Retail

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 ...

Bloomberg H&M’s chief technology officer is trying to make smart clothing mainstream, at a time when clothing manufacturers are struggling with complex supply chains and environmental pressure. Alan Boehme is examining how H&M’s clothes could monitor your heart rate or hydration levels, and how artificial intelligence could shrink H&M’s supply chain, potentially decreasing the company’s carbon footprint. H&M couldn’t keep ...

Bloomberg The owner of Coach says its strong sales in China aren’t under threat from President Xi Jinping’s push to narrow his country’s wealth gap because the brand’s customers are mainly middle class. “We do think we’re at an advantaged position with the policies,” said Joanne Crevoiserat, the CEO of Coach’s parent, Tapestry. “We see further strengthening of the middle class.” ...

Bloomberg Future Retail Ltd’s independent directors have urged India’s antitrust body to revoke its approval of a 2019 deal between one of its group companies and an Amazon.com Inc unit, saying the American retailer lied to the regulator. Amazon obtained the Competition Commission of India’s approval for its purchase of 49% of Future Coupons Pvt with an option to buy ...

Bloomberg Sweden’s biggest grocery chain, ICA Gruppen, plans to go private at a $12.5 billion valuation, the latest in a wave of dealmaking to sweep through the European supermarket industry. ICA’s majority owner, comprising an association of 1,500 retailers, is looking to acquire all the shares it doesn’t already own, according to a statement. The group sees leaving the stock ...