Talking about how much money you earn is uncomfortable for many people. But there are moments when it is an unavoidable topic of conversation. When you take a new job or learn how much your raise will be for the coming year, you have to talk about salaries. You also have to make a decision about whether to negotiate for more. More
Stephen Curry is a two-time National Basketball Association Most Valuable Player, a four-time league champion and among the greatest shooters of all time.
Yet, even the Golden State Warriors star suffers from impostor syndrome and said he grew up with an underdog mentality.
In addition to his basketball accolades, Curry owns a media company, a bourbon brand, a golf league for kids and a philanthropic foundation that gives back to students in Oakland, California.
Stephen Curry is a two-time National Basketball Association Most Valuable Player, a four-time league champion and among the greatest shooters of all time.
He also owns a media company, a bourbon brand, a golf league for kids and a philanthropic foundation that gives back to students in Oakland, California.
Yet, even the Golden State Warriors star suffers from impostor syndrome.
“I’m human,” Curry said in an interview for “Curry Inc.,” a CNBC Sport production centered on Curry’s career and business ambitions. “Like everybody, you have doubts about yourself, you have impostor syndrome at times.”
Stephen Curry, #30 of the Golden State Warriors celebrates with his dad, Dell Curry, after winning Game 6 of the 2022 NBA Finals at TD Garden in Boston, Massachusetts.
Jesse D. Garrabrant | National Basketball Association | Getty Images
Curry is the son of former NBA star Dell Curry, who played 16 seasons in the NBA.
While Stephen grew up on the sidelines watching his dad play, he says because of his stature and underdog mentality, he didn’t grow up with the expectation to play in the league.
“I couldn’t have dreamt this,” said Curry, who was selected as the No. 7 overall pick in the 2009 NBA draft and went on to become the all-time greatest 3-point shooter in NBA history.
CNBC Sport’s documentary “Curry Inc.: The Business of Stephen Curry” will premiere on CNBC on Wednesday, June 4, at 9 p.m. ET.
The 11-time NBA All-Star says he has embraced his underdog status and used it as motivation throughout his tenure at Davidson College and into his time in the NBA.
Stephen Curry, #30 of the Davidson Wildcats, directs the offense against the Kansas Jayhawks during the Midwest Regional Final of the 2008 NCAA Division I Men’s Basketball Tournament at Ford Field in Detroit, Michigan, on March 30, 2008. Kansas won 59-57.
Gregory Shamus | Getty Images Sport | Getty Images
“Matching the God-given abilities and the work ethic and just being able to lose myself in the game I think is a good formula,” Curry said.
Off the court, Curry has similarly found success. He heads Thirty Ink, a house of brands that includes his different business ventures across entertainment, marketing, fitness, lifestyle and technology.
He’s also passionate about giving back. Through his nonprofit Eat. Learn. Play., Curry has raised $20 million for Oakland schools over the past five years.
There is also the Underrated Golf Tour, where Curry works to get minorities out on the links in a traditionally white sport.
“From a national perspective, a lot of the narrative is trying to peel back programs and opportunities that are allowing people to have just a fair shot and a fair chance. Everything that we do and what I can control is about true equity,” he said.
With all these commitments on his plate, Curry said he grapples with whether he is fulfilling his full potential in all the different areas of his life.
“We all like to be a better husband, a better father, more present at times, just because we’re pulled — I’m pulled — in a lot of different areas,” Curry said.
As CNBC followed Curry around NBA All-Star Weekend in February, Curry said he has embraced the pressure that comes with being a star basketball player and a public figure.
“All of these realties are wild to me, and sometimes you just gotta get out of your own way and enjoy it,” he added. More
Stephen Curry is the CEO of Thirty Ink, a conglomerate of businesses including Unanimous Media, Gentleman’s Cut bourbon and 7k marketing consultancy.
While Curry plans to take a more central role running Thirty Ink after he retires from the NBA, he’s also considering careers in broadcasting, team ownership and professional golf.
Curry spoke to CNBC Sport as part of the TV production “Curry Inc.: The Business of Stephen Curry.”
Stephen Curry isn’t retiring from the National Basketball Association yet, but he’s already thinking about new career paths — including broadcasting, team ownership and playing on the PGA Tour Champions.
The Golden State Warriors star spoke to CNBC Sport as part of “Curry Inc.: The Business of Stephen Curry,” a television production centered on Curry’s career and business ambitions.
CNBC Sport’s documentary “Curry Inc.: The Business of Stephen Curry” will premiere on CNBC on Wednesday, June 4, at 9 p.m. ET.
