Latest news with #PriceMatchGuarantee
21 hours ago
- Business
Target will end longtime price-matching policy: Find out when
Target is ending price matching of products sold for less at its competitors' stores and websites. For 12 years, Target customers who found a product that was sold for less on Amazon or Walmart's websites could request to buy the same product that was sold at a Target store at the lower price. But the nationwide retailer confirmed to ABC News Monday that it was updating its longtime "Price Match Guarantee" policy, removing the price match with competitors and only keeping the match for products with price differences that were sold in Target stores and on Target's website. "We've found our guests overwhelmingly price match Target and not other retailers, which reflects the great value and trust in pricing consumers see across our assortment and deals," a Target spokesperson told ABC News in a statement. Target said the change would go into effect on July 28. "Price Match Guarantee" policy. Target first introduced its "Price Match" policy in 2013, becoming the first brick-and-mortar retail chain to launch price matching of products, often sold for cheaper online. The change at the time was supposed to be a permanent update. Target's sales have recently taken a hit, with the chain retailer reporting May a sizable decrease in its first quarter earnings, down from $24.5 billion in the first quarter of 2024 to $23.8 billion in the first quarter of 2025. At the time, the retail giant said customers weren't shopping as much in its stores and cited a backlash to Target ending corporate diversity initiatives and uncertainty amid tariff increases.
Yahoo
29-05-2025
- Business
- Yahoo
Destination XL Slips Into Red as Male Customers Shift to Lower-priced Apparel
Destination XL Group slipped into the red in the first quarter in response to what its chief executive officer characterized as the 'economic downcycle' that prompted a customer shift away from designer brands to lower-priced goods. In the period ended May 3, the Canton, Mass.-based men's big and tall retailer reported a net loss of $1.9 million, or 4 cents a share, compared to net income of $3.8 million, or 6 cents a share, in the same period last year. More from WWD Tariff Impact Evident in Caleres' Q1 as Sales, Profits Slide Navigating Tariff Turbulence With Pricing Elasticity FDRA Pushes Trump For Relief as Vietnam Tariff Talks Resume in June Total sales dropped 8.6 percent to $105.5 million from $115.5 million in the first quarter of fiscal 2024. Comparable-store sales decreased 9.4 percent. The company did say that sales improved as the quarter progressed with comps down 13.9 percent in February, 8.2 percent in March and 7.2 percent in April. But for the first three weeks of May, comps are down just under 10 percent. By channel, comparable sales in the DXL stores dropped 6.6 percent but 16.2 percent online. Even so, the retailer has made some tweaks that are expected to improve its performance in the second half. 'We believe that our targeted promotions, which include our Price Match Guarantee, Fit Exchange by DXL, our Hero/First Responder discounts as well as the introduction of new value-driven brands, have had a positive impact on our store traffic,' the company said. 'The direct business, which includes our website, app and marketplaces, struggled during the first quarter of fiscal 2025 and was challenged by decreases in online traffic and average order value, while conversion was relatively flat.' The company also said that there were some 'functionalities' that likely had a negative impact on sales in the quarter, but those have been corrected. As a result, it said it expects comp sales to gradually improve the remainder of the year and is projecting a single-digit decrease in the second quarter followed by a return to positive comps in the second half. In reporting the earnings Thursday morning, Harvey Kanter, president and CEO, said: 'We are currently managing our business through an economic downcycle, and our performance does not reflect the opportunity in our total addressable market or the longer-term potential for our brand. We believe the broader macroeconomic challenges within the apparel industry and consumer sentiment are pushing our customer to be more discerning in what he is buying. Our assortment is well positioned to serve those value-oriented customers who are trading down from national designer brands to our private label brands, which have lower average unit retail prices but higher margins.' He said in the first quarter, private brands accounted for 57 percent of sales, up from 55 percent last year. But national brands continue to be a focus. Kanter pointed to last month's introduction of Dickies and Haggar, which have performed in line or above plan respectively. And the Perry Ellis brand was just introduced last week. Turning to tariffs, Kanter said the situation remains 'very fluid and we continue to monitor trade discussions and changes to policy as they develop. We are leaning into relationships with our vendors and suppliers around the world and we are working very hard to mitigate the cost of those tariffs. Our discussions with our private label vendors have been productive. On the domestic side, we are also having dialogue with our national brands as we all try to navigate this environment.' In the company's earnings call Thursday morning, Kanter said that assuming the current global tariff rate policies do not change for the balance of the year, and no new tariffs are added, he expects the impact to add less than $2 million to costs this year. Approximately 80 percent of DXL's private label imports are sourced from Vietnam, Bangladesh and India and fewer than 5 percent from China. 'At this point, we have not yet taken any price increases, but that is still possible,' he said. 'We are continuing to assess whether there is enough price elasticity of demand to take market share by keeping constant prices at lower margin versus passing on the impact of those tariffs to the end consumer to maintain our margins but risk losing share. We know there is a sensitivity to price and we are trying to be smart about how we strike the right balance.' Kanter also provided an update on the company's performance on the Nordstrom Marketplace. DXL went live on the site in June of 2024 and now offers 37 brands and more than 2,200 styles. Top performers include Polo, private brands Harbor Bay and Oak Hill, as well as Vineyard Vines, Brooks Brothers and Reebok, he said. Destination XL operates a total of 290 stores under the DXL and Casual Male nameplates. In the first quarter, the company opened two new DXL stores and converted one Casual Male XL full-price store and one Casual Male XL outlet to DXLs. The company expects to open four additional stores this year before it pauses to focus on stabilizing the business and preserving cash flow, Kanter said. The company also touted a new technology that is expected to help boost business. Called FiTMAP, it is a proprietary sizing technology for which DXL has the exclusive license for big and tall men until 2030. It is a contactless digital scanning technology that captures 242 measurements to ensure a proper fit and can be used for both ready-to-wear and custom apparel. Currently, FiTMAP provides recommended sizes for all of DXL's private brands as well as 15 national labels. To date, the retailer has scanned over 20,000 customers in the 52 DXL locations where it is currently offered. The plan is to roll out the technology to 85 stores by the end of this year and to as many as 200 stores by the end of fiscal 2027. Best of WWD China's Streetwear Whisperer: Peter Zhong Some 600 Exhibitors Expected at Pitti Uomo's 101st Edition Peter Manning Purchased by Longtime CEO Who Plans Expansion 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
Trade Arabia
07-05-2025
- Business
- Trade Arabia
DET summer deal offers 30% off on Dubai hotel stays
The Dubai Department of Economy and Tourism (DET) has announced a limited-time Flash Sale offering travellers visiting Dubai from the region and beyond an exclusive 30% discount on hotel bookings across the city this summer. Valid for reservations made from May 6 till May 15 2025, the special offer invites visitors visiting Dubai from the region and beyond to experience Dubai's hospitality, with a wide range of participating hotels and resorts from vibrant city stays to beachfront escapes and more, offering discounted stays with a minimum of three nights or more, between June 1 and September 30, 2025. From the ultra-luxurious One&Only The Palm and Address Beach Resort Hotel to family favourites such as Grand Hyatt Dubai, the Flash Sale caters to every type of traveller – whether seeking a relaxing escape or a memorable family getaway. Travellers booking through Visit Dubai's official platform can enjoy peace of mind with the Price Match Guarantee, ensuring they receive the best possible rate. If guests find a lower price on the hotel's official website within 48 hours of booking, Visit Dubai will not only match that rate but also provide an additional 5% discount, a DET statement said. Visitors planning their Dubai holiday can browse and book these exclusive offers through the official Visit Dubai website at
