American department store chain Nordstrom suffered a 40?% turnover decrease in the quarter ending 2 May, but the company says it believes in a bright future after Covid-19. After all, many competitors fare even worse.
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Abercrombie & Fitch saw its losses grow by an astonishing 1180?% in the previous quarter, while turnover dropped by a third due to the Covid-19 crisis.
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Ralph Lauren is the next in line to take a corona hit: in the last quarter (January to March), turnover took a worldwide double-figure drop. For the full year (April to March) results went down as well.
The collapse of wholesale sales have cut Urban Outfitters' turnover back by almost a third in this year's first quarter. A healthy profit made way for a nine-figure loss, forcing yet another company to cut management wages and bonuses.
Walmart saw its online sales increase 74?% during the coronavirus crisis, resulting in comparable sales growth of 10?%. Still, the American retail giant has decided to shut down its online branch Jet.com.
Amazon is rumoured to be interested in acquiring (a part of) American department store chain JCPenney, which has been granted protection against creditors and is currently looking for a solution for its deep financial problems.
Ingka Centres, owner of shopping centres and part of the Ikea Group, wants to enter the American market. The real estate company is in talks to refurbish properties on central locations in major American cities.
Le Pain Quotidien's American locations have a new owner: Aurify Brands, manager of fast food restaurants, will become master franchiser and will therefore manage the formula separately from the Belgian group.
Daniel Kretinsky, the Czech billionaire who has a large stake in European retailers Casino and Metro, has taken a strategic stake of 5?% of the shares of American department store chain Macy's.
FMCG giant PepsiCo has launched a 'virtual pantry' in the United States: the producer of soft drinks, potato crisps and more now also supplies directly to consumers via two webshops.
Despite the closure of its largest customers, Beyond Meat's quarterly sales grew by no less than 141?% to 97?million dollars (90?million euros). This summer, the producer of meat substitutes plans an aggressive growth strategy.
Victoria's Secret owner L Brands has announced that the deal with Sycamore Partners, on the sale of a majority stake in the lingerie brand, has been called off. This avoids a bitter legal battle between the two parties.
Despite record sales of 75.5?billion dollars (69?billion euros), Amazon fears a loss of 1.5?billion dollars (1.3?billion euros) in the second quarter due to extra costs to combat covid-19.
Private equity fund Sycamore Partners is trying to get out of its acquisition deal with L Brands, to take over a 55?% stake in lingerie brand Victoria’s Secret. The named reason/excuse is the fact nearly all stores are closed due to the corona crisis.
The coronavirus crisis has a bitter taste for Le Pain Quotidien: the bakery chain urgently needs to find a buyer for its restaurants in the United Kingdom. As for the United States, all of its thousands of employees have been laid off.
The coronavirus, and a new strategy with fewer Latin-American wholesalers, have forced Nike third quarter net profit down by 23?% (December to February). Turnover did go up 5?%, but the sports retailer fears a steep decline in the next quarter.