Curry, 37, already has one post-NBA job waiting for him. He’s the CEO of Thirty Ink, a mini-conglomerate of businesses including Unanimous Media, the bourbon brand Gentleman’s Cut and 7k marketing consultancy. He plans to take a more central role running the business on a day-to-day basis when he retires from professional basketball, he told CNBC Sport.
Stephen Curry, #30 of the Golden State Warriors, drives to the basket against Dyson Daniels, #11 of the New Orleans Pelicans, at Chase Center in San Francisco on April 12, 2024.
Kavin Mistry | Getty Images
Still, Curry is thinking beyond his company. He’s looking to follow in the footsteps of Michael Jordan, who owned the Charlotte Hornets from 2010 to 2023 — the only former NBA player to hold a majority stake in a team.
“He might be the only one in our generation who has sat in that seat and done it that way,” Curry said. “The idea of being a part of an ownership group and the right opportunity that allows me to have an impact on how a franchise should be operated — how you’re going after true winning, like we’ve done here with the Warriors — that’s something I’m excited about pursuing. It’s interesting. Obviously, as an active player, you can’t participate in that level until you’re done. So you’ll see me in the seat somewhere down the road.”
Former Charlotte Hornets owner Michael Jordan responds to a question during a news conference at Spectrum Center in Charlotte, North Carolina, on Oct. 28, 2014.
Jeff Siner | Tribune News Service | Getty Images
Curry noted that he may not be able to afford majority ownership with rising NBA valuations. The average NBA team is worth $4.66 billion, according to CNBC Sport’s official 2025 valuations.
“Obviously there are levels to this,” Curry said.
Curry is an investor in Unrivaled, the women’s 3-on-3 basketball league, and has said he also has interest in buying a Women’s National Basketball Association team.
Sportico named Curry the second-highest paid athlete in the world last year, earning an estimated $153.8 million between salary and endorsements. Forbes estimates Jordan’s net worth is around $3.5 billion.
Curry agreed to a one-year, $62.6 million extension with the Golden State Warriors last year, keeping him under team control until 2027. He made more than $55 million in salary for the 2024-25 season, and he’s the first player in NBA history to make $40 million, $50 million and $60 million in a season. He has had the highest base salary in the league since 2017.
Broadcasting aspirations
Curry has used his venture Unanimous Media to springboard a career in front of the camera. He has appeared in several projects including the Peacock sitcom “Mr. Throwback” and the Apple TV+ documentary “Stephen Curry: Underrated.”
Still, he could likely make millions by joining an NBA studio show on NBC, ESPN or Amazon Prime Video when he retires. Curry said he would “for sure” consider a broadcasting job, though he won’t rush into it.
“I would be more patient,” said Curry, who noted former National Football League quarterback Tom Brady moved directly into the Fox broadcast booth after retirement and his current teammate Draymond Green has been a TNT Sports NBA analyst for years as an active player.
“I think about what would be the right opportunity for me, ’cause anything that I do, I want to be all in on it,” Curry said. “Right now, just doing your homework on the different pathways and options that might be available.”
Senior golf tour
Curry said he’s also already contemplating a career playing on the PGA Tour Champions, the top tour for former PGA players over 50 years old.
The concept of Curry competing with pros for championships may seem farcical, but he’s taking it seriously. It’s a long way off — Curry turns 50 in 13 years — but he is a scratch golfer without dedicating his life to playing.
He won the 2023 American Century Championship, an annual celebrity tournament that takes place each summer in Lake Tahoe, Nevada, defeating other current and former professional athletes that are top golfers. Curry shot a final round 72 to win the tournament.
“That would be a fun goal to go after for sure,” Curry said. “It’s an extremely challenging tour to crack if you’re not one of the champion ex-PGA guys that are making that jump after you turn 50. So to do all the qualifying journey and all that — I’m pretty sure I’ll try it. I’ve seen guys who are preparing themselves to do the same thing.”
Disclosure: NBCUniversal is the parent company of Peacock and CNBC. More
In 2013, Stephen Curry shocked the sneaker world by signing with then-upstart apparel company Under Armour over basketball powerhouse Nike.
The deal was considered a defining moment in Curry’s business career.
In 2023, Under Armour signed a long-term extension with Curry and made him president of the newly formed Curry Brand, housed under the company’s banner.
In 2013, Stephen Curry shocked the sneaker world by signing with then-upstart athletic company Under Armour over basketball powerhouse Nike.
