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Walmart earnings jump 80 percent to USD 3.8 bn, US sales strong

16May By PriyankaNo Comments

News

Walmart earnings jump 80 percent to USD 3.8 bn, US sales strong

The US retail giant Walmart reported a jump in first-quarter earnings Thursday on higher US store sales and eCommerce growth following heavy investment in new "omnichannel" retail ventures. The world's biggest retailer reported profits of USD 3.8 billion. That's an increase of 80 percent from the year-ago period when results were dented by a one-time earnings hit following US tax reform. Shares rose in pre-market trading. манимен займ личный кабинетбезотказный займзайм на банковский счет без отказа займ до зарплаты северсквзять займ студентузайм киви без паспорта

2May By AdityaNo Comments

FUNDING

1-India Family Mart raises INR $2.87 million debt funding

New Delhi, May 02, 2019: 1-India Family Mart, a fast growing value retail chain owned by Nysaa Retail Private Limited offering affordable and fresh fashion apparels, lifestyle products and general merchandise has raised debt funding worth $2.87 million (INR 20 crores). The funding, led by APAC Financial Service Private Limited will be leveraged by the company for expanding to newer geographies as well as for its working capital requirements. Endeavouring to match the fashion aspirations of individuals living in small towns which they can afford, 1- India Family Mart currently stands strong with 90 stores across 81 cities of Eastern and Northern India; generating revenue over INR 400 Crores. Commenting on securing the funds, Deepak Sharma, Chief Financial Officer, 1-India Family ...

Future Retail will Open new Big Bazaar outlets, Invest 200 Cr

10Mar By AdityaNo Comments

BUSINESS

Future Retail will Open new Big Bazaar outlets, Invest 200 Cr

Future Retail would spend Rs 150-200 crore a year for expansion of Big Bazaar stores in the eastern region, a company official said. The company would open around 25 such stores from April this year in eastern India, the official said. "We have a pipeline of around 25 Big Bazaar stores in the eastern region. Each store requires an investment of around Rs 2,000 per square feet for interiors only," CEO of eastern region of Future Retail Manish Agarwal told Pixr8 News. Agarwal said the eastern region contributed 25 per cent of the national sales, adding that West Bengal accounted for 30 per cent of the revenues from the east. https://pixr8.com/business/future-group-to-open-10000-small-stores-aims-revenue-jump-to-rs-60-cr/ The company would open 7-8 stores in Kolkata and its ...

Future Group to Open 10,000 Small Stores, Aims Revenue Jump to Rs. 60 Cr

26May By Lavina TolaniNo Comments

BUSINESS

Future Group to Open 10,000 Small Stores, Aims Revenue Jump to Rs. 60 Cr

India's leading retail firm, Future Group has announced to open about 10,000 small stores as a part of its strategy to grow revenue from smaller format stores, its founder Kishore Biyani said in a statement. The company is aiming to grow revenue than ten times, to Rs 60,000 crore, from about Rs 5,000 crore at present, though the time frame for the target has not been mentioned by the firm. The mega 10,000 store target is 10 times the small outlets that Future Group runs. With an annual turnover of Rs.30,000 crore, Future Group has 1,700 stores including a combination of large and small outlets. Interestingly, the retailer is also working parallelly on its "Niligiris" outlets, a facility which will enable consumers to scan barcodes of products using mobile application following del...

IKEA Invest up to 3000 Crore in India, Will Open 25 Stores by 2025

17Apr By PriyankaNo Comments

BUSINESS

IKEA Invest up to 3000 Crore in India, Will Open 25 Stores by 2025

Swedish home furnishings chain IKEA today said it has signed a memorandum of understanding (MoU) with the Gujarat government to set up its stores in the state with an expected investment of up to Rs 3,000 crore in the long term. IKEA, which received government approval in 2013 for its Rs 10,500-crore proposal to open retail stores under 100 percent FDI, has earlier signed MoUs with Karnataka, Telangana, Maharashtra, Uttar Pradesh and Haryana to open retail stores. The company plans to open 25 stores by 2025 in nine Indian cities. The MoU with Gujarat government stands for a mutual commitment from both parties and intends to provide clarity on working methods and ensure a legally and ethically compliant, corruption-free business environment, IKEA said in a statement. "Gujarat is...

