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☆ UK's Frasers plans to buy SportScheck assets out of administration
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

'SportScheck' store is seen closed due to the coronavirus disease (COVID-19) pandemic in Munich, Germany, February 5, 2021. REUTERS/Michaela Rehle/File Photo Acquire Licensing RightsNov 30 (Reuters) - British sports and fashion group Frasers (FRAS.L) said on Thursday it will seek to buy SportScheck's business and assets out of administration after the German sporting goods retailer filed for insolvency. Signa on Wednesday filed for self-administered reorganisation proceedings, and media reports followed on Thursday that SportScheck would also file for insolvency. Frasers confirmed SportScheck's administration in its statement and said it exercised its rights under its agreement with Signa to withdraw from the deal. However, the London-listed group said it intends to work with SportScheck's appointed administrator to purchase its business and assets.

Persons: Michaela Rehle, Frasers, Signa, SportScheck, SportScheck's, Sri Hari, Krishna Chandra Organizations: REUTERS, SportScheck, Retail, Sports, Sri, Thomson Locations: Munich, Germany, London, SportScheck, Bengaluru

☆ A sale isn't worth it anymore unless you're getting 40% off
▼ + stars: | 2023-11-29 | by ( Cork Gaines | ) www.businessinsider.com time to read: +4 min

Many retailers are extending holiday shopping discounts to record levels and for longer periods. To get the best discounts, you might have to head to your nearest mall. To get the best holiday deals, you might have to go to the mall. That worked in the last few years but didn't this year because financially stressed consumers became even more cost-conscious and looked for the best deals, he added. "Retailers moved a lot of those sales earlier than usual, and then it became one big event culminating on Cyber Monday."

Persons: LSEG, —, Jharonne Martis, Martis, Centric Market Intelligence —, Howard Schnapp, Kraig Foreman, CNBC's, Foreman Organizations: Service, Adobe, London Stock Exchange Group, London Stock Exchange, Centric Market Intelligence, Getty, CNBC, Wall Street, Retailers

☆ Discounts drew crowds but Black Friday week sales gain softest in years -report
▼ + stars: | 2023-11-28 | by ( Amina Niasse | ) www.reuters.com time to read: +3 min

People shop at the Shops at the Oculus and Westfield Shops during Black Friday shopping in New York City, U.S., November 24, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Nov 28 (Reuters) - U.S. in-store retail sales swelled last week by the most since December courtesy of aggressive discounts, but the year-over-year sales gain for the week covering the traditional Black Friday shopping season kick-off was the smallest in six years. Sales volumes increased for retailers during the Black Friday weekend where cost-aware consumers sought out larger discounts on expensive purchases, according to the report. Buyers are experiencing the cheapest holiday shopping season in years with toys, games, and hobby gear dipping in price for the first time since 2020. Reuters GraphicsDespite the sales gain, the increase is the smallest Black Friday-week gain since 2017's 4.8% year-over-year increase.

Persons: Brendan McDermid, Buyers, ”, Steve Sadove, Amina Niasse, Andrea Ricci Organizations: Westfield Shops, REUTERS, Research, Sporting, Bureau of Labor Statistics, Mastercard, “, Thomson Locations: New York City, U.S

☆ Retailers Have Cleaned Up Their Inventories for the Holidays
▼ + stars: | 2023-11-27 | by ( Liz Young | ) www.wsj.com time to read: 1 min

Many retailers have spent much of the year working through the stockpiles from last year and now say they have cleaned up their distribution centers and their balance sheets. Photo: Scott Olson/Getty ImagesRetailers are heading into their most crucial sales period of the year with a very different inventory strategy than they undertook in 2022. Warehouses are no longer stuffed with merchandise and store shelves aren’t spilling over with discounted goods in hopes of luring wary consumers into last-minute sales. Instead, merchants from big-box retailers like Walmart and Target to more specialized sellers like Best Buy and Dick’s Sporting Goods have pared back their inventories while trying to focus their supply chains more tightly on products that shoppers want.