At the time, Nike controlled the vast majority of the NBA sneaker market. Under Armour was virtually unheard of in the basketball space.
“We’re the underdog brand. We’re for the ones that were maybe born not big enough or tall enough or fast enough, or strong enough, or smart enough or clever enough,” said Under Armour founder and CEO Kevin Plank.
CNBC Sport’s documentary “Curry Inc.: The Business of Stephen Curry” will premiere on CNBC on Wednesday, June 4, at 9 p.m. ET.
The deal was considered a defining moment in Curry’s business career, and it got done in part thanks to Curry’s locker mate at the Golden State Warriors, Kent Bazemore.
Stephen Curry, #30, and Kent Bazemore, #26 of the Golden State Warriors, celebrate defeating the Memphis Grizzlies 113-101 at Chase Center in San Francisco on May 16, 2021.
Thearon W. Henderson | Getty Images Sport | Getty Images
Plank wanted Curry to be the brand’s first big star. But he knew that to sign someone of Curry’s caliber, the company needed to think outside the box.
“We actually targeted Ken, and we just said we’re going to overwhelm Ken with more like shock and awe of product, service, story, love, hug,” Plank said in an interview for “Curry Inc.,” a CNBC Sport production centered on Curry’s career and business ambitions. “About three months into the Warriors’ season, and Curry is looking next door at Ken. He’s like, ‘Who’s this brand that you get all this attention of? Because I’m with Nike, and I really am not.'”
Stephen Curry’s new role will be as President of the Curry Brand.
Source: Under Armour
Under Armour’s Curry Brand
It wasn’t just Bazemore’s influence that landed Curry at Under Armour.
There was also a botched Nike presentation in which company executives mispronounced his first name and used a recycled slide deck that still had Kevin Durant’s name on it. Plus, Under Armour offered Curry a deal worth $4 million a year, while Nike offered $2.5 million — and declined to match.
Today, 12 years later, Curry has made a dozen different shoes for Baltimore-based Under Armour and has developed a line of signature products that includes footwear and apparel. In 2023, the brand signed a new long-term extension and made Curry the president of the newly formed Curry Brand, housed under the company’s banner.
As part of that deal, the 11-time NBA All-Star was given 8.8 million Under Armour common shares, valued at $75 million at the time, in addition to other awards and incentives.
While Curry has profited handsomely from his success at Under Armour, the brand has had its share of ups and downs. Changes in leadership, strategy and competition have led to dramatic declines in Under Armour’s common stock price from an all-time high of $45.41 in 2016 to its current price of less than $6 per share.
Some speculate the turmoil has hindered Curry’s off-court prospects.
“In all honesty, if he would have stayed with Nike, his business would be a monster right now. A monster,” said Nico Harrison, general manager of the Dallas Mavericks who was Nike’s sports marketing director from 2002-2021, during a 2022 interview.
Elevating the under
Curry told CNBC that his relationship with Under Armour changed the way he thought about his off-court business.
“It was the first time I really took an equity position in the company, and then you started to understand how every decision that you make and how you leverage not just the brand of me, but all the resources and opportunities I have around me to create value,” he said.
Curry also said Under Armour’s underdog message resonated with him. Curry, at just 6-foot-2 and 185 pounds, isn’t the typical size of an NBA superstar.
“The NBA was a goal, but I wasn’t like plotting my way to get there,” Curry said. “I was just enjoying every step of the way.”
He has carried over the same mentality to his other businesses with a mantra of “elevate the under.”
As part of his contract with Under Armour, a portion of the Curry Brand’s yearly revenue is invested in under-resourced communities, such as Oakland, California. Curry became connected to Oakland after moving there when he first became a Warrior in 2009.
During NBA All-Star Weekend in February, Curry and Under Armour celebrated their 20th court refurbishment at Oakland’s McClymonds High School. The school received NBA-grade hardwood floors, new hoops, backboards and scoreboards.
Under Armour says the Curry Brand has trained 15,000 coaches, supported 125 basketball programs and had an impact on 300,000 kids around the world.
Curry has also helped pave the way for minorities in golf through his Underrated Golf Tour. Sponsors like Under Armour fund a series of regional tournaments to boost junior golfers of color.
“The way that I tried to be a trailblazer on the court, we want to do the exact same thing … leveraging that impact when it comes to what it does for the community,” Curry said. More
President Donald Trump has jolted retailers with his ever-changing tariff policies in recent months.
Investors have raised one question again and again on quarterly earnings calls in recent weeks: Will consumers see price hikes this year in response to tariffs?
