News

Retail

AP News | Equities.com |

Amazon retail chief Jeff Wilke, who has helped Amazon transform itself from an online bookstore into a global colossus, is retiring early next year.

Wilke, 53, has been with Amazon for more than two decades and was regarded as a potential successor to founder and CEO Jeff Bezos. His oversight at Amazon grew along with the company, running not just Amazon.com, but the Whole Foods grocery chain and its physical book stores.

Wilke is referred to within Amazon as “The other Jeff” to differentiate him from Bezos. The two have worked closely together since Wilke joined the company in 1999, four years after Amazon.com started selling books online.


Reuters | Equities.com |

L Brands Inc on Wednesday reported a surprise quarterly profit boosted by strong demand for Bath & Body Works’ sanitizers and soaps, as well as higher online sales of Victoria’s Secret lingerie during coronavirus-led lockdowns.

The pandemic-fuelled temporary store closures, which have pushed many retailers into bankruptcy, led to 850 jobs cuts at L Brand’s home office and permanent closing of some Victoria’s Secret stores, after a stake sale in the...


Reuters | Equities.com |

Target Corp on Wednesday reported its best quarterly comparable sales growth and online revenue that nearly tripled as shoppers lapped up videogames, kitchenware and clothes during the pandemic using the retailer’s same-day delivery services.

Shares of the Minneapolis-based retailer surged about 9% in premarket trading after it handily trounced estimates for quarterly profit and revenue.

The surging demand seen at big-box chains at ...


Reuters | Equities.com |

Kohl’s Corp posted a smaller-than-expected quarterly loss on Tuesday, as the department-store chain reopened most of its stores that were shuttered for weeks to curb the spread of the novel coronavirus.

Shares of the company, which have more than halved in value this year, rose over 3% before the bell.

Kohl’s, like several peers, has seen its online sales increase following the lockdowns, helped by its introduction of curbside pick-up option, partnership wi...


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...