ZURICH/LONDON—Nestle and Procter & Gamble, the world’s two biggest consumer firms, reported better-than-expected sales on Wednesday, as shoppers continued to pay more for goods like Nescafe coffee and Gillette razors despite record inflation. Nestle, which also makes Cheerios cereal and KitKat chocolate bars, reported better-than-expected sales results, successfully passing higher costs on to shoppers as…
Retail Sales Flat in September as Inflation Takes a Bite
NEW YORK—The pace of sales at U.S. retailers was unchanged in September from August as rising prices for rent and food chipped away at money available for other things. Retail sales were flat last month, down from a revised 0.4 percent growth in August, the Commerce Department reported Friday. Retail sales fell 0.4 percent in…
Apple Analyst Raises iPhone Revenue Estimates Despite Macroeconomic Uncertainties—2 Factors at Play
Macroeconomic uncertainties have not spared the high-and-mighty in the tech sector but an analyst is confident that Apple Inc. will outperform hardware revenue expectations in the September quarter. What Happened KeyBanc Capital Markets’ “First Look Data” showed strong high-value (over $399) credit card and debit spending by U.S. consumers in September. Indexed spending rose 11…
Summer Saw Slumping Apartment Demand as Americans Put Off Moves
News Analysis Demand for apartments in the United States crashed this summer, with asking rents dipping in September and the number of renters moving out of apartments exceeding the number moving in during the third quarter. The surprisingly sharp drop in rental demand comes as home sales continue to weaken, suggesting that inflation and economic…
Amazon’s Prime Day-Like Event Kick-Starts Holiday Discount Frenzy Amid High Inflation
Amazon.com Inc. fired up the holiday shopping season with its second major sales event of the year as rivals from Walmart to Best Buy joined in with discounts to woo customers grappling with inflation-squeezed Christmas budgets. The two-day “Prime Early Access Sale” shopping event for Amazon members, which starts Tuesday, is much like the Prime…
Eurozone Retail Sales Fall as Expected in August
BRUSSELS—Eurozone retail sales fell in August, data showed on Thursday, pointing to a weakness in consumer demand and underlining expectations of an approaching recession. The European Union’s statistics office Eurostat said retail sales in the 19 countries sharing the euro fell 0.3 percent month-on-month for a 2.0 percent year-on-year drop. Economists polled by Reuters had…
H&M to Cut Costs as Profits Hit by Inflation, Cautious Shoppers
September 29, 2022
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STOCKHOLM—H&M, the world’s No.2 fashion retailer, launched a 2 billion Swedish crown ($177 million) cost savings drive on Thursday after reporting weaker-than-expected profits. In Europe, where H&M does the bulk of its business, the Ukraine conflict, record energy prices and high inflation are weighing on consumer confidence, and households are cutting back on spending. The…
H&M Sales Miss as Retailer Struggles to Compete With Zara
STOCKHOLM—H&M reported on Thursday lower-than-expected quarterly sales as shoppers tighten their belts with energy and food bills soaring and the world’s second-biggest fashion retailer struggles to compete with rival Zara. Third-quarter net sales at the Swedish group were up 3 percent from a year earlier at 57.5 billion crowns ($5.4 billion), short of the 5…
Brazil Orders Apple to Suspend iPhone Sales Without Charger
SAO PAULO—Apple Inc. said on Tuesday it will appeal a Brazilian order banning it from selling iPhones without a battery charger, pushing back on claims that the company provides an incomplete product to consumers. The Justice Ministry fined Apple 12.275 million reais ($2.38 million) and ordered the company to cancel sales of the iPhone 12…
US New Vehicle Prices to Hit Record High Despite Rising Interest Rates
August 25, 2022
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U.S. new vehicle prices are expected to hit a record high in August on the back of strong demand despite rising interest rates, an industry report showed on Wednesday. Average transaction prices are set to reach a record $46,259, an 11.5 percent increase from a year earlier, according to the report from auto industry consultants…
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