Retail

Bloomberg Under Armour Inc shares slipped after executives said discounting will continue for a prolonged period as the athletic brand works through excess merchandise. Inventory buildup has weighed down the sports-apparel industry due to unpredictable demand and long freight times. That’s led to heavy promotional activity to get goods off store shelves. Under Armour’s inventory rose 50% to $1.22 billion ...

  Male / Gulf Time Multi-award-winning hospitality group Sun Siyam Resorts announces the promotion of Deepak Booneady from Vice President of Commercial to Chief Executive Officer (CEO). Within his new role as CEO, Deepak will oversee the overall operation of the company, work closely with the group general manager, the resort management teams, as well as with the head office ...

Bloomberg Hudson Bay Capital Management is the anchor investor of the share sale by Bed Bath & Beyond to stave off bankruptcy, according to people with knowledge of the matter. The embattled retailer lined up investors for an eleventh-hour cash infusion that would allow it to keep operating outside of Chapter 11 protection, Bloomberg previously reported. Hudson Bay, a New ...

  Bloomberg Bed Bath & Beyond Inc. has lined up investors for an eleventh-hour cash infusion that would allow it to stave off a bankruptcy filing. The retailer, which has been preparing for a Chapter 11 filing after lenders declared it in default last month, plans to issue convertible preferred securities and warrants, it said in a statement, in a ...

Bloomberg Retail sales disappointed in the UK last month as Britons facing higher household bills reined in their spending after splurging on Christmas festivities. Total retail sales rose by 4.2% year-on-year in January, around half the pace in December and down from 11.9% growth a year earlier, the British Retail Consortium and consultancy KPMG said in a report on Tuesday. ...

  Bloomberg Apple Inc.’s latest iPhones are selling at discounts of more than $100 in China, an unusually steep price cut just months after launch that suggests dwindling demand for even its highest-end devices. JD.com Inc. and state carrier China Mobile Ltd. are among the retailers taking 800 yuan ($118) off the iPhone 14 Pro range over 11 days. Retailers ...

  Bloomberg Alibaba Group Holding Ltd.’s Daraz group is cutting 11% of jobs to weather a slump in online commerce, joining a growing roster of tech names retrenching to weather a global downturn. The Pakistani company, which Alibaba acquired from Rocket Internet in 2018, has quintupled active shoppers to more than 15 million over the past five years. But in ...

  Bloomberg Starbucks Corp. reported profit and comparable sales that trailed Wall Street’s expectations as weakness in China weighed on results, sending shares down in late trading. Executives reaffirmed confidence in the country and predicted a recovery there this year. Comparable sales of 5% in the quarter ended January 1 were below the average estimate for 6.8% growth compiled by ...

  Bloomberg As a rout in the price of food commodities from wheat to cooking oil deepens, the cost of products on grocery shelves continues to rise. Almost a year on from Russia’s invasion of Ukraine, which sent grains and other staples soaring to a record, a United Nations’ index of food-commodity costs fell for a 10th straight month in ...

Bloomberg Amazon.com Inc. has paused expansion of its line of Amazon Fresh grocery stores as it evaluates how to make the chain stand out to shoppers, Chief Executive Officer Andy Jassy said. Amazon has owned Whole Foods Market since 2017, but in recent years much of its energy has been devoted to Amazon Fresh, a line of mainstream grocery stores ...