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12:35 p.m. March 2, 2021 - By Claudia Assis
Nordstrom tops quarterly views, promises better inventory management Shares of Nordstrom Inc. fell more than 1% in the extended session Tuesday after the retailer beat analyst expectations for its fourth-quarter profit and sales but detailed inventory snags. Nordstrom said it earned $33 million, or 21 cents a share, in the quarter, compared with $193 million, or $1.23 a share, in the year-ago period. Revenue fell to $3.65 billion from $4.54 billion a year ago. Analysts polled by FactSet expected Nordstrom to earn 16 cents a share on sales of $3.58 billion. Heading into the holidays, Nordstrom experienced delays in inventory flow, which led to higher inventory levels at the end of the year, it said. "Heading into 2021, we're taking steps to improve our inventory position," Chief Executive Erik Nordstrom said in a statement. For the first quarter, Nordstrom guided for revenue to grow more than 25%, with online sales representing about 50% of sales. Shares of Nordstrom ended the regular trading day down 1%.
12:20 p.m. March 2, 2021 - By Claudia Assis
Ross Stores stock falls 6% as retailer sees impact from virus winter 'upsurge'Shares of Ross Stores Inc. fell more than 6% in the extended session Tuesday after the retailer said that an "upsurge" in COVID-19 cases around the holidays hit foot traffic in its stores, particularly as California, where Ross has a larger presence, had tighter rules regarding operations. Ross also said it planned a "more moderate" pace of store openings for 2021. Ross earned $238,000, or 67 cents a share, in the fourth quarter, compared with earnings of $456,000, or $1.28 a share, in the year-ago period. Sales fell to $4.25 billion, from $4.41 billion, and same-store sales were down 6%, "reflecting the negative impact from the upsurge of COVID-19 during the peak holiday selling season," the company said. Analysts polled by FactSet had expected Ross to report earnings of $1.02 a share on sales of $4.27 billion. "Fourth-quarter operating margin of 9.5% declined versus last year as an increase in merchandise margin was more than offset by the deleveraging effect on expenses from lower sales, and higher supply chain and COVID-related operating costs," Chief Executive Barbara Rentler said in a statement. Ross ended the regular trading day down 2.4%.
1:01 a.m. Dec. 25, 2020 - By Lauren Schwahn
A strategic plan for getting the best Black Friday deals online A little planning goes a long way. Here are some tips for bargain huntersShopping on the web this Black Friday might seem hassle-free, but the right strategy can make or break your experience.
6:57 a.m. Dec. 19, 2020 - By Paul Brandus
Watch out for these pandemic and holiday scams Bad guys don’t take a holidayBad guys don’t take a holiday
1:01 a.m. Dec. 1, 2020 - By Lauren Schwahn
8 ways to outsmart package-thieving porch pirates over the holidays Take these steps to keep your packages safeWorried about Grandma’s gingerbread cookie care box arriving safely? Here’s how to protect your deliveries.
7:44 a.m. Nov. 23, 2020 - By Tonya Garcia
National Retail Federation expects holiday sales to grow as much as 5.2%, exceeding growth in recent yearsThe National Retail Federation released its forecast for holiday season retail sales, expecting growth of 3.6% to 5.2% in 2020, reaching between $755.3 billion and $766.7 billion. The forecast, which is being announced about a month later than usual due to uncertainty from coronavirus pandemic, excludes gas stations, auto dealers and restaurants. It's also higher than recent averages, with 2019 sales increasing 4% to $729.1 billion. Average holiday sales rose 3.5% over the past five years. "Consumers have responded positively to other holidays" like Halloween and Mother's Day, said NRF Chief Executive Matthew Shay on a call with media. "We've seen consumers very engaged to celebrate and move into real consumption mode around the holidays." The NRF does leave room for a loss of momentum due to the in coronavirus cases and the possibility for further restrictions. However, with many consumers longing to celebrate and increased savings from a decline in spending on other things like travel, the retail trade association expressed confidence that shoppers will come out. "Consumers have experienced a difficult year but will likely spend more than anyone would have expected just a few months ago," said Jack Kleinhenz, NRF's chief economist in a statement. "After all they've been through, we think there's going to be a psychological factor that they owe it to themselves and their families to have a better-than-normal holiday." E-commerce sales are expected to grow 20% to 30% to reach as much as $218 billion, up from $170 billion last year. The SPDR S&P Retail ETF has gained 28.5% for the year to date. The Amplify Online Retail ETF has soared 96.5%. And the benchmark S&P 500 index [s:spx] is up 10.2% for the period.
