Business Inventories Increase 0.5% in February
February’s gain in the GDP component, which was in line with economists’ expectations, followed a 0.4% advance in January.
Godiva to Exit All North America Stores
Demand for in-person chocolate shopping had “waned as a result of the pandemic and its acceleration of changes in consumers’ shopping behavior."
U.S. Retail Sales Fall for Third Consecutive Month
"The further slump in retail sales in December confirms that the continued surge in coronavirus infections is now weighing heavily on the economy."
Luckin Coffee Fined $180M in Accounting Fraud
The SEC says the Chinese retailer fabricated more than $300 million in coupon sales to present a false picture of rapid growth to investors.
Embattled Industries: Profiles in Resilience
Although the pandemic nearly crushed their industries, these companies are finding ways to thrive.
Walmart Offloads 85% Stake in Seiyu to KKR, Rakuten
KKR will acquire 65% of the Japanese retailer and Rakuten will take a 20% share through a newly-created subsidiary.
Costco Posts 11.4% Same-Store Sales Increase
The big-box retailer continued to benefit from shoppers stocking up on everything from food to patio furniture.
Digital Sales Surge Fuels Nike Earnings Beat
“We know that digital is the new normal. The consumer today is digitally grounded and simply will not revert back."
Kohl’s Cuts Corporate Jobs to Save $65 Million
The layoffs will “further align [Kohl’s] cost base in response to the business impact resulting from the COVID-19 pandemic."
Gap Blunts Covid Impact With E-Commerce Surge
"We nearly doubled our e-commerce business, with approximately 50% online penetration, demonstrating our ability to pivot to a digitally-led culture."
Coty Misses Estimates as Sales Plunge 62%
“The coronavirus-induced closure of stores and parlors hammered demand for [Coty’s] beauty products” in the fourth quarter.