retail
San Francisco (AFP) - E-commerce titan Amazon on Tuesday said profit in the first three months of 2024 tripled as its cloud, ads, and retail businesses thrived. Amazon shares were up about one percent in after-market trades that followed release of the earnings figures, with Wall Street keeping a close eye on the impact of AI as well as costs involved. "It was a good start to the year across the business," Amazon chief executive Andy Jassy said in an earnings release. The Seattle-based company reported $10.4 billion in profit on revenue of $143.3 billion, compared with a profit of $3.2 billion...
AFP
Washington (AFP) - Retail sales in the United States grew more than anticipated last month, government data showed on Monday, defying predictions of weaker consumer demand. US retail sales picked up by 0.7 percent in March to $709.6 billion, after February's increase was revised to 0.9 percent, said the Commerce Department. From a year ago, the March figure was 4.0 percent higher. Boosting the headline figure was a 2.1 percent rise in gas station sales from February to March, said the latest report. Excluding gas stations, overall sales were up by a slightly lower 0.6 percent. But motor vehic...
AFP
Washington (AFP) - US consumer spending warmed slightly in February, according to government data released Thursday, with retail sales regaining ground after an earlier hit from cold weather. Retail sales bounced 0.6 percent last month to $700.7 billion, after January's decline was revised to a wider 1.1 percent, said the Commerce Department. The January drop was the biggest in almost a year, causing some concern. A significant spending slowdown could pour cold water on hopes that consumption continues being a key economic driver. From a year ago, retail sales were up 1.5 percent, said the Com...
AFP
New York (AFP) - The iconic but struggling US department store Macy's announced plans on Tuesday to close almost a third of its eponymous locations by 2026 while building up its upscale Bloomingdale's and Bluemercury brands. In a new strategy aimed at breathing life into the 166-year-old retailer, the company said it would shut 150 "underproductive" Macy's locations. The plan, dubbed a "Bold New Chapter," said around 50 stores would be closed by the end of the current fiscal year, without mentioning how many employees would be impacted. The plan comes a week after Arkhouse Management unveiled ...
AFP
New York (AFP) - The iconic but struggling US department store Macy's announced plans on Tuesday to close around 150 locations by 2026, while concentrating investments in its more upscale Bloomingdale's and Bluemercury brands. The company, which had announced in January it would pare its workforce by 3.5 percent, said in a statement the new strategy aims to open a "Bold New Chapter" to return 166-year-old Macy's to enterprise growth. Approximately 50 of the 150 "underperforming locations" will be closed by the end of the fiscal year, the company said, without mentioning how many employees woul...
AFP
New York (AFP) - US antitrust officials filed a lawsuit Monday to block Kroger's proposed $24.6 billion takeover of Albertsons on Monday, saying the supermarket acquisition would harm consumers. Arguing the deal would lead to "higher prices for groceries and other essential household items for millions of Americans," the Federal Trade Commission announced that it would seek a preliminary injunction blocking the transaction in federal court. "This supermarket mega merger comes as American consumers have seen the cost of groceries rise steadily over the past few years," said Henry Liu, director...
AFP
New York (AFP) - Walmart announced Tuesday it will buy smart television maker Vizio for $2.3 billion, boosting the retail giant's advertising venture as growth slows in its legacy business from the pandemic boom. With the all-cash purchase, the US shopping behemoth gains access to Vizio's more than 18 million accounts as another source of strengthened potential connection to those households. Based in California, Vizio is known for what Walmart called "immersive entertainment" through a "customer-centric platform" that lets viewers stream content for free by watching ads. Analysts said the de...
AFP
Washington (AFP) - Retail sales in the United States slipped more than anticipated last month, retreating after the holiday season and bogged down by auto sales and gas prices, government data showed Thursday. The 0.8 percent seasonally adjusted decline went beyond analyst expectations of a 0.2 percent drop, bringing total sales down to $700.3 billion, the Commerce Department said. The slide was the biggest in nearly a year and comes after a strong showing in general for the consumer sector in 2023, which -- helped by labor market resilience -- supported economic growth. A larger than expected...
AFP
Los Angeles (AFP) - The house where Jeff Bezos founded online shopping mammoth Amazon is up for sale, offering one lucky buyer the chance to own a piece of internet history. Bezos and his then-wife MacKenzie Scott were renting the single-story, three-bedroom home near Seattle in the mid 1990s when they began selling books online from the garage. Amazon lore holds that the garage was outfitted only with a computer, basic office supplies and a desk constructed from a door bought from a home improvement center. Originally the company shipped only books -- Amazon says the first one was titled "Flu...
AFP
Washington (AFP) - US retail sales accelerated more than anticipated in December, closing out a year marked by resilient consumption, government data showed on Wednesday. Sales picked up in the final month of 2023 by 0.6 percent to $709.9 billion, up from a 0.3 percent bump in November, said the Commerce Department in its latest report. For the full year of 2023, total sales were up 3.2 percent from 2022, the report added. The strong showing comes even though consumer demand was expected to weaken in the face of higher interest rates. In part, a resilient job market has helped to support spend...
AFP
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