By Reuters Staff
1 Min Read
FILE PHOTO: A security guard stands outside the Ralph Lauren store during the outbreak of the coronavirus disease (COVID-19), in Beverly Hills, California, U.S., July 30, 2020. REUTERS/Mario Anzuoni
(Reuters) - Ralph Lauren Corp on Thursday forecast a bigger-than-expected drop in fourth-quarter revenue, as the high-end apparel maker struggles with new lockdowns in its major markets of Europe and Japan.
Shares fell 2% before the bell as the company also missed third-quarter revenue estimates.
Many European governments put their economies back into lockdown late last year due to a spike in coronavirus cases, severely constraining a major market for luxury goods companies who were banking on a strong holiday shopping season to help ride out the virus hit.
By Reuters Staff
2 Min Read
(Reuters) - Tapestry Inc beat quarterly profit estimates on Thursday on higher demand for luxury goods in China and fewer holiday discounts, sending the shares of the Coach handbag maker up nearly 3%.
Affluent customers in China returned to shopping within the country as the coronavirus restrictions eased in the second half of 2020, boosting the New York fashion house’s revenue from the key Asian market by more than 30% in its second quarter.
Gross margin expanded by 300 basis points as Tapestry sells products at a relatively higher prices in mainland China. It also benefited from a reduction in shipments to discount-prone department stores.
Laugh, but not too hard: New Super Bowl advertisers keep it light in pandemic
By Sheila Dang and Uday Sampath Kumar
Reuters
(Reuters) - In a teaser ad Uber Eats released ahead of the Super Bowl, actor Mike Myers, reprising his role as Wayne from “Wayne’s World,” tells sidekick Garth what is on everybody’s mind: “2020, man, that was a great year.not.”
The food delivery app and other brands doing well during the pandemic including electronics brand Logitech and gardening company Scotts Miracle-Gro, will replace long-time advertisers during Sunday s Super Bowl LV telecast.
The celebrity-laden ads aim to inject some humor and levity into the year s most-watched U.S. televised event after 11 months of social distancing and lockdowns.
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Anheuser-Busch said on Wednesday it will invest over $1 billion in its U.S. manufacturing facilities over the next two years, as the brewer looks to raise production of hard seltzers that have become widely popular in recent years.
The beverage, perceived to be healthier than traditional beer by some, is the hottest alcohol trend in the United States. Sales in stores have roughly doubled each year since 2016, and further accelerated during the COVID-19-led lockdowns as people stayed away from bars and drank more at home.
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2 Min Read
Cans of AB InBev s Bud Light hard seltzer are displayed in a fridge in Jewel-Osco supermarket in Chicago, Illinois, U.S. October 21, 2020. Picture taken October 21, 2020. REUTERS/Richa Naidu
(Reuters) - Anheuser-Busch said on Wednesday it will invest over $1 billion in its U.S. manufacturing facilities over the next two years, as the brewer looks to raise production of hard seltzers that have become widely popular in recent years.
The beverage, perceived to be healthier than traditional beer by some, is the hottest alcohol trend in the United States. Sales in stores have roughly doubled each year since 2016, and further accelerated during the COVID-19-led lockdowns as people stayed away from bars and drank more at home.