Metro Cash & Carry To Start Ecommerce For B2B By Dec-End

15Oct By Press Trust of IndiaNo Comments

News

Metro Cash & Carry To Start Ecommerce For B2B By Dec-End

Metro Cash & Carry will start online sales for business customers by year-end as it looks to expand its market position in the growing segment, a top official of the company said. The company also plans to add more stores to its network. To woo small kirana shops, the company has also started giving them credit ranging from Rs 1 lakh to Rs 15 lakh on their purchases besides delivering products at their stores. "In the next 60 to 90 days, before the end of this year, we would be starting our new e-commerce solutions," Metro Cash & Carry India CEO and MD Arvind Mediratta told PTI. At present, its sales team visits kirana shops to take orders directly. "... in future, the customer would not have to wait for them. They would go online, place the order and it would be delive...

How Walmart Will Be Benefited From GST in India

26Jun By Press Trust of IndiaNo Comments

News

How Walmart Will Be Benefited From GST in India

Walmart will be benefited by the Goods and Services Tax (GST) which will be a win-win situation for all, the American retail giants top official in India said here today as the landmark tax reform measure is all set to be rolled out on July 1. "For instance, in the medium to long term when it becomes one national unified market, you dont need warehouse in every single state. Thats a big benefit in terms of economies of scale, how one can drive economies of scale," Krish Iyer, president and CEO of Walmart India, told PTI in an interview. "Eventually, if we are able to run the business at lower cost, we will pass it onto the consumers, and the prices of the central commodities can come down, so its a win-win for everyone, for the consumer, for the state, as well as for the business," said ...

Lenskart to Open 400 Stores in 2 Years; Invest Rs 100 Crore

4Jun By AdityaNo Comments

News

Lenskart to Open 400 Stores in 2 Years; Invest Rs 100 Crore

Ratan Tata-backed eyeware retailer Lenskart plans to invest over Rs 100 crore on business expansion, including opening of 400 stores, in the next two years. The company, which has a strong online presence, is eyeing a total of 700 stores by March 2019 by targeting small towns, tier II and III cities. "As of now we have 300 stores across India and in the next two years we plan to open another 400 stores," Lenskart CEO Peyush Bansal told Pixr8. The current Lenskart stores in over 80 cities are based on franchise model, he added. When asked about investment for the expansion, Bansal said the company will be putting in capital primarily around building back-end supply chain, while franchises would invest in opening stores. "For us the total investment would run to around Rs 100 ...

Despite E-comm Rise, Offline Stores Generating 91% Sale: Study

29Mar By AnkitaNo Comments

ANALYSIS

Despite E-comm Rise, Offline Stores Generating 91% Sale: Study

Despite rise in e-commerce business, brick and mortar stores still generate 91 per cent sales globally, a study has claimed. "Despite the rise of e-commerce, the physical stores still draw a significant shopping crowd. In fact, 91 per cent of all retail sales are still being generated in brick-and-mortar stores," the study released by Zebra Technology said today. Zebra Technology interviewed nearly 1,700 retail decision-makers across various retail segments, including speciality stores, department stores, apparel merchants, supermarkets, electronics, home improvement and drugstore chains, globally in 2016. "Around 28 per cent of the sample size were taken from Asia Pacific. Findings at Asia Pacific level are reflective of trends in India," Zebra Regional Sales Director for India a...

Apple Will Have to Re-submit Its Application For Opening Retail Stores in India

22Jun By Press Trust of IndiaNo Comments

News

Apple Will Have to Re-submit Its Application For Opening Retail Stores in India

US technology giant Apple Inc will have to re-submit its application for opening single brand retail trade stores in the country and issues concerning "cutting edge" technology will be settled by the concerned administrative ministry, an official said. In light of the changes in the FDI policy announced yesterday, the official said, Apple will have to submit fresh application for opening single brand retail stores to seek exemption from local sourcing norms. Under the modified single brand FDI policy, companies using cutting edge technology will be exempted from meeting the local sourcing norm for first three years. Thereafter, in the next five years the company will have to meet the domestic sourcing norm at an annualised average rate of 30 per cent. "After a proposal comes to th...

McDonalds May Shift Some Jobs to India in Cost-Cutting Move

18Jun By AdityaNo Comments

News

McDonalds May Shift Some Jobs to India in Cost-Cutting Move

Fast food giant McDonalds may be planning to outsource jobs to India as part of a USD 500 million cost reduction plan it announced last November, a media report said. A report said McDonalds is shedding jobs as part of a USD 500 million cost reduction spearheaded by Chief Executive Steve Easterbrook. "McDonald is also moving some functions to India in what could be a larger controversial push toward outsourcing," it quoted sources familiar with the company's plans as saying. A regional office in Columbus, Ohio is among the first casualties of the cost-cutting. McDonalds described the facility's closing as part of "plans to permanently restructure its operations and eliminate a number of roles," in a May 13 letter the company sent to city officials. The layoffs will begin in ...