Retail

BLOOMBERG For decades John Lewis Partnership Plc has been considered the pinnacle of British retailing, overshadowing archrival Marks & Spencer (M&S) Group Plc. While the owner of the John Lewis department store and upmarket grocer Waitrose was lauded for its employee-ownership, service levels and quality, M&S struggled with never-ending turnaround plans, a revolving door of CEOs and plunging profits. But ...

BLOOMBERG McDonald’s Corp is facing rising unrest among certain US franchisees — a potential stumbling block as the burger chain plots aggressive expansion. Squeezed by higher costs and grumbling at new operating rules, franchisees invited to a meeting with the company’s board will press their case in person. The session will give US operators “an opportunity to share with the ...

BLOOMBERG John Lewis Partnership Plc cancelled staff bonuses for the second time in three years and warned of fresh job cuts after reporting a large loss amid intense competition in the British retail market. The owner of the John Lewis department store and upmarket grocer reported a £234 million ($283 million) loss for the full year, driven in large part ...

BLOOMBERG Dollar General Corp said it would spend an extra $100 million on its stores, mostly to increase staffing, after incurring a series of fines from the US government over working conditions. The investment will be “primarily in incremental labour hours,” Chief Executive Officer Jeff Owen said in a statement as Dollar General reported earnings. The spending will help the ...

BLOOMBERG UK food-delivery service Deliveroo Plc reported that annual sales rose 14% last year when inflation and economic headwinds hit customers. Revenue rose to £1.97 billion ($2.4 billion) and its operating loss was £245.6 million last year, the company said in a statement. Shares fell 3% to 86.88 pence in London. The company said it reached a key milestone of ...

BLOOMBERG Zara owner Inditex SA is struggling to reverse an earnings decline at its formal-wear chain Massimo Dutti as mid-range officewear is hit particularly hard by the cost-of-living crisis. Earnings from the brand dropped 9.6% in the past fiscal year, Inditex reported. Revenue stood at €1.6 billion ($1.7 billion), 16% below the level of 2019, making Massimo Dutti the only ...

BLOOMBERG Hennes & Mauritz (H&M) is launching a resale platform with ThredUp Inc, as global apparel companies try to make a dent in the clothing waste they produce and seize on a potential new source of revenue. H&M was expected to start its first resale platform in the US market, H&M Pre-Loved, with around 30,000 items of used women’s and ...

BLOOMBERG Inditex SA surprised investors with a plan to significantly increase spending on new stores and e-commerce despite closing more than 1,000 shops over the last three years and amid a wider market slowdown in online growth. Shares in the operator of the Zara and Bershka chains fell as much as 3.6% after the retailer said it planned to invest ...

BLOOMBERG Glossier, the Gen Z-focussed beauty brand trying to rebound from a tumultuous period, has revamped its executive ranks and is moving further beyond its direct-to-consumer roots. The New York-based company is making several pushes to strengthen its business: announcing product launches every four to six weeks, expanding its physical brick-and-mortar footprint to 600 Sephora stores and positioning itself for ...

BLOOMBERG Prada SpA sales jumped as the Italian fashion group benefited from a strong appetite for its brushed leather loafers and slingback pumps. Net revenue in 2022 rose to €4.2 billion ($4.44 billion), up 21% at constant exchange rates, the group said in a statement. Analysts had expected revenue of €4.01 billion. Demand in Europe was particularly strong. Adjusted earnings ...