Amazon joins a growing number of companies mandating return-to-office (RTO) for employees. The company announced last week that corporate employees who don’t return to the office 3+ days each week might not get promoted.
The announcement comes on the heels of Amazon saying it is laying off several hundred people from its Alexa division.
Note to staff: The power is now shifting back to the employers.
Thus, the movement back to office work continues to pick up pace. This will likely mean greater demand for office-appropriate apparel. A bit of good news for brands and retailers.
FINANCE
Gap, Inc (USA) reported Q3 net sales fell 7% to $3.8 billion. Comparable sales fell 2%. Net income fell 22.7% to $218 million. Gap, Banana Republic and Athleta all showed low double-digit drops in sales.
JD.com (China) reported net revenues increased 1.7% to RMB 247.7 billion ($ 34 billion). Net income increased 31.7% to RMB 7.6 billion ($1.1 billion). Retail revenues rose 0.6% to RMB 212 billion ($29 billion).
Alibaba (China) reported Q3 revenue rose 9% to RMB 224.79 billion ($30.8 billion), in line with the consensus forecasts. EBITDA increased 18% to RMB 42.85 billion ($5.9 billion).
Target (USA) reported Q3 sales fell 4.3% to $25 billion. Net earnings rose 36% to $917 million.
TJX (USA) reported Q3 net sales rose 9% to $13.2 billion, while comparable store sales rose 6%. Net income rose 12% to $1.2 billion.
Ross Stores (USA) reported Q3 sales rose 6.5% to $4.9 billion. Comparable store sales rose 5%. Net earnings rose 30.7% to $447 million.
Macy’s (USA) reported Q3 net sales fell 7.1% to $4.9 billion, with comparable sales down 6.3%. Net income fell 60.3% to $43 million.
Walmart (USA) reported Q3 revenue rose 5% to $160.8 billion, while comparable stores sales rose 4.9%. Net income rose $453 million, from a $1.8 billion loss a year ago.
Buckle Inc (USA) reported Q3 sales fell 8.7% to $303.5 million. Net income fell 15.7% to $51.8 million.
DXL (USA) reported Q3 sales fell 8% to $119.2 million, with comparable sales decreasing 6.7%. Net income fell 64% to $4 million.
PVH Corp. (USA) is selling its Warners, Olga and True & Co. businesses to Basic Resources for an all-cash price of $160 million. This will enable PVH to focus on its core brands, Calvin Klein and Tommy Hilfiger, the company said.
PODCAST
How Institutional-caliber Alternative Investment Vehicles are Going Mainstream
After nearly two decades dominated by the stock market, investors are now looking to other asset classes.
That’s given rise to growing interest in a range of alternative investment vehicles, including CEFs, internal funds, ETFs, UITs, and commodity pools.
However, until now most of these investment vehicles have only been available to institutional investors.
In this podcast Kimberly Flynn, managing director and partner at XA Investments, discusses how alternative investments are going mainstream – and what investors need to know about these asset classes.
You’ll Learn:
- The democratization of alternative investments that is allowing individual investors access to institutional-caliber strategies.
- What she sees as the top emerging alternative asset classes.
- What investors need to consider in an investment environment where there’s high interest rates and inflation.
- How alternative investments can work with an ESG strategy.
MARKET INSIGHTS
Southeast Asia: Growing Fast. Spending More
The steady rise of the middle class in Southeast Asian markets is opening up important opportunities for brands and retailers.
It’s not just increased purchasing power. The key is a mindset shift from buying on a ‘need to have’ to a ‘nice to have’ basis.
Generations of savers are giving way to a younger generation that is more keen on spending.
The new consumer is looking for international styles, values the retail experience and has growing discretionary income. Read more
TRENDING
Crystals and stones are making a strong comeback! Consumers love them – and brands realize that by simply adding a bit of sparkle to garments, shoes and accessories they can win in a competitive market.
Today, everyone from high end to mass markets, wants their products to be that ‘shiny object’ that consumers can’t resist!
MARKETS
In the Eurozone, slowing inflation, a cooling labor market, and lower expected corporate revenues make a peak in wage growth before the middle of next year likely, per ING Bank.
US retail sales fell 0.1% in October, the first decrease since March, per the US Commerce Department.
- “US households’ balance sheets remain in decent shape, so we see no reason to expect a sudden collapse in spending anytime soon,” Pantheon Economics told the Financial Times.
US consumers expect to spend a total of $130 billion during the upcoming holiday shopping weekend, a 4% increase from last year’s spending expectations, according to the new ICSC Thanksgiving Weekend Intentions survey.
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