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It's - 3 Gabrielle Fonrouge - 2 it's - 2 Ryan Cohen - 2 Cohen - 2 Chewy - 2 Bonobos - 1 Andy Dunn - 1
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☆ Bonobos co-founder Andy Dunn returns as brand advisor after Walmart sale
  + stars: | 2023-06-16 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +3 min
Bonobos co-founder Andy Dunn is returning to the retailer as brand advisor as the company looks to get back to its roots after it was sold by Walmart earlier this year, Bonobos and new parent company WHP Global announced Friday. WHP Global and Express Inc., which runs the Express brand, bought Bonobos from Walmart in a $75 million deal that was announced in April and closed last month. Walmart originally bought Bonobos in 2017 for $310 million while it was working to grow its online presence under former e-commerce president Marc Lore. Under WHP Global, Bonobos can expand internationally, he said. While Walmart sold Bonobos for a significant discount compared to what it paid, the acquisition wasn't necessarily a losing one for Walmart.
Persons: Bonobos, Andy Dunn, Dunn, Yehuda Shmidman, John Hutchison, Tim Baxter, Marc Lore, Shmidman, WHP, I've, That's Organizations: Walmart, WHP Global, Express Inc, WHP, CNBC, Walmart U.S Locations: U.S, Dubai, Hong Kong, he'll
☆ Bank of America makes $500 million equity push for minority- and women-led funds
  + stars: | 2023-06-15 | by ( Yuheng Zhan | ) www.cnbc.com   time to read: +2 min
Bank of America has committed to giving more than $500 million in equity investments to minority- and women-led fund managers to support diverse entrepreneurs, the bank announced Thursday in a press release. The program started in 2020 and so far, more than 150 funds have used the equity to invest in upward of 1,000 companies, collectively controlling $7 billion of capital, Bank of America said. This translates to support for 1,500 diverse entrepreneurs and the employment of more than 21,000 people. Bank of America is also separately working with the National Football League and National Black Bank Foundation to support Black- and minority-owned banks, CNBC's Frank Holland reported. "We're very focused on supporting our fund managers," Nguyen said.
Persons: Nguyen, Gabrielle Fonrouge, CNBC's Frank Holland Organizations: of America, Bank of America, National Football League, National Black Bank Foundation Locations: Crunchbase
☆ Retailers are gamifying shopping with virtual storefronts to boost engagement, loyalty
  + stars: | 2023-06-09 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +6 min
Crew virtual beach house. Crew virtual beach house. Crew virtual beach house. Crew virtual beach house. Crew virtual beach house.
Persons: Crew's, Derek Yarbrough, J, Yarbrough, Obsess, Neha Singh, Singh, Elizabeth Arden, Dior, Ralph Lauren, Corona, Johnson, metaverse, it's, Crew's Yarbrough Organizations: CNBC, American, Mattel, Maybelline, Amazon Locations: New York, Los Angeles, Laneige
☆ GameStop fires CEO, names Ryan Cohen executive chairman
  + stars: | 2023-06-07 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +1 min
GameStop fired its CEO Matthew Furlong and appointed its board chairman Ryan Cohen as executive chairman effective immediately, the company announced Wednesday. It said Cohen will be in charge of capital allocation and overseeing management. The decision to part ways with Furlong comes just months after GameStop reported its first quarterly profit in two years while he was at the helm. Shares of GameStop dropped more than 17% in extended trading after news of the termination was released. In GameStop's fiscal first quarter that ended April 29, GameStop reported revenue of $1.24 billion, down from $1.38 billion in the year ago period.
Persons: Matthew Furlong, Ryan Cohen, Cohen, Furlong Organizations: GameStop
☆ Recalled Boppy baby pillow linked to 10 infant deaths still widely sold on Facebook Marketplace, regulators say
  + stars: | 2023-06-06 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +3 min
A recalled baby pillow that's now been linked to at least 10 infant deaths is still being widely sold on Facebook Marketplace, and federal regulators are calling on the company to do more to stop the sales. A series of newborn loungers from The Boppy Company were recalled in September 2021 after eight deaths were linked to the product. Sales of the recalled products — which include the Boppy Original Newborn Lounger, the Boppy Preferred Newborn Lounger and the Pottery Barn Kids Boppy Newborn Lounger — have been illegal for nearly two years. "Far too often, the CPSC has found [recalled] products listed for sale on Facebook Marketplace even after recall information has been provided to your company. By allowing such products to be posted, you are putting Facebook Marketplace users at risk."
