Retail

  Bloomberg Gap Inc.’s shares rose in late trading as investors took solace in higher-than-expected earnings and improving sales trends even as the chain withdrew its full-year projections. The apparel retailer said macroeconomic uncertainty and its ongoing search for a new executive officer sparked the decision to pull the guidance. Still, the company saw “an improvement in sales trends in …

  Bloomberg Bed Bath & Beyond Inc shares jumped 18% after a report that the home goods retailer has selected a lender to provide financing as it seeks to boost liquidity. The company has picked a lending proposal after talks with investors for a new line of credit, Bloomberg reported, citing people with knowledge of the private discussions. Bed Bath …

  Bloomberg A sportswear company founded by an Olympic gold medalist saw the biggest surge in growth in a ranking of the 100 most valuable brands in China this year. Athletic apparel maker Li Ning Co had its brand value jump 66% to $3.4 billion, the quickest pace in the annual list compiled by Kantar BrandZ. Its rise was fuelled …

  Bloomberg Macy’s Inc cut its full-year forecast for profit and revenue, citing tighter consumer budgets and an industrywide inventory glut that is leading to steeper markdowns. Earnings per share, excluding some items, are now expected to be at least $4 for the fiscal year, compared with a prior outlook of at least $4.53, Macy’s said in a statement. The …

  Bloomberg Nordstrom Inc, which investors saw as insulated by its affluent customer base, sank after trimming its full-year outlook as the retailer’s Rack business slows amid lower demand and inventory buildup. The department-store operator lowered its forecast for full-year sales to a range of 5% to 7%. That one-percentage-point cut comes just three months after Nordstrom had raised its …

  Bloomberg UK supermarkets are phasing out expiration dates on a range of perishable items in favour of good old-fashioned shoppers’ judgment. And while the chain retailers say the move will save customers money and cut waste, it marks a new turn in a grim consumer battle with rampant inflation. Asda, Co-Op, Morrisons, Waitrose, Tesco and Marks & Spencer Group …

  Bloomberg Global consumer giants selling everything from jewellery to t-shirts saw sales in China tumble in their most recent quarter as Covid Zero lockdowns hammered consumer demand in the world’s second-largest economy. Starbucks Corp was particularly hard hit, reporting a more than 40% drop in sales in the quarter ended on July 3. The company began the period with …

  Bloomberg The unraveling of the latest meme stock frenzy is accelerating as bad news for one of the most popular retail-trader favourites piles up and investors dump riskier assets. Bed Bath & Beyond Inc tumbled 16%, marking a now three-day drop that’s erased 60% of its market value, after a report some suppliers were restricting or halting shipments altogether …

  Bloomberg Matalan Ltd’s founder John Hargreaves has proposed injecting tens of millions of pounds into the struggling retailer to keep control of the business even as its creditors push for a sale, Sky reported citing people familiar with the matter. Hargreaves, who reinstated himself as Matalan chairman last month, wants to invest between £25 million and £50 million cash …

  Bloomberg JD.com Inc reported stronger-than-projected revenue growth after consumers continued to flock to the country’s second-largest online retailer despite an economic slowdown. Sales hit 267.6 billion yuan ($39.1 billion) during the second quarter, beating the average forecast of 261.7 billion yuan. The Beijing-based company logged net income of 4.4 billion yuan, following three consecutive quarters of losses. Its shares …