Retail

Bloomberg Gap Inc lowered its projection for 2021 sales and profit as supply-chain bottlenecks led to lost sales and higher expenses. The shares fell in late trading. Gap now sees revenue growing about 20% for the full year — down from its previous projection of a 30% gain. Analysts had projected revenue to be 28% higher this year, according to …

Bloomberg Nordstrom Inc said poor inventory planning at its off-price Rack stores dragged on revenue growth in the third quarter, a problem company executives said they were working to address heading into the holiday season. Sales at the Rack division were 8% below where they were before the pandemic. Revenue at the company overall was down 1% in the same …

Bloomberg Retailers say shoplifting is getting more brazen in the US: A California Nordstrom store was recently hit by a flash mob of more than 80 people who made off with designer goods, while more than a dozen people pilfered from a Louis Vuitton location in a suburb of Chicago. The impact of shoplifting reached Wall Street, with Best Buy …

Bloomberg Gap Inc lowered its projection for 2021 sales and profit as supply-chain bottlenecks led to lost sales and higher expenses. The shares fell in trading. Gap now sees revenue growing about 20% for the full year — down from its previous projection of a 30% gain. Analysts had projected revenue to be 28% higher this year, according to estimates …

Bloomberg Foot Locker Inc fell the most intraday in nine months after reporting sales that missed Wall Street’s expectations as a supply-chain crunch pressures the sneaker retailer ahead of the holiday shopping season. Comparable-store sales, a key retail metric, rose 2.2% last quarter, the company said. Analysts had been expecting a gain of 2.9%, according to the average of estimates …

Bloomberg Walmart Inc fell the most in almost nine months after the retail giant signalled that it’s bracing for more pressure from global transportation snarls despite a broadly positive outlook. The company’s costs are rising more quickly than its prices, Chief Executive Officer Doug McMillon said after the company reported third-quarter earnings. Gross margin, a broad measure of profitability, fell …

Bloomberg Home Depot Inc surged the most since the early days of the pandemic after posting stronger-than-expected results, a sign that increased North American spending on home improvement continues to stretch through the pandemic. Comparable-store sales, a key metric for retailers, increased 6.1% in the third quarter, according to a statement. That’s well above the 1.5% average estimate of analysts …

Bloomberg Daily Harvest, a company that specialises in frozen-food products, including ready-to-blend smoothies, is valued at $1.1 billion after its latest round of funding, said founder and Chief Executive Officer Rachel Drori. The New York-based startup reached so-called unicorn status by raising $77 million in an equity-funding round led by Lone Pine Capital LLC that included participation from Lightspeed Venture …

Bloomberg Kering SA named Matthieu Blazy to be the new creative director of Bottega Veneta, the Italian brand known for its woven leather bags. Blazy will assume the role immediately, Kering said in the statement. He previously had taken over as ready-to-wear design director for Bottega Veneta last year, and is scheduled to present his first collection for the brand …

Bloomberg Mondelez International Inc, which rode the pandemic snacking boom to boost online sales of cookies and candy, says the retail trend will continue to grow even after mobility restrictions are lifted as people have become accustomed to using their digital devices to shop for food. Consumers who were stuck at home became more savvy at using e-commerce channels to …