Primark’s sales fall short as COVID continues to take toll

Signage is displayed outside a Primark store at the Oxford Street, in London, Britain July 2, 2020. REUTERS/Hannah McKay

  • Primark Q4 underlying sales seen down 17% on two-year basis
  • UK sales hurt by ‘pingdemic’
  • Group still raises full year profit forecast
  • Shares down 3.4%

LONDON, Sept 13 (Reuters) – Sales at fashion retailer Primark fell short of management expectations in its latest quarter, hit by public health restrictions in major markets to control the fast-spreading Delta coronavirus variant.

Shares in owner Associated British Foods (ABF.L) were down 3.4% at 0859 GMT after it forecast Primark’s like-for-like sales in its fourth quarter to Sept. 18 were down 17% on the same period two years ago. That was after a 3% increase in the third quarter when stores reopened from pandemic lockdowns.

Primark’s two biggest markets, Britain and Spain, were particularly badly hit.

Britain suffered in late June and early July from

Read More

Chinese EV maker Nio cut sales forecast due to chip supply shortage

BEIJING, Sept 1 (Reuters) – Chinese electric vehicle (EV) maker Nio Inc (NIO.N) on Wednesday cut its delivery forecast for the third quarter this year due to uncertain and volatile semiconductor supplies.

Nio cut its delivery forecast for the third quarter to around 22,500 to 23,500 vehicles from a previous 23,000-25,000 vehicles. It delivered 5,880 electric sports-utility vehicles last month, up 48% from a year earlier.

Li Auto Inc (L87Ay.F), which sells extended-range electric vehicles, said it sold 9,433 vehicles last month, up 248% from a year earlier. It targets 10,000 units monthly sales in September.

Xpeng Inc (9868.HK), sold 7,214 cars in August, up 172% year-on-year. Its chief executive He Xiaopeng said it expects monthly deliveries to reach 15,000 units in the final quarter this year.

A prolonged global chip shortage has caught major automakers including Ford Motor (F.N), Honda Motor (7267.T), General Motors (GM.N)

Read More

Your Business May Soon Be Able to Make In-App Sales on TikTok

Your business could soon be able to sell directly on TikTok

The popular video sharing social media app announced Tuesday it would offer an in-app shopping program called TikTok Shopping, expanding its partnership with the Canada-based e-commerce giant Shopify. The pilot will be available to all Shopify sellers in the United States and the United Kingdom, as well as a limited group of sellers in Canada.

“From feta cheese to drugstore skincare, we’ve seen time and time again how a single TikTok has the power to drive new shopping trends and must-have purchases,” TikTok said in a press release. Viral TikToks have proved a powerful marketing tool for e-commerce and brick-and-mortar businesses alike, driving sales spikes and even national publicity. 

The new feature would allow businesses to capitalize on successful TikToks by linking them to specific products. Companies can also add a shopping tab on their account profiles

Read More

Broadcom forecasts upbeat current-quarter sales on 5G bet

The Broadcom Limited company logo is shown outside one of their office complexes in Irvine, California, U.S., March 4, 2021. REUTERS/Mike Blake

Sept 2 (Reuters) – Broadcom Inc (AVGO.O) forecast fourth-quarter revenue above Wall Street expectations on Thursday, betting on strong demand for its semiconductors from the adoption of 5G technology and a shift to hybrid work models.

Broadcom’s efforts to diversify revenue by ramping up investments in its software business has insulated the company from being heavily impacted by supply chain disruptions.

The company’s wireless business division, which counts Apple Inc (AAPL.O) as a major customer, also stands to benefit from the latest iPhones expected to be launched this month.

Analysts have indicated that the 5G transition, which is still in its nascent stage, is likely to boost demand for Broadcom’s radio frequency and wireless chips that help devices connect to Bluetooth and Wi-Fi.

Broadcom forecast current-quarter revenue of

Read More