Author: Uday Sampath Kumar
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Kohl’s CEO pitches retailer’s turnaround efforts after surprise loss
By Uday Sampath Kumar (Reuters) -Kohl’s Corp new chief executive said on Wednesday it would “take some time” to turn around the business and reduce reliance on margins-sapping discounts after the retailer swung to a surprise quarterly loss and forecast downbeat profit. Retailers have turned to steeper discounts and promotions to clear excess stocks of…
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P&G raises sales forecast on price hikes, sees volumes fall
By Jessica DiNapoli and Uday Sampath Kumar (Reuters) – Tide detergent maker Procter & Gamble Co raised its full-year sales forecast on Thursday and said it plans to continue raising prices despite a drop in sales volumes, warning that high commodity costs were pressuring profits. P&G’s sales volumes fell 6% in its second quarter ended…
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Kroger raises sales forecast on inflation-resistant grocery demand
By Uday Sampath Kumar (Reuters) -Kroger Co raised its annual same-store sales and profit forecasts on Thursday, boosted by steady demand for groceries and household essentials, and its strategy to keep product prices relatively lower than rivals. Kroger, like Walmart Inc, has been successful in using its scale and large store network to negotiate lower…
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Candy maker Hershey raises sales outlook ahead of holiday season
By Uday Sampath Kumar (Reuters) -Hershey Co raised its annual sales and profit forecasts on Friday, signaling strong Halloween candy demand that it expects to continue into the holiday season despite higher selling prices. Halloween is Hershey’s busiest time of the year, making up about 10% of its annual revenue, with sales benefiting for months…
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Yum beats sales estimates as customers flock to KFC, Taco Bell deals
By Uday Sampath Kumar (Reuters) -Yum Brands Inc beat Wall Street estimates for quarterly comparable sales on Wednesday, as the company’s KFC value deals and $2 Taco Bell burritos pulled in more inflation-weary consumers to its restaurants. Yum’s shares rose 1.6% in morning trading. Menu price hikes at dine-in restaurants to keep up with surging…
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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…
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Retailers staff up to prep for return of in-store holiday shopping
By Siddharth Cavale and Uday Sampath Kumar NEW YORK, October 6 (Reuters) -Several major retailers including Walmart are directing the majority of their holiday hires to work on store floors this year as Americans shift to shopping in-person rather than mostly online. Walmart Inc told Reuters that 36,500 of its seasonal hiring jobs this year…
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Macy’s predicts another early start to holiday season shopping
By Uday Sampath Kumar (Reuters) -Macy’s Inc expects another early start to holiday season shopping this year, a contrast to a prediction from Best Buy Co Inc that highlights the uncertainty among U.S. retailers in forecasting inflation-driven shopping behavior. Pandemic-induced disruptions to supply chains prompted consumers to start their holiday shopping as early as October…
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Target CEO Cornell to stay three more years in bid for stability
By Uday Sampath Kumar (Reuters) -Target Corp on Wednesday scrapped its policy of chief executives having to retire at 65, allowing Brian Cornell to lead the retailer for another three years as it battles through a period of high inflation and overstocked stores. Cornell, 63, has served as Target’s CEO since 2014 helping beef up…
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Target profit crumbles as inflation-weary consumers shun discretionary spending
By Uday Sampath Kumar (Reuters) -Target Corp reported a bigger-than-expected 90% fall in quarterly earnings on Wednesday and missed estimates for comparable sales as it struggled to lure inflation-hit shoppers with steep discounts on apparel, electronics and home goods. A host of U.S. retailers have issued profit warnings in recent weeks as consumers squeezed by…