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Poshmark Files For IPO After Posting Record Profits

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Secondhand eCommerce platform Poshmark filed for an initial public offering (IPO) after posting more than $30 million in profit across two consecutive quarters. “We We only recently became profitable and have experienced net losses. The Silicon Valley startup posted a net loss of $14.5 million last year.

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Discount Retailer Primark Predicts Substantial Loss

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Analysts at Citi said the retailer’s performance beat expectations, and that despite the COVID-19 disruption, Primark still plans to open 10 new stores this year. Bezos noted that the added costs for the eCommerce giant will likely equal the amount of money Amazon would have expected to have earned profits in typical times.

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Alibaba eCommerce Rival Pinduoduo Secures $1B In Funding

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Chinese upstart eCommerce site Pinduoduo (PDD) is raising more than $1 billion to help compete with Chinese giants like Alibaba and JD.com, according to reports. billion, said it’s planning on selling 37 million of its shares to raise the new billion, or even $1.25 The company isn’t profitable yet, and probably won’t be for a while.

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Sneaker Sales Propel 3Q Surge In Under Armour Earnings

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Sportswear giant Under Armour reported a third-quarter profit of $38.9 Patrik Frisk, president and CEO of Under Armour, told The Baltimore Sun that the company is focused on returning to profitability and is planning to invest in eCommerce and company-owned retail outlets. . The deal is valued at up to $345 million.

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Pinduoduo Aims To Raise Up To $5.6B To Boost Online Grocery Shopping

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Chinese eCommerce platform Pinduoduo plans to raise up to $5.6 The company plans to offer up to 25.3 But a China-based analyst told the Financial Times that while the Chinese were frequent shoppers of agricultural goods, which would help boost Pinduoduo’s user numbers, the business was low-margin.

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Petco Files For IPO As Demand For Pets Surges During Pandemic 

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The number of shares and the pricing have not yet been released. . Pets are anticipated to stay popular, with the number of households with pets going up 4 percent in 2020 alone. The pet retail chain is also moving towards profitability after net losses the past two years. Same-store sales surged 9.6 percent this year.

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Walmart Amazon Whole Paycheck Tracker: Grocery Expansions, eCommerce Improvements And Voice Extensions

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The first big news over the wires was official confirmation that the eCommerce giant will open an Amazon branded grocery store next year in California. Whether Amazon is planning a chain, what type of items or pricing it will feature or what the store will be called all remain up in the air.