News

Retail

Reuters | Equities.com |

Target Corp beat analysts’ estimates for holiday quarter sales on Tuesday, powered by the company’s same-day delivery and store pick-up services that helped fulfill resilient demand for home goods, toys and groceries during the pandemic.

Over the past year, Target and Walmart Inc consistently performed better than Wall Street expected as the deep-pocketed national retail chains amped up their online businesses during the health crisis and swiped market share from smaller rivals who rely more on their physical stores.


Reuters | Equities.com |

Discount store operator TJX Cos Inc missed holiday-quarter sales estimates on Wednesday, as coronavirus-induced lockdowns in Europe and Canada pressured sales of non-essential products such as footwear and apparel, sending shares down 3%.

Sales of retailers that sell discretionary items have remained pressured since the onset of the pandemic, as declining income among households have prompted people to cut their spending on dresses and suits.


Reuters | Equities.com |

Macy’s Inc forecast 2021 sales largely above Wall Street estimates on Tuesday as it bet on vaccine rollouts allowing customers to return to its department stores after pandemic curbs.

The upbeat outlook from the U.S. retailer follows better-than-expected sales in the holiday quarter as stimulus checks and strong online demand eased the blow from the health crisis.


Kimberly Redmond | Equities.com |

A group of activist investors with a 9.5% stake in Kohl’s Corp is trying to gain control of the department store’s board as a way to turn around business and boost stock.
In a letter to shareholders Monday, the investors, which Macellum Advisors GP LLC, Ancora Holdings Inc, Legion Partners Asset Management LLC and 4010 Capital LLC, said they are pushing for changes due to market share losses, stagnating sales and shrinking profit margins over the past decade. (https://c...


Kimberly Redmond | Equities.com |

Walmart Inc plans to raise pay for about 425,000 employees to at least $13 per hour, lifting the average wage across the country’s largest retail chain to over $15 per hour.

Starting March 13, workers in stocking and digital positions will receive a starting rate of $13 to $19 an hour, based on the store’s location and market, the big box retailer announced Thursday.


Reuters | Equities.com |

Walmart Inc on Thursday forecast slowing sales for fiscal 2022, following a blockbuster year that saw demand for essentials and other items soar as consumers flocked to the retailer during lockdowns linked to the coronavirus pandemic.

The world’s biggest retailer forecast adjusted net sales to grow in the low single digits in fiscal 2022 which ends Jan. 31, much lower than the 8.5% growth seen in the preceding year. It also expects earnings per share to be flat-to-slightly up, below the 2.2% growth analysts had been expecting, according to Refinitiv.


Reuters | Equities.com |

L’Oréal, the world’s biggest cosmetics group, forecast a strong rebound in makeup sales when the COVID-19 pandemic gives way to a “roaring 20s” when people get dressed up and go out again to socialize.

Shares in L’Oréal, owner of brands such as Maybelline, Lancome and Garnier, rose on Friday after the group reported higher than expected fourth-quarter sales growth, broadly outperforming a cosmetics market hit hard by the pandemic.


AP News | Equities.com |

The second Jennifer Bates walks away from her post at the Amazon warehouse where she works, the clock starts ticking.

She has precisely 30 minutes to get to the cafeteria and back for her lunch break. That means traversing a warehouse the size of 14 football fields, which eats up precious time. She avoids bringing food from home because warming it up in the microwave would cost her even more minutes. Instead she opts for $4 cold sandwiches from the vending machine and hurries back to her post.

If she makes it, she’s lucky. If she doesn’t, Amazon could cut her pay, or worse, fire her.


Reuters | Equities.com |

Best Buy Co Inc has notified employees that it would cut some jobs at its stores, the Wall Street Journal reported here on Wednesday, as the COVID-19 pandemic forces retailers to become more dependent than ever on online shopping.

A Best Buy spokesman said the company does not comment on specific personnel matters, but added that its workforce would need to evolve to meet evolving needs of customers.


Kimberly Redmond | Equities.com |

Toys "R" Us closed its two remaining stores in the U.S. after a failed attempt to relaunch the iconic toy chain, according to multiple reports.

Tru Kids Inc, which owns the Toys "R" Us and Babies "R" Us brands in the US, told The Associated Press that the closures of its stores at malls in Houston, Texas, and Paramus, New Jersey, in January stemmed from the ongoing COVID-19 pandemic.