Persons: Scott Olson Organizations: Getty, Walmart, Target, Dick’s Sporting Goods

☆ Polish truckers start round-the-clock blockade of fourth Ukrainian border crossing
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +3 min

[1/2] FILE PHOTO:Ukrainian trucks are parked near the Poland-Ukraine border, near the village of Korczowa, Poland November 19, 2023. Polish truckers have already been blocking access to three other border crossings since Nov. 6, demanding that the European Union reintroduce a permit system for Ukrainian truckers entering the bloc and for EU truckers entering Ukraine, with exemptions for humanitarian aid and military supplies. The current waiting time for trucks to cross at Medyka, one of eight road border crossings with Ukraine, is 127 hours according to data from the Polish border guard. In Medyka truckers are joining a protest organised by farmers who are demanding that government support to help them deal with low grain prices be continued. Two trucks per hour are being let through at Medyka, the protesters say, with exemptions for humanitarian aid and war supplies.

Persons: Yan, Tomasz Borkowski, Karol Badohal, Alan Charlish, Susan Fenton Organizations: REUTERS, Rights, European Union, Transport Employers, Ukraine's Infrastructure Ministry, Thomson Locations: Poland, Ukraine, Korczowa, Polish, European, Russia, Russian, Medyka

☆ Here were the biggest winners and losers from Black Friday
▼ + stars: | 2023-11-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Despite the seeming rush to shop, this Black Friday ushered in moderately higher promotions over last year and mixed in-store traffic, according to some Wall Street analysts. Black Friday winners Value-focused shopping destinations seemed to win big Friday, based on annual store checks from a slew of Wall Street shops. The Black Friday shopping extravaganza also ushered in some bullish sentiment toward Shopify . Black Friday losers Not every popular retailer seemed to kick off the holiday shopping period on a strong note. While Lululemon drove strong in-store traffic, helped in part by advertising use in Black Friday markdowns, Nike and Under Armour both showed higher promotions, said Piper Sandler's Abbie Zvejnieks.

Persons: Michael Lasser, Bradley Thomas, Thomas, Kohl's, Morgan Stanley, Alex Straton, Goldman Sachs, Kate McShane, JPMorgan's Matthew Boss, Piper Sandler's Korinne Wolfmeyer, Morgan Stanley's Keith Weiss, Bhavin Shah, shouldn't, Nordstrom, Straton, Lululemon, Armour, Piper Sandler's Abbie Zvejnieks, lululemon Organizations: Adobe Analytics, UBS, Walmart, KeyBanc Capital, Dick's Sporting Goods, Body, Deutsche, Eagle Outfitters, Nike Locations: U.S

☆ Record-setting holiday sales hit $12 billion
▼ + stars: | 2023-11-27 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Enticed by deep discounts, Americans are expected to celebrate Cyber Monday by spending a record-setting $12 billion online shopping. The early results suggest the holiday shopping season is off to a positive start, aided in part by lower gas prices. Another popular measure of holiday spending, Mastercard SpendingPulse, found e-commerce sales jumped by an even stronger 8.5% year-over-year on Black Friday. In another sign of sturdy consumer spending, Americans continue to travel aggressively. That’s down 63 cents from the peak in September and marks 60 consecutive days of falling gas prices.

Persons: New York CNN —, ” Michelle Meyer, men’s hoodies, Mastercard SpendingPulse, ”, Mastercard’s Meyer, That’s, Sensormatic, Covid, Meyer, ” Meyer Organizations: New, New York CNN, Mastercard Economics Institute, CNN, Adobe Analytics, Adobe, JCPenney, Mastercard, SpendingPulse, Bank of America, Transportation Security Administration, Federal Reserve, AAA Locations: New York

☆ Polish Truckers Start Round-The-Clock Blockade of Fourth Ukrainian Border Crossing
▼ + stars: | 2023-11-27 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

WARSAW (Reuters) - Polish truckers and farmers started a round-the-clock blockade of access on Monday to Medyka, one of the busiest border crossings with Ukraine, extending a protest that has left thousand of lorries stranded for days in queues that stretch for miles. Polish truckers have already been blocking access to three other border crossings since Nov. 6, demanding that the European Union reintroduce a permit system for Ukrainian truckers entering the bloc and for EU truckers entering Ukraine, with exemptions for humanitarian aid and military supplies. The current waiting time for trucks to cross at Medyka, one of eight road border crossings with Ukraine, is 127 hours according to data from the Polish border guard. In Medyka truckers are joining a protest organised by farmers who are demanding that government support to help them deal with low grain prices be continued. Two trucks per hour are being let through at Medyka, the protesters say, with exemptions for humanitarian aid and war supplies.