Persons: Mark Zuckerberg Organizations: Facebook, Boppy, Consumer Product Safety, CNBC
☆ Buy Buy Baby draws sale interest in Bed Bath & Beyond bankruptcy, one bidder looks to save stores
  + stars: | 2023-06-02 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +7 min
A Buy Buy Baby store in the Brooklyn borough of New York, US, on Monday, Feb. 6, 2023. That's where Buy Buy Baby – and its long-held name recognition – would come in. "We have tremendous trust with new and expecting parents but Buy Buy Baby is much better known with kind of that older generation," she said. The crown jewel of Bed Bath & BeyondThis is not the first time Buy Buy Baby has seen sale interest. Buy Buy Baby has remained a bright spot in Bed Bath & Beyond's otherwise dismal earnings reports in recent years.
Persons: Stephanie Keith, Natalie Gordon, It's, Gordon, Babylist, it's, –, Ryan Cohen, Chewy, Cohen Organizations: Bloomberg, Getty, Bed, CNBC, Capital Advisors, GameStop, & $ Locations: Brooklyn, New York, Bed Bath, Beverly Hills , California, Bath
☆ Buy Buy Baby draws sale interest in Bed Bath & Beyond bankruptcy
  + stars: | 2023-06-02 | by ( Gabrielle Fonrouge | ) 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 EmailBuy Buy Baby draws sale interest in Bed Bath & Beyond bankruptcyCNBC's Gabrielle Fonrouge joins 'Power Lunch' to report on Buy Buy Baby drawing sale interest in Bed Bath & Beyond bankruptcy.
Persons: Gabrielle Fonrouge Locations: Bath
☆ Lululemon shares surge after reporting 24% sales growth, raising full-year guidance
  + stars: | 2023-06-01 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +5 min
Sales rose 24% to $2 billion, up from $1.61 billion a year earlier. It expects full-year profit of $11.74 to $11.94 per share, compared with a prior range of $11.50 to $11.72. That also topped analysts' expectations, which called for $11.61 per share, according to Refinitiv. Lululemon is expecting second-quarter sales to be in the range of $2.14 billion to $2.17 billion, representing growth of about 15%. While DTC revenue increased compared to last year, it represented 42% of total sales, compared to 45% in the year-ago period.
Persons: Meghan Frank, Lululemon, men's, they're, Frank, we'll Organizations: Club, Constellation Brands, Molson Coors Locations: China
☆ Dollar General stock plunges as 'challenging' economic backdrop drives dismal earnings report
  + stars: | 2023-06-01 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +2 min
Dollar General's core customers are reining in their spending amid a worse-than-expected macroeconomic backdrop, leading the discounter to slash its full-year outlook after a dismal earnings report Thursday. Shares of Dollar General plunged nearly 20% in morning trading after the retailer missed estimates on the top and bottom lines. It now expects net sales to rise between 3.5% and 5%, compared with a previous range of 5.5% to 6% growth. It anticipates same-store sales will increase about 1% to 2%, compared with a previous range of 3% to 3.5%. Analysts had been expecting earnings per share to be up 4.3%, according to Street Account.
Persons: Jeff Owen Organizations: Refinitiv, Research
☆ Chewy shares surge after earnings beat on top and bottom lines
  + stars: | 2023-05-31 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +1 min
A dog sits in front of the New York Stock Exchange during Chewy Inc.'s initial public offering, June 14, 2019. Shares of Chewy surged more than 13% in extended trading Wednesday after the pet retailer posted earnings that beat Wall Street's estimates. Sales rose to $2.78 billion, up 14.7% from $2.43 billion a year earlier. Net sales per active customer and sales from autoship customers reached record highs in the quarter, Chewy said in a press release. The earnings beat comes after the retailer posted its first annual profit at the close of fiscal 2022 earlier this year, but noted the pet industry was seeing softness in discretionary and hard goods categories, which carry higher margins than consumables such as pet food.
Persons: Chewy Organizations: New York Stock Exchange, Chewy Inc, Refinitiv
☆ Dollar General shareholders pass proposal to improve worker safety
  + stars: | 2023-05-31 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +4 min
Dollar General shareholders passed a resolution Wednesday to create an independent audit into worker safety, as the retailer faces mounting pressure to improve conditions. Dollar General's board recommended shareholders vote against the measure. "I'm one of the hundreds of thousands of Dollar General employees that come into work every day scared for our safety. Williams pointed to the financial implications of Dollar General's safety issues. Beyond fire hazards and dangerous levels of clutter, Dollar General has become a hot spot for gun violence.
Persons: stocker David Williams, Williams, Debbie Berkowitz Organizations: Domini Impact, Research, federal, Safety, Health Administration, Dollar, OSHA, Violence Locations: Mexico, America, Goodlettsville , Tennessee
☆ What are retail shrink and organized retail theft, and why do companies keep talking about them?
