street was one big reason why CEO Mike Sievert is the CNN Business pick for CEO of the Year. CNN Business spoke to Sievert about how T-Mobile has continued to perform well in a super competitive business. T-Mobile CEO Mike Sievert talks to employees at a 2022 company event. That has led to higher expenses, but Sievert said T-Mobile is less worried about inflation than other consumer firms. Prepared for more competitionSievert, who has been with T-Mobile since 2012, took over as CEO in 2020 from long-time CEO John Legere.

☆ The CEOs of Walmart and Target are warning of surging theft. Here's how a CVS exec said thieves steal $2,000 from stores in just 2 minutes.
▼ + stars: | 2022-12-15 | by ( Hannah Towey | Ben Tobin | ) www.businessinsider.com time to read: +4 min

CVS Health's director of organized retail crime investigations testified to Congress in 2021 about the topic. According to the National Retail Federation, organized retail crime incidents jumped 26.5% on average in 2021. In congressional testimony, he said organized retail crime-related events are reported in a CVS Pharmacy store every three minutes. He had personally investigated organized retail crime for over 30 years. "Let me just be clear about what organized retail crime is not.

☆ From Disney to Target to Boeing, retirement is a thing of the past for CEOs
▼ + stars: | 2022-12-11 | by ( Bob Woods | ) www.cnbc.com time to read: +5 min

SUN VALLEY, ID - JULY 13: (L-R) Bob Iger, chairman and chief executive officer of The Walt Disney Company, Dick Costolo, former chief executive officer of Twitter, Lachlan Murdoch, co-chairman of Twenty-First Century Fox, Sundar Pichai, chief executive officer of Google, and Randall Stephenson, chief executive officer of AT&T, mingle during the annual Allen & Company Sun Valley Conference, July 13, 2018 in Sun Valley, Idaho. The average tenure for departing CEOs during that same time period was about 11 years, up from nine years in 2020. That's not surprising, because of the impact of the pandemic and [other] crises, where boards put CEO succession on hold," Anterasian said. "In our research, boards put CEO succession on hold during crises," Anterasian said. At Disney, Iger has said he will only stay on for two years before a successor takes over.

☆ Walmart CEO: 'Stores will close' if theft at retailer doesn't slow down
▼ + stars: | 2022-12-06 | by ( Ben Tobin | ) www.businessinsider.com time to read: +2 min

Doug McMillon told CNBC that theft is 'higher than what it has historically been' at storesHe said that along with stores closing if theft doesn't slow down, prices could be higher. Reuters previously reported that Walmart loses roughly $3 billion in theft each year. He added: "If that's not corrected over time, prices will be higher, and/or stores will close." McMillon said the key to reducing theft is Walmart working with local law enforcement agencies and ensuring that those agencies are fully staffed. The Bentonville, Arkansas-based retail giant is not the only retailer that has recently sounded the alarm on theft.

☆ What's open and closed on Thanksgiving
▼ + stars: | 2022-11-24 | by ( Jennifer Korn | ) edition.cnn.com time to read: +2 min

Many stores that were once open on Thanksgiving have changed policy since the pandemic, shuttering for the day before Black Friday sales. Here are the businesses and institutions that will be open and closed on Turkey Day. We’ll again be closed on Thanksgiving,” Walmart (WMT) US CEO John Furner said in an October interview on NBC. Costco (COST), Home Depot (HD), Nordstrom (JWN), Publix, Sam’s Club, Trader Joe’s and others have been closed on Thanksgiving for many years. As for retail pharmacies on Thanksgiving Day, CVS, Walgreens and Rite Aid will be open with varying hours.

☆ The window is closing on corporate 'greedflation.' It's another sign that inflation is cooling off.
▼ + stars: | 2022-11-24 | by ( Jacob Zinkula | Madison Hoff | ) www.businessinsider.com time to read: +7 min

"US profit margins surged after the recession. "Greedflation" — the idea that companies are using inflation as an excuse to raise prices and boost profits — could be part of the explanation. But they have also taken advantage of circumstances to expand profit margins," said UBS Chief Economist Paul Donovan. To what extent soaring corporate profits are to blame for high inflation remains uncertain, but as inflation slows down, the negative CEO sentiment suggests some companies' profits are set to fall as well. In September, Federal Reserve Vice Chair Lael Brainard said retailers' profit margins "have risen significantly more than the average hourly wage that retailers pay workers."

