A shareholder filed a class action against L Brands over what the lawsuit alleges were false and misleading statements by the company and its executives about the retailer’s financial situation, according to a complaint filed last month in an Ohio federal district court. Attorneys last week issued a press release inviting other plaintiffs to join […]
Teen retailer Forever 21 Inc. is preparing for a potential filing as its turnaround options fade, Bloomberg reported Wednesday, citing people with knowledge of the plans. According to Bloomberg, Forever 21 hired a team of advisers to help restructure its debt and has been in talks for additional financing, but negotiations with possible lenders have […]
After years of rolling out private-label brands in apparel and home goods, Target is starting a new grocery brand. Products from the new line Good & Gather will hit Target stores beginning Sept. 15. The retailer said that by the end of 2020, the brand will have more than 2,000 items — everything from organic […]
Shares of Target soared as much as 18% to a record high on Wednesday after the retailer reported second-quarter earnings that outperformed Wall Street forecasts. Here are the key numbers from Target’s second-quarter earnings: Revenue: $18.42 billion versus $18.25 billion expected by analysts. Earnings per share: $1.82 compared with $1.62 estimated by analysts. Profit: $1.32 […]
Groupon, the beleaguered daily deals website, has officially launched a rewards program to increase engagement and repeat purchase rates. For $4.99 per month, Groupon Select members receive an extra: Twenty-five percent off local deals, including activities, restaurants and spas; Fifteen percent off and free shipping off goods orders, such as consumer electronics, home furnishings and […]
Americans have gotten used to ordering huge quantities of products online and that has had a considerable impact on traditional bricks-and-mortar retailers, spelling doom for countless businesses from the local bookshop to malls that are struggling to compete with the e-commerce juggernaut.
Walmart’s stock jumped 6.5% on Thursday after the retailer reported second-quarter results that topped Wall Street forecasts. Here are the key numbers from Walmart’s results: Revenue: $130.4 billion, compared to $130.07 billion expected by analysts Earnings per share: $1.27, versus $1.22 expected by analysts Net income: $3.64 billion, compared to $3.51 billion estimated by analysts
Macy’s on Wednesday said that second quarter net sales fell to $5.55 billion from $5.57 billion in the year-ago quarter. Store comps on an owned plus licensed basis rose 0.3% after a 0.5% rise a year ago; on an owned basis only, comps, flat a year ago, rose 0.2%, according to a company press release.
Macy’s back-to-school promotion includes its first shoppable commercials on Snapchat and a video-sharing challenge on TikTok. The department store’s “All Brand New” campaign also includes digital and TV spots aimed at celebrating kids’ individuality and self-expression, per an announcement.
Nike said it is acquiring Celect, a retail analytics company, to build out its data science skills for its Consumer Direct Offense plan.
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