Persons: Tomasz Borkowski, Karol Badohal, Alan Charlish, Susan Fenton Organizations: European Union, Transport Employers, Ukraine's Infrastructure Ministry Locations: WARSAW, Ukraine, Polish, European, Russia, Russian, Poland, Medyka

☆ 3 Pickleball players over the age of 70 on why they gravitated to the sport: 'It's more than just a game'
▼ + stars: | 2023-11-26 | by ( Renée Onque | ) www.cnbc.com time to read: +5 min

Mailen Kootsey, 84Mailen Kootsey played tennis for most of his life, starting in his twenties. Mailen Kootsey 84-year-old Pickleball PlayerIn Redlands, Calif. where he lives, his pickleball group worked with the city to develop a group of eight pickleball courts. When asked to choose the best thing he's gained from pickleball, Kootsey says, "It's a toss up between the exercise and social interaction. Since playing pickleball, Henry has began prioritizing her physical health. Ryo Shinagawa, 72Ryo Shinagawa played tennis for decades before he made the switch to pickleball in 2016.

Persons: Mailen Kootsey, Kootsey, pickleball, Beth Henry, Henry, I'm, it's, she's, Beth Henry Another, Ryo Shinagawa, Shinagawa Organizations: Loma Linda University, Redlands, CNBC, Shinagawa, Sporting Goods Locations: California, Calif, pickleball, Rancho Cucamonga , California, L.A, Corona , Calif, USA, Shinagawa

Toys, games and hobby gear are on track to be less expensive this holiday season for the first time since 2020, while sporting goods prices are down this holiday for the first time since 2018, data from the Bureau of Labor Statistics (BLS)showed. To be sure, prices overall are higher in 2023 despite slowed price growth, with October's consumer price index climbing to 3.2% year-over-year. The figure remained flat on a month-over-month basis, signaling some holiday item prices may be slow to come down. Despite a dip in sporting goods prices, they continue to pace above 2019 levels. Walmart WMT.N said prices of general merchandise - clothing, electronics, furniture - had declined by low to mid-single-digit percentages versus last year, enabling the retailer to cut prices this holiday season.

Persons: Theresa Forsberg, Jill Lizzo, Barbie, Walmart WMT.N, it's, ”, Christina Hennington, Vincent Alban, Jessica Ramirez, Jane Hali, Jeffrey Roach, Macy's, Kevin Simpson, Simpson, Siddharth Cavale, Amina Niasse, Jonathan Oatis Organizations: Bureau of Labor Statistics, Walmart, Reuters Graphics Reuters, REUTERS, Associates, LPL, Dick's Sporting, Reuters, Wealth, Target, Home Depot, Wayback Machine, Thomson Locations: New Milford , Connecticut, New York's Harlem, Chicago , Illinois, U.S, New York

[1/6] People load up their newly purchased items from Best Buy on Black Friday in Wheaton-Glenmont, Maryland, U.S., November 24, 2023. A record 130.7 million people are expected to shop in stores and online in the U.S. on Black Friday this year, the National Retail Federation (NRF) estimates. But at 6 a.m. on Friday at a Walmart in New Milford, Connecticut, the parking lot was only half full. "It's a lot quieter this year, a lot quieter," said shopper Theresa Forsberg, who visits the same five stores with her family at dawn every Black Friday. And the rise of online shopping has reduced the importance of Black Friday as a single-day event.

