Latest news with #turnaround
Bloomberg
3 days ago
- Business
- Bloomberg
Kohl's Beats Expectations in Wake of Dramatic CEO Firing
By Updated on Save Kohl's Corp. reported better-than-expected comparable sales, signaling that the retailer's turnaround plan may be beginning to take hold. Comparable sales fell 3.9% in the three months ended May 3, slightly better than what analysts were expecting. The company said earlier this month it expected comparable sales to fall 4% to 4.3%. The company reported revenue of $3 billion for the quarter, roughly in line with analysts' expectations.
Bloomberg
4 days ago
- Automotive
- Bloomberg
Stellantis Names Antonio Filosa as CEO to Lead Turnaround
Stellantis NV appointed its Americas head, Antonio Filosa, as chief executive officer, choosing an experienced insider to lead a turnaround of the struggling automaker. Filosa, who takes over on June 23, has been part of Stellantis' senior executive team since the company formed in 2021. He took over as chief operating officer for North American operations in October as part of a broader shake-up in the waning days of former CEO Carlos Tavares' tenure.
Auto Car
5 days ago
- Automotive
- Auto Car
Volvo confirms 3000 job cuts as part of £1.4bn savings drive
Volvo has announced that it will axe 3000 jobs worldwide as part of a £1.4bn turnaround plan. The firm last month announced that there would be redundancies as part of the wide-reaching cost-cutting initiative, and has now confirmed how many - a figure which accounts for 15% of its global office-based workforce. Volvo said that the cuts mainly impact its offices in Sweden, with 1200 employee-held positions being made redundant there, and another 1000 Swedish consultancy roles being axed. The remaining roles are in other global markets, but Volvo says it will give specifics "once the company has finalised a review of its entire organisation and determined a new structural set-up".
Globe and Mail
24-05-2025
- Business
- Globe and Mail
Why This Five-Star Analyst Is Bullish on IBM Stock
As big AI companies face pressure over high prices and slowing demand, investors are starting to look at less-hyped tech stocks for growth opportunities. As a result, IBM has been gaining attention as it works on a turnaround plan. In fact, its stock is up 19% so far this year. Furthermore, five-star Bank of America analyst Wamsi Mohan recently told CNBC that he thinks IBM can meet its goals. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Indeed, Mohan pointed out that IBM has sold off the parts of its business that weren't growing and put money into areas that are. And while some investors are unsure whether or not IBM can hit its target of over 5% growth this year, especially since last quarter only saw 2% growth, Mohan thinks it is possible. He said this could happen thanks to a new mainframe product launch, which remains more important to IBM's business than many people realize. Because of these changes, Mohan said he is 'very bullish' on IBM. It is also worth noting that IBM has been getting a boost from its AI business, as its AI products and services passed $5 billion in total bookings by the end of Q4, with $2 billion added just last quarter. In addition, IBM made its Granite AI models for businesses much cheaper to run last year and about 90% more efficient than larger models. Moreover, the company is seeing growing interest in its Red Hat-based AI platforms, including RHEL AI, OpenShift AI, and watsonx, which are helping move its AI strategy forward. What Is the Target Price for IBM? Turning to Wall Street, analysts have a Moderate Buy consensus rating on IBM stock based on eight Buys, five Holds, and two Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average IBM price target of $260.62 per share implies 0.9% upside potential. See more IBM analyst ratings
The Independent
21-05-2025
- Business
- The Independent
Harvey Nicholas could scrap its luxury hampers in bid to cut costs
Harvey Nichols could scrap its luxury hampers and own-brand food as part of a major restructuring plan to save money. Around 70 roles, representing 5 per cent of the luxury retailer's 1,400-strong workforce, are at risk as the company launches a three-year turnaround programme. The overhaul, led by CEO Julia Goddard, aims to restore profitability by focusing on core offerings. The department store is considering significant changes to its business model, including potentially discontinuing its own-brand food products, hampers, and corporate food services. Its online food marketplace is also under review. These potential cuts are part of a broader strategy to sharpen the company's focus on fashion, beauty, and hospitality. Goddard, who took the helm last year, is spearheading the effort to improve the retailer's financial performance. The company has initiated consultations with staff regarding the proposed restructuring. Harvey Nichols said it has secured a raft of new fashion brands and is pushing forward with a major refurbishment of its Knightsbridge store to attract more customers. A company spokeswoman said: 'Harvey Nichols is undergoing a significant transformation to re-establish the brand as a British icon and flagship destination. 'As part of this transformation, we have already secured 75 new fashion brands for 2025. 'In line with this strategy and the focus on our core fashion and beauty edit, we are putting forward proposals regarding the non-core areas of our business and the restructuring of some of our teams. 'We are committed to supporting all affected employees through this transition and ensuring the long-term success of our business.'