Retailers like Costco and Best Buy said they have already raised some prices, while Walmart, Target and Macy’s plan to follow suit.
A person picks out clothing in a store as retailers compete to attract shoppers and try to maintain margins on Black Friday, one of the busiest shopping days of the year, at Woodbury Common Premium Outlets in Central Valley, New York, U.S. November 24, 2023.
Vincent Alban | Reuters
Consumers who hoped tariffs would not hit their wallets keep getting bad news.
As they reported earnings in recent weeks, multiple major retailers said they have already raised some prices or plan to hike them in the coming weeks to offset the duties. They include major grocers and consumer goods sellers Costco, Best Buy, Walmart and Target.
President Donald Trump’s ever-changing trade policy has roiled retailers as they try to plan their supply chains. On earnings calls, they faced the difficult task of trying to appease investors who want them to protect their bottom lines and shoppers who could balk at price hikes.
In some cases, companies have been explicit, citing the estimated toll tariffs will take on their bottom lines and breaking down which countries their supply chains rely on. Other retailers have been less forthcoming, avoiding the word “tariff” and instead blaming strategy shifts or price hikes on “macroeconomic uncertainty” — or simply refusing to point the finger at all.
Many retailers have reduced or withdrawn their full-year guidance because of tariffs. Companies such as Abercrombie & Fitch, Macy’s and Best Buy have slashed their profit outlooks. Meanwhile, American Eagle, Canada Goose, Ross and Mattel pulled their full-year guidance.
After Trump implemented steep tariffs on dozens of countries in April, his administration has temporarily cut them to lower — but still significant — levels. Imports from China face a 30% duty, while goods from many other nations are subject to a 10% duty. A federal trade court struck down many of those tariffs on Wednesday, only for an appeals court to reinstate them, adding to the uncertainty retailers face.
Economists on both sides of the aisle agree that tariffs are inflationary and the cost will likely be passed on to consumers, though government data has not showed a clear effect yet. A majority, 68%, of U.S. CEOs say they have either increased prices already or are considering doing so this year in the face of tariffs, according to a new survey by Chief Executive Group and AlixPartners.
Here’s a breakdown of what several major retailers have said about their plans to raise prices as a way to mitigate the tariff impact.
Brands that have already raised some prices
Customers look over personal health items displayed on April 18, 2025 at a Costco branch in Niantic, Connecticut.
Robert Nickelsberg | Getty Images
Costco
Executives of the warehouse club retailer told investors on Thursday that tariffs have forced the company to tweak its supply chain and raise prices in some cases. Costco has absorbed tariff costs for some goods, while it has increased prices in other instances, said CFO Gary Millerchip. For example, he said the retailer has held prices steady for staple items like bananas and pineapples sourced from Central and South America. Meanwhile, it has raised prices on flowers from those regions, since shoppers buy those less frequently.
Best Buy
Best Buy has already raised prices on some items to offset tariff costs, CEO Corie Barry said on a call with reporters. Changes took effect by mid-May. She declined to say which items are affected and called price hikes “the very last resort” for Best Buy.
SharkNinja
On SharkNinja’s latest earnings call in May, CEO Mark Barrocas said the company has already increased prices for several of its key products in response to tariffs and will “continue to look for additional opportunities” to do so. As an example, he said the company recently raised the price of one of its Ninja espresso machines from $499 to $549 and saw “no degradation in demand.” Some price hikes will stick and others will be dialed back, he said, depending on how consumers react.
In a March interview, Barrocas told CNBC that nearly all of the company’s production will be moved out of China by the end of 2025.
Newell Brands
Executives from Newell Brands, which owns stroller company Graco as well as Rubbermaid, Yankee Candle, Paper Mate and Sharpie, said during an April 30 earnings call that the company has raised prices on its baby gear by about 20%. The company said it is equipped to handle Trump’s tariffs, unless he raises duties on imports from China again, since the majority of baby gear sold in the U.S. is made in China.
Retailers that say they plan to increase prices
Fruit and vegetables are seen at a Walmart supermarket in Houston, Texas, on May 15, 2025.
Ronaldo Schemidt | Afp | Getty Images
Walmart
Walmart shoppers will likely see price increases toward the end of May and more in June because of tariffs, said Chief Financial Officer John David Rainey during an interview with CNBC earlier in May. Executives did not specify during the company’s most recent earnings call how much more Walmart customers could pay, but CEO Doug McMillon said items that could be affected are toys, electronics and some grocery items, including bananas, avocados, coffee and roses.