Persons: Leah Millis, Cowen, David Klink, Theresa Forsberg, Michael Brown, Kearney, Jeff Gennette, Jimmy Lee, there's, Bergdorf Goodman, Nordstrom, Oscar de, Carlos Araejo, Ruiz, It’s, ”, Paul Aheren, Puma, Siddharth Cavale, Helen Reid, Arriana McLymore, Katherine Masters, Andrew Hay, Bianca Flowers, Danielle Broadway, James Davey, Deborah Sophia, Miral Fahmy, Nick Zieminski, Frances Kerry Organizations: REUTERS, Shoppers, Huntington Private Bank, Walmart, Target, National Retail Federation, Garden, Insider Intelligence, Macy's, Adobe Analytics, Wealth Consulting, Amazon, Adobe, Nordstrom, “, Saks, Puma, Israel Football Association, IFA, Thomson Locations: Wheaton, Glenmont , Maryland, U.S, RALEIGH, N.C, New Milford , Connecticut, Paramus , New Jersey, Indianapolis, Israel, Palestine, United States, Dallas, Raleigh, Crabtree, Boston

Brokerage TD Cowen lowered its U.S. holiday spending estimate to 2% to 3% growth, from 4% to 5%, as it forecast flat Black Friday traffic. With many consumers squeezed by persistent inflation and high interest rates, U.S. holiday spending is expected to rise at the slowest pace in five years. A record 130.7 million people are expected to shop in stores and online in the U.S. on Black Friday this year, the National Retail Federation (NRF) estimates. In France, Italy, and Spain, most shoppers planned to buy clothing on Black Friday, with electronic goods coming second, according to a PwC survey. Thanksgiving Day discounts online peaked at about 28% for toys, while electronics had discounts as steep as 27%, Adobe said.

Persons: Shannon Stapleton, Cowen, Theresa Forsberg, “ It’s, ”, Jill Lizzo, she’s, “, I’m, Lizzo, PwC, hasn’t, Naomi Ojomo, Jeff Gennette, Barbie, John Roberts, Apple AirPods, Bergdorf Goodman, Nordstrom, Oscar de, Katherine Masters, Arriana McLymore, Helen Reid, Mimosa Spencer, Corina Pons, James Davey, Siddharth Cavale, Arriana, Deboarh Sophia, David Gaffen, Miral Fahmy, Nick Zieminski, Frances Kerry Organizations: Black, REUTERS, Shoppers, National Retail Federation, Insider Intelligence, Barclays, Macy's, Adobe Analytics, Adobe, Walmart, Argos, PlayStation, Apple, Thomson Locations: Westbury , New York, U.S, RALEIGH, N.C, New Milford , Connecticut, . U.S, Harlem, Manhattan, France, Italy, Spain, Zara, Canary Wharf, London, British, Paris, Madrid, New York, Raleigh , North Carolina, Bengaluru

A child looks at toys in a Target store ahead of the Thanksgiving holiday and traditional Black Friday sales in Chicago, Illinois, U.S. November 21, 2023. Toys, games and hobby gear are on track to be less expensive this holiday season for the first time since 2020, while sporting goods prices are down this holiday for the first time since 2018, data from the Bureau of Labor Statistics (BLS)showed. Walmart WMT.N said prices of general merchandise - clothing, electronics, furniture - had declined by low to mid-single-digit percentages versus last year, enabling the retailer to cut prices this holiday season. Black Friday discounts are 30% to 50% at major retailers and could go deeper later in the season. "You're going to see margin compression and potentially lower sales," said Simpson, whose firm holds shares in Walmart and Home Depot.

Persons: Vincent Alban, Barbie, Walmart WMT.N, it's, ”, Christina Hennington, Jessica Ramirez, Jane Hali, Jeffrey Roach, Kevin Simpson, Simpson, Siddharth Cavale, Amina Niasse, Jonathan Oatis Organizations: REUTERS, Bureau of Labor Statistics, Reuters Graphics Reuters, Walmart, Associates, LPL, Wayback Machine, Dick's Sporting, Reuters, Wealth, Target, Home Depot, Thomson Locations: Chicago , Illinois, U.S, Macy's, New York

WILL SHOPPERS FIND BLACK FRIDAY DEALS THIS YEAR? HOW MUCH ARE SHOPPERS EXPECTED TO SPEND? Spending online during Black Friday is expected to rise 5.7% to roughly $9.6 billion, according to Adobe. WHAT ARE RETAILERS DOING TO ATTRACT HOLIDAY SHOPPERS? Macy's CEO Jeff Gennette on Thursday said the competitive landscape has shifted to Black Friday deals prior to Black Friday.

