#retailnews

[worldviralnewstopic]

Is RadioShack back? Brand attempts return to relevance with consumer products, read more

[cpk8653]

@publishinggoblin @printedinternet @manufattincuoio @localnativesofficial @guide-to-arting-p-good @webeducationsciences @networkthirteen @supplethintummies @clubdrama @opticalecstasy @camera-raw @lenstudy @photography-ga @graphicporn @imageoscillite @scenehair-blog @visualizingmath @recording-guitar

[visionarycios]

Macy’s Discovers $154 Million in Hidden Expenses by a Single Employee

https://visionarycios.com/wp-content/uploads/2024/11/1-Macys-Discovers-154-Million-in-Hidden-Expenses-by-a-Single-Employee-Source-wfxrtv.com_.jpg

Source: wfxrtv.com

Macy’s revealed on Monday that a single employee was responsible for significant accounting irregularities, leading the company to delay its quarterly earnings report initially scheduled for release on Tuesday.

The company uncovered that the unnamed employee intentionally concealed up to $154 million in expenses over nearly three years. This discovery prompted an independent forensic accounting investigation. According to Macys, the employee, who is no longer with the company, deliberately made erroneous accounting entries to hide costs associated with small package deliveries.

Investigations and Findings

Macy’s has not disclosed the motive behind the employee’s actions. However, the hidden expenses represented a small portion of the $4.36 billion the company spent on delivery services between the fourth quarter of 2021 and its most recent period. Despite this, the irregularities were significant enough to postpone the company’s full quarterly earnings report to December 11.

Macys clarified that the false accounting entries did not impact the company’s cash management activities or vendor payments. So far, investigators have identified no other employees involved in creating the fraudulent entries.

CEO’s Statement

Macy’s CEO Tony Spring emphasized the company’s commitment to ethical practices. He stated that while the investigation is ongoing, the company remains focused on serving customers and implementing its strategies for a successful holiday season.

Investor Concerns

The accounting issue has raised concerns among investors and analysts, particularly about the effectiveness of the company’s auditing processes. Retail analyst Neil Saunders noted that such incidents could erode investor confidence, especially given Macys already declining performance.

Macy’s stock has fallen nearly 20% this year, and news of the accounting irregularities only added to the retailer’s challenges. Shares dropped nearly 3% following the announcement.

Preliminary Earnings Report

In a preliminary earnings release, Macys reported a 2.4% decline in quarterly sales, amounting to $4.7 billion. The drop was attributed to weaker digital sales and reduced demand for cold-weather clothing, as the country experienced one of its warmest falls on record.

While Macys sales continue to face challenges, its higher-end stores, like Bloomingdale’s, performed better, with sales increasing by 1.4%. Bluemercury, its luxury beauty retailer, also saw a 3.2% rise in sales.

Future Challenges

The decline in overall sales reflects ongoing struggles for the middle-market retailer. Analysts suggest that while Macys has made efforts to improve performance, the company still faces challenges across many of its stores. Macys has already announced plans to close hundreds of underperforming locations as part of a broader turnaround strategy.

In July, the 165-year-old retailer rejected offers from private investors seeking to take over the company, opting instead to pursue its own transformation plan.

As Macy’s works to address the fallout from this accounting issue, it faces mounting pressure to rebuild trust with investors and improve its operational performance. The incident underscores the importance of robust internal controls as the company navigates a competitive retail environment.

[secretstalks]

Lord Rose’s Perspective on Mohsin Issa’s Leadership at Asda: Should He Step Down?

Lord Stuart Rose, chair of Asda, has expressed his embarrassment over the supermarket chain's recent decline in market share, calling for co-owner Mohsin Issa to step back from the daily operations of the retailer. In an interview with The Telegraph, Rose candidly admitted his dissatisfaction with Asda’s performance, saying, "I’m going to be completely honest with you. Having been in this industry for a long time, I feel somewhat embarrassed. I won’t deny it."

Rose’s comments come on the back of a report showing a 2.2% decline in Asda’s quarterly sales and a 5.3% drop in like-for-like sales. The retailer’s market share has slipped from 13.6% to 12.7%, losing ground to rivals such as Tesco, Sainsbury’s, Morrisons, and discount chains, according to Kantar data.

Rose suggested that Mohsin Issa, who co-owns Asda alongside TDR Capital, should distance himself from day-to-day operations to help turn around the company’s fortunes. “I would not advise him to get involved in operations, and I am the chairman,” Rose remarked. He emphasized that while Issa has been a disruptive and entrepreneurial force, the current phase of the business requires a different approach.

