Category: Retailer
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British retailer warns Reeves’s budget will deliver a £50m ‘punch in the face’
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Fraser Group has warned that Rachel Reeves’ budget will cost it at least £50m next year, likening the impact on retailers to a “punch in the face”. Michael Murray, chief executive of the British retail group, said the latest financial measures would force companies to cut costs and could damage…
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Printemps Becomes Europe’s First Major Retailer to Join the Trend
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Crypto is coming to popular luxury retailers in Europe. According to reports, Printemps, a popular chain of luxury brands, will start accepting cryptocurrencies for payments. The luxury store operator has partnered with Binance Pay and Lyzi to offer its customers the option to pay using top cryptocurrencies. Binance Pay offers…
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Exclusive-Online retailer Shein to hold roadshows soon ahead of London IPO, sources say By Reuters
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By Julie Chu, Amy Jo Crowley, and Hadeel Al-Sayegh HONG KONG/LONDON (Reuters) – Sheen is set to hold informal investor meetings in the coming weeks on its planned London initial public offering (IPO), pushing ahead with preparations while it awaits approval from UK regulators, three sources familiar with the matter…
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Asian stocks rise; China up on repo rate cut, Australia hit by retailer losses By Investing.com
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Most Asian shares rose slightly on Monday amid continued optimism over lower interest rates, while Australian markets lagged as major retail stocks fell sharply in the face of an antitrust lawsuit. Chinese markets rose after the People’s Bank of China cut its short-term lending rate, although overall gains were limited.…
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GameStop slumps premarket after video game retailer says it will issue new shares By Investing.com
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GameStop (NYSE:) shares fell more than 9% in premarket trading in the United States after the video game retailer said it would issue more shares despite reporting a decline in second-quarter revenue. The company, which became known as a focal point of the “meme stock” craze at the start of…
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Brazilian pet product retailer Petz shares soar on Cobasi merger deal By Reuters
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Written by Alberto Allergi SAO PAULO (Reuters) – Shares of Brazil’s Pets Inc rose on Friday after the company formally agreed to merge with rival Copasi to create the country’s largest pet products retailer. The merger agreement was first announced in April, when the two companies signed a memorandum of…
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Australia auto parts retailer Bapcor rejects Bain Capital’s $1.2 billion bid By Reuters
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By Scott Murdock and Rajasik Mukherjee SYDNEY (Reuters) – Australian auto parts retailer Babcor on Tuesday rejected a A$1.83 billion ($1.23 billion) takeover bid from private equity firm Bain Capital, saying it did not fully reflect the company’s value. The company’s shares fell about 4.3% in early trading Tuesday. Australia’s…
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Saks owner to buy luxury retailer Neiman Marcus in $2.65-billion deal By Reuters
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(Reuters) – Saks Fifth Avenue parent HPC Inc said on Monday it will acquire department store chain Neiman Marcus Inc in a $2.65 billion deal, giving it stronger negotiating power with vendors and greater control over costs. The deal comes as luxury retailers face slowing demand as higher interest rates…
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Walgreens CEO calls consumers ‘increasingly selective and price-sensitive’ as retailer cuts profit outlook
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Walgreens’ (WBA) quarterly results are the latest sign that U.S. consumers are under increasing pressure. Shares of Walgreens Boots Alliance fell 24% on Thursday after the retail pharmacy chain cut its full-year guidance due to challenging pharmacy industry trends and a “worse-than-expected” consumer environment, with management citing a “sustained decline”…
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Used car retailer CarMax posts 33% drop in first-quarter profit By Reuters
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(Reuters) – CarMax reported a 33% drop in first-quarter profit on Friday, as lower profit margins on cars sold continued to weigh on the used car industry. Used car retailers have had a bumpy ride with profitability deteriorating over the past few years as new vehicle availability improves. Better offers…