Latest Retail and wholesale News
Colm McLoughlin, Irishman who led Dubai Duty Free to become an airport retail giant, dies at age 81
DUBAI, United Arab Emirates (AP) — Colm McLoughlin, an Irishman who landed in the deserts of the United Arab Emirates and helped lead Dubai Duty Free into becoming an airport retail behemoth generating billions of dollars, has died. He was 81. McLoughlin ran Dubai Duty Free from...
Chinese online retailer Temu faces European Union investigation into rogue traders and illegal goods
LONDON (AP) — Chinese online retailer Temu is facing a European Union investigation over suspicions it's failing to prevent the sale of illegal products, the 27-nation bloc's executive arm said on Thursday. The European Commission opened its investigation five months after adding...
1-800-Flowers.com: Fiscal Q1 Earnings Snapshot
JERICHO, N.Y. (AP) — JERICHO, N.Y. (AP) — 1-800-Flowers.com Inc. (FLWS) on Thursday reported a loss of $34.2 million in its fiscal first quarter. The Jericho, New York-based company said it had a loss of 53 cents per share. Losses, adjusted for one-time gains and costs, came to...
Starbucks CEO sets four-minute service goal as he tries to reinvigorate sagging sales
Starbucks' new Chairman and CEO Brian Niccol wants customers to get their orders hand-delivered by a barista in four minutes or less, a goal that will be central as he tries to reinvigorate the company's sagging sales. “We have to make it easier for our customers to get a cup of...
Roaring Kitty has dissolved his holdings in Chewy, but meme stocks are alive and well
NEW YORK (AP) — A pivotal actor in the meme stock craze that began during the pandemic continues to hold a powerful sway over the movement of shares in major U.S. corporations. Nearly four months after revealing a massive stake in the online pet supply retailer Chewy, Keith Gill,...
Eli Lilly’s third quarter earnings miss and forecast cut lead to sharp stock drop
INDIANAPOLIS (AP) — Eli Lilly is dialing back its 2024 forecast after underwhelming Wall Street with third-quarter earnings and sales from two key drugs that missed expectations. The drugmaker on Wednesday chopped a few dollars off its earnings guidance after raising that forecast...
A New York City law used to padlock suspected illegal pot shops is ruled unconstitutional
A law that New York City has relied on to padlock scores of suspected unlicensed marijuana shops is unconstitutional because it violates the rights of store owners, a judge ruled Tuesday. Mayor Eric Adams' administration moved immediately to appeal, saying the city had successfully...
McDonald's US sales rebound on value meals, but E. coli outbreak could slow that momentum
Value meals helped turn around McDonald's U.S. sales in the third quarter, but that recovery could be dented in the final months of the year by an E. coli outbreak tied to the company's Quarter Pounder hamburgers. U.S. same-store sales — or sales at stores open at least a year —...
Artisan cheese seller in a pickle after thieves made off with massive cheddar haul
LONDON (AP) — Thieves with a nose for fine cheese have pulled off a massive cheddar ripoff in London. Neal’s Yard Dairy said a con artist posing as a wholesale distributor for a major French retailer had made off with 22 metric tons (48,488 pounds) of award-winning cheddar worth...
Man who kidnapped Michigan store manager to steal guns gets 15 years in prison
BENTON HARBOR, Mich. (AP) — A man who with his brother kidnapped the manager of a Michigan sporting goods store and then stole 123 handguns was sentenced Friday to 15 years in federal prison. The Dunham’s Sports manager was handcuffed and blindfolded outside his home last...