TDR Capital holds a 67.5% stake in Asda, with Mohsin Issa owning the remaining 22.5%. His brother Zuber Issa, who previously held a 22.5% share, exited earlier this year to focus on other ventures. Walmart retains a 10% stake in Asda, having sold the majority of its holding in 2021 when the Issa brothers acquired the chain for £6.8 billion.

In response to the challenging performance, Asda’s Chief Financial Officer, Michael Gleeson, outlined the company’s plans to revamp its store estate, increase staff hours for better shelf replenishment, and strengthen consumer loyalty.

Read More

[diginyze]

Next-Level Shopping: Unlocking the Potential of AR in Retail

Swipe, select, see - Augmented Reality is changing the game for online shopping!

Ever imagined trying on clothes or visualizing furniture in your home with just a click?

AR adds a whole new dimension to buying online.

Our latest blog post takes you on a fascinating journey of AR in retail.

[micheelm]

H&M Sues Fast Fashion Rival Shein for Copyright Infringement

[newsandmagazine]

[jamesjaco]

[magazinepub]

[piyusha30]

Bed Bath & Beyond's Bankruptcy: The Changing Landscape of Retail in the Digital Age | RetailNews | BankruptcyAlert | BedBathandBeyond | ChangingRetailLandscape | OnlineShoppingChallenges | JobLossesInRetail | AdaptingtoDigitalAge | BrickAndMortarStruggles | RetailRestructuring | ConsumerBehaviorShifts|

Bed Bath & Beyond, a popular home goods retailer, has announced its plans to file for bankruptcy. The company, which has been struggling financially for some time, will close hundreds of stores as part of its restructuring efforts. The bankruptcy comes as no surprise to industry experts, who have been watching the retailer struggle to compete with online retailers such as Amazon. Bed Bath &…

[retailboss]

How To Get Your Product Into Ulta Beauty Stores

Are you looking to get your product onto the shelves of ULTA? There is no better time than now for product-based business owners to sell product to beauty retailers.

Ulta Beauty is committed to 15% Pledge by more than doubled the number of Black-owned brands and investing $8.5 million to brand marketing support for Black-owned, Black-founded and Black-led brands within their assortment, more than doubling last year’s investment.

Curating & Nurturing Diverse Assortment

In 2021, ULTA proudly joined the 15% Pledge and more than doubled the number of Black-owned brands in our unparalleled assortment. ULTA will continue building upon our work to help diverse leaders, founders and entrepreneurs thrive in the beauty industry. Launch a Brand Partner Accelerator Program focused on early-stage BIPOC beauty brands. We will provide time, resources and mentorship to educate, inspire and support brand development for retail readiness.

To offer founders of color greater access, capital and expertise, we will invest $5 million in New Voices, a venture capital firm that partners with and invests in entrepreneurs of color to drive scalable, sustainable businesses and create generational wealth. As the VC’s beauty retail partner, we will provide priority access to shelf space, merchandising and marketing support.

Allocate $3.5 million to in-store merchandising support so guests can more readily find the Black-owned, Black-founded and Black-led brands within our assortment.

Read more about it here: https://retailboss.co/how-to-get-your-product-into-ulta-beauty-stores/

[rodspurethoughts]

Kohl’s Announces Closure of 27 Underperforming Stores by April 2025: What This Means for the Retail Giant

📉 Kohl's announces store closures, 🏬 shifting focus to e-commerce, 💡 led by CEO Tom Kingsbury, 🔍 adapting retail strategy, 🤝 prioritizing customer experience! #Kohls #RetailNews #Ecommerce

Image Credit: Kingofthedead  In a significant move to bolster its long-term viability, Kohl’s has announced the closure of 27 underperforming stores across the United States by April 2025. This decision comes at a time when the retail landscape is continuously evolving, and industry giants like Sears and JCPenney are stark reminders of what can happen when businesses fail to adapt. Why the…

[ecommerce-website-builder]

During Covid, nobody wanted to go to shops and buy stuff. Some shop owners took a turn and instead brought the Shop on wheels concept.

The new era of future shopping is here.

It’s all about shopping on the wheels.

https://morecustomersapp.com/blog/shop-on-wheels-era-of-future-shopping/       

[sgcruz21-blog]

(via Niche at Pearl now carrying men's apparel)

[globalbase]

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