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☆ Overstock's CEO explains why the surprise decision to rename the brand after bankrupt Bed Bath & Beyond is actually a brilliant move
▼ + stars: | 2023-06-29 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Overstock.com acquired Bed Bath & Beyond's brand and digital assets for $21.5 million. CEO Jonathan Johnson said the 20-year-old Overstock brand was overdue for an overhaul. Bed Bath & Beyond's Canadian website has already been refreshed with the names of both brands. The Bed Bath & Beyond brand we think will be such a brand." Johnson said the additional Bed Bath & Beyond shoppers — who accounted for more than $1 billion in sales last year — will triple Overstock's existing customer base.

Persons: Overstock.com, Jonathan Johnson, —, Johnson, Neil Saunders, Overstock, Saunders Organizations: Service, Beyond's, Bed, —

For its full fiscal year, Nike's revenue was $51.2 billion, up 10% compared to the prior year. Nike's gross margins fell 1.4 percentage points during the fourth quarter to 43.6%, contributing to the earnings miss. For the last several quarters, Nike has grappled with bloated inventory levels, which have also weighed on its margins. But quarter over quarter, Nike offloaded about $400 million in inventories. Nike has been relying on its wholesale partners to reduce inventory levels.

Persons: Refinitiv, Friend, Matthew Friend, Neil Saunders, Saunders, we're, Macy's, Macy's hasn't, John Donahoe, Donahoe Organizations: Nike, Refinitiv, Nike's Locations: China

☆ Walgreens profit tumbles, slashes guidance amid significant drop in Covid vaccine demand
▼ + stars: | 2023-06-27 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —Walgreens Boots Alliance on Tuesday reported earnings that tumbled from the same time a year ago amid softening consumer spending and a pullback in demand for Covid vaccines. Its pharmacy sales increased 6.3% in the period versus a year ago, while comparable pharmacy sales increased 9.8%, boosted by higher prices of branded medication. But the volume of Covid vaccines administered in the quarter plummeted to 0.8 million, compared to 4.7 million a year ago. Outside of pharmacy products, Walgreens reported retail sales fell 1% and comparable sales decreased 0.2% in the quarter. Excluding tobacco, comparable retail sales increased 0.2%, led by purchases of grocery, household and beauty items.

Persons: Rosalind Brewer, Neil Saunders, ”, Saunders Organizations: New, New York CNN, Walgreens Boots Alliance, Walgreens, U.S . Healthcare, Roosevelt, Global Locations: New York, Chicago

☆ Toronto elects Olivia Chow as first Chinese-Canadian mayor
▼ + stars: | 2023-06-27 | by ( Sam Jabri-Pickett | ) www.reuters.com time to read: +2 min

TORONTO, June 26 (Reuters) - Olivia Chow became the first Chinese-Canadian to be elected as mayor of Toronto, Canada's biggest city, on Monday, pledging to support renters, champion social causes, and reduce the sweeping powers of her office. Chow secured 37.2% vote, according to preliminary results, ahead of her nearest rival Ana Bailao, former deputy mayor. Chow, 66, will be the first woman to serve as mayor since Barbara Hall in 1997. Chow takes over as mayor after the resignation of John Tory, conservative-leaning mayor who won his third election last October. Tory had endorsed his former deputy Bailao, while Ontario Premier Doug Ford had endorsed former Toronto Chief of Police Mark Saunders.

Persons: Olivia Chow, Chow, Ana Bailao, Jack Layton, Barbara Hall, John Tory, Tory, Bailao, Doug Ford, Police Mark Saunders, Ford, Sam Jabri, Rosalba O'Brien, Michael Perry Organizations: TORONTO, New Democratic Party, University of Guelph, Tory, Ontario, Toronto, Police, Thomson Locations: Toronto, Canada's, Ottawa, Hong Kong, Canada

☆ The ‘You-Make-a-Lot-of-Money Tax’ Hits More Americans
▼ + stars: | 2023-06-24 | by ( Laura Saunders | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/niit-tax-strategies-net-investment-income-1c2f8e25

Persons: Dow Jones

☆ The Titan tragedy will join the Byford Dolphin accident as one of the most gruesome deep-sea incidents in history
▼ + stars: | 2023-06-24 | by ( Jenny Mcgrath | Chris Panella | ) www.businessinsider.com time to read: +6 min

