Raising prices on consumers to cover the costs of President Donald Trump’s tariffs will be Target’s ‘very last resort,’ CEO Brian Cornell said Wednesday. The remarks came as Target reported weaker-than-expected sales in its first quarter and cut its full-year forecast. The retailer, whose business hasn’t fared as well against rivals better known for bargain prices, has “many levers to ...
BEIJING — One Chinese baby products company announced Tuesday it is officially entering the United States, the world’s largest consumer market — regardless of the trade war. Shanghai-based Bc Babycare expects its supply chain diversification and the U.S. market potential to more than offset the impact of ongoing U.S.-China trade tensions, according to Chi Yang, the company’s vice president of ...
Levi Strauss has agreed to sell Dockers to brand management firm Authentic Brands Group for $311 million, the companies announced Tuesday. Under the terms of the deal, Authentic will own Dockers’ intellectual property while Centric Brands will take on operations, handling manufacturing, sourcing and distribution. Under the brand management business model, Levi’s stands to make up to $391 million in future ...
Nvidia said it won’t be sending graphics processing unit plans to China following a report that the artificial intelligence chipmaker is working on a research and development center in Shanghai in light of recent U.S. export curbs. “We are not sending any GPU designs to China to be modified to comply with export controls,” a spokesperson said in a statement to CNBC. The ...
Cava on Thursday reported better-than-expected sales in its latest fiscal quarter, shaking off the malaise the broader restaurant industry has felt as consumers have cut back on dining. The Mediterranean chain said its same-store sales grew 10.8% in the three months that ended April 20, lifted by traffic growth of 7.5%. Analysts surveyed by StreetAccount were projecting same-store sales growth of 10.3%. ...
The Justice Department isn’t planning to prosecute Boeing in a case tied to two crashes of the aerospace giant’s 737 Max, a person familiar with the matter said, a tentative agreement that would allow the plane-maker to avoid a guilty plea. Boeing agreed to plead guilty in the case last summer in a deal with the Justice Department after the Biden administration found earlier that ...
Dick’s Sporting Goods is buying the struggling footwear chain Foot Locker for about $2.4 billion, the second buyout of a major footwear company in as many weeks as business leaders struggle with uncertainty over President Donald Trump’s tariffs. Dick’s said Thursday that it expects to run Foot Locker as a standalone unit and keep the Foot Locker brands, which include ...
Netflix said Wednesday its cheaper, ad-supported tier now has 94 million monthly active users — an increase of more than 20 million since its last public tally in November. The company and its peers have been increasingly leaning on advertising to boost the profitability of their streaming products. Netflix first introduced the ad-supported plan in November 2022. Netflix’s ad-supported plan costs $7.99 per month, a ...
Bombas founder David Heath is stepping down from his role as CEO as the socks and apparel company looks to expand beyond its direct-to-consumer roots. Bombas President Jason LaRose, a former Under Armour and Equinox executive, will take over as the company’s next CEO effective Thursday. Heath said he realized it was necessary for a retail veteran to lead the company through ...
Reddit co-founder Alexis Ohanian has purchased a minority stake in Chelsea FC Women, giving him an ownership stake in two of the most-valuable teams in women’s sports. The founder of venture capital firm Seven Seven Six and husband of tennis legend Serena Williams paid 20 million pounds for a 10% stake in the English soccer team, according to a person familiar ...