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.
2:15 a.m. Nov. 9, 2020
- By Tomi Kilgore
Party City's stock rockets after surprise profit, big revenue beat and upbeat outlookShares of Party City Holdco Inc. rocketed 22% in premarket trading Monday, after the party goods and costumes retailer reported a surprise third-quarter profit, a big revenue beat and provided a upbeat fourth-quarter outlook. The company swung to net income of $239.7 million, or $2.24 a share, from a loss of $281.5 million, or $3.02 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to 10 cents, compared with the FactSet per-share loss consensus of 32 cents. Revenue slipped 1.2% to $533.8 million, well above the FactSet consensus of $489.3 million. Same-store sales grew 8.3%, helped by strength in balloon, birthday and entertainment categories, to beat expectations of a 2.3% decline. October revenue fell 15.9% to $364.3 million, while same-store sales for the month declined 2.9%, as Halloween declines were partially offset by strength in core categories. "Our Halloween results were ahead of our expectations, driven by strong results within décor and better than expected sales of costumes, despite the challenges of a pandemic-impacted backdrop," said Chief Executive Brad Weston. For the fourth quarter, the company expects adjusted EPS of 31 cents to 37 cents, above the FactSet consensus of 29 cents, and revenue of $675 million to $695 million, which is above expectations of $660 million. The stock was unchanged year to date through Friday, while the SPDR S&P Retail ETF has climbed 16.7% and the S&P 500 has gained 8.6%.
11:26 a.m. Oct. 1, 2020
- By Tonya Garcia
Halloween sales forecast could be frightful to companies trying to create holiday season momentum Data shows that a lot of people intend to scale back their Halloween plansHalloween spending is forecast to drop, as retailers start putting their holiday shopping season plans into place amid the ongoing coronavirus pandemic.
4:32 a.m. Sept. 22, 2020
- By Tomi Kilgore
Party City plans to hire 20,000 seasonal employees for Halloween, less than last yearParty City Holdco Inc. said Tuesday it plan to hire ab out 20,000 temporary employees for the Halloween season, which is down from 25,000 seasonal hires announced a year ago. The party goods retailer said it expects to open approximately 25 Halloween City pop-up stores for the season, which compares with last year's plan to open up 275 pop-up stores. The company said it expects to retain 10% of temporary seasonal hires after the Halloween season. The stock, which gained 0.7% in premarket trading, has rallied 29.9% year to date through Monday, while the S&P 500 has gained 1.6%.
5:56 a.m. Sept. 14, 2020
- By Chuck Raup
Halloween in the time of the coronavirus — families are going bigger and starting earlier Seasonal candy hit store shelves in July, while baking at home is ramping upSeasonal candy hit store shelves in July, while baking at home is ramping up.
4:54 a.m. Aug. 20, 2020
- By Tonya Garcia
Target reports record-setting quarterly profits and comparable sales, $5 billion in market share gains for first half of 2020 Target added 10 million new digital customers in the first half of the yearTarget says its most recent quarter set a record in a number of metrics and saw an uptick in customers returning to stores.
11:34 a.m. June 15, 2020
- Associated Press
Former eBay executives charged with terrorizing a couple who ran a newsletter by sending live cockroaches and spiders to their home The employees also planned to break into the couple’s garage to install a GPS device on their car, officials saidSix former eBay Inc employees have been charged with waging an extensive campaign to terrorize and intimidate the editor and publisher of an online newsletter with threats and disturbing deliveries to their home, including live spiders and cockroaches, federal authorities said Monday.