Amazon's holiday hiring, Costco's platinum bars, and Nike's struggles: Retail news roundup
Plus: Bananas, shrimp and wine are among the staples that could be affected by the U.S. port strike
Costco $COST shoppers have already demonstrated their love for the retailer’s gold bars and silver coins, and now the company is adding a third precious metal. Nike $NKE is setting off alarms after it postpones its investors day and withdraws its full-year guidance. And Amazon $AMZN plans to hire 250,000 seasonal employees to manage the busy holiday season.
Those stories and more appear in this week’s retail news roundup.
Costco $COST Wholesale (COST) is getting further into the precious metals business. While gold bars and silver coins have previously been top of mind for shoppers, the retailer is now adding a third precious metal: platinum. This comes as the company also lowers grocery prices and raises its membership fee.
As Nike $NKE (NKE) gears up for a pivotal leadership transition, the iconic brand faces a challenging road ahead.
The company has postponed its investor day and withdrawn its full-year guidance, leading analysts at Jefferies (JEF) to advise caution. The firm predicts that Nike’s shares are in “no man’s land” and will remain “range bound” as the company charts its next steps. Incoming CEO Elliott Hill will take the reins on Oct. 14, raising the question of whether Nike finally be able to “Just Do It.”
In light of the recent port strike, retail giants say they’ve been addressing potential disruptions to their supply chains as the holiday season approaches.
Amazon $AMZN (AMZN) said Thursday that it plans to hire 250,000 seasonal workers as it prepares to tackle a busy holiday shopping season.
Shoppers may soon find it more challenging to locate common items such as bananas, salmon, and wine now that a massive U.S. port strike has started. The strike involves thousands of dockworkers advocating for better pay and working conditions.
In light of the recent port strike, Costco $COST (COST) Wholesale Corp. said it’s been addressing potential disruptions to its supply chain, particularly for nonfood imports as the holiday season approaches.
Big box retailers like Walmart $WMT (WMT), Target $TGT (TGT), and Home Depot $HD (HD) play a major role in U.S. imports.
In the complex world of U.S. trade, one startling statistic stands out: the most common “export” from the U.S. overseas is an empty container.
Walmart $WMT (WMT) is successfully evolving its business model to better integrate online and in-store shopping, positioning itself to take on e-commerce giant Amazon $AMZN (AMZN), in a move that could put it on the path towards even greater growth, financial firm Baird said in a research note.
Nike $NKE (NKE) shares dropped 8% during early trading hours on Wednesday after the company withdrew its full-year guidance and postponed its investor day. The moves created uncertainty among investors on the company’s turnaround efforts under incoming CEO Elliott Hill, who takes over on October 14.
Nike $NKE (NKE) is striving to “Just Do It,” but its latest quarterly earnings suggest it may be too soon to determine success. Now, the company has postponed its investor day, which was set for November.
As Halloween decorations creep onto store shelves earlier each year, America’s spookiest holiday is casting an ever-longer shadow over the retail landscape. With projected spending of $11.6 billion in 2024, Halloween is inching closer to Christmas-level importance for retailers and consumers alike.
