Retail

BLOOMBERG Target Corp shares clawed back some of their recent losses after a surprising profit surge in the second quarter overshadowed the company’s increasingly cautious outlook on the rest of the year. Adjusted earnings more than quadrupled during the quarter ended in late July, Target said in a statement, reflecting the retailer’s progress in paring the bloated inventories that forced ...

BLOOMBERG From Walmart Inc to Home Depot Inc, the biggest US retailers are about to grab the earnings spotlight, providing stock investors with crucial insight into consumer spending — the engine that powers two-thirds of the US economy.  Last quarter, a bevy of retailers like Target Corp and Macy’s Inc held a cautious view. But in recent months, the economy ...

BLOOMBERG Tapestry Inc, with Coach, and Capri Holdings Ltd, with Michael Kors, have been battling for nearly a decade to dominate the US handbag market. Tapestry sealed its victory — and now the shopworn Michael Kors brand becomes its problem to solve. Tapestry’s $8.5 billion acquisition of Capri caps a yearslong strategy at Coach: Keep exposure to department stores low, ...

BLOOMBERG CVC Capital Partners is weighing an initial public offering of Douglas and could seek a value of more than €7 billion ($7.7 billion) for the German perfume retailer, people with knowledge of the matter said. The private equity firm is working with independent adviser Rothschild & Co as it explores a possible 2024 IPO of the business, according to ...

BLOOMBERG Next Plc raised its guidance for the second time in recent months after wet weather and sticky inflation failed to deter shoppers from buying fashion. Full-price sales in the second quarter rose nearly 7% on last year, according to the company’s earnings report. That has driven Next to increase its forecast for profit before tax by £10 million ($12.7 ...

BLOOMBERG Fast-fashion giant Shein spent $600,000 on US lobbying efforts in the second quarter as it continues to face questions from lawmakers about forced labor and its opaque supply chain. Lawmakers from both parties have sent letters to Shein expressing concerns about the company’s potential use of forced labour in the Xinjiang region of China. Further, there are bills pending ...

BLOOMBERG Canadian consumers may be ready to wind down their spending, with retail sales data showing waning momentum at the end of the second quarter. Receipts for retailers were flat in June, according to an advance estimate from Statistics Canada released. That followed a 0.2% increase a month earlier, missing the 0.5% gain expected by economists in a Bloomberg survey. ...

BLOOMBERG China’s economic recovery lost momentum in the second quarter, adding to risks for the world economy as Beijing hints that any stimulus measures will be targeted rather than broad. Gross domestic product (GDP) grew at a slower-than-expected pace of 6.3% in the second quarter compared with a year earlier, when dozens of Chinese cities were in lockdown, but just ...

BLOOMBERG Amazon.com Inc’s Prime Day sale can be a frustrating experience because the best deals are often gone in seconds. So this year, the company is dangling an “invite-only” promotion designed to give customers a better shot at snagging the bargains they want. Shoppers request an invite for discounted items they see on the site — 32% off an Acer ...

BLOOMBERG Omega, the Swiss watch brand known for its Speedmaster and Seamaster models, raised prices by as much as 8% in a move that could hurt sales, according to investment bank Morgan Stanley. Omega recently raised prices by 2% in Switzerland and China, as well as by 8% in the US, the biggest export market for Swiss timepieces, Morgan Stanley ...