Retail

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 ...

BLOOMBERG Walmart Inc’s online subscription service is narrowing the gap with Amazon.com Inc in a key demographic: affluent shoppers. Launched in 2020 as a competitor to Amazon Prime, Walmart+ is resonating with higher-income households eager to fend off inflation. At $98 a year, Walmart+ costs $41 less than Prime and offers many of the same perks, such as shipping discounts ...

BLOOMBERG Gap Inc shares tumbled after the retailer reported quarterly sales that missed Wall Street’s estimates, an indication that it struggled to attract shoppers during the holiday season despite deep discounts. Comparable sales, a key gauge for retailers, fell 5% in the fourth quarter ended on January 28, compared with analysts’ average estimate of a 2.7% decline. Gap expects the ...

BLOOMBERG Seven & I Holdings Co is closing roughly one out of every four of its Ito-Yokado stores in Japan, marking the retailer’s latest response to pressure from an activist investor to streamline its business. Shares in the world’s largest convenience-store operator rose 4.1%, the most in two months, after public broadcaster NHK reported the store closings. The Tokyo-based company ...

BLOOMBERG WHP Global, the owner of the Toys ‘R’ Us and Express retail brands, has secured $375 million in growth capital from private equity giant Ares Management Corp. The transaction values the company at $1.6 billion, according to a statement reviewed by Bloomberg News. The investment will add significant cash to the retail operator’s balance sheet and spur its “next ...

BLOOMBERG Lego Group reported the smallest increase in profit in three years as the world’s largest toymaker faced higher costs and invested heavily in production to meet rising demand. Net income rose 3.7% to 13.8 billion kroner ($2 billion) in 2022, the Billund, Denmark-based company said. Expenses jumped 22% and revenue rose 17% to 64.6 billion kroner, driving gains in ...

BLOOMBERG One of the biggest questions for investors over the past year has been when Americans will pull back on spending and trigger a recession. In the fourth quarter, that didn’t happen as retailers and brands exceeded expectations. But their results and forecasts raised a bunch of red flags for the year ahead. After the highest inflation in a generation, ...

BLOOMBERG Amazon.com Inc is closing eight cashierless Amazon Go locations in Seattle, New York and San Francisco, marking the e-commerce giant’s latest round of cost-cutting amid slowing sales growth. The affected stores will remain open until April 1, the company said. “Like any physical retailer, we periodically assess our portfolio of stores and make optimisation decisions along the way,” Amazon ...

BLOOMBERG Amazon.com Inc is pausing construction on its sprawling second headquarters near Washington, a decision that coincides with the company’s deepest ever job cuts and a reassessment of office needs to account for remote work. John Schoettler, Amazon’s real estate chief, confirmed the pause in a statement to Bloomberg News. Schoettler said the company remains committed to Arlington, Virginia, where ...

BLOOMBERG Coupang Inc, the South Korean e-commerce giant backed by SoftBank Group Corp, reported lower sales than analysts estimated, marring another profitable quarter for the company. Revenue gained 4.9% to $5.33 billion in the October-December period, the US-listed company said in a statement. That compared with an average estimate of $5.45 billion. Coupang’s active customers grew just 1% to 18.1 ...