A shopper walks past a Nike store, as global markets brace for a hit to trade and growth caused by U.S. President Donald Trump’s decision to impose import tariffs on dozens of countries, in the King of Prussia Mall in King of Prussia, Pennsylvania, U.S., April 3, 2025.
Rachel Wisniewski | Reuters
Nike
Last week, Nike said it will raise prices on a wide range of products by June 1. Nike apparel and equipment for adults will increase between $2 and $10, a person familiar with the matter previously told CNBC, while footwear will see a hike between $5 and $10, depending on price point. The company did not say whether the decision was related to tariffs, though it makes about half its footwear in China and Vietnam, which currently face 30% and 10% duties, respectively.
People shop at a Target store on April 02, 2025 in the Flatbush neighborhood of the Brooklyn borough in New York City.
Michael M. Santiago | Getty Images
Target
Target will increase prices on certain products to help offset tariff costs, Chief Commercial Officer Rick Gomez said during the company’s latest earnings call in May. CEO Brian Cornell added that price changes are the “very last resort” for the company as it tries to mitigate effects of the duties. He declined to provide details when asked about the company’s plan for price hikes or whether it had already raised prices.
“We’re constantly adjusting pricing,” Cornell said. “Some are going up, some will be reduced, but that’s an ongoing effort that takes place each and every day.”
Mattel
Barbie parent Mattel said it will raise prices on some U.S. products “where necessary” to help offset levies. CEO Ynon Kreiz said on CNBC’s “Squawk Box” in May that the company plans to source less than 40% of its products from China by the end of the year and less than 25% from that country in the next two years.
Macy’s
Macy’s CEO Tony Spring said during an interview with CNBC that the retailer will hike certain prices and stop carrying other items to offset the hit from tariffs. He said the company will make “surgical” price adjustments.
Retailers that say they are considering price hikes
Ralph Lauren
Executives on Ralph Lauren’s May earnings call said the company is taking “selective pricing actions and strategic discount reductions” to help manage tariff impacts. CFO Justin Picicci said that Ralph Lauren is “assessing additional pricing actions” for the fall and next spring to mitigate tariffs. This is on top of the “proactive pricing” the company had already planned for the fall in North America and Asia. Executives said no single country accounts for more than 20% of the brand’s production volumes and most countries, including China, represent a single-digit percentage.
VF Corp
CEO Bracken Darrell said during May earnings that VF Corp, which includes brands The North Face, Vans, Timberland and Dickies, is going to be “very strategic” about pricing in response to tariffs. CFO Paul Vogel added that the company’s plans to offset the tariff impacts include cost management, sourcing relocations and “pricing actions.” Vogel said that the company’s top four sourcing countries are Vietnam, Bangladesh, Cambodia and Indonesia, in that order, and that China accounts for less than 2% of the company’s total costs coming into the U.S.
Companies that say they will not raise prices
People shop for lumber from a Home Depot store in Alhambra, California on April 10, 2025.
Frederic J. Brown | Afp | Getty Images
Home Depot
Last week, Home Depot broke away from the other retailers when CFO Richard McPhail told CNBC in an interview that the company intends to “generally maintain our current pricing levels across our portfolio.” He said more than half of what the company sells comes from the U.S. Home Depot has diversified its sourcing, he said, so that by this time next year, no single country outside of the U.S. will account for more than 10% of the retailer’s purchases. More
American Airlines and United Airlines are upgrading their international business-class seats.
It’s part of a growing trend as airlines race to update their premium cabins with doors, .
Carriers are betting that customers will continue to splurge on more luxurious travel.
American Airlines new business-class suite.
American Airlines
DALLAS — Armed with dollops of caviar and handfuls of Bang & Olufsen headphones, U.S. airlines are duking it out for international business-class dominance. There are even differences between seats in the same cabin.
Next week, American Airlines plans to start flying its upgraded business-class “suites” that feature today’s premium-class must-have — a sliding door — and other features like a “trinket tray” and a wireless charging pad.
Within the cabins on its subset of Boeing Dreamliners, which American is calling the 787-9P (the P stands for premium), there will be eight “Preferred” suites that the airline says will have 42% more “living area.” They’ll be first come, first serve with no upcharge, at least for now.
United Airlines is hoping to outdo its rivals by putting doors on its Polaris long-haul business class seats; creating a new option at the front of the cabin called “Polaris Studio,” which has an ottoman (for a visitor); and installing 27-inch 4K screens. The studios are 25% larger than regular suites, United says. It hasn’t yet said how much more it will charge for the studios over the standard suites.
