Kohl's Corp cut its full-year sales and profit forecasts on Thursday, squeezed by steep discounts and higher costs amid dwindling demand for clothing and shoes in the face of high inflation, sending its shares down 5%.
Irish consumer sentiment slipped marginally to hover at a 22-month low in August as respondents said they expected to further cut back on major purchases in the coming months, a survey showed on Thursday.
British consumer price inflation jumped to 10.1% in July, its highest since February 1982, up from an annual rate of 9.4% in June, intensifying the squeeze on households, official figures showed on Wednesday.
Walmart nudged up its annual profit forecast on August 16, partly reversing a hefty recent cut, as discounts to clear excess merchandise and lower fuel prices helped it beat expectations for quarterly sales.
Ted Baker and Authentic Brands Group announced on August 16 that ABG will be buying the British fashion retailer for an agreed price of around £211m ($254m). It will mean a major push into North America for the label.
Lifestyle retailer Joules said it has found a new CEO to replace Nick Jones. Jonathon Brown will join on 7 September 2022 and will take over fully at the end of next month “following a short handover period”.
Activist hedge fund Starboard Value, which had offered to buy Kohl's Corp for roughly $9bn early this year, slashed its stake in the department store by more than 80% in Q2, according to a regulatory filing.
British retail titan Sir Ralph Halpern has died at the age of 83. The executive, who launched the Topshop chain and once ran Debenhams, was one of the highest-profile retailers during the Thatcher era in the 1980s.
Primark has named Michelle McEttrick to the new Chief Customer Officer role, “to develop the Primark brand and customer strategy as the business continues its expansion across new markets, channels and products”.
Hot weather drove Britons to buy summer fashion, as well as outdoor goods, in July. But they also reined-in spending on foreign travel and eating out as the cost-of-living squeeze made itself felt, two surveys show.