Persons: Marcus Collins, Collins, Jane Hali, Max, Lancome mascaras, Bobbi Brown concealers, Dana Telsey, Leonardo Fernandez Viloria, David Bujnicki, Kimco, Jeff Gennette, Mattel, Steve Totzke, Juveria Tabassum, Savyata Mishra, Richa Naidu, Helen Reid, Herbert Lash, Josie Kao Organizations: Retailers, Department, Ross School of Business, University of Michigan, Dollar, Walmart, Associates, Nordstrom, Adobe Analytics, Electronics, Mastercard, National Retail Federation, Telsey Advisory, Sensormatic Solutions, U.S, Black, REUTERS, Adobe, Labor, Kimco Realty Corp, Consumers, Deloitte, Reuters, Thomson Locations: U.S, Europe, Philadelphia, China, United States, Caracas, Venezuela, Panama, Israel, Sixth, Washington, Germany, India, Spain, United Kingdom, Bengaluru, London

[1/2] Ukrainian trucks are parked near the Poland-Ukraine border, near the village of Korczowa, Poland November 19, 2023. They launched their blockade on Nov. 6, protesting that Ukrainian truckers are exempt from requiring permits to cross the Polish border, a policy change put in place during the war. The Polish protests coincide with concerns in Ukraine that the European Union may not agree next month to launch formal accession talks for it to join the 27-member bloc, a key objective for Kyiv. Deputy Infrastructure Minister Serhiy Derkach said late on Thursday that Ukrainian truckers were suffering in bitter, sub-zero temperatures and that there were no food supplies, basic sanitary conditions or ambulances at the scene. The truckers union says two Ukrainian truckers have died in their vehicles since the beginning of the blockade.

Persons: Yan, Leonid Kostiuchenko, Kostiuchenko, Serhiy Derkach, Derkach, Tom Balmforth, Gareth Jones Organizations: REUTERS, Rights, Ukrainian Association of International Carriers, European Union, Facebook, Thomson Locations: Poland, Ukraine, Korczowa, Polish

[1/2] Ukrainian trucks are parked near the Poland-Ukraine border, near the village of Korczowa, Poland November 19, 2023. REUTERS/Yan Dobronosov/File Photo Acquire Licensing RightsKYIV, Nov 24 (Reuters) - Ukraine's top truckers union said on Friday its hopes of a rapid end to Polish trucker protests at the border were fading, as Kyiv prepared to evacuate its hauliers stranded in Poland. They launched their blockade on Nov. 6, protesting that Ukrainian truckers are exempt from requiring permits to cross the Polish border, a policy change put in place during the war. Deputy Infrastructure Minister Serhiy Derkach said late on Thursday that Ukrainian truckers were suffering in bitter, sub-zero temperatures and that there were no food supplies, basic sanitary conditions or ambulances at the scene. The truckers union says two Ukrainian truckers have died in their vehicles since the beginning of the blockade.

☆ With Black Friday deals and flashy displays, retailers try to convince reluctant shoppers to spend
▼ + stars: | 2023-11-24 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +7 min

And a steady drip of Black Friday deals, started early in November at many retailers, has also delayed the rush, as some shoppers bet that the best deals are still coming. Holiday shoppers spent 7% less in dollars and 6% less in units from mid-October to mid-November compared with the year-ago period, Circana found. Mario Tama | Getty Images News | Getty ImagesBlack Friday state of mindAmong the biggest themes this holiday season: shoppers are hungry for deals and willing to wait for them. "We're going to have a sustained drumbeat of great offers for the entire holiday season, starting this week," he said on a call with CNBC. Some retailers, such as Best Buy, are trying to rush shoppers to hit the "buy" button by dangling short-term sales.