The Titan tragedy joins the Byford Dolphin accident in history's most gruesome deep-sea incidents. It joins the Byford Dolphin accident of 1983 — another deep-sea chamber compression incident but with a very different set of circumstances that killed five and injured one. The Byford Dolphin incidentOn November 5, 1983, four divers — Edwin Coward, Roy Lucas, Bjørn Bergersen, and Truls Hellevik — returned from a deep-sea commercial mission near the Byford Dolphin oil rig. Graphic showing the layout of the living chambers and the diving bell where the Byford Dolphin accident happened. Unlike the divers near the Byford Dolphin oil rig, the Titan passengers didn't have any excess nitrogen in their blood.

Persons: — Edwin Coward, Roy Lucas, Bjørn Bergersen, Hellevik —, IFLScience, William Crammond, Giertsen, it's, Crammond, Martin Saunders, Stefan Williams, uncrewed submersibles, James Cameron, Cameron, It's, Williams Organizations: Titan, Service, Obscura, Divers Alert, of Forensic Medicine, Science Times, Daily Science, University of Sydney, Good Morning America, ABC News, Eiffel, NBC

☆ The ‘You-Make-A-Lot-of-Money Tax’ Hits More Americans
▼ + stars: | 2023-06-23 | by ( Laura Saunders | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ Black Experience, Past and Present, Made Haunting and Surreal
▼ + stars: | 2023-06-18 | by ( Randy Boyagoda | ) www.nytimes.com time to read: +2 min

Uncanny disquiet governs the stories in this collection. In “Heads,” Jimi Hendrix, who has appeared elsewhere in Allen’s fiction, spends late nights with the painter Francis Bacon, the two talking about art-making and life while Jimi occasionally strums his guitar. In the collection’s title story, Allen sends the boxer Jack Johnson to Australia for a high-profile fight, where his celebrity and Blackness lead to singular experiences at racialized extremes of local life. On description alone, you might think this is merely weird and wise comedy, but I think Allen has more in common with Donald Glover than George Saunders. These are difficult, inventive stories that, at their best, occupy a range of frequencies and otherworldly places with — to borrow Allen’s brilliant three-word description of Jimi Hendrix’s way with music — a “fierce itching dazzle.”

Persons: disquiet, Allen, Allen —, ” Miles Davis loathes, Jimi Hendrix, Francis Bacon, Jimi, Jack Johnson, Muhammad Ali, Ali, Larry Holmes, Donald Glover, George Saunders, ”, Jimi Hendrix’s Organizations: Chicago, Champ Locations: Australia, “ Atlanta

☆ 'I don't think we ever go back to where we were' with in-office work: Bausch + Lomb CEO Saunders
▼ + stars: | 2023-06-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'I don't think we ever go back to where we were' with in-office work: Bausch + Lomb CEO SaundersBrent Saunders, Bausch + Lomb CEO and Roam board chair, joins 'Squawk Box' to discuss the future of work, why remote work is here to stay, and more.

Persons: Saunders Brent Saunders, Bausch

☆ Candles, clocks and throw pillows: 3 charts show how Home Depot and Lowe’s pivoted to “soft-DIY”
▼ + stars: | 2023-06-10 | by ( Christopher Hickey | ) edition.cnn.com time to read: +6 min

The SEC data analyzed by CNN shows that home decor sales have doubled at both Home Depot and Lowe’s in that time period. By 2022, decor products accounted for 5.4% of Lowe’s sales – more than the tools, building materials, flooring or hardware categories. In 2019, year-over-year net sales at Home Depot and Lowe’s grew by roughly 2% and 1%, respectively. In 2020, Home Depot sales grew by nearly 20%, while Lowe’s saw sales jump by roughly 24%. While still primarily home improvement retailers, expanding into home decor was simply a logical opportunity for Home Depot and Lowe’s, Saunders said — especially online.