3:22 a.m. Nov. 3, 2020 - By Tonya Garcia
Wayfair stock soars 13% after results swing to a profitWayfair Inc. stock soared 13.1% in Tuesday premarket trading after the e-commerce home retailer reported third-quarter earnings that beat expectations. Net income totaled $173.2 million, or $1.67 per share, after a loss of $272.0 million, or $2.94 per share, last year. Adjusted EPS of $2.30 blew past the FactSet consensus for 82 cents. Revenue of $3.84 billion was up from $2.31 billion last year and ahead of the FactSet consensus of $3.66 billion. "Category momentum is vibrant, demand is moving online at an accelerated pace, and we expect the home to be even more important than usual when it comes to celebrating the holidays this year," said Niraj Shah, chief executive of the company, in a statement. The number of direct customers rose 50.9% to 28.8 million during the quarter. Repeat customers placed 71.9% of orders, or 11.3 million, during the third quarter. And the average order value was $243, down from $252 year-over-year. Wayfair stock has nearly tripled, up 182.9%, for the year to date while the S&P 500 index has gained 2.5% for the period.
4:33 a.m. Oct. 27, 2020 - By Tonya Garcia
Amazon to hire 100,000 seasonal employeesAmazon.com Inc. said Tuesday that it will hire 100,000 seasonal employees for the holidays. These jobs will be across the U.S. and Canada and could lead to longer-term employment. Amazon's minimum wage is $15 per hour and full-time employees receive benefits like health insurance from the first day. Amazon says it has promoted 35,000 operations workers in 2020 and more than 30,000 employees have taken advantage of the Career Choice program that offers the chance to learn new skills in high-demand areas like computer support specialist and paralegal. Amazon stock has soared 73.6% for the year to date while the S&P 500 index is up 5.3% for the period.
8:42 a.m. Sept. 29, 2020 - By Andrew Keshner
Walmart is hiring 20,000 seasonal workers — here’s how a seasonal job could affect your unemployment benefits Holiday sales could actually be slightly up year-over-year, one forecast says.Walmart, Target and 1-800-Flowers.com are among the companies taking on workers for the holiday shopping season.
4:58 a.m. Sept. 8, 2020 - By Tonya Garcia
Kohl's launches new loyalty program for its 30 million members heading into the holidaysKohl's Corp. said Tuesday that it is rolling out its new loyalty program, Kohl's Rewards. The program is open to new members and Kohl's is moving its existing 30 million Yes2You members to the new system. The department-store retailer piloted the new loyalty program in 13 markets before taking it national. Kohl's Rewards offers customers the chance to earn points no matter how they pay, has enhanced digital features and offers greater personalization, among other features. Kohl's stock slipped 1.8% in Tuesday premarket trading and has slumped 56.3% for the year to date. The S&P 500 index has gained 6.1% for 2020 so far.
11:16 a.m. Sept. 3, 2020 - By Tomi Kilgore
Here is Walmart’s list of the hottest toys for the holidays Toys were rated and tested by kids, and reflects more time spent at home given the COVID-19 pandemicTalk about Christmas creep. Walmart Inc. is trying to get a jump on holiday shopping, as it unveiled Thursday its list of what it believes will be the “hottest toys” this year.
1:03 a.m. Sept. 1, 2020 - By Autotrader
The best and worst times to buy a car Best time of the year, best time of the month, best day of the week, and when to shop for a used carThe stars don’t have to align perfectly. There are plenty of times throughout the year to score a good deal on a car.
3:54 a.m. Aug. 18, 2020 - By Tonya Garcia
Amazon Prime Day delay, back-to-school uncertainty is changing the shopping calendar With back-to-school still uncertain and Prime Day pushed back, the 2020 retail seasonal calendar has been thrown out of whackThe coronavirus pandemic is adding uncertainty to the back-to-school shopping season and is already having an impact on the holiday shopping season.
1:02 a.m. Aug. 10, 2020 - By Elizabeth Renter
At home or in class: How to save money on back-to-school shopping this year Here are six strategies for outfitting your kids on a budgetBack-to-school shopping is an expensive chore in a normal year; this year is anything but normal.
