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Operating profit will amount to only about 6% of sales this year, 2 percentage points below the previous forecast, Target said Wednesday. And the company’s first-quarter adjusted profit missed the lowest of 23 analyst estimates compiled by Bloomberg.
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As of mid-July, the spike of COVID-19 infections around the United States has spurred states such as California to shutter indoor shopping malls - further endangering in-person transactions, which are generally lower cost.
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Welspun India lost more than a third of its market cap in two days after its US client Target Corp cancelled its contract. The client alleged that Welspun sold pillowcases with non-premium cotton, instead of Egyptian variety. Even as other clients have launched a probe, Moneycontrol tries to find out if the textile maker is in trouble.
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India's government, desperate to accelerate growth and create more jobs, has backed a "Make in India" manufacturing push. India already makes everything from car parts to t-shirts, but is trying to move up the chain to make higher-end products, like Apple's iPhone.
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Yesterday, Welspun India had made announcement about appointing an external auditor 'one of the Big Four' to look into alleged lapses in its products supplied to clients.
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The stock is up around 13 percent from yesterday's closing and is trading at Rs 56.20 per share.
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The retailer had said as soon as its investigation confirmed the substitution, it pulled all remaining product from Target stores and Target.com.
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The shortage of cotton from Egypt, which commands a premium due to its superior quality, creates an incentive to blend it with other types of cotton without disclosing it or to counterfeit the label altogether, cotton traders said, exacerbating a problem that has plagued the industry for years.
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The scrip plummeted 9.95 percent to Rs 59.30 - its lowest trading permissible limit for the day - on BSE.
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Welspun India losses 42 percent market capitalisation in three days post allegations from Target. Other retail clients like JCPenny and Walmart also start their investigations in to the matter.
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After a weak opening, the scrip tumbled 19.99 percent to Rs 65.85 -- its lower circuit limit -- on BSE.
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The management's comment, that it will be appointing auditors soon to look into the issue, is a damage control exercise to buy more time, says Baliga.
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Target Corp said that after an extensive investigation it had confirmed that Welspun, which uses Egyptian cotton to make bedsheets and pillowcases sold by the retailer, substituted another type, of non-Egyptian cotton, to make these sheets between August 2014 and July 2016.
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Wal-Mart said sales at US stores open at least a year rose 1.0 percent, excluding fuel price fluctuations. That marked the seventh straight quarterly rise and was stronger than market expectations for an increase of 0.5 percent, according to research firm Consensus Metrix.
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The mobile payments space in the US has seen a flurry of new launches and partnerships in the past year but has failed to gain traction as customer and merchant adoption have been sluggish.
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Target Corp and Lowe's Cos Inc shares jumped following upbeat earnings and gave the biggest boosts to the S&P 500. An S&P 500 retail index gained more than 1 percent for a second day.
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In terms of the speed at which the hackers were able to access large numbers of credit cards, the data theft was unprecedented. The operation was carried out over just 19 days during the heart of the crucial Christmas holiday sales season: from the day before Thanksgiving to this past Sunday.
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Target Corp said on Friday it opened a new San Francisco office to track down technology companies that can help the second-largest US retailer grow its online commerce business.
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EBay Inc is testing a same-day delivery service with big retailers including Target Corp , Best Buy Co and Toys "R" Us Inc , as the world's largest online marketplace steps up competition with rival Amazon.com Inc .
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Shoppers found a mixed bag of bargains and so-so deals on Monday, as a day off for many Americans lured some out for what was likely to be the third-busiest shopping day of the holiday season.
