Electrical retailer AO World swings to loss as costs mount and demand weakens

Electrical retailer AO World has swung to a full-year loss and warned of slower sales, blaming product shortages, rising costs and weakening consumer demand. The London-listed group posted a £37mn loss for the 12 months to March 31, down 87 per cent from a £20mn profit in the previous financial year. Revenues fell 6.2 per … Read more

Swiss Re loses dispute with home improvement retailer over settlement

A federal appeals court Thursday affirmed a lower court ruling against a Swiss Re unit in a dispute involving a home improvement retailer’s rejection of a settlement offer that led to a $6 million jury verdict. A customer of Eau Claire, Wisconsin-based Menard Inc., a home improvement chain, filed a negligence suit against the retailer … Read more

Online retailer not liable for inaccessible website under ADA

A California state appeals court held Monday that an online cleaning products retailer without a physical location cannot be held liable for an inaccessible website under the state’s discrimination law, in litigation filed by a blind plaintiff. The complaint alleged that Philadelphia-based Cot’n Wash Inc. violated the state’s Unruh Act, which provides protection from discrimination … Read more

Two potential bidders for THG walk away from online retailer

Two investment groups that had raised the possibility of making bids for ecommerce retailer THG said on Thursday they had no plans to do so, presenting a fresh setback for the company’s shareholders. Belerion Capital — a shareholder in the group — along with King Street Capital Management announced they did not intend to make … Read more

Stock Market Flips Lower On Company Warnings; This Retailer Plummets| Investor’s Business Daily

Repeating a troubling pattern, the stock market gave back much of the prior day’s rally as more companies and the latest economic data signaled weakening economic conditions. X The Nasdaq wiped out all of Monday’s 1.6% gain as the composite plummeted 3.4%. The S&P 500 fell 1.9% and also surrendered all of Monday’s rally. Since … Read more

THG rejects £2bn bid as Candy weighs up online retailer

THG has rejected a £2.07bn bid from two investment companies, as a venture capital firm controlled by property tycoon Nick Candy also said it was exploring an offer for the beauty and nutrition online retailer. THG has been hit by a string of setbacks since its IPO in 2020, with its share price tumbling from … Read more

US stocks drop after retailer Target warns of hit to margins

Wall Street stocks fell on Wednesday as a bounce for global equity markets faded and downbeat earnings from discount retailer Target intensified jitters about inflation and choked-up supply chains. The benchmark S&P 500 share index was down 3.4 per cent by lunchtime in New York, while the technology-heavy Nasdaq Composite fell more than 4 per … Read more

Target shares tumble after US retailer warns on rising costs

Target shares tumbled on Wednesday after the US retailer said rising costs would hit its annual profits, echoing a warning from rival Walmart and sparking a wider equity market sell-off on fears that companies are struggling to pass higher prices on to consumers. Shares in Target fell 25 per cent as it revealed first-quarter profits … Read more

Used-car retailer Carvana sees significant core earnings for 2023 By Reuters

© Reuters. FILE PHOTO: Vehicles are displayed at a Carvana dealership, which allows customers to buy a used car online and have it delivered or pick it up from an automated-tower, in Austin, Texas, U.S., March 9, 2017. Picture taken March 9, 2017. REUTERS/Brian Snyd (Reuters) – Carvana Co (NYSE:) on Friday forecast significant core … Read more

Used-car retailer Carvana to lay off about 12% of workforce By Reuters

© Reuters. FILE PHOTO: Vehicles are displayed at a Carvana dealership, which allows customers to buy a used car online and have it delivered or pick it up from an automated-tower, in Austin, Texas, U.S., March 9, 2017. REUTERS/Brian Snyder (Reuters) -Carvana Co would lay off about 2,500 employees, or 12% of its workforce, the … Read more