Latest news with #JuveriaTabassum
CTV News
2 days ago
- Business
- CTV News
Coca-Cola beats quarterly revenue estimates on steady soda demand
Whether Coca-Cola swaps out high-fructose corn syrup for cane sugar remains to be seen. Coca-Cola beat Wall Street estimates for second-quarter revenue on Tuesday, as the beverages giant benefited from resilient demand for its sodas. The company's comparable revenue rose 2.5 per cent to US$12.62 billion, compared with analysts' expectations of a 1.86 per cent growth to $12.54 billion, according to data compiled by LSEG. (Reporting by Juveria Tabassum in Bengaluru; Editing by Sriraj Kalluvila)
New Straits Times
09-07-2025
- Business
- New Straits Times
Starbucks China attracts bids at up to US$10 billion valuation
SHANGHAI: Starbucks' China business has attracted offers for a potential stake sale, valuing the coffee chain unit at up to US$10 billion, CNBC reported on Wednesday, citing people familiar with the matter. Asia-based private equity firms Centurium Capital, which holds a stake in Starbucks' competitor in China, Luckin Coffee, and Hillhouse Capital are among the contenders vying for a stake in the business, the report added. US peers Carlyle Group and KKR & Co are also potential suitors, CNBC said. Shares of Starbucks were up about 1 per cent in premarket trading in New York on Wednesday. Starbucks, Hillhouse, Carlyle and KKR did not immediately respond to Reuters requests for comment, while Centurium declined to comment. Reuters could not immediately verify the report. The coffee chain has been working to turn around its business globally under CEO Brian Niccol. In China, it has been exploring options such as strategic partnerships and joint ventures after losing ground to lower-priced local rivals like Luckin Coffee and Cotti Coffee. Last month, Starbucks lowered prices in China on some products and said it was not currently considering a full sale of the local unit. There is a possibility Starbucks may retain a 30 per cent stake, with the rest split among a group of buyers, each holding less than 30 per cent, the CNBC report said. The company was evaluating offers from about 30 domestic and foreign private equity firms in China, the report said. Bidders could be shortlisted within two months, but the deal is unlikely to be completed this year, as per CNBC. Starbucks operates 7,594 stores in China, as per its 2024 annual filing. In its most recent quarterly results, sales in China, its second-largest region, were flat compared to a year ago, pausing four straight quarters of decline. (Reporting by Juveria Tabassum and Anusha Shah in Bengaluru; Editing by Mrigank Dhaniwala and Leroy Leo)
Yahoo
02-07-2025
- Business
- Yahoo
Nike, other retailer stocks rise on Trump's trade deal with Vietnam to reduce tariffs
By Juveria Tabassum (Reuters) -Shares of Nike and other apparel makers rose on Wednesday after U.S. President Donald Trump said he had struck a trade deal with Vietnam that would impose a lower than initially expected tariff rate on many imports from the Southeast Asian country. After months of negotiations, Trump's trade deal with Vietnam includes a 20% tariff on imports from Vietnam, lower than an initial 46% rate he had announced in April. Apparel makers have been diversifying production out of China to Vietnam, Cambodia and Indonesia, as Trump's reciprocal tariffs on imports from these countries proposed in April raised concerns over supply chain costs as well as higher product prices. "Investors may be looking at this as a sign that many of the threatened tariffs (on Vietnam and other countries) will be rescinded," Morningstar Research analyst David Swartz said. The deal also includes a 40% levy on trans-shipments from third countries, and Vietnam would provide the U.S. with more market access, with no tariffs on U.S. exports into Vietnam, Trump said in a post on Truth Social. Nike's shares were up nearly 3.6%, Under Armour rose 2.3%, and Levi Strauss gained 1.6%. Shares in Gap and Abercrombie & Fitch were up less than 1%. Vietnam manufactured about 50% of total Nike brand footwear in fiscal 2024, according to the company's annual filing. North America is Nike's largest market by revenue. Tariffs could add about $1 billion to its costs, but Nike expects to fully mitigate the impact over time, it said last week. Shares of electronics retailer Best Buy were up marginally. The company had factored in Trump's base tariff rate of 10% in its annual forecast in May. "The transshipping aspect is an important wrinkle, but I'd expect suppliers will quickly move to adjust supply chains to avoid paying that hefty duty," said Matthew McCartney, analyst at Wedbush Securities. "Bigger picture, this deal brings clarity to the industry for a critical consumer electronics hub and eliminates some downside risk to Best Buy's outlook." The companies — including Nike, Adidas, Puma and Levi — did not immediately respond to a Reuters request for comment. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