4:09 a.m. Aug. 3, 2020 - By Tonya Garcia
Bed Bath & Beyond to close stores on Thanksgiving, unveil holiday plansBed Bath & Beyond Inc. said it will be closing its stores on Thanksgiving Day, joining other mass retailers, including Walmart Inc. that will give workers the day off for the holiday. The home goods retailer also said it would soon announce plans for the holidays. Target Corp. has already talked up its , as retailers move quickly past back-to-school and get a jump on the big Christmas shopping season. Bed Bath & Beyond stock has slumped 37.5% for the year to date while the S&P 500 index has gained 1.3% for the period.
4:31 a.m. July 28, 2020 - By Tonya Garcia
Target talks Christmas in July with holiday shopping announcement The retailer zips past back-to-school, which some expect to be a bustTarget says holiday season promotions will begin in October, and stores will be closed on Thanksgiving Day.
5:27 a.m. July 23, 2020 - By Greg Robb
U.S. new jobless benefit claims rise for first time since late March Initial claims rose 109,000 to 1.42 million seasonally adjusted, unadjusted claims fell by 141,816 New applications for unemployment benefits rose by 109,000 to 1.42 million in the week ended July 18 on a seasonally adjusted basis, the Labor Department said Thursday.
4:08 a.m. July 18, 2020 - By Tonya Garcia
Online food prices jump as food companies struggle to meet demand Digital purchasing power has fallen into negative territory for the first time ever, according to Adobe dataOnline food prices have climbed 4.2% over the past six months according to the latest Adobe Inc. data as grocery e-commerce accelerated amid the COVID-19 pandemic and food producers struggled to keep up with continued high demand.
7:08 a.m. June 25, 2020 - By Tonya Garcia
Target expands grocery order pickup service nationwide and experts say it will drive salesTarget Corp. has announced the nationwide expansion of its Order Pickup and Drive Up services for groceries and Moody's retail analyst Charlie O'Shea says it will give sales a bump. "Target's announcement that it was expanding food offerings for curbside pickup will increase sales and shopping frequency, the combination of which will likely minimize the negative impact on margin, and is therefore credit positive," he said in a statement. "This move, which has been in the works pre-COVID, will result in the attraction of new food shoppers, and also broaden Target's customer base, which will potentially result in increased sales of its higher margin private and exclusive merchandise." Target will start the expansion in the Midwest after pilots in the Twin Cities and Kansas City. The service will be available in 400 stores by month end, and 1,500 stores by the holidays. Both services are free. Target stock slipped 0.8% in Thursday trading, and is down 7.4% for the year to date. The S&P 500 index has fallen 5.8% for 2020 so far.
4:08 a.m. May 29, 2020 - By Tonya Garcia
High unemployment rates will continue to drive budget-conscious consumers to Dollar General, Dollar Tree & Family Dollar Shares of Dollar Tree soared more than 11% on Thursday while Dollar General slumped 1.3%Dollar stores are expected to fare well in the coming months as unemployment soars, analysts say.
8:56 a.m. May 19, 2020 - By Callum Keown
Fashion chain French Connection warns it could run out of cash within months despite June reopeningBritish fashion retailer French Connection has warned it could run out of cash in “the coming months” unless it secures additional funding or sales improve.
4:26 a.m. May 19, 2020 - By Tonya Garcia
Black Friday came early this year due to the coronavirus, sending apparel prices plunging 12% Up to 10% of demand could be permanently lost after the pandemic, Wells Fargo foundCOVID-19 has had an impact on pricing and consumer behavior, with some analysts forecasting long-term changes.
5:20 a.m. May 8, 2020 - By Nicole Lyn Pesce
4 tips for sending Mother’s Day flowers during the pandemic You can still find beautiful bouquets for Mother’s Day on May 10, but staffing and supply chain issues have hit florists hardYou can still find beautiful bouquets for Mother’s Day on May 10, but staffing and supply chain issues have hit florists hard.
4:58 a.m. May 2, 2020 - By Therese Poletti
Apple promises investors billions, Amazon tells them to take a seat during coronavirus Different reactions show different priorities for tech giants during the COVID-19 pandemicApple Inc. and Amazon.com Inc. are taking drastically different approaches toward investors, reflecting the separate challenges each tech giant is facing during the global pandemic.
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