Having an even-higher tier of seats within long-haul top-tier classes has been catching on.
Virgin Atlantic has the “Retreat Suite” at the front of Upper Class on its Airbus A330s and Lufthansa is offering a two-person suite in its new Allegris first class that can be converted into a double bed. Etihad has a three-room option called “The Residence” on Airbus A380s, which can cost $20,000 or more for a one-way ticket between New York and Abu Dhabi, though the airline varies how it uses those jets.
“The experience here is a way to give not only our existing customers a wider range of products to pick from,” Andrew Nocella, United’s chief commercial officer, told reporters earlier this month. “We just didn’t have something better, and now we do.”
American and United took a page from Delta Air Lines, the most profitable U.S. carrier, which already offers suites with sliding doors in its Delta One cabin. The Atlanta-based carrier, in turn, last year opened a dedicated lounge for the highest-tier customers, a move American and United had already made.
Betting on business
United Airlines’ new Polaris cabin configuration.
United Airlines
Business-class tickets are costly for many consumers. A ticket aboard American’s new suite, leaving Aug. 8 and returning a week later, is going for $5,747 from Philadelphia to London, compared with $867 in standard coach.
Getting more customers to pay up for pricier seats is key for an industry with high costs and thin margins. Delta had a 7.6% pretax margin last year, United had 7.3%, while American’s was 2.1%, and the broader S&P 500’s was 12.8%, according to FactSet data.
Airline executives are banking more than ever that consumers will continue to splurge on better travel experiences despite weaker-than-expected demand for lower-priced tickets like domestic coach this year.
“I think it’s growing this much because the experience in economy is so bad,” said Robert Mann, who worked at several airlines and is president of aviation consulting firm R.W. Mann & Co.
Read more CNBC airline news
Airlines have been updating their cabins for years and they have become so elaborate that they have slowed down some aircraft deliveries because of supply chain snarls and bottlenecks in regulators’ certification.
American is using the new suites in a combined, larger business-class for international travel, and getting rid of its first class, for the most part. By many measures, though, including space and amenities, the service is higher end than many “first class” cabins of the past.
“Really, business [class] is starting to become so similar it was hard to really differentiate, and we want to make sure we offer as many business-class seats as we can,” said Heather Garboden, American’s chief customer officer.
The name matters.
“A lot of corporations will not permit the purchase of first class, but they will permit business class,” said Mann.
Airline executives have been confident about their push to invest billions in the more luxurious cabins, brushing off signs of a possible economic downturn.
“We’re at a really uncertain economic time right now and premium demand has remained solid,” Garboden said.
Wealthier people “tend to do OK even in a recession,” Mann noted.
The number of premium seats is rising along with the experience.
American said by the end of the decade it will increase its lie-flat seats and premium economy seating by 50%. The airline also recently said it will offer free satellite Wi-Fi to its loyalty program members, following Delta and United.
United is also growing its cabin with its Boeing 787-9 Dreamliners outfitted with eight “Polaris Studios,” in a 1-2-1 configuration and 56 Polaris business class suites. Currently, the planes only have 48 Polaris seats.
It expects to have 30 Dreamliners with the new interior by 2027 but a first flight, between United’s San Francisco hub and Singapore, is set for early 2026, the airline said earlier this month.
Softer touches
United Airlines new Polaris cabin configuration
United Airlines
The carriers are also trying to raise the bar on the so-called “soft product” like plush bedding and comforts like noise-cancelling headphones.
American announced last month that it won’t collect its Bang & Olufsen headphones from Flagship travelers before landing so they can keep watching movies and other entertainment longer.
“Polaris food and beverage offerings are being upgraded at the same time with enhanced meal choices on all new dishware, glassware and fresh white linens,” United’s Nocella said. “We’ve even added red pepper flakes in addition to salt and pepper so passengers can spice up their meals.”
While the top-tier business class is offering higher tech and more high-touch service, the carriers don’t have the over-the-top amenities of international airlines.
United is planning an amuse bouche of Ossetra caviar for Polaris. Meanwhile, in first class in Emirates , which has larger aircraft with the Airbus A380, travelers have access to showers on board and “unlimited” caviar service.
For some, good service is simpler.
“I could be sitting up front or I can be sitting in the back but if the plane’s late, the plane’s late,” Mann said. More
Costco on Thursday posted quarterly earnings and revenue that topped estimates as the warehouse club’s sales climbed 8%.
The membership club could benefit from tariff volatility as it offers bulk discounts and competitive prices.