Persons: Melissa Repko, Mario, Luigi, Nintendo's, Lowe's, Marshal Cohen, Circana, " Cohen, You've, you've, Barbie, Mario Tama, John David Rainey, Rainey, Steve Madden, Edward Rosenfeld, Marvin Ellison, Ellison, Corie Barry, Macy's Organizations: CNBC, National Retail Federation, Walmart, Nordstrom, Target, Dick's Sporting, Amazon's, NPD, Consumers, Getty, nab, Footwear, Shoppers, Disney Locations: New York City, Manhattan, Dallas, Los Angeles, Burbank , California

BANGKOK (AP) — Shares slipped in Asia on Wednesday, tracking a decline on Wall Street a day after stocks there hit their highest level since the start of August. Troubled property developer Sunac China Holding's shares rose 2.3% as state media reported it had completed a restructuring of its $90 billion in debts. Retailers were mixed after several reported their earnings for the latest quarter and, more importantly, their forecasts for the upcoming holiday shopping season. Lowe’s sank 3.1% despite reporting better profit for the latest quarter. Best Buy dipped 0.7% after likewise beating analysts’ expectations for profit in the latest quarter but falling short on revenue and cutting its forecast for the full year.

Persons: OpenAI's, Sam Altman, Altman, Satya Nadella, OpenAI, “, ”, Bret Taylor, Larry Summers, Adam D’Angelo, Australia's, Stocks, Brent Organizations: Microsoft, U.S ., Federal Reserve, University of Michigan, Nikkei, China, Dow Jones, Nasdaq, Lowe’s, Dick’s, Goods, Federal, Deutsche Bank, Fed, Treasury, New York Mercantile Exchange, U.S Locations: BANGKOK, Asia, Tokyo, Mumbai, U.S, Japan, OpenAI, Francisco, Adam D’Angelo ., Seoul, Hong Kong, Shanghai, Taiwan, Thailand

☆ Bad news for Black Friday: Retailers cast doubt on holiday shopping with cautious guidance
▼ + stars: | 2023-11-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

There's a dark cloud hanging over Black Friday. A slew of retailers have issued tepid, cautious or downright disappointing fourth-quarter outlooks over the last few weeks, casting a pall over the crucial holiday season right as they gear up for the biggest shopping day of the year. Even Dick's Sporting Goods and Abercrombie & Fitch – which both raised their full-year guidance on Tuesday after strong third quarters – managed to underwhelm with their holiday forecasts. "As we look at recent trends across the retail industry, dollar sales are being driven by higher prices with consumers buying fewer units per trip. When asked about the upcoming holiday season, Cornell said it was too soon to weigh in on early sales, saying only that the company was "watching the trends carefully."

Persons: BJ's, Nordstrom, –, Brian Cornell, Cornell Organizations: BJ's Wholesale, Sporting Goods, Abercrombie, Fitch

☆ 2 big signs that it will be a great holiday season for receiving gifts
▼ + stars: | 2023-11-22 | by ( Cork Gaines | ) www.businessinsider.com time to read: +4 min

Americans are preparing to spend money this holiday season at a rate exceeding pre-pandemic levels. And yet, there are also some promising signs that consumers are ready to splurge on deals this holiday season. A new Deloitte survey shows that Americans are preparing to spend money this holiday season at a rate exceeding pre-pandemic levels. Deloitte also found that the people surveyed plan to spend $1,652 this holiday season, up 14% from last year and 10% from the pre-pandemic level of $1,496 in 2019. OCTAVIO JONES/Getty ImagesThe steeper discounts will mean that prices for many products will be cheaper this year compared to last year's holiday season, according to the Wall Street Journal.

Persons: —, OCTAVIO JONES Organizations: Service, Deloitte, Black, Adobe, Wall Street

☆ Stocks making the biggest moves before the bell: Lowe's, Dick's, Best Buy, Kohl's and more
▼ + stars: | 2023-11-21 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Lowe's — The home-improvement retailer dropped 3.9% after cutting its sales outlook for the full year. Lowe's also missed analyst expectations for revenue in the third quarter, as sales slid 13% year over year. Best Buy — Shares of the consumer electronics retailer fell 5.9% after the company cut its full year sales outlook in an effort to prepare for price-conscious holiday shoppers. Best Buy beat Wall Street's quarterly earnings expectations, but fell short on revenue. Kohl's lowered the low end of its full year same-store sales outlook.

