Financial News: Page 57

  • Reflections of buildings on a Warby Parker store window, dominated by white and blue.
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    Daphne Howland/Retail Dive
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    Warby Parker lays off 15% of its corporate workforce, citing changing consumer behavior

    The DTC eyewear brand said it’s restructuring in order to be in the best position long term, but that store and customer experience jobs aren’t affected.

    By • Aug. 9, 2022
  • An Allbirds storefront on Newbury Street in Boston.
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    Cara Salpini/Retail Dive
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    Allbirds sunsets leggings offering amid ever-widening losses

    Layoffs a couple of weeks ago may be just the start as the brand adjusts its sales model and its merchandise mix in pursuit of profitable growth.

    By • Aug. 9, 2022
  • Walmart Store Exterior at Night
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    Courtesy of Walmart
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    Walmart acquires omnichannel tech specialist Volt Systems

    The deal comes with new talent and technology aimed at vendor management, seamless shopping and anticipating demand. 

    By • Aug. 8, 2022
  • Kohl's storefront
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    Courtesy of Kohl's
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    Cowen downgrades Kohl’s as middle-income shoppers spend less on apparel

    The retailer and its peers could lose share to discounters as their customers get squeezed by rising prices and cut back on clothing purchases.

    By • Aug. 5, 2022
  • An iRobot Roomba is deployed in a home.
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    Courtesy of iRobot
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    Amazon to acquire iRobot for $1.7B

    The news means the retailer will have another pathway into the homes of consumers, adding to its existing portfolio of technology.

    By Dani James • Aug. 5, 2022
  • An Under Armour storefront inside a mall.
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    "Under Armour at MixC Zhengzhou" by Windmemories is licensed under CC BY-SA 4.0
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    Under Armour founder Kevin Plank on what the brand’s next CEO needs to do

    “Drive love for the [Under Armour] brand and the rest will follow,” the founder said on an earnings call earlier this week.

    By • Aug. 5, 2022
  • Wayfair furniture
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    The image by Scott Lewis / Flickr is licensed under CC BY 2.0
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    Wayfair back in the red in Q2 as customers quit

    The furniture e-retailer is doing even worse than the overall sector, which has seen demand drop following a pandemic-related surge.

    By • Aug. 4, 2022
  • Crocs' socks line
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    Courtesy of Leeor Wild for Crocs
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    Crocs Q2 revenue increases 51% as Heydude nearly doubles sales

    While others in the industry are struggling, the retailer continues to post record numbers. But its full-year guidance took a hit.

    By Dani James • Aug. 4, 2022
  • An interior shot of the massive American Dream mall, with a fountain in the middle that is surrounded by layers of pink, purple and yellow flowers.
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    Courtesy of Triple Five Worldwide
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    American Dream misses $8.8M loan payment

    The string of bad news, financial and otherwise, continues at the Triple Five Group-owned experiential mall near the Meadowlands in New Jersey.

    By • Aug. 4, 2022
  • Walmart Store Exterior at Night
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    Courtesy of https://corporate.walmart.com/photos/walmart-store-exterior-at-night
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    Walmart lays off 200 from its corporate workforce

    The retail giant said it’s evolving and while it is cutting some roles it will also create new ones in other areas.

    By • Aug. 3, 2022
  • Orange and white exterior of an Ulta Beauty store.
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    Daphne Howland/Retail Dive
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    Ulta Beauty launches digital innovation venture fund

    The beauty retailer is focused on investing in augmented and virtual reality, the metaverse and technology-powered custom beauty services.

    By Dani James • Aug. 3, 2022
  • An Allbirds storefront on Abbot Kinney Boulevard in California.
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    Cara Salpini/Retail Dive
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    Allbirds lays off 8% of its global corporate workforce

    Twenty-three people were let go last week after the footwear brand, facing rising costs, evaluated roles and processes to prep for its next phase of growth.