On the company’s earnings call, CEO Ron Vachris said Costco rushed shipments ahead of tariffs and has rerouted goods from countries with higher tariffs to non-U.S. markets.
The sign on the side of a Costco is seen in Hawthorne, California, on April 4, 2025.
Jay L Clendenin | Getty Images
Shares of Costco fell slightly on Thursday, despite the warehouse club posting quarterly earnings and revenue that topped estimates and reporting 8% year-over-year sales gains.
Unlike many retailers, Costco does not provide an annual outlook. Yet the company’s leaders spoke on an earnings call about the challenges and higher costs tariffs have meant for its business
Here’s how the warehouse club retailer did in its fiscal third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: $4.28 vs. $4.24 expected
Revenue: $63.21 billion vs. $63.19 billion expected
Costco’s net income for the three-month period that ended May 11 rose to $1.90 billion, or $4.28 per share, compared with $1.68 billion, or $3.78 a year earlier. Revenue rose from $58.52 billion in the year-ago period.
Comparable sales, an industry metric that takes out one-time factors such as store openings and closures, rose 8%, and e-commerce sales rose nearly 16% compared with the year-ago period, excluding gas and the impact of changes to foreign exchange.
As tariffs raise economic worries, and potentially consumer prices, Costco could stand to benefit. Unpredictable tariff policy could help drive more customers to the warehouse club, which is known for its competitive prices and bulk discounts, and encourage them to renew membership. Its clubs also sell discounted gas and groceries, which are steadier traffic drivers even when consumers pull back on spending. And compared with some other retailers, Costco has a stronger hand in price negotiations with suppliers because of its large size.
About a third of Costco’s U.S. sales are goods brought in from other countries, CFO Gary Millerchip said on the company’s earnings call. He said items imported from China represent about 8% of total US sales.
Some retailers have already warned that higher tariffs will mean higher prices. Best Buy CEO Corie Barry said Thursday that the retailer had already raised prices on some consumer electronics because of tariffs. Cosmetics company E.l.f. Beauty announced a price increase on its makeup last week. And Walmart CFO John David Rainey warned earlier this month that higher prices were coming to the discounter’s stores and website in late May or June.
On the company’s earnings call, CEO Ron Vachris said Costco has looked for ways to reduce tariff costs while keeping prices low. He said its buyers rushed orders to get them to the U.S. ahead of tariffs. It has rerouted goods from countries with higher tariffs to non-U.S. markets. And it’s sourced more items for its private brand, Kirkland Signature, in the countries or regions where the items are sold.
Even with tariffs, he said, Costco has lowered the price of some items including eggs, butter and olive oil. He said it’s also trying to lean into reasons that customers might sign up for or renew membership, such as extending the hours of its gas stations that sell discounted fuel.
Compared to other retailers, Costco sells a slimmer variety of items like having fewer different brands of peanut butter or diapers. Millerchip said that limited approach means Costco is a bigger buyer and can work more closely with suppliers on pricing. He said Costco can also rotate to other items, if needed.
In some cases, Costco has absorbed tariff-related cost differences and in other cases, it has raised prices, Millerchip said. For example, the retailer decided to hold the line on the price of pineapples and bananas from Central and South America because they are staple items for shoppers, he said.
“We felt it was important to to really eliminate the impact there for the member by working with our suppliers and by us finding efficiencies and accepting that there may be a margin impact,” he said.
On the other hand, he said, it decided to increase the price for flowers from Central and South America since those are a more discretionary items.
As of Thursday’s close, shares of Costco are up about 10% so far this year. That has outpaced the S&P 500’s less than 1% gains during the same period. More
Gap delivered another strong earnings beat, but President Donald Trump’s trade war is weighing on its turnaround.
Tariffs could cost the company between $250 million and $300 million, it said, but with mitigation efforts it expects the cost to be between $100 million and $150 million.
CEO Richard Dickson told CNBC it plans to diversify its supply chain and reduce its exposure to China and that it isn’t planning for “meaningful” price increases.
People walk past the entrance of a Gap store in Paris, France, July 1, 2021.
Sarah Meyssonnier | Reuters
New tariffs could impact Gap’s business by $100 million to $150 million, if they remain in effect, the company said Thursday when announcing fiscal first-quarter earnings.
Shares fell more than 15% in after-hours trading.
In a news release, Gap said new 30% duties on imports from China and a 10% levy on imports from most other countries will cost the company between $250 million and $300 million without mitigation efforts. For now, it’s leaving that impact out of its guidance.
