NEW YORK—Macy’s cut its outlook for the year Tuesday despite topping Wall Street expectations as it faces a glut of unsold inventory that has afflicted almost the entire retail sector. The department store earned $275 million, or 99 cents per share, in the three-month period that ended July 30, or $1 if one-time charges are…
Kohl’s Cuts 2022 Outlook, Closing Mixed Week for Retailers
Kohl’s slashed its expectations for the year after sales slumped in the second quarter, sending shares down 9 percent at the opening bell Thursday and closing out a mixed week for retailers. The company that owns Coach and Kate Spade also issued a sales outlook for the year that fell a bit short of Wall…
US Retail Sales Were Flat in July as Inflation Takes a Toll
WASHINGTON—The pace of sales at U.S. retailers was unchanged last month as persistently high inflation and rising interest rates forced many households to spend more cautiously. Retail purchases were flat after having risen 0.8 percent in June, the Commerce Department reported Wednesday. Economists had expected a slight increase in July retail sales. Still, Wednesday’s report…
Target Profit Crumbles as Inflation-Weary Consumers Shun Discretionary Spending
Target Corp. reported a bigger-than-expected 90 percent fall in quarterly earnings on Wednesday and missed estimates for comparable sales as it struggled to lure inflation-hit shoppers with steep discounts on apparel, electronics, and home goods. A host of U.S. retailers have issued profit warnings in recent weeks as consumers squeezed by higher prices for everything…
Novavax Sinks After Halving Sales Forecast on Low Vaccine Demand, Supply Glut
Novavax Inc. on Monday halved its full-year revenue forecast as it does not expect further sales of its COVID-19 shot this year in the United States in the face of a global supply glut and soft demand, sending its shares down 33 percent. Novavax said it now expects 2022 total revenue in the range of…
Hot Summer Weather Buoys UK Retail Sales as Inflation Pressure Continues
Demand for summer clothing and picnic food during the hot weather helped sales at retailers rebound last month, according to new figures. The BRC-KPMG retail sales monitor for July showed that total sales increased by 2.3 percent during the month, bringing to an end three consecutive months of decline. Nevertheless, industry experts said growth was…
Bayer’s Agriculture Unit, Consumer Health Drive Outlook Hike
FRANKFURT, Germany—Agriculture and pharmaceuticals company Bayer on Thursday lifted its 2022 earnings guidance on strong demand from farmers for its seeds and crop chemicals and higher sales of consumer health products. Bayer is now targeting earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, of about 13 billion euros ($13.21 billion), based…
Russian Services Sector Records Fastest Output Growth in Over a Year: PMI
MOSCOW—Russia’s services sector expanded in July at its fastest pace in more than a year, a business survey showed on Wednesday, as strong domestic demand outweighed slumping export orders for Russia’s increasingly isolated firms. The S&P Global Purchasing Managers’ Index (PMI) rose to 54.7 in July, its highest since June 2021 and up from 51.7…
Marathon Petroleum Profit Soars on Strong Fuel Demand
Marathon Petroleum smashed quarterly profit estimates on Tuesday, the latest U.S. refiner to benefit from a surge in fuel prices sparked by tight capacity and low inventories. The company’s refining and marketing margins tripled to $37.54 per barrel in the April-June quarter, mirroring similar gains at rivals such as Phillips 66 and sending Marathon’s shares…
German Retail Sales Post Biggest Year-on-Year Slump Since 1994
BERLIN—German retailers ended the first half of 2022 with the sharpest year-on-year sales drop in nearly three decades, as inflation, the Ukraine war, and the coronavirus pandemic take their toll, data showed on Monday. Retail sales in June decreased 8.8 percent in real terms compared with the same month last year, the biggest drop since…
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