Retail

Bloomberg Home Depot Inc cut its revenue forecast on lumber price deflation and concern that President Donald Trump’s recently announced tariffs will hurt US consumption. Same-store sales — a key gauge of a retailer’s performance — rose 3 percent in the second quarter, trailing the average 3.2 percent projection, according to Consensus Metrix. The company now sees 4 percent growth …

Bloomberg The meat-free movement is finding its way into strange and exotic dishes. The latest example: imitation uni. Usually, the orange innards of sea urchins served in sushi restaurants are harvested from spiky creatures that live on seabeds. The delicacy requires much labour to collect and keep fresh. That makes it one of the most expensive items on menus; a …

Bloomberg Disappointing results at Tapestry’s Kate Spade line prompted a string of rating downgrades on the stock, with analysts saying a recovery may take several quarters. After sliding 22 percent to a 10-year low, Tapestry shares pared some of the losses to rise as much as 3.4 percent in New York. Credit Suisse analyst Michael Binetti said, “Kate outlook is …

Bloomberg Investors are bracing for a significant downturn in the world economy, cutting earnings estimates amid a market sell-off. While all cyclical industries face some form of risks, some companies within each sector are more vulnerable than others as the outlook deteriorates. In recent recessions, technology and finance were the triggers — the internet bubble caused the 2000 market crash …

Bloomberg Macy’s Inc plunged after a worse-than-expected second quarter underscored investor fears that the teetering department-store industry is slated for more pain ahead. The retailer, the first of its peers to report earnings, slashed its profit outlook for the year — and it warned that the cut doesn’t even take into account the next round of Chinese tariffs, some of …

Bloomberg JC Penney Co reported a challenging second quarter, exacerbating investors’ concerns about the health of department stores ahead of the holiday season. Still, its new chief is optimistic the turnaround is starting to take hold. “We are not simply running a business — we are rebuilding a business,” Chief Executive Officer Jill Soltau said. Shares swung between gains and …

Bloomberg Amazon.com Inc is designating products sold by certain companies as “top brands,” a test that if widely implemented could ease tension between the online retail giant and big-name companies used to favourable positioning at brick-and-mortar retailers. The company appended a “top brand” label to products from Speedo, New Balance, Under Armor and Fruit of the Loom in some product …

Bloomberg Western fashion brands are coming under fire in China for designs perceived to run afoul of local political sensitivities, sparking calls for boycotts in a market that accounts for a third of global luxury demand. Less than 24 hours after Versace apologised for t-shirts that were accused of defying the One-China Policy, American fashion label Coach and French luxury …

Bloomberg Sports Direct International Plc plunged after its auditor quit without a replacement, heightening corporate governance concerns at the British retailer controlled by billionaire Mike Ashley. The shares fell as much as 11 percent in London, bringing their decline over the past 12 months to more than 45 percent. Auditor Grant Thornton UK LLP will end its role on September …

Bloomberg Coca-Cola Co is putting its Dasani water brand into aluminum cans as the beverage industry faces pressure to reduce its use of plastic. Coke will start selling canned Dasani in the US Northeast next month, with plans to expand the product to other parts of the country in 2020. The announcement comes after PepsiCo Inc said recently it would …