22-05-2025
- Business
- USA Today
Nike to raise prices and return to Amazon in major strategic move
Nike to raise prices and return to Amazon in major strategic move Show Caption Hide Caption 'Heartbeat' and 'Brilliant' kits unveiled for USWNT, USMNT U.S. Soccer on May 13 unveiled the 2025 Nike U.S. National Team Kit Collection, introducing new kits for the men's and women's teams . U.S. Soccer Nike NKE.N is planning to raise prices of some products from next week and will sell items on Amazon AMZN.O after six years, the company said on Wednesday. The footwear retailer will increase prices on apparel and equipment for adults between $2 and $10, while those priced between $100 and $150 will see a $5 hike, it said. The company sources a significant portion of its footwear from China and Vietnam. With the critical back-to-school shopping season approaching, Nike will not raise prices for children's products. "We regularly evaluate our business and make pricing adjustments as part of our seasonal planning," Nike said. Prices for shoes costing more than $150 will increase by up to $10, while products costing less than $100 will not see any hike. Nike's Air Force 1 shoes, which cost $155, are exempt from the increase. CNBC first reported on the price increases. German sportswear brand Puma said earlier this month it had reduced shipments from China to the U.S. and might increase prices in the country due to tariffs. More Nike news: Nike is releasing dirty Air Force 1s, social media is perplexed Back at Amazon Nike will be back on Amazon as the footwear maker works to regain market share from newer and trendier competitors amid a turnaround push under CEO Elliott Hill. Nike's products on Amazon are currently sold by independent merchants, and the company stopped selling on the e-commerce platform in 2019 as it shifted focus to sales on its own websites and in stores. Its return to Amazon in the U.S. was part of its investments in its marketplace to reach more consumers, which also included expanding to new physical retailers such as department store chain Printemps. North America was Nike's biggest market by total revenue, as of 2024. Amazon notified some of those merchants that it will ban them from selling certain Nike products from July 19 as it was working with Nike directly, the Information reported, citing a message sent to merchants by the company. "We're providing an extended period of time for the small number of sellers affected to sell through their inventory of overlapping items," an Amazon spokesperson said. Reporting by Juveria Tabassum in Bengaluru; Editing by Mohammed Safi Shamsi and Arun Koyyur
Business of Fashion
07-05-2025
- Business
- Business of Fashion
Coty Cuts Annual Profit Forecast
CoverGirl parent Coty cut its annual profit forecast on Tuesday, signalling soft demand for cosmetics in the United States amid inflationary pressures. The company's shares fell about 2 percent in extended trading. They have fallen about 25 percent so far this year. Coty has been struggling with retailers in the US destocking due to weak demand from consumers, who are facing the impact of still-high inflation. Weakness in travel retail business at airports in Asia has also hurt beauty retailers, with cosmetics giant Estée Lauder flagging a sputtering recovery in demand for beauty products in key China market. Coty expects 2025 per-share profit to be between 49 and 50 cents, compared with its prior forecast of 50 to 52 cents. By Juveria Tabassum; Editing by Shilpi Majumdar Learn more: Coty to Cut 700 Jobs As Part of Cost-Saving Initiative The American beauty conglomerate announced on Thursday that a newly enhanced cost-saving programme will cull 700 jobs across the globe, around 5 percent of its workforce.
