Amazon forecast second-quarter revenue below Wall Street expectations on Tuesday, as it expects tepid spending from cost-conscious businesses on its cloud-computing services. Amazon’s first-quarter sales of $143.3 billion, a 13% gain, were higher than the $142.5 billion average according to LSEG data. Amazon shares rose as much as 6% in after-hours trading, after closing down 3.3% in … Read more
Chinese smartphone brand OnePlus is facing multiple grievances against its India operations, from profit margins to warranty and service claims, in another sign of trouble for Chinese brands in the world’s most populous country. In a letter to OnePlus India on Wednesday, the South India Organised Retailers Association (ORA) said members of the body had … Read more
The future is in aisle five. Artificial intelligence-powered smart carts are rolling out in Big Apple supermarkets — and they do practically everything except cook the food. Instacart’s Caper Carts use AI to identify items, their price and the weight of produce — and allow shoppers to check out stress-free with a click on a … Read more
Tupperware Brands warned that the 77-year-old company may not survive for another year and forecast inadequate liquidity to fund operations, the seller of plastic airtight food storage containers said in a filing with the SEC on Friday. Tupperware first raised substantial doubt about its ability to continue as going concern nearly a year back. Since then, it appointed consumer goods industry veteran Laurie … Read more
New Delhi: Observing that Amazon does not have an appropriate grievance redressal mechanism and has “one-sided oppressive” sale terms, a consumer commission here has imposed a fine of Rs 35,000 on the online seller and one of its retailers for deficiencies in services. The commission has also directed Amazon to provide a foolproof and transparent … Read more
Nike warned on Thursday that its revenue in the first half of fiscal 2025 would shrink by a low single-digit percentage as the world’s largest sportswear maker scales back on franchises to save costs. Nike’s warning came after the stock market closed, and shares were down 5.6% in extended trading. Executives acknowledged that Nike’s direct-to-consumer strategy was not driving growth as expected … Read more
Arkhouse Management, a real-estate-focused investing firm, said on Sunday it and Brigade Capital Management have raised their offer for Macy’s after the department store chain rebuffed their prior proposal as too low. The firms are now offering to acquire Macy’s stock they don’t already own for $24 per share, about 14% more than its previous offer of $21 per … Read more
The rapid rise of fast-fashion e-commerce retailers such as Shein and Temu is upending the global air cargo industry, as they increasingly vie for limited air-cargo space to woo consumers with rapid delivery times, industry sources say. Shein, PDD Group’s Temu and ByteDance’s TikTok Shop, which recently launched online shopping in the U.S., ship the majority … Read more
Macy’s said Tuesday that investor Arkhouse Management has nominated nine individuals to its board, setting off a proxy battle just a month after the department store rejected a $5.8 billion go-private bid. The company had rejected the offer from Arkhouse and Brigade Capital on concerns over valuation, while it continues discussions for more information on deal financing. Macy’s … Read more
Arc’teryx, the Canada-based maker of high-end outdoor apparel and equipment with five Manhattan stores, is braving the biggest retail stage of all — Rockefeller Center. The company signed a lease for 12,689 square feet at Tishman Speyer’s 600 Fifth Ave. between East 48th and 49th Streets. The two-story location will replace Aritzia, which the Commercial … Read more
