Retail

Bloomberg Steinhoff International Holdings shareholders voiced their frustration with scandal-hit retailer by voting against proposed changes to director pay policies and rejecting financial statements for last year. Investors logged into the South African company’s virtual annual meeting and protested against the extent of fees paid to various advisers, some related to a deal the retailer reached with creditors to skip …

Bloomberg Cosmetics maker Coty Inc reported worse-than-expected results in its fourth quarter, posting a $1.2 billion drop in sales year on year as consumers stuck at home during the pandemic skipped beauty-product purchases. Sales of $922.1 million in the company’s fiscal fourth quarter were down 56% year on year and worse than analysts’ estimate of $1.34 billion. After a brutal …

Bloomberg Gap Inc tempered the pace of its sales decline in the second quarter, outpacing analysts’ estimates by picking up e-commerce customers. Sales for the period, which ended on August 1, fell 18% from a year earlier to $3.3 billion, higher than analysts’ projection of $2.9 billion. The company, which owns the Old Navy and Banana Republic brands, increased comparable-store …

Bloomberg Grocery stores are booming as the coronavirus pandemic drives Americans to stock up their pantries. But the nation’s biggest grocer is largely missing out. Walmart Inc, which has sat at the top of the food chain for years, has lost market share to companies like Kroger Co and Albertsons Cos, whose quarterly sales have risen by double-digit percentages. While …

Bloomberg Bed Bath & Beyond will eliminate 2,800 jobs under a plan to cut costs and streamline operations amid deepening challenges for brick-and-mortar retailers. The “significant workforce reduction” will begin immediately, affecting both corporate headquarters and retail stores, the home-goods retailer said in a statement. Along with previously announced restructuring actions, the latest effort will result in as much as …

Bloomberg Japan’s second-largest convenience store operator FamilyMart Co will become a wholly owned subsidiary of top shareholder Itochu Corp after the trading house succeeded in its tender offer for the retailer’s shares. The deal will lift Itochu’s stake in FamilyMart to 65.7% from 50%, allowing the trading company to begin the process of delisting the convenience store operator from the …

Bloomberg Women’s activewear retailer Sweaty Betty is preparing to put itself on the block, according to people with knowledge of the matter. The London-based company could fetch about 400 million pounds ($524 million) in a transaction, according to one of the people, who asked not to be identified because the deliberations are private. Potential suitors could include large retailers or …

Bloomberg For nearly all retailers, the pandemic has meant shoppers check out less often and stock up on each trip. But Target Corp bucked that trend with record sales and profit last quarter, emerging as a winner in the Covid-19 era. The shares jumped as much as 13% to their highest price ever last week after Target reported a 4.6% …

Bloomberg Amazon.com Inc’s India brick and mortar retail partner Future Retail Ltd is in talks with banks to help fund a missed interest payment before a deadline. The company failed to pay $14 million of interest due July 22 on its 5.6% 2025 dollar notes, and is in a 30-day grace period that expired last week. If payment were not …

Bloomberg Marks & Spencer Group Plc plans to cut about 7,000 jobs after its clothing business was hit hard by the coronavirus lockdown, adding to the toll of lost employment in the UK retail industry. The move to eliminate about one-tenth of the store chain’s workforce follows a 39% plunge in the clothing and home arm’s sales in the latest …