General Motors Co. reported a 15 percent drop in second-quarter auto sales on Friday, as a global chip shortage and supply chain disruptions hit production and left nearly 100,000 vehicles waiting for more parts. The U.S. auto industry is struggling to keep up with pent-up consumer demand for new cars as it struggles to ramp…
Fashion Retailer H&M’s Sales Jump, but Investors Fret Over Margins
STOCKHOLM—H&M, the world’s second-biggest fashion retailer, posted a forecast-beating 17 percent jump in March-May sales, joining main rival Inditex in reporting a rebound in demand as pandemic restrictions have eased. Sales were, however, still lower than before the pandemic began. Investors also voiced concerns over profit margins ahead of H&M’s full quarterly earnings report due…
German Retail Sales Drop in April as Food Prices Bite
BERLIN—German retail sales fell by more than expected in April as consumers feel the pinch of higher prices, especially for food, and retailers face supply problems from the China lockdowns. The Federal Statistics Office said on Wednesday that retail sales were down 5.4 percent on the month in real terms. A Reuters forecast had predicted…
British Car Sales Forecast Drops 9 Percent Amid Semiconductor Shortage
The UK car industry has downgraded its forecast for the number of cars it expects to sell this year by nine percent. Around 1.72 million new cars will be registered in 2022, according to the Society of Motor Manufacturers and Traders (SMMT). This is down from the forecast of 1.89 million issued in January. The…
Volvo Cars Says March Sales Fall 22 Percent, Hurt by Chip Shortage
STOCKHOLM—Volvo Cars said on Monday car sales in March fell 22 percent to 58,677 cars as the automaker faced shortages of a specific semiconductor. Volvo, majority-owned by China’s Geely Holding, said the shortage is expected to impact production during the second quarter.
Walmart to End Cigarette Sales in Some Stores
March 29, 2022
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NEW YORK—Walmart will no longer sell cigarettes in some of its stores though tobacco sales can be a significant revenue generator. Wall Street Journal was the first to report the development Monday. It noted some stores in California, Florida, Arkansas, and New Mexico were on the list, citing anonymous sources and store visits. Walmart is…
US Auto Sales Slump as Less Affluent Buyers Walk Away
U.S. new vehicle sales could fall to the lowest first-quarter volume in the past decade as chip shortages and the Ukraine crisis squeeze inventories and rising prices push less affluent buyers out of the market, research firm Cox Automotive said Monday. U.S. car and light truck sales are expected to fall more than 24 percent…
Jaguar Land Rover Suspends Sales to Russia
March 2, 2022
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Vehicle manufacturer Jaguar Land Rover (JLR) has suspended sales to Russia following the invasion of Ukraine. The firm announced that it made the decision due to the “wellbeing” of its workforce and those “within our extended network”. Sanctions imposed on Russia have heavily restricted the ability of companies to sell goods there. JLR, based in…
Mercedes-Benz to Double EV Sales in 2022, Solidify Supplier Relationship
BERLIN—Mercedes-Benz aims to double its electric vehicle sales in 2022 and expand its electrified car footprint in relevant markets worldwide, Chief Executive Ola Kaellenius said on Thursday in an earnings press conference. Chief Financial Executive Harald Wilhelm listed a series of challenges the carmaker expected to face this year, including uncertain geopolitical developments, the ongoing…
Home Depot Sales Remain Strong in Fourth Quarter
Home Depot saw its sales remain strong in its fourth quarter as it continues to benefit from a sizzling housing market. Sales for the three months ended Jan. 30 rose to $35.72 billion from $32.26 billion. This beat the $34.88 billion that analysts polled by FactSet forecast. Sales at stores open at least a year,…
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