Thursday, Mar 04, 2021 - 16:33:54
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full year sales:

    PHILADELPHIA -- Best Buy said Thursday that it laid off 5,000 workers this month and is planning to close more stores this year as more consumers buy electronics online.The news comes at a time when big chains face growing competition from Amazon and other sites that sell items like TVs and laptops. Fry's Electronics said Wednesday that it would abruptly close all of its stores overnight, ending nearly four-decades in business.Best Buy expects 40% of its sales to come from online purchases this year, up from 19% two years ago, and the company said it needed to alter its workforce in response to this shift.CEO Corie Barry told analysts Thursday that starting earlier this month, Best Buy had been adjusting the mix of full-time and part-time employees in stores, due to "having too many full-time and not enough part-time employees." As a result of this reorganization, Best Buy laid off...
    By DEE-ANN DURBIN, AP Business Writer Meal delivery company DoorDash said its revenue more than tripled last year thanks to pandemic-driven demand, but it still lost money because it spent more heavily on marketing and expanding its business. DoorDash reported a net loss of $312 million for the quarter that ended Dec. 31. The loss, of $2.67 per share, compared to a loss of $3.05 per share in the same quarter a year ago. Wall Street had forecast DoorDash would post a fourth-quarter loss of 28 cents per share, according to analysts polled by FactSet. But their estimates had varied wildly. This was DoorDash’s first earning report since its initial public offering in December. DoorDash said revenue jumped 226% to $970 million for the October-December period. That outpaced analysts’ forecasts. Total orders more than doubled to 273 million. For the full year, DoorDash reported a net loss of $461 million....
    Meal delivery company DoorDash said its revenue more than tripled last year thanks to pandemic-driven demand, but it still lost money because it spent more heavily on marketing and expanding its business. DoorDash reported a net loss of $312 million for the quarter that ended Dec. 31. The loss, of $2.67 per share, compared to a loss of $3.05 per share in the same quarter a year ago. Wall Street had forecast DoorDash would post a fourth-quarter loss of 28 cents per share, according to analysts polled by FactSet. But their estimates had varied wildly. This was DoorDash’s first earning report since its initial public offering in December. DoorDash said revenue jumped 226% to $970 million for the October-December period. That outpaced analysts’ forecasts. Total orders more than doubled to 273 million. For the full year, DoorDash reported a net loss of $461 million. That was an improvement from a...
    Apple has revealed record sales of more than $110billion after demand for its new iPhone smashed expectations. In an extraordinary set of results, the tech giant said sales in the final three months of 2020 had increased from $91.7billion to $111.4billion while profits rose from $22.2 billion to $28.7billion. The bonanza marks the first time Apple has broken through $100billion in quarterly sales – with the firm's numbers beating even Wall Street's most optimistic forecasts. Apple, led by Tim Cook (pictured) said sales in the final three months of 2020 had increased from $91.7billion to $111.4billion while profits rose from $22.2 billion to $28.7billion Apple's results came after fellow tech titans Facebook and Tesla had posted updates for the same period just minutes beforehand. Social networking giant Facebook brought in revenues of $28billion after a shift towards e-commerce in the pandemic boosted demand for online advertising, while electric car maker...
    NASCAR fines 15-year-old just $1K for posting video of himself at Daytona to Snapchat Get to Know All of Joe Bidens Grandchildren Amazon Prime member total reaches 142 million in U.S. with more shoppers opting in for a full year, data shows Consumer Intelligence Research Partners LLP (CIRP) data shows that as of Dec. 31, 2020, more than half of Amazon.com Inc. Prime members (52%) had an annual membership, up from 49% just three months earlier. © Amazon Typically during the holidays, Amazon will see a spike in monthly Prime members as shoppers seek to take advantage of the program’s perks, such as free shipping, without making a long-term commitment. Load Error See: Every day of the holiday shopping season exceeded $1 billion in online sales: Adobe However the most recent holiday season was different. “Since Amazon introduced a monthly pay option, Amazon has often...
    Victor J. Blue | Bloomberg | Getty Images Crocs shares soared Monday after the retailer raised its outlook for the fourth quarter, and said it expects sales in 2021 to accelerate as much as 25%, building on the brand's momentum during the holidays. The retailer's stock was up nearly 11% in premarket trading. The shoe maker, ahead of a presentation at the annual ICR Conference, said it's now calling for fourth-quarter sales to rise roughly 55% year over year, amounting to between $407 million and $410 million. That's up from its prior outlook of a 20% to 30% jump. Crocs said it expects 2020 full-year sales to grow more than 12% to a record of roughly $1.38 billion, up from a previous range calling for 5% to 7% growth. In 2021, it's calling for revenue growth of 20% to 25%. "Amidst a global pandemic in 2020, we will deliver the...
    Pedestrians seen walking past Canadian athletic apparel retailer Lululemon in Shanghai.Alex Tai | SOPA Images | LightRocket | Getty Images Lululemon said Monday it's now expecting earnings and sales for the fourth quarter to come in at the high end of its prior outlook, thanks to strong performance during the holidays. Ahead of virtual meetings this week with analysts and investors at the annual ICR Conference, the company said it's calling for adjusted earnings per share to grow at the high end of its previously announced mid- single-digit expectations. Net revenue for the quarter ending Jan. 31 is expected to grow at the high end of its mid- to high-teens expectations, it said in a statement. Lululemon shares were down more than 2% in premarket trading Monday. The stock has climbed more than 54% over the past 12 months. "We're pleased with the momentum over the holiday period as our...
