Inditex closes select shops in China; Shopify terminates Trump-affiliated stores

\\\\\TOP NEWS IN RETAIL

* Fast-fashion retailer Industria de Diseño Textil SA is closing all of its Bershka, Pull&Bear and Stradivarius stores in China as soon as the end of January, Women's Wear Daily reported, citing multiple sources. The brands' official websites and Tmall stores will remain operational, the report said. Other Inditex brands including Zara, Massimo Dutti, Oysho and Zara Home will reportedly retain their brick-and-mortar stores in China.

* Shopify Inc. closed all stores on its platform that were affiliated with U.S. President Donald Trump after he incited his supporters to riot and break into the U.S. Capitol, a representative told Women's Wear Daily. "Shopify does not tolerate actions that incite violence," the representative reportedly said.

➤ Walmart worst-performing S&P 500 Consumer Staples stock in December

The S&P 500 Consumer Staples index rose 1.8% in December, lagging the wider S&P 500's gain of 3.8%, according to data compiled by S&P Global Market Intelligence.

➤ Newcomer Tesla among S&P 500's top performers in December

The electric-car maker was the third-best performer of the overall S&P 500 index for the month with a total return of 24.3%.

➤ S&P 500 posted 2020 gains as COVID-19, oil price crash obliterated energy sector

The benchmark's Energy Sector index value plummeted 37.3% while outperformers such as the Consumer Discretionary and Information Technology indexes rose 32.1% and 42.2%, respectively.

TEXTILES, APPAREL AND LUXURY GOODS

* Hennes & Mauritz AB launched a kidswear collection made of recycled polyester, mixed with organic and recycled cotton. The clothing range is part of H&M's bottle2fashion collaboration with Danone SA's Aqua brand and the Indonesian government.

* L Brands Inc. reported that sales for the nine weeks to Jan. 2 declined to $3.84 billion from $3.91 billion a year ago. Comparable sales grew 17% in its Bath & Body Works unit but dropped 9% in its Victoria's Secret brand. The company expects fourth-quarter adjusted EPS of $2.70 to $2.80.

* Joules Group PLC said retail revenue from its own-branded channels for the seven weeks to Jan. 3 inched up by 0.3% year over year, with a 66% jump in online sales but 58% drop in store sales. The apparel retailer expects a potential loss of £14 million to £18 million in revenues due to coronavirus-related store closures.

MULTILINE RETAIL

* Marks & Spencer Group PLC reported that third-quarter group revenue declined by 8.4% at constant currency to £2.77 billion, driven by an 8.2% decrease in the U.K. and a 10.4% drop internationally.

E-COMMERCE

* Maplebear Inc., doing business as Instacart, appointed Nick Giovanni to succeed Sagar Sanghvi as its CFO, effective Jan. 27. Prior to the appointment, Giovanni served as head of the global technology, media and telecom group of Goldman Sachs.

* Online home furnishing company Wayfair Inc. raised its minimum hourly wage for all U.S. employees to at least $15, effective Jan. 3. The pay hike applies to all full-time, part-time and seasonal workers.

* Online fashion retailer Asos PLC will invest £90 million in a new warehouse in Lichfield, England, creating 2,000 jobs within the next three years. CEO Nick Beighton said the site will support increased customer demand by 2023.

HOUSEHOLD AND PERSONAL PRODUCTS

* Henkel AG & Co. KGaA's Adhesive Technologies unit invested an undisclosed amount in Israeli sensor technology startup Feelit. Through the investment, the company aims to improve its maintenance, repair and overhaul solutions.

FOOD AND STAPLES RETAILING

* Albertsons Cos. Inc. is piloting an automated grocery pickup kiosk at one of its Jewel-Osco stores in Chicago. The retailer plans to launch another kiosk at a Safeway store in the Bay Area in California.

HOUSEHOLD DURABLES AND SPECIALTY RETAIL

* Bed Bath & Beyond Inc. posted a third-quarter adjusted diluted EPS of 8 cents, an improvement from a loss of 38 cents per share a year ago, but still missed estimates. Net sales declined by 5% year over year to $2.62 billion from $2.76 billion.

CASINOS AND GAMING

* Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson has taken a leave of absence, starting Jan. 7, as he receives cancer treatment. Las Vegas Sands and Sands China Ltd. appointed President and COO Robert Goldstein as their acting chairman and CEO.

INDUSTRY NEWS

* Total retail sales in Hungary decreased by 0.8% year over year in November 2020, versus a 2% decline in October 2020, according to the Hungarian Central Statistics Office. Unadjusted for calendar effects, sales in November went down by 0.3%.

MARKETS

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