Retailers and other consumer companies edged higher as losses in consumer discretionary shares were offset by gains in consumer staples stocks.
Retail sales declined in February as consumers pulled back after a strong start to the year, amid high interest rates and inflation. Spending at stores, online and in restaurants fell by a seasonally adjusted 0.4% in February, the Commerce Department said.
Zara owner Inditex reported an 18% rise in sales to EUR32.6 billion, for the 12 months to Jan. 31 as its pricier offerings have set it farther apart from new, low-price, online competitors such as Shein.
BMW said it expects its automotive deliveries to increase in 2023, driven by a ramp-up in battery electric and high-end vehicles.
Grocery courier Boxed said Tuesday it might file for bankruptcy as it continues to explore a possible sale of the business less than two years after going public through a merger with a special-purpose acquisition company, or SPAC.
Kellogg is christening its global snacking business Kellanova, following a long tradition of companies borrowing from Latin as they rebrand themselves. By combining the "Kell," from Kellogg, with "anova," which incorporates the Latin word "nova," meaning new, the name reflects the company's past and its future, according to Kellogg.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
03-15-23 1729ET
