Retail Sales Rise Less Than Forecast in November During Height of Holiday Shopping Season | Business News

Retail sales rose 0.3% in November, well below estimates as October’s pace was revised sharply higher, the Census Bureau reported on Wednesday.

The pace was a slowdown from October, when sales rose a revised 1.8% as consumers stocked up early on Christmas gifts wary of reports of product shortages. Expectations were for a monthly gain of 0.8%.

Gains were strongest in gasoline sales and food and beverage sales. The increase marked the fourth consecutive monthly increase in sales.

“This year’s holiday season will be more expensive for consumers than 2020, perhaps 30% more as some predict, but despite that, people are still shopping and spending,” says Jonathan Silver, CEO and founder of Affinity Solutions, which tracks credit and debit card data. “That’s a good sign of a strong economy as we move into the new year.”

Political Cartoons

“Our data shows spending up 17% annually, compared to 10 to 15%

Read More

Coty forecasts sales growth for years ahead as beauty industry rebounds

CoverGirl cosmetics owned by Coty Brands are shown for sale in a retail store in Encinitas, California, U.S., November 8, 2017. REUTERS/Mike Blake/File Photo

Register now for FREE unlimited access to reuters.com

Register

Nov 18 (Reuters) – Coty Inc (COTY.N) on Thursday forecast revenue growth for the next several years, after a long streak of declines, as it benefits from improving U.S. and China beauty markets and a sales rebound in airport duty-free stores.

The company has been focusing more on high-end fragrances, skincare products and other categories that picked up pace last year, while demand for makeup products waned following the pandemic outbreak that forced people to venture out less.

The Hugo Boss fragrance maker has also been trying to revive its CoverGirl, Rimmel and Max Factor brands through new launches, collaborations with celebrities such as Priyanka Chopra and America Ferrera, and spending more on advertising.

Register now for
Read More

Alibaba slashes sales outlook as competition bites, demand slows

Nov 19 (Reuters) – Chinese e-commerce giant Alibaba Group Holding Ltd (9988.HK), slashed its forecast for annual revenue growth on increased competition and a regulatory crackdown, sending its stock tumbling 11%.

Alibaba now expects revenue for the year ending in March to rise between 20% and 23%, the slowest pace since its 2014 stock market debut and down from a May forecast of 29.5% growth. The company also undershot expectations for earnings per share in the second quarter.

Chinese shoppers have become more cautious about spending amid coronavirus outbreaks and that, combined with supply disruptions, contributed to slower growth for China’s economy in the quarter.

Register now for FREE unlimited access to reuters.com

Register

“These economic headwinds, coupled by intensifying market competition also affected our core commerce business in China,” Alibaba CEO Daniel Zhang said on an earnings call, adding that demand for apparel and general merchandise had been

Read More

Coca-Cola raises profit forecast as strong soda sales counter cost pressures

Bottles of Coca-Cola are seen at a store in Montreuil, near Paris, France, February 5, 2018. REUTERS/Regis Duvignau

Oct 27 (Reuters) – Coca-Cola Co (KO.N) raised its full-year profit forecast on Wednesday, banking on higher prices and demand for its sodas globally to counter rising costs due to supply chain disruptions.

The company’s shares rose 2.3% to $55.70, as a rebound in demand for its soft drinks, due to the reopening of public venues such as theaters, stadiums and restaurants across the world, led to a 16% jump in third-quarter revenue.

While demand is expected to remain strong, Chief Financial Officer John Murphy said Coca-Cola was not immune to cost inflation in 2022 or the business impact of potential new lockdowns in some markets due to a spike in COVID-19 cases.

“We do see the world emerging from the crisis a bit like an earthquake. You get more aftershocks, but

Read More