    By • Aug. 3, 2022
  • An illustration of a unicorn grazing.
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    Kendall Davis/Retail Dive
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    Fallen unicorns: 9 retailers that have recoiled from sky-high valuations

    After reaching or eclipsing the billion-dollar mark, these companies have tumbled back to earth — or disappeared.

    By • Aug. 3, 2022
  • A white JC Penney store with a red roof.
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    Courtesy of J.C. Penney
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    Consumer wariness comes for Simon-owned retailers in Q2

    CEO David Simon told analysts that volatility in retail is “just the way of the world” and downplayed the REIT’s investment in the industry.

    By • Aug. 3, 2022
  • Estee Lauder makeup counter inside of a store
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    Flickr; http://www.bargainmoose.ca/
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    Estée Lauder in talks to acquire Tom Ford: WSJ

    Other reports this summer said Tom Ford was exploring a potential sale and working with investment bank Goldman Sachs Group on the endeavor.

    By • Aug. 2, 2022
  • A red bullseye logo with the word Target underneath decorates a storefront against a bright blue sky with puffy white clouds.
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    Daphne Howland/Retail Dive
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    After prompt action on inventory, Target is poised for a comeback, analysts say

    The mass merchant has spent months grappling with a merchandise glut and supply chain trouble and twice slashed its profit outlook. 

    By • Aug. 2, 2022
  • Consumer Prices Climb Higher Than Expected For January
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    Joe Raedle via Getty Images
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    As inflation bites, retailers cut guidance

    Since June, at least four major retailers have made significant updates to their financial outlooks.

    By Retail Dive Staff • Aug. 2, 2022
  • Amazon truck loaded for Prime Day.
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    Courtesy of Amazon
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    Amazon leans on non-retail business as e-commerce sales fall for the second straight quarter

    Revenue from advertising and fees rose, as inflation pushed up grocery store sales. But net loss reached an “eyewatering” $2 billion.

    By • July 29, 2022
  • An Olympia Sports storefront
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    Courtesy of CriticalPoint Capital
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    Olympia Sports is shutting down its stores

    Owned by private equity firm CriticalPoint Capital, the Maine-based retailer is holding liquidation sales at all locations.

    By • July 29, 2022
  • A bright yellow sign against a blue roof says "Best Buy" in bold black letters.
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    Daphne Howland/Retail Dive
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    Best Buy the latest to warn of sales, profit declines

    The retailer enjoyed strong sales during the pandemic, but inflation is squeezing the already falling demand for electronics.

    By • July 28, 2022
  • Shopify bag logo and name. in front of a brick wall.
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    Courtesy of Shopify
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    Shopify reports $1.2B net loss, lays off 10% of its workforce

    The company’s e-commerce gamble “didn’t pay off,” CEO Tobi Lütke said, and it expects operating losses through the rest of the year.

    By Dani James • July 27, 2022
  • Adidas store in Shanghai
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    Courtesy of Adidas
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    Adidas slashes expectations amid slow recovery in Greater China

    Sales in the region, once predicted to be flat year over year, are now projected to decline by double digits, leading to cuts across the retailer’s guidance.

    By • July 27, 2022
  • Amazon's Prime Day logo for 2022.
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    Courtesy of Amazon
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    Adobe: Total online sales during Prime Day near $12B

    The week of the event drove “record” online spending of $22.4 billion, according to the research firm.

    By Tatiana Walk-Morris • July 27, 2022
  • A Revlon display in a store
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    "Revlon" by Mike Mozart is licensed under CC BY 2.0
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    Revlon gets court OK on $15.4M bonus plan for 'critical' employees

    In bankruptcy, the cosmetics giant is trying to retain staff it says are critical to operations after recent years of stress and turmoil. 

    By • July 27, 2022
  • Walmart transforms stores to focus on digital.
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    Courtesy of Walmart
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    Walmart warns that profits are tanking as consumers leave clothes on the rack

    But inflation is stoking sales in consumables, leading the retail giant to raise its expectations for revenue and comps for the quarter and the year.

    By • July 26, 2022