Dow bounces back: May 20, 2020

By CNN Business

Updated 8:53 p.m. ET, May 20, 2020
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8:52 a.m. ET, May 20, 2020

Target's digital sales climb 141%

From CNN Business' Nathaniel Meyersohn

Target's (TGT) online sales skyrocketed 141% last quarter as the big box chain took advantage of Americans shopping in bulk from their homes during the coronavirus pandemic.

Digital sales, which include home delivery and curbside pickup, accelerated as the outbreak spread. In February, Target's online sales grew 33% compared with the year prior. By April, they jumped 282%.

Target's sales at stores open for at least one year grew 10.8% during the quarter compared with the same period last year.

However, the sales growth came at a cost. Target's profit last quarter fell from a year ago because of higher supply chain and labor costs. Additionally, shoppers bought mostly groceries and daily essentials during the pandemic, instead of clothing. Groceries carry lower profit margins.

9:02 a.m. ET, May 20, 2020

Rolls-Royce is cutting at least 9,000 jobs

From CNN Business' Mark Thompson

Aircraft engine maker Rolls-Royce is cutting at least 9,000 jobs because of the collapse in demand for air travel caused by the coronavirus pandemic.

"We are proposing a major reorganization of our business to adapt to the new level of demand we are seeing from customers," the company said in a statement on Wednesday. "As a result, we expect the loss of at least 9,000 roles from our global workforce of 52,000."

Rolls-Royce (RYCEF) said its civil aerospace business, which is concentrated in the United Kingdom and makes engines for Boeing (BA) and Airbus (EADSF) planes, will bear the brunt of the restructuring.

8:54 a.m. ET, May 20, 2020

CVS Health is returning $43 million in coronavirus relief funds

From CNN Business' Rob McLean

CVS Health is returning more than $43 million it received from the federal government as part of coronavirus relief.

In a letter Tuesday to Health and Human Services Secretary Alex Azar, CVS chief executive Larry Merlo indicated his company received the funds as part of the CARES Act Provider Relief Fund. He said it was an automatic distribution from HHS and that CVS did not request the money.

The fund provides $175 billion to hospitals and healthcare providers involved in the coronavirus response, according to the HHS website.