  + stars: | 2023-05-31 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +9 min
watch nowFor several years, the terms shrink, retail crime and organized retail theft have echoed from the mouths of politicians, police officers, trade groups and the country's most prominent retail executives. And how does it differ from retail crime and organized retail theft? The companies polled for the survey estimated that retail theft accounted for 37% of those losses, employee or internal theft 28.5% and process and control failures 25.7%. The NRF defines organized retail theft as the "large-scale theft of retail merchandise with the intent to resell the items for financial gain." The line between organized retail theft and shoplifting can be murky, but they are distinctly different.
Persons: Lindsey Nicholson, It's, Lisa LaBruno, Manhattan DA Alvin Bragg, Barry Williams, John Willis, Willis, let's, Willie Carswell, he's, He's, Carswell, Tim Boyle Organizations: Trade, CNBC, Universal, Getty, National Retail Federation, Security Investigations, Retail Industry, Association, Manhattan DA, New York Daily, Homeland Security Investigations, eBay Locations: Queens , New York, New York, Manhattan , New York, New, Charlotte, Niles , Illinois
☆ Dollar Tree shares plunge after company misses on earnings, slashes full-year profit outlook
  + stars: | 2023-05-25 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +4 min
Shares of Dollar Tree plunged more than 16% in intraday trading Thursday after the company fell short of Wall Street's earnings expectations for the most recent quarter and slashed its profit outlook for the full year. On an adjusted basis, the company reported earnings of $1.47 per share, falling below Wall Street projections. Dollar Tree, which runs its namesake banner and Family Dollar, has been in the midst of a turnaround after shuffling up its executive leadership and raising prices. While other value-oriented retailers, such as TJ Maxx , have seen promising results this retail earnings season, Dollar Tree has fallen short. Even with the companies low prices, Dollar Tree shoppers have been focusing their spending on essential items, which carry lower margins, over discretionary purchases.
☆ Gap shares soar after retailer reports big improvement in margins
  + stars: | 2023-05-25 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +5 min
The Gap logo is displayed at a Gap store on April 25, 2023 in Los Angeles, California. On an adjusted basis, the company reported earnings of $3 million, or 1 cent per share. Shares jumped more than 15% in after-hours trading on the improvement in gross margins. In its most recent quarter, comparable sales were down 3% and store sales decreased 4% compared to last year. Gross margins increased by 5.6 percentage points year over year to 37.1%, and improved on the prior quarter, too, when margins were 33.6%.
☆ Abercrombie & Fitch surges more than 30% after reporting surprise profit
  + stars: | 2023-05-24 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +1 min
Pedestrians pass in front of an Abercrombie & Fitch Co. store in San Francisco. Shares of Abercrombie & Fitch soared more than 30% on Wednesday after the mall retailer beat estimates, raised its guidance and reported a surprise profit. Excluding one-time items, Abercrombie reported per-share profit of 39 cents in the quarter. For fiscal 2023, it now expects net sales to grow between 2% and 4%, compared with a previous range of 1% to 3%. For the fiscal second quarter, the company expects net sales to grow 4% to 6% and an operating margin in the range of 2% to 3%.
☆ Nike CEO John Donahoe says brands need to stand by their values amid DeSantis, Disney feud
  + stars: | 2023-05-23 | by ( Gabrielle Fonrouge Kevin Breuninger | Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +3 min
Ron DeSantis and Disney , Nike CEO John Donahoe said it's important for corporations to choose their battles, but fight for the values integral to their brands. In response, Donahoe said companies don't need to weigh in on every political kerfuffle but should be a loud voice when their brand's values are under attack. "I think Bob's doing a great job at this," Donahoe said of Disney CEO Bob Iger. "If it's core to who you are and your values, then no, you stand up for your values," he said. "In addition, our core consumer for the Nike brand, the Jordan Brand, the converse brand, are urban Black and brown communities — that's where sneaker culture started," Donahoe explained.
☆ Shares of Urban Outfitters spike after fiscal first-quarter earnings beat
  + stars: | 2023-05-23 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +2 min
Exterior view of an Urban Outfitters store is seen in Pasadena, California, May 22, 2021. Shares of Urban Outfitters popped about 8% Tuesday after the company reported fiscal first-quarter earnings that beat Wall Street's estimates on the top and bottom lines. Urban Outfitters is one of them. Urban Outfitters, meanwhile, saw margins increase 2.6 percentage points due to higher merchandise markups driven by lower transportation costs. Sales at Urban Outfitters' namesake banner dropped 13% year over year, but sales at its Free People and Anthropologie brands each saw double-digit increases.
