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Retail

Reuters | Equities.com |

(Reuters) - Costco Wholesale Corp recorded high coronavirus-related costs for the second straight quarter, overshadowing its better-than-expected results and sending the company's shares down 3% in extended trading on Thursday.

The warehouse chain spent about $281 million on employee bonuses and sanitizing its warehouses in the fourth quarter, mirroring a trend of rising costs across U.S. retailers during the health crisis.

Costco had estimated in May that COVID-19-related costs would exceed $100 million, but would be lower than the $283 million incurred in the prior quarter.

“$281 million is over $100 million but quite a bit larger,” Chief Financial Officer Richard Galanti said on an earnings call.

The company cited the $2-an-hour premium paid to employees as a factor for the jump in costs. The bonus costs Costco $14 million a week.


Reuters | Equities.com |

Target Corp said on Thursday it would double its staff for contactless services and hire more seasonal employees for distribution centers this holiday season, as consumers shop more online to avoid crowds during the COVID-19 pandemic.

The company, one of the retailers benefiting from the big shift to online shopping during the health crisis, said it expected seasonal hiring to be on par with last year, when it hired more than 130,000 store employees.

Consumer...


Reuters | Equities.com |

Nike Inc comfortably beat analysts' estimates for quarterly revenue and profit on Tuesday, powered by a rebound in demand in China and strong online sales, sending its shares up about 9%.

The footwear maker has benefited from its focus on direct-to-consumer sales, especially through its own outlets and apps, as the pandemic has forced customers to avoid shopping at malls and department stores.

The Nike brand’s digital sales surged 82% in the first quarter ended Aug. 31, with at least double-digit rises recorded in all regions.

Overall, sales in China, where the economy opened from lockdowns much earlier than in other parts of the world, rose 6%.

In North America, the company’s biggest market, sales fell 2% to $4.23 billion, but easily beat analysts’ estimate of $3.39 billion, according to IBES data from Refinitiv.


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Ralph Lauren Corp has decided to cut its global workforce by the end of its fiscal year as part of a company-wide restructuring to focus more on online sales, it said on Tuesday.

The company did not respond to a request for comment on how many employees were likely to be affected by the plan.

The COVID-19 health crisis has hammered demand for high-end handbags, apparel and accessories in retail stores, forcing luxury goods companies to slash costs and slow bric...


AP News | Equities.com |

NEW YORK (AP) — Toilet paper is back on store shelves. But you may not recognize some of the brands.

Demand for toilet paper has been so high during the pandemic that in order to keep their shelves stocked, retailers are buying up foreign toilet paper brands, mostly from Mexico. Major chains, across the country, including CVS, Piggly Wiggly, Safeway, 7-Eleven and others, are carrying the international brands.

In recent weeks, a CVS in New York has been selling three Mexi...


Reuters | Equities.com |

Amazon.com Inc on Monday said it is recruiting 100,000 more workers - the fourth hiring spree it has announced for the United States this year - to keep pace with e-commerce demand that jumped during the pandemic.

The world’s biggest online retailer said the positions are for full and part-time work in its home country and Canada, and these will include roles at 100 new warehouse and operations sites it is opening this month. The Seattle-bas...


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J.C. Penney Co Inc reached a tentative deal with landlords and lenders valued at $1.75 billion to rescue the beleaguered department store chain from bankruptcy proceedings, averting a liquidation that would have threatened roughly 70,000 jobs and represented one of the most significant business collapses following the coronavirus pandemic, a company lawyer said.

Mall owners Simon Property Group Inc and Brookfield Pr...


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Walmart Inc said on Wednesday it would run a pilot project for delivery of grocery and household products through automated drones, along with end-to-end delivery firm Flytrex, as the U.S. retailer looks to beef up its delivery business.

Bentonville, Arkansas-based Walmart said the test would start on Wednesday in Fayetteville, North Carolina, with cloud-controlled drones picking up and dropping off select items.

“We know that it will be some time before we s...


Reuters | Equities.com |

American Eagle Outfitters Inc reported a smaller-than-expected quarterly loss on Wednesday, as people working from home due to the COVID-19 pandemic shopped online for comfortable athleisure and lounge apparel from its Aerie label.

The company debuted a new Aerie activewear line in July featuring soft athletic apparel, helping online sales more than double in the second quarter at the brand.

Total revenue fell 15% to $883.5 million in the three months e...


Reuters | Equities.com |

Amazon.com Inc is planning to create 10,000 more jobs in the next few years in Bellevue, Washington, the e-commerce giant said on Friday.

The company has been setting up new offices across U.S. cities on the back of a meteoric rise in its business, thanks to a surge in online orders during coronavirus-induced lockdowns.

Amazon had earlier said it would create 15,000 jobs in Bellevue, located 10 miles from its Seattle headquarters.

In April and May, Am...