Sales

Retail Sales Surge Again

Retail and food service sales surged for a second month, up 7.5% in June after an 18.2% jump in May, as many states came close to fully reopening their economies. The largest sales increases were seen in clothing (105%), electronics and appliances (37%), furniture (32%), sporting goods (27%), department-store sales (20%) and restaurant sales (20%). While the surge is real, the percentages are misleading because they are starting from a small base.

Sales rose above pre-crisis February levels for autos, building materials, groceries, sporting goods and e-commerce items. After socking away more savings in recent months, consumers have cash to spend on big-ticket items such as cars and home improvement projects. Consumers are spending more on goods agence immobilière lyon 6 right now than services, so almost all retail sales categories are benefitting. Folks who are staying home instead of going out are buying groceries and sporting goods equipment

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Coronavirus causes Lowe’s sales of unexpected items to spike

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While the coronavirus pandemic has millions of Americans confined to their homes, home improvement company Lowe’s is seeing a sales boom.

“Now that people are spending more time at home, things are becoming more evident that they need to replace, fix and repair,” Lowe’s CEO and president Marvin Ellison told FOX Business’ Liz Claman on Tuesday. “And we just want to be here for the consumer right now.”

During the exclusive interview on “The Claman Countdown,” Ellison listed a few home-improvement projects people seem to be taking on during their lockdowns.

“[People are] replacing refrigerators that break because people are desperately trying to keep food and medicines from spoiling,” Ellison noted. “We’re selling freezers for people who are buying big food items in bulk that they’ve never done before.”

COMPANIES JOIN CORONAVIRUS

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Heineken Pulls Payout, Kering’s Gucci Sales Slump: Earnings Wrap

(Bloomberg) — Consumer-goods companies from brewers to paint-makers sounded notes of caution on spending as the fallout in confidence from the coronavirus pandemic spreads even as lockdowns are lifted.

Heineken NV canceled its interim dividend and said its board will take a pay cut to mitigate the impact, while Kering said it doesn’t see a recovery in the U.S. or Europe before at least June or July after sales at its flagship brand Gucci tumbled. The shares fell nearly 7%. Akzo Nobel NV’s stock rose after earnings topped expectations, but the company said shoppers will need to “have money in their pocket” before shelling out for decorative paints.

In one of the only industries cushioned from the virus, Roche Holding AG advanced after the drugmaker said it still sees a small profit gain this year as demand for its medicines holds up and the company works on developing tests for

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