Persons: Nuuly, It's Organizations: Urban Outfitters, Outfitters, Refinitiv, Urban, Free People, Free Locations: Pasadena , California
☆ Nike CEO John Donahoe says breaking up with China would be 'disastrous' amid rising geopolitical tensions
  + stars: | 2023-05-23 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +1 min
Nike CEO John Donahoe acknowledged geopolitical tensions are rising with China – one of its largest markets – but said decoupling from the region would be "disastrous" for global trade. During a sit-down interview at the inaugural CNBC CEO Council Summit in Santa Barbara, California, on Monday evening, CNBC's Sara Eisen asked Donahoe about the threat of China invading Taiwan and Beijing's position in Russia's war with Ukraine. Eisen asked Donahoe. In response, Donahoe said risk is everywhere for companies like Nike that operate on a global scale. "If you're a global company, you've got to just accept that and try to steer a course that is consistent with your strategy and consistent with their values," said Donahoe.
☆ Peloton aims to rebrand as a fitness company for all with focus on app, tiered subscription pricing
  + stars: | 2023-05-23 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +7 min
The ad solidified Peloton's nascent identity as a high-end bike company reserved for a certain type of person at a certain income level. "This company historically has been thought of as an in-home bike company for fitness enthusiasts but over the years, it has evolved into something that is much more bigger, much broader than that." The relaunch includes a "Gym" function that allows users to take Peloton's app into the gym with them and create custom workouts. 2 among those who have Peloton hardware. It shows how eager users are to consume Peloton content that has nothing to do with its equipment.
☆ Walmart will offer pet telehealth in latest bid to compete with Amazon
  + stars: | 2023-05-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +6 min
Patrick T. Fallon | Bloomberg | Getty ImagesWalmart is jumping into the burgeoning pet telehealth market. Unlimited access to veterinary telehealth via video or text will be available to Walmart+ subscribers beginning on Tuesday, when Walmart is expected to announce the partnership publicly. Walmart's expansion into pet telehealth signals the largest U.S. retailer is ready to grow its share of the market. Traditional pet-only retailers like Chewy and Petco have already been investing in pet health care to better compete with big-box stores. Others have argued pet telehealth helps bridge the access to care as pet owners contend with a nationwide veterinary shortage and swaths of pet health deserts across rural America.
☆ Foot Locker shares drop 25% after big earnings miss, lower guidance
  + stars: | 2023-05-19 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: 1 min
In this articleA sign hangs above the entrance of a Foot Locker store on August 02, 2021 in Chicago, Illinois. Foot Locker shares plunged 25% in premarket trading Friday after the company missed earnings expectations and cut its guidance. This is breaking news. Please check back for updates.
☆ Bowlero executive publicly comments on discrimination probe for first time as bowling alley chain continues torrid growth
  + stars: | 2023-05-18 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +5 min
A Bowlero executive publicly addressed the sprawling federal discrimination probe the company is facing for the first time Wednesday after it reported another quarter of what it called record-breaking growth. The question came about a week after CNBC revealed authorities want to settle the investigation for $60 million. Parker's comments mark the first time a Bowlero executive has publicly addressed the EEOC's probe, which has been ongoing since 2016. When CNBC reached out to Bowlero prior to publishing a report about the probe, the company refused to make its executives available for an interview. The case is now expected to go to court, where Bowlero could face even steeper fines, experts said previously.
☆ Bath and Body Works' stock surges after it raises guidance, beats on earnings
  + stars: | 2023-05-18 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +2 min
Bath and Body Works ' stock jumped more than 10% in premarket trading Thursday after it beat fiscal first quarter earnings expectations and raised its guidance. It expects adjusted earnings per share to be between $2.68 and $3.08 for the year. The retailer expects earnings per share of 27 to 32 cents in the next quarter, compared to an estimate of 32 cents a share. It reaffirmed its full year sales forecast of flat net sales to a mid-single digit decline. As consumers become more cautious and retail discounts and promotions tick up against a tough macroeconomic backdrop, Bath and Body Works margins dropped.
☆ 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.
☆ Activist firms call on Dollar General, Dollar Tree to improve worker safety, wages
  + stars: | 2023-05-16 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +3 min
Two activist investment firms are calling on Dollar General and Dollar Tree shareholders to approve a pair of resolutions aiming to improve worker safety and wages, the firms said Tuesday. Dollar General Proposal 7, led by Domini Impact Investments, calls for an independent audit into worker safety and well-being. "It's far too dangerous in the stores that we work in," David Williams, a Dollar General stocker, said during a panel event Tuesday. Federal regulators have repeatedly found similar violations at Dollar General stores across the country, prompting OSHA to label it a "severe violator" of workplace safety rules. Considering the $37.84 billion in sales Dollar General posted in fiscal 2022, the penalties are unlikely to have a major impact on its balance sheet.
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