Others, like Target (TGT.N) and Barnes & Noble, sealed merchandise behind plexiglass or tethered it with steel cables to store shelves. One survey by the National Retail Federation (NRF) cited a 26.5% jump last year in "organized retail crime" carried out by groups of people. But it is unclear whether overall U.S. retail crime is on the rise, with little data available on the problem. Retailers rarely openly acknowledge the threat of theft or crime because they generally don't want to spook shoppers. "Along with other retailers, we've seen a significant increase in theft and organized retail crime across our business," Target CEO Brian Cornell told investors on a November 16 conference call.

☆ Shoppers are pulling back at Macy’s and Kohl’s
▼ + stars: | 2022-11-17 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

That’s squeezing Macy’s, Kohl’s, Target and other chains. Macy’s (M) sales dropped 3.1% last quarter from a year ago, while Kohl’s (KSS) tanked 6.9%. “Consumers are showing increasing signs of stress and pulling back from discretionary purchases,” Target CEO Brian Cornell said on an earnings call. Although Macy’s own store sales fell 4.4% last quarter, Bloomingdale’s sales grew 5.3% and Bluemercury’s increased 14%. Macy’s stock gained 12% Thursday as the results exceeded analysts’ forecasts.

☆ As consumer spending rises, Costco remains the discount retailer to own
▼ + stars: | 2022-11-17 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

But discretionary spending did pick up in other areas, with U.S. shoppers spending more on cars, furniture and restaurant meals. At the same time, quarterly earnings at giant U.S. discount retailers Walmart (WMT) and Target (TGT) painted a mixed picture. Walmart is a "well-positioned" food retailer because it has "relatively low discretionary exposure," according to analysts at Bank of America. But Target, which is more exposed to discretionary spending, faces "rapidly softening demand," CEO Brian Cornell said Wednesday. Bottom line Consumer spending on staples like food remains strong, while discretionary spending has been mixed, as inflation and other macroeconomic pressures persist.

☆ Target said it's lost $400 million this year due to 'inventory shrink' — and organized retail crime is mostly to blame
▼ + stars: | 2022-11-17 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +4 min

Target said organized retail crime has led to more than $400 million in profit losses in 2022. Organized theft has become a major problem for retailers due to the rise of e-commerce. "Along with other retailers, we've seen a significant increase in theft and organized retail crime across our business," Brian Cornell, Target's CEO, said during the company's third-quarter earnings call. Inventory shrink on the whole cost US retailers nearly $100 billion in 2021, and it was driven by theft: retailers surveyed by the National Retail Federation reported a 26.5% increase on average of organized retail crime. Mulligan said while organized theft likely began in only some geographies, "we see those circles expanding and expanding and the impact continuing to grow."

☆ Premarket stocks: Get ready for a spending slowdown this holiday season
▼ + stars: | 2022-11-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Retail sales surged by 1.3% in October. What’s happening: Wednesday’s headline retail sales numbers, reported by the US Census Bureau, came in strong, but the momentum is unlikely to continue. These cracks in retail are starting to show just as the sector enters its most critical sales period: The holiday shopping season. The bottom line: This holiday season will likely be a mixed bag with some winners and losers in the retail sector, said Saunders. “We do have to do some tax rises, do some spending cuts, if we’re going to show we’re a country that pays our way,” he told Sky News on Sunday.

The company said Wednesday it now plans for a weaker holiday quarter. Target did not provide an outlook beyond the holiday quarter, but said it expects tough conditions to persist. So far this fiscal year, those losses have had a more than $400 million impact on Target’s operating margin. Comparable sales, which track Target sales online and at stores open at least 13 months, rose 2.7% over the year-ago period. Target will share more details about its cost-cutting plan at an annual investor day, which is scheduled for March.

☆ Target is hurting more than American consumers
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Nov 16 (Reuters Breakingviews) - The devil is in the details of Target’s (TGT.N)hellish run. Target is partly hostage to what’s on the shelves, including apparel, electronics and other discretionary items. Rival Walmart (WMT.N), which generates more than half its sales from food, delivered better results on Tuesday. The U.S. Commerce Department just reported that retail sales grew 1.3% in October from September because consumers were buying cars, furniture and clothes. Those numbers suggest that Target is hurting more than American shoppers.

☆ Walmart, Target and Best Buy will be closed on Thanksgiving
▼ + stars: | 2022-10-19 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

We’ll again be closed on Thanksgiving,” Walmart (WMT)US CEO John Furner said in an interview Wednesday on NBC. Target (TGT) last year announced its stores would close on Thanksgiving for good. Holiday shopping used to be highlighted by a few key days — Black Friday being the biggest. But with the growth of online shopping, retailers aren’t as reliant on specific days to drive sales anymore. Costco (COST), Home Depot (HD), Nordstrom (JWN), Publix, Trader Joe’s and others have been closed on Thanksgiving for many years.

