Latest news with #PoonamGoyal
Bloomberg
a day ago
- Business
- Bloomberg
Bloomberg Daybreak Weekend: US GDP, Nike Preview
Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week. - In the US – a look ahead to U.S GDP and personal spending data and Nike earnings. - In the UK – a look ahead to TheCityUK's annual conference. - In Asia – a look ahead to Bloomberg's China economic survey. ----------------------------------------------------------------- Guests: -Michael McKee, Bloomberg International Economics and Policy Correspondent, to preview next week's U.S GDP/personal spending data. - Poonam Goyal, Senior U.S. E-Commerce and Retail Analyst at Bloomberg Intelligence, to preview Nike earnings. -Leo Kehnscherper, Bloomberg European Asset Management Reporter, looks ahead to TheCityUK's annual conference. -Julian Harris, UK Economics Editor, looks ahead to TheCityUK's annual conference. - Eric Zhu, China Economist for Bloomberg Economics, discusses Bloomberg's China Economic Survey. -Karishma Vaswani, Bloomberg Opinion Columnist in Singapore, discusses her column: 'US Rethink on Australia Subs Is China's Win.'
CBC
3 days ago
- Business
- CBC
Lululemon cutting 150 corporate jobs as athleisure brand braces for tariff impact
Vancouver-based apparel company Lululemon Athletica Inc. is cutting about 150 corporate jobs as part of changes to its organizational structure, the retailer said Wednesday. The affected employees are part of its store support centres, a spokesperson for the company told CBC News in a statement. "As we continue to deliver on our strategy, we regularly assess our business operations to ensure we are well-positioned for the future," the spokesperson said. "Following a recent review, we have decided to evolve some aspects of our organizational structure to operate with more agility and further invest in our growth." The move comes as U.S. President Donald Trump's global tariff war ripples through supply chains and dents bottom lines. Trump's tariffs have taken particular aim at China — a key market for Lululemon — and several Middle Eastern and Asian countries that are meccas for clothing manufacturers. The cuts appear "aimed at streamlining costs and improving efficiency — likely aided by productivity gains from [artificial intelligence] — amid growing consumer uncertainty," wrote Bloomberg Intelligence retail analysts Poonam Goyal and Sydney Goodman. "The move may also help preserve margins as the company navigates more cautious spending among shoppers," they wrote. The analysts note this latest round of layoffs follows others made in 2024, when Lululemon closed a U.S. distribution centre, and in 2023, when it discontinued its connected fitness product, Mirror. Price increases coming The company is planning strategic price increases as it deals with U.S. tariffs, and will pass some of the costs along to its customers, it said in its first-quarter financial results earlier this month. The price increases on products are expected to be modest and will only apply to a few Lululemon products. However, they reflect the lengths the business is having to go to shield itself from Trump's trade war and the pressure it's putting on consumer spending, chief financial officer Meghan Frank told analysts on a June 5 call. The retailer lowered its profit expectations for the full year, estimating a more pronounced impact from expected tariffs. The company said diluted earnings per share are now expected to be between $14.58 US and $14.78 US for the year, down from earlier guidance for a range of $14.95 US to $15.15 US. Lululemon shares have plunged almost 29 per cent since the company reported its first-quarter earnings.
Bloomberg
28-04-2025
- Business
- Bloomberg
Temu and Shein to Pass All Of Trump Tariffs To US Shoppers
Discount Chinese retail Temu appears to be passing on almost all of Donald Trump's new import taxes to US consumers, more than doubling the cost of some products in a move that may add to concern about the inflationary impact of tariffs. And Shein has raised US prices of its products from dresses to kitchenware by as much as 377% ahead of imminent tariffs on small parcels. The supply shock could lead to empty shelves, higher prices, and significant layoffs in industries such as trucking, logistics, and retail, with some economists warning of "Covid-like" shortages. Bloomberg's Poonam Goyal reports. (Source: Bloomberg)
