Retail

Bloomberg Jumia Technologies has identified improper transactions at the Africa-focused online retailer’s Nigeria business that amounted to as much as 4 percent of first-quarter sales. While the Berlin-based company says it’s taking measures to cut out instances of wrongdong, the findings backed up warnings made by short-sellers Citron in a report three months ago, which brought an abrupt end to ...

Bloomberg Amazon.com Inc opened its largest campus building globally in the south Indian city of Hyderabad as it prepares for a furious expansion and battle with nemesis Walmart Inc in one of the world’s fastest-growing retail markets. The Seattle-headquartered company is making an ambitious push in India, the last major retail frontier still primarily reliant on small-scale neighbourhood and mom-and-pop ...

Bloomberg TJX Companies Inc, the owner of the Marshalls and TJ Maxx chains, reported sales growth that missed analysts’ projections, even as foot traffic into its stores continued to grow. The shares slipped. Comparable sales rose 2 percent in the second quarter, below the average estimate for 3 percent growth, according to Consensus Metrix, and down from last year’s speedier ...

Bloomberg Shoprite Holdings Ltd will look to cut costs outside its home market as Africa’s largest food retailer battles currency shortages and stricter regulation in several countries. The owner of supermarket chains such as Checkers and U-Save has been growing in 14 territories outside South Africa to become a continent-wide superpower, but factors such as inflation — particularly in Angola ...

Bloomberg Pandora A/S, a Danish jewellery company that spent much of last year under attack by hedge funds as it tries to relaunch its brand, jumped in Copenhagen trading after it delivered a smaller decline in operating profit than the market had expected. The stock soared as much as 9.9 percent during trading in the Danish capital, its biggest gain ...

Bloomberg Canadian private equity firm Catalyst Capital Group Inc bought a 10 percent stake in Hudson’s Bay Co through a previously announced tender offer as part of its efforts to block a proposed takeover by the retailer’s chairman. The Toronto-based firm said in a statement it had received and accepted about 18.5 million shares in Hudson’s Bay for roughly C$187 ...

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 ...