☆ Stocks making the biggest moves premarket: Johnson & Johnson, Goldman Sachs, fuboTV and more
▼ + stars: | 2022-10-18 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Here are the companies making headlines before the bell:Johnson & Johnson (JNJ) – Johnson & Johnson shares rose 1.4% in the premarket after beating top and bottom line estimates for the third quarter, helped by growth in pharmaceutical sales. Hasbro had cut its sales forecast earlier this month, noting increased consumer sensitivity to higher prices. Goldman Sachs (GS) – Goldman earned $8.25 per share for the third quarter, beating the $7.69 consensus estimate, while revenue topped Wall Street forecasts as well. XPO Logistics (XPO) - XPO issued a preliminary third-quarter sales forecast that was slightly below analyst estimates and would be its smallest quarterly sales since 2015. However, the transportation company also raised its profit forecast, and the stock rose 1.5% in premarket trading.

☆ How Target’s CEO gives his 'very best' every day: I sleep and eat like I’m 'playing in the U.S. Open or Super Bowl'
▼ + stars: | 2022-10-15 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Instead, take his approach to performing the "very best" every day: Sleep and eat "just like you would if you're playing in the U.S. Open or the Super Bowl." I'm going to get a good meal. I'm going to rest. "They're fatigued, they're exhausted, they haven't eaten and you can't expect them to deliver their best," Cornell said. "I really try to balance the importance of my energy and try to make sure I never had a bad day," Cornell said.

Target announced Wednesday that Brian Cornell will remain CEO for approximately three more years after the company's board voted to eliminate a retirement policy that could have forced his exit. Since coming on that year, Target's share price has more than doubled — and at one point was up more than 400%. The company's former retirement policy had set a target retirement age of 65 for CEOs. "Our success is fueled by the best team in retail, and I am confident our culture will continue to propel our company forward. In May, Target shares plunged 32% after the company reported a 52% drop in profit.

☆ Inside the career of Brian Cornell, who ran Sam's Club before becoming Target's first-ever outsider CEO
▼ + stars: | 2022-09-07 | by ( Áine Cain | ) www.businessinsider.com time to read: +1 min

Target CEO Brian Cornell had decades of retail experience under his belt by the time he took the reins at the Minneapolis-based retailer. In 2014, he became the first outside hire ever appointed as Target's CEO. Target announced in September 2022 that Cornell will remain CEO for 3 more years, past the traditional retirement age of 65. Target CEO Brian Cornell is unique among chief executives of the Minneapolis-based retailer. In September 2022, the retailer threw out its traditional retirement age of 65, to allow Cornell to stay on for three more years.

☆ Target's ace CEO will stay on for three more years
▼ + stars: | 2022-09-07 | by ( Nathaniel Meyersohn | Cnn Business | ) edition.cnn.com time to read: +1 min

New York (CNN Business) Target chief Brian Cornell — who led a major comeback at the retail chain — will stay on the job for three more years, the company announced Wednesday. Target's TGT Cornell, 63, was approachingmandatory retiring age of 65 for its top executive. Cornell is also the chair of Target's board of directors. The announcement ensures stability at the helm of Target amid one of its worst stretches in years. Walmart WMT Pepsi PEP Cornell, a formerandexecutive, took over as Target CEO in the summer of 2014 when the company was reeling from a massive data breach during the prior holiday shopping season.

☆ Americans agree — companies should invest in workers, including paying employees a livable wage
▼ + stars: | 2022-05-26 | by ( Martin Whittaker | ) www.businessinsider.com time to read: +6 min

But there's a difference between increasing pay and giving workers a living wage. Recent polling shows that 85% of Americans want companies to invest in their workers. And while many companies have been doing so by increasing starting pay and adding new benefits, now it's time to tackle paying a living wage. Paying a living wage is a key part of the equation. This is just one example of workers' financial security needs helping to drive corporate action (PayPal is probably the most well known).

☆ The CEOs of Walmart and Target are warning of surging theft. Here's how a CVS exec said thieves steal $2,000 from stores in just 2 minutes
▼ + stars: | 2021-11-02 | by ( Hannah Towey | Ben Tobin | ) www.businessinsider.com time to read: +5 min

Heads at Walmart and Target have both warned that retail theft is higher than usual in 2022. CVS Health's director of organized retail crime investigations testified to Congress in 2021 about the topic. These comments come one year after Ben Dugan, the director of organized retail crime and corporate investigations at CVS Health. Organized retail crime-related events have been reported in a CVS Pharmacy store every three minutes, Dugan said at the time. "Let me just be clear about what organized retail crime is not.

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