Persons: Neil Saunders, ”, it’s, ” Lowe’s, Lowe’s, Saunders, Barbara Kahn, they’re, ” Khan, “ They’re, Ted Decker, won’t, ” Saunders Organizations: CNN, SEC, Global, Home, Depot, Home Depot, ”, University of Pennsylvania’s Wharton School, Advance, US Census Bureau Locations: Lowe’s

☆ Three Books That Make Tess Gunty Angry
▼ + stars: | 2023-06-08 | by ( ) www.nytimes.com time to read: +4 min

I can’t believe I get to share a time period with all of these people. In this poem, the speaker is thunderstruck by a newfound “plague of gratitude.” The speaker says: “Not long ago I was hard to even/hug ... The poem plunged me into that first miraculous flash of hope you enjoy after a long storm of bad brain chemistry. They are facilitated by an absence of legal restrictions and the primeval excuse that if We don’t do it first, They will. My family is always shocked by how many books on neuroscience and quantum physics I’ve amassed.

Persons: Claudia Rankine, Anne Carson, Maggie Nelson, Yuri Herrera, Zadie Smith, Diane Williams, Valeria Luiselli, Olga Tokarczuk, Rachel Kushner, Elena Ferrante, Ben Lerner, Carmen Maria Machado, Joy Williams, Hanif Abdurraqib, Nuar Alsadir, Robin Coste Lewis, Natalie Diaz, Ocean Vuong, Sharon Olds, Morgan Parker, Tommy Pico, Terrance Hayes, Ada Limón, Tracy K, Smith, Annie Baker, Amy Herzog, Paula Vogel, Svetlana Alexievich, Rachel Aviv, Ed Yong, Matthew Desmond, Alexandra Kleeman, Susan Choi, Chris Ware, Tommy Orange, Javier Zamora, Jenny Offill, Annie Ernaux, Anne Enright, Lydia Davis, Raven Leilani, Mark Z, Jennifer Egan, George Saunders, Wolf, Kaveh Akbar, ” Akbar alchemizes, ”, I’m, Patrick Radden Keefe, Sackler, —, Brian Christian, I’ve, Iain McGilchrist, Alex Locations: Ocean, America, “, postindustrial Indiana

☆ Dollar General customers are turning to food banks, CEO says
▼ + stars: | 2023-06-01 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Dollar General’s stock just had one of its worst days ever on Wall Street. But Dollar General’s worse-than-expected results point to a more-troubling reality for the nation’s consumer-dependent economy. When Dollar General’s core customers feel strained, they pull back completely. “Unfortunately, our customers are saying they’re having to rely more on food banks, savings, credit cards,” CEO Jeff Owen said on a call with analysts Thursday. Dollar General’s downbeat earnings also underscore the extreme disparity in how inflation is felt among high-income versus low-income shoppers.

Persons: CNN Business ’, Jeff Owen, Owen, haven’t, you’ve, That’s, ”, Neil Saunders, you’ll Organizations: CNN Business, New York CNN, Dollar, Macy’s, Costco, Target, Walmart, National Bureau of Economic Research, Consumers, US Locations: New York, West Elm

☆ 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.

☆ 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: & &

☆ You Take a Friend on Your Yacht. Is It a Taxable Gift?
▼ + stars: | 2023-05-19 | by ( Laura Saunders | ) www.wsj.com time to read: 1 min

One of their most interesting products is the ROG Flow Z13. But last month, Asus sent Insider a limited edition version of the Flow Z13, called the Asus ROG Flow Z13-ACRNM RMT02. ROG Flow Z13-ACRNM RMT02 is a mouthful of a name, which is just one reason why I've taken to just calling it the "Asus Alien." To put it simply: The Z13-ACRNM looks like it came from an alien civilization. Check out below what this one-off laptop looks like.

☆ 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.

☆ 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.

☆ Etsy launches wedding registry service for handmade gifts in wake of Bed Bath & Beyond bankruptcy
▼ + stars: | 2023-05-10 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +3 min

Etsy launched a wedding registry service Wednesday. The move comes as some stores roll back wedding registry services and on the heels of Bed Bath & Beyond's bankruptcy. In conjunction with the launch of the registry service, Etsy published several blog posts outlining popular wedding trends and gift ideas. Personalized wedding and bridal gifts have long been popular on Etsy and frequently showcased in gift guides. Other recent retail closures, restructurings, and bankruptcy filings from companies like JCPenney, Lord & Taylor, Barneys, and Neiman Marcus have also impacted the registry market, retail expert Burt Flickinger told CNN.