Persons: Lowe's, Kohl's, Medtronic, LSEG, Oppenheimer, Goldman Sachs, Goldman, Morgan Stanley, Cloudflare, Macheel, Sarah Min, Michelle Fox, Yun Li, Jesse Pound Organizations: Dick's, Goods, American Eagle Outfitters, Burlington Stores, Baidu, Wall, LSEG, Gen, — Locations: Burlington

☆ What is retail shrink, and how does it differ from theft?
▼ + stars: | 2023-11-21 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

"Shrink" has come up frequently as retailers like Walmart and Target talk about theft at their stores. AdvertisementExecutives at retailers like Walmart and Target often mention "shrink" or "shrinkage" when they talk about theft at their stores. In 2022, retailers lost $122.1 billion in shrink, or 1.6% of all retail sales, according to the National Retail Foundation. External theft represented 36% of shrink that year, while 29% came from employee theft. And executives at Dick's Sporting Goods said in August that higher-than-expected shrink from theft pulled the retailer's profits down during its second quarter.

Persons: —, it's Organizations: Walmart, Service, National Retail Foundation, Dick's Sporting Goods, CNBC

☆ Stocks making the biggest moves midday: Amazon, Medtronic, American Eagle, Lowe's, C3.ai and more
▼ + stars: | 2023-11-21 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Kohl's — Shares dropped more than 9% after the retailer reported weaker-than-expected revenues for the third quarter. American Eagle Outfitters — The apparel retailer sank 16% after its operating income guidance for the full year came in weaker than expected. C3.ai — Shares of the artificial intelligence software company added 3.4% in midday trading following an upgrade to outperform from Oppenheimer. Baidu reported 34.45 billion yuan for the quarter, surpassing the consensus estimate of 34.33 billion yuan from analysts polled by LSEG. Lowe's — Shares of the home improvement retailer dipped 2.7% after Lowe's reported softer-than-expected revenue for the third quarter .

Persons: CNBC's David Faber, Jeff Bezos, Faber, Medtronic, Kohl's, Timothy Horan, Fitch, — CNBC's Brian Evans, Alex Harring, Jesse Pound, Tanaya Macheel, Sarah Min Organizations: Amazon, Burlington, LSEG, Eagle Outfitters, Oppenheimer, Baidu, VMWare, Broadcom, Dick's, Goods, Abercrombie, Technologies, Agilent Technologies Locations: Burlington

☆ Lowe’s, Best Buy and Kohl’s predict weak holiday
▼ + stars: | 2023-11-21 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

Best Buy, Lowe’s and Kohl’s all reported sales declines during their most recent quarter Tuesday and are forecasting holiday sales to drop from a year ago. In 2021, Holiday shopping sales spiked by 14% and grew by a healthy 5% last year. But Moody’s Investors Service said in a report today that consumers are “losing spending steam” and holiday sales will grow by just 1% to 3% this year. “Retailers offering a combination of value and non-discretionary essentials will see their sales outperform the broader retail industry this holiday season,” according to Moody’s. “One trend that’s sticking is a longer holiday season.

Persons: Corie Barry, TJ Maxx, Moody’s, ”, Berna Barshay Organizations: New, New York CNN, Shoppers, Consumer, Moody’s, Service, Walmart, Costco, “ Retailers, Retailers, Sporting Goods Locations: New York

☆ Dick's Sporting Goods shares jump after retailer hikes outlook as it bounces back from theft woes
▼ + stars: | 2023-11-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Sales and profits at Dick's Sporting Goods bounced back in the third quarter, leading the retailer to raise its full-year guidance Tuesday after it shocked investors earlier this year when it slashed its outlook over theft concerns. In a news release, the company said it's "excited" for the holiday season after seeing "strong" back-to-school sales. Excluding one time items, Dick's saw earnings per share of $2.85. But it still falls below the original outlook the company set earlier this year, when it said it expected earnings of $12.90 to $13.80. Dick's also raised its comparable sales outlook and expects them to be up between 0.5% and 2%, compared to a previous range of flat to up 2%.

Persons: Dick's, Lauren Hobart Organizations: Dick's Sporting Goods, LSEG Locations: Dick's

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