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UK retail sales mask outlook concerns

  Bloomberg Such is the state of the UK consumer that even seemingly positive data can reveal bad news about the economy. After a week of grim reports showing inflation at a four-decade high and consumer confidence at the lowest level since at least 1974, a release showing retail sales unexpectedly rose in April appeared to buck the trend. The ...

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Investors flee stocks over Walmart, Target losses

  Bloomberg Losses for Walmart Inc and Target Corp are mounting as investors fled the stocks after the US retail giants cut their growth outlook for 2022 — an industry wide warning that inflation is denting consumer expenditures across the country. Walmart fell 6.6% after posting its biggest one-day decline since 1987 the prior day when it cut its full-year ...

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Waltons lose $19b in Walmart wipeout

  Bloomberg The Walton family fortune tumbled almost $19 billion after Walmart Inc slashed its profit outlook. Walmart, controlled by the family, fell 11% in New York trading after the Bentonville, Arkansas-based company reported earnings that lagged analysts’ estimates. Soaring inflation heaped pressure on the retailing giant’s profit margins in the first quarter, testing the company’s appetite to raise prices. ...

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JD.com’s revenue jumps, defying China lockdown

  Bloomberg JD.com logged better-than-expected 18% revenue growth, after China’s second-largest e-commerce operator grew market share to cushion the blow from Covid lockdowns across the country’s biggest cities. Sales climbed to 239.7 billion yuan ($35.6 billion) in January-March, beating the 236.7 billion yuan average of analyst forecasts. It reported a net loss of 3 billion yuan. JD’s stock surged more ...

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Made.com plummets on guidance, CFO departure

  Bloomberg Made.com Group Plc shares plummeted after the UK online furniture retailer revised guidance for the year and said its chief financial officer is leaving. Made said the start of the year has been worse than anticipated and it expects the market to remain “highly challenging” for the rest of 2022. The shares fell 20% on Monday to the ...

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Walmart woos college grads with $210,000 as store bosses

Bloomberg Walmart Inc is stepping up efforts to entice college graduates by unveiling a fast track to jobs as store managers — positions that typically pay more than $200,000 a year and have traditionally taken years to get. A new “College2Career program” will provide classroom training, hands-on experience and mentoring for recent and soon-to-be graduates, Walmart said. Top performers will ...

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Instacart CEO courts investors, skeptical grocers ahead of IPO

Bloomberg Instacart Inc, a 10-year-old grocery delivery startup that was once one of the most highly valued of its gig-economy generation, is preparing to go public, potentially plunging itself into the volatile stock market as it sets to prove itself in a post-pandemic world. The company has confidentially filed documents with the Securities and Exchange Commission (SEC) to start the ...

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Shein’s breakneck growth slows, testing $100b valuation

  Bloomberg Shein, the Chinese fast fashion giant that’s quickly become the third-most valuable startup in the world, is seeing a reality check with sales growth slowing from the lofty heights of the pandemic, just as it faces mounting pressure to live up to a $100 billion valuation. The online-only retailer of inexpensive clothes, beauty and lifestyle products has become ...

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Baby-formula shortage spurs US to prod Abbott over access

  Bloomberg The Biden administration urged Abbott Laboratories to do more to ensure low-income families on federal assistance have access to baby formula, amid a nationwide shortage. Agriculture Secretary Tom Vilsack said the company should extend flexibility through the end of August for states and territories to obtain rebates to purchase alternative formulas to ensure supply for people on the ...

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Food prices rise above Britain inflation in cost of living crisis

Bloomberg The decades-long era of cheap food in Britain may be coming to an abrupt end. With the UK wilting under the fastest inflation in three decades, supermarkets are raising prices at an even quicker rate, according to a new analysis prepared for Bloomberg. That’s turning the screws on shoppers who are already grappling with higher gas and heating bills ...

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