Consumer and retail news: 10 things you need to know today
1. Dead man walking Sears is in a 'perpetual state of decline'
Sears said Thursday that its same-store sales fell 7.1% in the fourth quarter and revenue dropped 9.8% to $7.3 billion. Sears said earlier this month that it would accelerate planned closures of 50 stores to cut costs.
2. This chicken chain says it's going after McDonald's and Burger King
Popeyes Louisiana Kitchen announced plans to increase its global restaurant count from 2,500 to 4,000 in the next seven to ten years. This comes after the chain opened a record-setting 219 new restaurants in 2015.
3. JCPenney made its most desperate move in history to win back customers
A new marketing scheme called "Get Your Penney's worth" promotes heavy discounts, going as low as one literal penny, The Dallas Morning News reports.
4. The new Dunkin' Donuts menu design ignores millennials in one major way
Dunkin' Donuts new menu features classy photos of products, including dark-roast coffee, Coolatta drinks, and egg sandwiches, Bloomberg reports. It also features cursive font, which is an odd choice for a company targeting young consumers.
5. Kohl's is closing stores as the department store industry collapses
Kohl's is closing 18 stores following a disappointing fourth quarter. The department store chain reported a 20% drop in fourth quarter profit on Thursday, and said it expects relatively flat sales for the year.
6. Best Buy admits Q4 sales were terrible... just like everyone else
America's largest electronics retailer wants shareholders to know that it's been ugly across the consumer-electronics-industry board. Best Buy reported a 1.5% decline in domestic revenue.
7. Chain restaurants in New York can now be fined for not posting salt warnings
Large chain restaurants and fast-food eateries in the nation's most populous city can be fined up to $600 beginning next week for not posting salt warnings on menu items that contain more than the recommended daily dose of sodium, a judge ruled Wednesday.
8. Target's risk to slash prices during the holiday season is slowly paying off
Target's shares increased 3% in the fourth quarter after heavy discounting during the holiday season. The results show Target has made solid progress in reinvigorating its business and winning back shoppers.
9. Here is everything Restoration Hardware's CEO blamed for its terrible fourth quarter
Restoration Hardware's CEO Gary Friedman threw out every excuse in the book to explain what is shaping up to be a dismal quarter for the company including supply issues, oil, and Canada.
10. Millennials aren't eating cereal because it's too much work
Almost 40% of millennials surveyed by Mintel said that cereal was an inconvenient breakfast choice, because they have to clean up after eating it, reports the New York Times.
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Markets rebound sharply on buying in bank stocks firm global trends
- Bengaluru's rental income highest in Q1-2024, Mumbai next: Anarock report
- Rupee falls 10 paise to settle at 83.48 against US dollar
- Include 4 hrs of physical activity, 8 hrs sleep in routine for optimal health, suggests study
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market