    Navigate on Autopilot: automatic driving from highway on-ramp to off-ramp including interchanges and overtaking slower cars. Auto Lane Change: automatic lane changes while driving on the highway. Autopark: both parallel and perpendicular spaces. Summon: your parked car will come find you anywhere in a parking lot. Really. Traffic Light and Stop Sign Control: assisted stops at traffic controlled intersections. While Musk recently said the subscription package will be available early next year, adding the tech for good has come at varying prices over the last few months. Now, as Tesla pushes to meet goals for record deliveries by the end of the year, it’s become an incentive. Not everyone is happy about the offer however, particularly because of how Tesla advertises its Autopilot “advanced safety and convenience feature” and the “Full Self-Driving” tech. As the the Tesla website...
    Containers and trucks at the port of Qingdao, China on February 14, 2019.Reuters BEIJING — China has not fully recovered from the shock of the coronavirus pandemic, business leaders said in a survey by the China Beige Book released Tuesday. After about a year since Covid-19 first emerged in the Chinese city of Wuhan, roughly two-thirds of executives polled by the third-party firm said they don't expect sales, profitability and hiring to return to 2019 levels until at least three months from now. China Beige Book conducted more than 3,300 interviews between Nov. 12 and Dec. 11 in its latest quarterly business activity survey.VIDEO1:5801:58China will lead global recovery from the coronavirus pandemic in 2021: ScotiabankSquawk Box AsiaThe survey's tepid outlook contrasts with generally optimistic forecasts for China, the only major economy in the world expected to grow this year in the wake of the pandemic. Government commentary in the last...
    By Yilei Sun and Brenda Goh SHANGHAI (Reuters) - General Motors Co plans to sell full-size sport-utility vehicle (SUV) models in China for the first time, and will import a range of models to beef up its product lineup into the world's biggest car market, its China chief told Reuters. The plan would mark a change of tack for GM, which currently produces all of the vehicles it sells in China within the country, which is set to be the only major economy to grow this year amid the COVID-19 pandemic. GM, China's second-biggest foreign automaker, is aiming to offer four models as it looks to improve its brand image and support a sales recovery: Chevrolet's Tahoe and Suburban, Cadillac's Escalade and the GMC Yukon Denali. The Detroit-based company is showcasing those models at the China International Import Expo, or CIIE, an annual import show in Shanghai which started...
    Starbucks saw faster-than-expected recovery in the U.S. and China in its fiscal fourth quarter, giving it confidence as it heads into the new year. Global same-store sales fell 9% from the prior year, a better showing than the 12% to 17% drop Starbucks anticipated in July. U.S. same-store sales were down 9% in the July-September period, while China’s fell 3%. Starbucks has 20,000 stores in the U.S. and China, or 61% of its total. Starbucks President and CEO Kevin Johnson said shifts in service — like the introduction of curbside pickup to 800 U.S. stores and growth in delivery and mobile orders in China — kept customers coming despite the disruption in their routines. In the U.S., transactions fell 25%, but when customers came, they spent 21% more per order. They bought more food, paid more for plant-based options and treated themselves to larger drinks. The early launch of pumpkin...
    DETROIT – Ford Motor Co. posted a stronger-than-expected third-quarter net profit as demand for cars and trucks recovered from coronavirus shutdowns and the company sold more high-margin trucks. The automaker says it made $2.39 billion, or 60 cents per share, as factories edged back to normal after the pandemic forced them to be close earlier in the year. Net income was more than five times what it was a year ago. The company says it now expects positive pretax income for the full year between break even and $500 million in the fourth quarter. Excluding one-time items, Ford made 65 cents per share, trouncing Wall Street estimates of 20 cents. The company also took in revenue of $37.5 billion, slightly below estimates of $35.73 billion from analysts polled by FactSet. New Chief Financial Officer John Lawler said Ford expects fourth-quarter pretax income to run from break even to a...
    New York (CNN Business)People are flocking to America's biggest pizza chains in the pandemic, and that should be great news for Domino's. But just as Covid-19 has people buying more pizza, it has led to higher costs for everything from cleaning supplies to worker pay. Ingredient costs have also fluctuated: The company said cheese prices have been swinging wildly during the pandemic, going from an all-time low at one point to an all-time high last quarter. And that's meant Domino's increased sales have muted profits that disappointed Wall Street. The pizza chain's stock dropped about 7% Thursday after it announced its earnings for the third quarter. The company reported a profit of $2.49 a share, falling short of the $2.79 that Wall Street had expected. That's despite sales surging almost 18% in the quarter. "The total impact from safety and cleaning equipment, enhanced sick pay and other compensation for our...
    SHANGHAI (Reuters) - China's Geely Automobile Holdings Ltd said on Monday first-half net profit fell 43%, as the coronavirus outbreak slammed the brakes on auto sales in the world's biggest market. Geely, China's highest-profile automaker globally due to the group's investments in Volvo Cars and Daimler AG, posted January-June profit of 2.3 billion yuan ($331.37 million), versus 4.01 billion yuan in the same period a year prior. Revenue fell 23% to 36.82 billion yuan, Geely said. The result compared with the 36.89 billion yuan average of three analyst estimates compiled by Refinitiv. Geely earlier this month maintained its annual sales target of 1.4 million vehicles set in January, shortly after the coronavirus outbreak was first reported in China at the end of 2019. On Monday, it trimmed the target by 6% to 1.32 million vehicles. Sales last year reached 1.36 million vehicles. It sold 530,446 vehicles in January-June, around 19%...
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