Retail

Bloomberg America’s corporate giants began ratcheting up the pressure on unvaccinated employees, aiming to turn the tide against a resurgent virus that threatens the economic recovery. Walmart, the largest private employer in the US, is requiring headquarters and regional staff to be vaccinated by October 4, instituting a policy that may set a standard for corporate America as the highly …

Bloomberg Amazon.com Inc’s weaker-than-expected second-quarter results has sent its founder’s fortune tumbling. The net worth of Jeff Bezos fell $13.5 billion after the after-market results missed Wall Street’s expectations and foreshadowed an end to the retailer’s pandemic-fueled sales surge. The drop erased 80% of his wealth gains for the year. Amazon’s shares dropped 7.2% to $3,339.18 at 9:53 a.m. in …

Bloomberg The bigger they are, the harder they fall. Amazon.com Inc’s shares plummeted as much as 8.1% on July 30 after the retail giant reported sales below analyst estimates for the first time since 2018. That pared more than $130 billion from the company’s market capitalisation, a figure that, if it were for a single company, would be larger than …

Bloomberg Procter & Gamble Co rose in early trading after reporting sales for the latest quarter that exceeded expectations despite a difficult comparison with last year’s stockpiling. The maker of Gillette razors and Downy fabric softener, which announced a leadership transition, said that organic sales, which strip out the impact of items like acquisitions and currency swings, grew 4% in …

Bloomberg Walmart Inc is investing $1 billion over the next five years to remove all costs related to its employee college tuition program, in an effort to boost enrollment. The nation’s biggest private employer said as of August 16 the so-called Live Better U program will remove the $1 a day cost for about 1.5 million employees, who are eligible …

Bloomberg Sales of Louis Vuitton handbags and the easing of lockdowns across the world helped revenue soar at luxury fashion house LVMH. In a stellar quarter for the owner of some of the world’s best-known brands, like-for-like sales rose 84% in the three months through June, ahead of analyst expectations. Much of the gain was fuelled by “remarkable” demand for …

Bloomberg A US safety regulator’s decision to sue Amazon.com Inc could bring clarity to a question that has long befuddled courts and state legislatures nationwide: Who is responsible when a product bought from the world’s largest online retailer hurts or kills someone? In recent years, dozens of people who say they were harmed by products, such as exploding hoverboards, defective …

Bloomberg Some of the world’s biggest footwear and garment companies are seeing production pinched as factories in Southeast Asia struggle to keep the lights on amid one of the world’s deadliest Covid-19 resurgences. A number of firms that churn out products for global giants like Nike Inc and Adidas AG have reported plant suspensions in Vietnam over the past few …

Bloomberg Kimberly-Clark Corp’s shares fell after the maker of household supplies missed Wall Street’s expectations for second-quarter earnings and trimmed its annual forecast, saying inflationary pressures and slowing toilet paper demand are hurting results. Profit this year will be $6.65 to $6.90 a share, the company said in a statement, down from a prior expectation of as much as $7.55. …

Bloomberg Bridgepoint Group plans to sell the UK operations of Burger King next year in a bet on an accelerated recovery of Britain’s pandemic-hit restaurant industry, Sky reported. The newly listed private equity group has started preliminary talks with investment banks about a sale of the fast-food chain, the news agency said, citing unidentified people with knowledge of the matter. …