Amazon's big sale, Walmart wants wealthy shoppers, and Subway ditches Coke: Retail news roundup
Nike and Lululemon are eyeing the 2024 Summer Paris Olympics. Subway is saying goodbye to Coca-Cola for Pepsi. Couples are waiting to pop the question. Meanwhile, Amazon’s spring sale could buoy its revenue by billions, and Gucci sales in China plummeted, making about $8 billion in market cap vanish.
Check out those and more highlights from the week in retail news.
Nike wants to use the 2024 Summer Olympics in Paris to get a leg up
Nike said it is planning to use sport’s biggest stage — the Olympics, which take place this summer in Paris — to “drive major advancements.” That comes just a day after it reported a weak guidance for the remainder of fiscal year 2024.
Lululemon stock tumbles as it struggles to reach American consumers
Lululemon Athletica may be struggling to reach U.S. consumers but like Nike, the athleisure company plans to use the 2024 Summer Paris Olympics as a product launching pad. The company said it would be “revealing kits for Team Canada.”
Olive Garden owner Darden Restaurants stock plummets because diners don’t dine out anymore
A nice meal at a restaurant is one of life’s simple pleasures. But today, consumers appear to be holding off on the everyday occasion. Rick Cardenas, Darden’s chief executive officer, told investors during the company’s latest earnings call, that “the lower income consumer does appear to be pulling back.”
Subway is switching from Coke to Pepsi
Subway is moving on from Coca-Cola. The retailer signed a 10-year partnership with PepsiCo instead, making it the exclusive beverage distributor for Subway’s U.S. restaurants.
The stock of the world’s largest diamond jeweler is tanking because people aren’t getting engaged
Couples may be in love, but they’re holding off on getting engaged. The company saw a 10% decline in sales during its holiday quarter, led in part by a “deep disengagement” from consumers, and excess inventory.
Amazon’s ‘Big Spring Sale’ could boost revenue by billions, analysts say
Amazon is looking to fly by the competition and its first spring sale could put it on the runway to do so. Analysts say the six-day event could boost the retailer’s revenue by billions.
Gucci sales in China fell sharply and almost $8 billion in market cap disappeared
Luxury conglomerate Kering, which owns big-name fashion labels like Gucci, Saint Laurent, and Balenciaga, told investors not to be surprised if its next financial update is uglier than expected.
Target is doubling (some) employee bonuses
Despite posting its first sales drop in years earlier this month, Target is reportedly doubling salaried employees’ bonuses this year.
Walmart wants more wealthy shoppers
Change is in the air at Walmart — and you may even be able to see and feel it. That’s because the retail giant is taking another shot at luring upscale shoppers with a posh makeover that includes blouses, blazers, and cargos.
General Mills stock rises near a 7-month high because inflation isn’t stopping people from buying cereal
Consumers are still putting cereal and other packaged food items from General Mills in their grocery carts — but are holding off on buying stuff for their pets. The Cherrios maker beat Wall Street’s expectations in its third-quarter earnings.
Gildan Activewear’s board is putting the company up for sale — and the stock is jumping
Board members at Canadian clothing company Gildan Activewear Inc. are exploring a potential sale of the clothing maker. Talks of a deal also come at a time when the company’s board has been going tit-for-tat with investors over the ousting of its chief executive officer Glenn Chamandy in December.
Starbucks pup cups and free water are here to stay, CEO says
Starbucks is standing firm on its complimentary woof and water conditions. It’s the cost of doing business, executives said during an earnings call.
Nordstrom stock surged 10% because the retailer might go private
Nordstrom stock jumped more than 10% following a report that the retailer is considering going private. The company touted the idea (and failed) back in 2018.
Kroger is selling its pharmacy business — but says that has nothing to do with its Albertsons merger
Kroger said it is planning to sell its speciality pharmacy business to pharmacy benefit manager CarelonRx, a subsidiary of Elevance Health, the company said. The supermarket chain said it expects to close the sale of its speciality pharmacy business during the second half of this year.
The morning after pill is now being sold at convenience stores across the U.S.
The pharmaceutical company Cadence OTC is making its emergency contraception medication, the Morning After Pill, available at convenience stores across the U.S. The move aims to expand access for women living in low-income or marginalized communities.
Target’s new self-checkout rules have begun
Target’s new self-checkout limits have officially started. To use the standalone kiosks, shoppers will need to have 10 items or less.
Fabrics retailer Joann has filed for Chapter 11 bankruptcy
Fabrics and sewing retailer Joann has filed for Chapter 11 bankruptcy as it deals with waning consumer demand. The company said it plans to keep more than 800 of its U.S. stores open, including its website.