News

Retail

AP News | Equities.com |

Millions of people forced to work out of the office during the pandemic took on new projects at home and Home Depot is supplying a lot of the DIY material they need.

At Home Depot stores open at least a year, sales surged an remarkable 25% in the U.S. during the second quarter, the Atlanta company reported Tuesday.

Overall revenue hit $38.05 billion, far exceeding the $34.94 billion Wall Street was expecting, according to a Zacks Investment Re...


Reuters | Equities.com |

Walmart Inc posted its biggest-ever growth in online sales on Tuesday as shoppers placed orders for everything from electronics and toys to groceries from the safety of their homes amid the COVID-19 pandemic.

The near-doubling of online sales in the second quarter helped the retailer trounce Wall Street expectations for quarterly profit and same-store sales.

The results showed that the unprecedented spike in demand seen by big-box retailers at the peak of the c...


Reuters | Equities.com |

Germany’s anti-trust authority has launched an investigation into Amazon’s relationship with third-party traders selling on its site, its head was quoted as saying on Sunday.

“We are currently investigating whether and how Amazon influences how traders set prices on the market-place,” Andreas Mundt, President of the Federal Cartel Office, told the Frankfurter Allgemeine Zeitung daily.

Germany is Amazon’s second-biggest market after the United S...


Reuters | Equities.com |

Amazon.com can be held liable like other traditional retailers for injuries from defective products sold via its sprawling e-commerce marketplace, a California state appeals court ruled on Thursday.

The decision overturned a San Diego Superior Court ruling that the world’s biggest online retailer was shielded from liability because it acted as a service provider, which is not subject to California product liability law.

In addition to selling its own inventory, Amazon allows third-party vendors to list products for sale on its website. Such vendors may store their products in Amazon’s warehouses or ship them directly to customers.


AP News | Equities.com |

National discount department store chain Stein Mart filed for bankruptcy on Wednesday after 112 years in business, and announced that it will close most, if not all, of its 280 stores.

“The combined effects of a challenging retail environment coupled with the impact of the Coronavirus (COVID-19) pandemic have caused significant financial distress on our business,” wrote Chief Executive Officer Hunt Hawkins in a news release. “The Company lacks suf...


AP News | Equities.com |

NEW YORK (AP) — Lord & Taylor, America’s oldest retailer, is seeking bankruptcy protection, as is the owner of Men’s Wearhouse and Jos. A. Bank, lengthening the list of major retail chains that have faltered in the pandemic.

Household names, many longtime anchors in malls nationwide, were already struggling to keep up with a radical reformation in what people buy, and where they buy it. Much of that activity has moved online.

Thousands of store closures forced by the...


Reuters | Equities.com |

Amazon.com Inc on Thursday posted the biggest profit in its 26-year history as online sales and its lucrative business supporting third-party merchants surged during the coronavirus pandemic.

Shares of Amazon, the world’s largest online retailer, rose 5% in after-hours trade.

While rival brick-and-mortar retailers have had to shut stores during government-imposed lockdowns, Amazon hired 175,000 people in recent mo...


Equities Staff | Equities.com |

Walmart Canada announced it plans to invest C$3.5 billion (US$2.58 billion) over the next five years across every aspect of its business. The investment will be focused on building a faster e-commerce experience, two new distribution centers, re-invented and "smarter" stores, an enhanced omni (mobile-web-store) experience and modern digital tools to ensure associates can best serve customers.

The company’s plans include renovating 150 stores — more than a third of its network — wi...


Reuters | Equities.com |

Starbucks Corp said on Thursday customers would have to wear face coverings at all company-owned U.S. stores, starting July 15, to contain the spread of the novel coronavirus.

The coffee chain said certain locations where there was no local government mandate to wear face masks, customers would have other options including drive-through and curbside pickups.

The move by Starbucks comes as COVID-19 cases in the United States are on the rise with federal health officials rec...


AP News | Equities.com |

NEW YORK (AP) — The storied Manhattan clothier Brooks Brothers is filing for bankruptcy protection.

The company that says it’s put 40 U.S. presidents in its suits survived two world wars and navigated through casual Fridays and a loosening of dress standards even on Wall Street, but the coronavirus pandemic pushed the 200-year-old company into seek Chapter 11 protection Wednesday.

Another famed men’s clothier, Barneys of New York, sought bankruptcy protection last year, ...