Retail

BLOOMBERG Consumers plan to spend an average of $567 during Black Friday and Cyber Monday shopping events, up 13% from last year, as they seek out the best deals while facing economic pressures such as higher prices and soaring interest rates. The result is a new record for Deloitte’s annual Black Friday-Cyber Monday survey. About 84% of shoppers feel confident ...

BLOOMBERG Richer Americans are curtailing their spending ahead of Black Friday, a worrisome sign for an economy that has so far depended on the US consumer to stave off a recession. In the three months ahead of the all-important holiday shopping season, a group of retailers that cater to the upper middle class — including Apple, Coach and Nordstrom — ...

BLOOMBERG Meituan is exploring a potential acquisition of Delivery Hero SE’s business in Southeast Asia as the Chinese delivery giant looks to diversify beyond its domestic market, according to people familiar with the matter. Meituan has held talks with Delivery Hero about buying Southeast Asian operations that run under the Foodpanda brand, the people said, asking not to be identified ...

BLOOMBERG Walmart Inc’s stock fell the most in more than a year as the retailer struck a concerned tone on the outlook for US shoppers after signs of weakness in the second half of October. There was a “sharper falloff” in sales during the last two weeks of the fiscal third quarter, which ended on October 31, said Chief Financial ...

BLOOMBERG Canada Goose Holdings Inc shares plummeted to a record low again in a row as economic and consumer pressures prompted a pair of analyst downgrades. The parka retailer’s stock fell 4.4% to close at $12.16, recovering some of its losses after sinking as much as 9.8% intraday following downgrades from Wells Fargo & Company and TD Cowen. The analysts ...

BLOOMBERG L’Oreal SA shares fell after the cosmetics maker reported weaker-than-expected sales growth, hurt by a challenging travel retail market in China and Korea. Like-for-like sales rose 11.1% in the third quarter, the French company said, below analysts’ estimates. Sales in the North Asia region unexpectedly tumbled 4.8%. “North Asia continued to be impacted by the reset in travel retail ...

BLOOMBERG Levi Strauss & Co reported quarterly revenue that missed expectations as performance at retailers including department stores dragged down results, leading the company to cut its full-year sales outlook. The denim brand is taking a more “cautious approach” to its projections for the current quarter, according to a statement. It now expects full-year earnings per share, excluding some items, ...

BLOOMBERG Retailers ranging from Tesco Plc to Burberry Group Plc have called for immediate action from the UK government to tackle the rise in shoplifting that’s emerged during the nation’s cost-of-living crisis. Almost 90 retail chiefs have signed a letter to Home Secretary Suella Braverman asking for the government to create a standalone offense of assaulting a retail worker, along ...

BLOOMBERG Tesco Plc lifted its profit forecast as it attracted shoppers by keeping a tight lid on food prices and its own costs. Britain’s biggest grocer now expects to deliver as much as £2.7 billion ($3.3 billion) in adjusted operating profit this year from its retail business, compared with previous guidance of flat profit. The stock rose 3.2% on Wednesday. ...

BLOOMBERG Instacart named former chief financial and operating officer Ravi Gupta to its board of directors, formalising a move after the grocery technology company went public earlier this week. “There are new growth areas — Connected Stores, Instacart Health, AI — entire plethora of ways that the company’s going to innovate,” Gupta said in an interview ahead of the announcement. ...