After a surge in promotions since August as retailers looked to clear inventory, there are surprisingly very few Black Friday offers. Compare this to previous years when offers were piling up in the InBox. Looks like it could be a very gray Black Friday.
FINANCE
Walmart (USA) reported Q3 sales grew 8.2% to $153 billion, surpassing Wall Street’s projections and raising its full-year outlook.
- Walmart posted a net loss of $1.8 billion, down from a profit of $3.11 billion a year ago.
“70% of the retailer’s inventory increase is from inflation rather than more units.” – John David Rainey, CFO, Walmart
Gap Inc (USA ) reported Q3 reported net sales rose 2.4% year-on-year to $4.04 billion.
- The retailer reported $282 million in net income, a welcome improvement from last year’s $152 million net loss.
The company wrote off $53 million in impairment charges related to its Yeezy Gap brand.
Macy’s (USA ) reported Q3 net income fell 54% to $108 million. Net sales fell 5.2% to $5.230 billion. Despite the declines, both revenue and income beat analysts’ expectations.
Target (USA ) reported Q3 Target’s net income fell 52% to $712 million.
- Total revenue increased 3.4% to $26.52 billion.
Q3 is normally Target’s largest, most profitable quarter.
Kohl’s (USA) income fell 60% to $97 million for the quarter ended Oct. 29, from $243 million.
- Net sales fell 7.2% to $4.28 billion, beating estimates of $4.07 billion.
TJX (USA) reported net income rose 3.9% to $1.063 billion for the quarter ended Oct. 29.
- Sales fell 2.4% to $12.2 billion, just missing estimates of $12.3 billion
Joules (UK) is to appoint administrators after emergency fundraising talks failed.
Estée Lauder (USA) is closing in on a $2.8 billion takeover of Tom Ford (USA).
FPR Advisory, the administrators of Debenhams, have made more than £7.2 million ($7.9 million) in fees since the department stores chain filed for insolvency two and a half years ago, The Times reported. It oversaw the sale of the department store’s brand and website to Boohoo (UK).
What executives are saying, market insights, financial performance – all in our INSIDE FINANCE November report. Read more
PODCAST
How to Achieve Rapid Market Growth by Better Utilization of Your Internal Teams
In an increasingly noisy market, even those brands with massive marketing budgets can struggle to stand out.
Not only are companies trying to figure out where to get the most bang for their buck with paid advertising, there’s also the challenge of social media – a channel that has become increasingly overwhelming.
In this podcast Oren Greenberg, Founder and Fractional Chief Marketing Officer of Kurve, a boutique digital marketing agency specializing in search marketing, talks about how we can maximize our resources – without burning out the team.
You’ll Learn:
- Tactics and strategies brands can use to stand out in a noisy, competitive market.
- How leaders can run competitive marketing campaigns – without burning out their teams.
- Achieving rapid growth through proper and efficient utilization of internal teams.
MARKETS
Amazon plans to lay off as many as 10,000 employees, with further job cuts being considered, per multiple media reports.
The New York Federal Reserve revealed US household debt is growing at its fastest rate since 2008 (the Global Financial Crisis). The figures showed that Americans are turning to their credit cards as prices soar.
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