Author: Granth Vanaik
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Tyson Foods shares hit nine-month high on better-than-expected earnings
By Granth Vanaik and Tom Polansek (Reuters) – Tyson Foods beat market expectations for first-quarter revenue and profit on Monday, sending shares to a nine-month high as the meatpacker said cost-cutting decisions to shutter U.S. chicken plants were paying off. Shares pared gains and were up about 3% in midday trading. Tyson, the biggest U.S.…
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Lululemon, Abercrombie lift holiday quarter targets on robust demand
By Granth Vanaik and Juveria Tabassum (Reuters) -Lululemon and Abercrombie & Fitch raised their holiday quarter forecasts on Monday, signaling strong demand during the key sales period even as shopping budgets remained constrained. The upbeat forecasts follow a mixed holiday season for the sector, according to estimates from Adobe Analytics and Mastercard, as retailers competed…
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Amazon’s ‘biggest ever’ Prime Day boosts US online sales to $12.7 billion
By Granth Vanaik (Reuters) -U.S. online sales during Amazon.com’s Prime Day shopping event rose 6.1% to $12.7 billion from last year, as inflation-hit Americans hunted for discounts on the e-commerce platform, Adobe Analytics data on Thursday showed. Shoppers spent $6.3 billion on the second day of the big sale as deep discounts on products such…
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Dollar Tree cuts profit target on slowing demand, higher costs; shares slump
By Aatrayee Chatterjee and Granth Vanaik (Reuters) -Dollar Tree Inc on Thursday trimmed its full-year profit forecast after missing quarterly profit estimates, hurt by slowing demand for discretionary items and elevated cost pressures, sending shares of the retailer down more than 14%. With stubborn inflation, the company is experiencing a fall in demand for higher-margin…
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Abercrombie & Fitch jumps on surprise profit, sales forecast raise
By Granth Vanaik (Reuters) – Abercrombie & Fitch Co on Wednesday posted a surprise quarterly profit and lifted its full-year sales forecast, as the clothing retailer banks on its efforts to fill shelves with in-demand goods, sending its shares up as much as 29%. The apparel retailer has worked to increase its stock across all…
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T.J. Maxx parent raises profit view as cost pressures ease
By Granth Vanaik (Reuters) – TJX Cos Inc lifted its annual profit forecast on Wednesday, banking on easing cost pressures to cushion a pullback in consumer spending on discretionary items. The T.J. Maxx parent also missed first-quarter revenue estimates and joined bigger retailer Target Corp in forecasting a downbeat second quarter as sticky inflation forces…
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Dollar General’s supply chain stumbles dent annual profit forecast
By Deborah Mary Sophia and Granth Vanaik (Reuters) -Dollar General Corp cut its annual profit forecast after it missed estimates for quarterly earnings, blaming cost pressures tied to its supply chain problems, sending its shares down as much as about 10% on Thursday. Tennessee-based Dollar General said it was seeing inefficiencies in its supply chain…
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Kraft Heinz beats quarterly estimates as prices soar
By Mehr Bedi and Granth Vanaik (Reuters) -Kraft Heinz Co on Wednesday reported a surprise rise in quarterly revenue and topped earnings estimates as the Jell-O and Philadelphia Cream Cheese maker benefited from price increases and improved supplies to retailers. The results follow those from General Mills and Kellogg and underscore how multiple price increases…
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Coca-Cola lifts forecasts as demand keeps pace with pricier sodas
By Uday Sampath Kumar and Granth Vanaik (Reuters) -Coca-Cola Co on Tuesday joined rival PepsiCo Inc in raising annual forecasts as the two top sugary soda makers benefit from multiple price increases that have so far failed to take the fizz out of demand. Shares of Coca-Cola rose 2.3% after the soda giant also beat…