Gap said it’s already mitigated about half of those costs and without further action, the cost is expected to be between $100 million and $150 million, which will likely show up on the balance sheet in the back half of the year. The company said it’s going to build on its mitigation efforts by continuing to diversify its supply chain and reducing its exposure to China.
CEO Richard Dickson said on a conference call with investors Thursday that the company is planning to buy more cotton from the U.S. to help mitigate the tariff impact.
“Based on what we know today, we do not expect there to be meaningful price increases or impact to our consumer,” Dickson told CNBC in an interview. “I’ve talked about this often: We truly believe that strong brands can win in any market. It’s a big industry. It’s a big market. Obviously we’re a big player with market share, but as we look ahead, we see the potential to further market our brands and gain share.”
Beyond tariffs, Gap issued fiscal first-quarter results that beat expectations on the top and bottom lines.
Here’s how the apparel company performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:
Earnings per share: 51 cents vs. 45 cents expected
Revenue: $3.46 billion vs. $3.42 billion expected
The company’s reported net income for the three-month period that ended May 3 was $193 million, or 51 cents per share, compared with $158 million, or 41 cents per share, a year earlier.
Sales rose to $3.46 billion, up about 2% from $3.39 billion a year earlier.
Gap’s guidance was largely in line with consensus, but its gross margin forecast came in weaker than expected. It’s expecting full-year sales to grow between 1% and 2%, in line with LSEG expectations of 1.3% growth.
For the current quarter, it said it expects sales to be flat, compared with LSEG expectations of 0.2% growth. It’s expecting its gross margin to be 41.8%, weaker than the 42.5% that StreetAccount had expected. That expected impact to gross margin isn’t related to tariff effects, but rather the company lapping certain benefits it saw in the year-ago period related to its credit card program.
In March, before President Donald Trump issued new tariffs on imports from most parts of the world, the company was expecting a minimal impact from the duties. But three months later, it’s in a different position.
In March, Gap said it sources less than 10% of its products from China, but it now expects the country to represent less than 3% of its sourcing by the end of the year. The Trump administration imposed a new 30% tariff on imports from China.
Its two largest trading partners are Vietnam and Indonesia, where Gap manufactured 27% and 19% of its products in fiscal 2024, respectively, according to its most recent annual filing. Vietnam is facing a potential 46% reciprocal tariff and, if that duty remains in effect, it could have a significant impact on Gap’s income.
Trump’s trade war and the duties that are currently in effect are throwing a wrench into Dickson’s plans to turn around the legacy retailer — efforts that are well underway and continuing to bear fruit.
During the quarter, comparable sales grew 2%, the company said, essentially in line with StreetAccount expectations of 1.8%. Gross margin and operating margin also came in higher than expected.
Here’s a closer look at each Gap brand’s performance.
Old Navy: Gap’s largest and most important brand notched sales of $2 billion, up 3% compared with last year, the company said. Comparable sales grew 3%, it said, ahead of StreetAccount expectations of 2.1%. Denim and active led the brand’s growth, which was buoyed by marketing designed to get all of Gap’s brands back at the center of culture. Old Navy’s new campaign “Old Navy. New Moves” features celebrities including Lindsay Lohan and Dylan Efron.
Gap: The company’s namesake banner saw sales of $724 million, up 5% compared to last year. Comparable sales were up 5%, ahead of expectations of 3.4%. Dickson has focused much of his turnaround efforts on the Gap brand, and it’s been a standout performer over the last couple of quarters. Gap brand’s growth was fueled by “style, product newness, innovation and compelling marketing,” Dickson said. “Gap is speaking for itself, and people are speaking about Gap.”
Banana Republic: The safari chic brand is still seeing troubles, with sales down 3% to $428 million and comparable sales flat, compared with expectations of 1.5% growth. The company said it remains focused on improving the brand. Dickson said he’s “encouraged” by the progress Banana is making — such as its splashy collaboration with HBO’s hit show “The White Lotus” — but there’s still more work to be done to win back the customer’s trust.
Athleta: The athleisure brand has also been a drag on Gap’s overall performance, with sales down 6% to $308 million and comparable sales down 8%. The figures were not comparable to consensus estimates. The company warned improvements at Athleta “will take time.” Dickson said the brand has made strides in improving profitability but it needs to fix product and marketing to get Athleta back to growth. The company said previously it’s still working through inventory that was geared more toward trend-forward customers and didn’t land as well with Athleta’s base. “While we’ve been successful in bringing new customers into the brand, we just still did not have enough compelling products to appeal to our large existing base, and that’s showing up in the performance,” Dickson said. More
