A number of major retailers missed Wall Street expectations this week by wide margins while the vast majority of the nearly 150 U.S. retailers that have reported first-quarter earnings so far explicitly mentioned inflation, as surging prices squeezed bottom lines. Refinitiv data showed that, of the 145 retailers that have reported first-quarter earnings so far,…
Best Buy Sales Rebound Forecast Lifts Shares After Tough Holiday Season
Best Buy Co., Inc. said on Thursday it expects annual sales to surpass peak pandemic levels in 2024, propelled by the top U.S. electronics retailer’s investments in membership programs that have pulled in millions of subscribers. Shares of the company, a big beneficiary from pandemic-era remote-working, jumped 12 percent, even as holiday quarter sales tumbled…
Worker Shortages Drive Companies to Boost Benefits Amid Holiday Hires
Companies are struggling to hire seasonal workers as they head into the busy holiday season during one of the tightest labor markets in U.S. history. During the last four weeks, the number of part-time jobs has increased by 31.4 percent, according to data from global job search engine Adzuna. The rise coincides with the National Retail…
’Buy It When You See It’: Retailers Dread Holiday Shortages
NEW YORK—The Perfect Pigg, a gift shop owned by Ginger Pigg, is the go-to place for residents of Cumming, Georgia, to pick up gift items like kids toys and home goods. But this year, store shelves might be a little sparse. Because of bottlenecks in the global supply chain, many stores like Pigg’s are scrambling…
Sen. Warren Urges Amazon Breakup, India Retailers Want Probe
October 15, 2021
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NEW DELHI—Sen. Elizabeth Warren (D-Mass.) called for breaking up Amazon.com Inc. and Indian retailers demanded a government probe of the company after a Reuters investigation showed the e-commerce giant had copied products and rigged search results in India. The Reuters report reviewing thousands of internal Amazon documents, found that the U.S. company ran a systematic…
Not So Fast! Supply Bottlenecks Strain Fashion Chains
LONDON/LOS ANGELES—Supply bottlenecks, slower product deliveries, and higher freight and labor costs risk shifting the fast fashion industry into the slow lane, as shown this week by British online fashion retailer ASOS. A business model that aims to bring new styles into stores every three or so weeks and where shoppers expect to see fresh,…
Tesco Defies Supply Chain Challenges to Lift Profit Forecast
LONDON—Tesco, Britain’s biggest retailer, raised its full-year earnings forecast on Wednesday after the unmatched scale of its store and online operations helped it outperform rivals in the first half and deliver a better-than-expected 16.6 percent increase in profit. British retailers are battling supply chain disruptions and labor shortages. Supermarkets also face tough comparisons against record…
Think It’s Too Early to Strategize for Holiday Ecommerce Sales? Think Again.
By Jessica Wong The expression “Christmas in July” is more than just a throwaway remark when it comes to getting ready for a successful ecommerce holiday season. While July has come and gone, early preparation remains key to outstanding holiday sales. Brick-and-mortar businesses may be dusting off holiday decorations and changing playlists, but online businesses need to…
US Retailers Scramble to Stock Shelves as Children Head Back to School
LOS ANGELES/NEW YORK—At Stationery and Toy World, a family-owned shop in New York’s Upper West Side, manager Gary Rowe is having difficulty getting all the pens and folders he ordered for the important back-to-school season. His usual vendors have low stocks of Pilot’s erasable FriXion pens and Paper Mate Flair marker pens— and prices are…
France Probes Fashion Retailers for Concealing ‘Crimes Against Humanity’ in Xinjiang
July 2, 2021
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PARIS—French prosecutors have opened an investigation into four fashion retailers suspected of concealing “crimes against humanity” in China’s Xinjiang region, a judicial source said on Thursday. The procedure is linked to accusations against China over its treatment of minority Muslim Uyghurs in the region, including the use of forced labour, the source said. China denies…
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