☆ Etsy is wasting no time jumping into the wedding registry business
▼ + stars: | 2023-05-10 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

While Bed Bath and Beyond and its popular wedding registry service teeter on the edge, Etsy is stepping in to fill any potential void. Etsy announced on Wednesday that the online marketplace for handcrafted items is launching its own wedding registry. In addition to selecting registry items from Etsy’s vast offerings of handmade and vintage items, the company said the Etsy Registry will also provide couples with a personalization service for nuptial-related paraphernalia, such as wedding decor and bridal party items. “So, launching Etsy Registry was a natural next step,” she said. Etsy has launched its own wedding registry called Etsy Registry.

☆ This is what you need to know about ultra-cheap Chinese shopping app Temu, which sells a huge variety of weird things — and has some wondering if it's for real
▼ + stars: | 2023-05-08 | by ( Grace Dean | Mary Hanbury | ) www.businessinsider.com time to read: +11 min

It's listed as the top free app in both the Google Play store and the Apple App Store, ahead of TikTok, Amazon, and Instagram. These cost savings can then be passed on to the consumer, a spokesperson for Temu told Insider. But for the average North American shopper, such low prices can actually be disconcerting, especially when they don't know much about Temu. A spokesperson for Temu told Insider that it uses its parent company's supply chain and logistics network to ship these items. Read more: I ordered my first 4 items off Chinese e-commerce app Temu and came away annoyed with the dozens of marketing emails sent after making a single purchase

☆ Your Child Picked a College! Tee Up Your 529 Plan
▼ + stars: | 2023-05-05 | by ( Laura Saunders | ) www.wsj.com time to read: 1 min

Biden’s student debt forgiveness plan isn’t the only change coming for student loan borrowers. His plan also fundamentally changes how loans will be repaid, turning many into, essentially, free college grants. This month kicked off with college decision day, the May 1 deadline for many high-school seniors to pick a school. It should also prompt parents to plan withdrawals from so-called 529 college-savings plans. “There’s so much focus on putting dollars into 529 plans that people forget about taking the money out—and parents procrastinate because they’re busy,” says Mary Morris , chief executive of Virginia529, which recently held $86 billion for savers.

☆ Jim Cramer talks to Bausch + Lomb CEO Brent Saunders on returning to the company
▼ + stars: | 2023-05-03 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Jim Cramer talks to Bausch + Lomb CEO Brent Saunders on returning to the companyBausch + Lomb CEO Brent Saunders joins 'Mad Money' host Jim Cramer on returning to the company as CEO, the company's quarterly results, and its forward looking strategy.

☆ Amazon, Target, and Walmart will be the biggest winners from Bed Bath & Beyond's demise
▼ + stars: | 2023-05-02 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Bed Bath & Beyond has filed for bankruptcy and is conducting an "orderly wind down" of its stores. 1 in several of the categories that Bed Bath & Beyond is best known for: kitchen and bathroom supplies, decor, storage, and bedding. Consumers will have fewer options with the demise of Bed Bath & Beyond, said Peter Greene, Numerator's Insights Practice Director for General Merchandise, in a statement. "Bed Bath & Beyond was slow to embrace and adopt the e-commerce boom, which was pioneered, advanced, and utilized to great success by direct competitors like Target, Walmart, and Amazon," Bed Bath & Beyond CFO Holly Etlin wrote in bankruptcy filings. Bed Bath & Beyond's sales plummeted from $11.1 billion in 2019 to an estimated $5.4 billion in 2022.

☆ In This Satire, Televised Blood Baths Offer Prisoners a Path to Freedom
▼ + stars: | 2023-04-28 | by ( Giri Nathan | ) www.nytimes.com time to read: +4 min

What all these fighters seek is freedom, a word that appears capitalized throughout the book, like a term of art or faith. It comes in two types: Low Freedom (death, however it might find them) and High Freedom (pardon, commutation or clemency after three years survived on the circuit). If you recoil at that unholy fusion, that’s kind of the point; and the author keeps pulling off this shock, page after page. Adjei-Brenyah has a fine intuition, an almost spatial sense for what we need to see and what we don’t. His names are crisp, like Sunset Harkless (a man) and Spinifer Black (a spear), and his compact euphemisms a gift.

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