Business

If you had to define the indispensable power of a leader, which would you pick? Would it be probing intelligence? Boundless energy? Or perhaps just being lucky? One ability may not come to mind for many, but really should. For if there is a talent that every boss needs to master, it’s the ability to say the same thing over and over and over again without seeming bored. More

THERE ARE few more potent symbols of American capitalism than a Walmart supercentre, its endless aisles heaving under the weight of as many as 150,000 different products, from fresh avocados to fancy Zojirushi rice cookers. Similarly, there are few more visible emblems of the ties that bind America’s and Mexico’s economies than those supercentres catering to shoppers south of the Rio Grande. More

On March 20th the 109 members of the International Olympic Committee (IOC)—a group that includes the grand duke of Luxembourg, a former Costa Rican president and an Oscar-winning actress from Malaysia—will gather at a luxury resort in Greece to elect their new president. The job is one of the most powerful in global sport. More than 200 countries take part in the games. The IOC’s budget is in the billions of dollars and many sports rely on it to survive. The outgoing president, Thomas Bach of Germany (pictured), has been a steady hand on the tiller. During his 12 years in office he has overseen a steep rise in revenue while steering the games through the Russian doping scandal and the covid-19 pandemic. His successor will take charge at a time when difficult decisions loom. More

THE BATTLE for control of Seven & i, the Japanese owner of 7-Eleven, has taken a number of surprising turns since Alimentation-Couche Tard (ACT), a Canadian retailer, offered to acquire the company in August. Seven & i has been looking for ways to wriggle out of the takeover ever since. First came a rival proposal for a management buyout orchestrated by the company’s founding Ito family, which collapsed owing to difficulties securing funding. Then earlier this month the company appointed its first foreign chief executive, Stephen Dacus, an American. Mr Dacus has outlined a sweeping restructuring plan including an initial public offering of its American subsidiary next year, the sale of York Holdings, its supermarket chain, and a hefty share buyback. More

Monarch Collective, an investment firm focused on women’s sports, has received further funding from its backers to increase the size of its investment fund from $150 million to $250 million.
The firm launched in 2023 and counts minority investments in the NWSL’s Angel City FC, BOS Nation and the San Diego Wave.
Monarch investors Melinda French Gates’ Pivotal Ventures and Hello Sunshine CEO Sarah Harden recently upped their funding.

Claire Emslie #10 of Angel City FC passes against the Bay FC in the first half at PayPal Park on June 22, 2024 in San Jose, California. (Photo by Eakin Howard/Getty Images)
Eakin Howard | Getty Images

Billionaire-backed investment firm Monarch Collective has expanded the size of its fund in light of the continued surge in popularity of women’s sports.
The fund, which launched in 2023 is expanding from $150 million to $250 million, with most of the additional capital coming from existing investors, which include Melina French Gates’ Pivotal Ventures, Hello Sunshine CEO Sarah Harden, and former Netflix executive Cindy Holland and partner Annie Imhoff.

New investors have come on board, too, the firm said in an announcement Thursday, including Beth Brooke, Ernst & Young’s former global vice chairman of public policy, and Elizabeth Yee, executive vice president of programs at The Rockefeller Foundation.
“We’ll be the largest fund in women’s sports,” said Kara Nortman, Monarch co-founder and managing partner. “You hear a lot of noise about people starting it now, but we’ve been at it for awhile.”
Monarch Collective formed to invest exclusively in women’s sports, particularly in leagues, teams and media rights.
Prior to Monarch, Nortman worked at a venture capital firm and was previously co-head of the mergers and acquisitions group at IAC. She also co-founded the National Women’s Soccer League’s Angel City FC in 2020. She started the firm alongside Jasmine Robinson, who was most recently at Causeway, a growth stage investment fund focused on sports, media, gaming and fitness. She also held investment roles at various firms, as well as the NFL’s San Francisco 49ers.
Monarch typically takes minority stakes with its investments, but works closely with the owners of teams, Nortman said.

“We’re doing day-to-day, hands-on work alongside the control owner in terms of hiring teams, designing practice facilities, being a sounding board when something goes right or something goes wrong, really thinking through what is the unique fan experience in this [team’s] market and how does it tie to the [team’s] mission,” said Nortman. “And the amount of capital we could put to work against that has gone up.”
So far, Monarch has invested in three NWSL teams — Angel City FC, BOS Nation and the San Diego Wave. Last year, Angel City sold a controlling stake to journalist Willow Bay and Disney CEO Bob Iger for an undisclosed sum that valued the team at $250 million. The firm said it was the highest valuation on record for a professional women’s sports team.
Monarch was founded on the cusp of what has become one of the biggest spikes in popularity for women’s sports in years, if ever. In particular, rookie stars Caitlin Clark and Angel Reese helped to lift the Women’s National Basketball Association to record ratings last season, and in general, the audience around women’s sports has gained ground and attracted more advertisers.
As a result, investors are keen to take part in the growth.
“There’s no denying that women’s sports is surging, and that we’re also pioneers and experts in this. So people kept coming to us, wanting to work with us to build out business plans or really look at things before they even become investable,” Nortman said.
Monarch plans to invest in both U.S. and international teams in the near term, according to Thursday’s release.
“We tend to focus on the most mature women’s sports — so the ones where we see a path for media revenue to go up and to the right very predictably,” Nortman said. “The core thesis is that we can build to break even, or close to it, with team level revenues.”
Media rights for the WNBA, for example, could see a price reevaluation after the 2028 season to account for its recent growth in popularity, CNBC reported last year. The WNBA media rights were negotiated as part of the larger $77 billion NBA agreement, which begins next season. The WNBA-specific contract is valued at $2.2 billion over 11 seasons.

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Dollar General narrowly exceeded expectations on revenue for the fourth quarter.
The company initiated a store portfolio review that significantly impacted operating profit and earnings.
Dollar General expects same-store sales to grow between 1.2% and 2.2% in 2025.

A Dollar General store in Germantown, New York, on Nov. 30, 2023.
Angus Mordant/Bloomberg via Getty Images

Dollar General on Thursday reported fiscal fourth-quarter revenue that narrowly beat Wall Street estimates, while a store portfolio review cut into the chain’s profit.
As part of the reevaluation, the dollar-store chain said it will close 96 Dollar General stores and 45 Popshelf stores and will convert six other Popshelf stores into flagship banner locations in the first quarter. Popshelf stores cater to higher-income shoppers seeking inexpensive products.

Shares of the company rose 5% in premarket trading Thursday.
Here’s how the discounter did compared with what Wall Street was expecting for the quarter ended Jan. 31, based on a survey of analysts by LSEG:

Earnings per share: 87 cents. That may not compare with an estimate of $1.50.
Revenue: $10.3 billion vs. $10.26 billion expected

Fourth-quarter revenue rose 4.5% from $9.86 billion during the same quarter in 2023. Revenue for the full year came in at $40.61 billion, up almost 5% from $38.69 billion in 2023.
For fiscal 2025, the chain forecasts revenue to grow between 3.4% and 4.4%, while Wall Street was expecting annual growth of 4.1%, according to LSEG. Dollar General expects earnings per share for the year to come in between $5.10 and $5.80, slightly under the $5.85 anticipated by analysts, according to LSEG.
Dollar General reported fourth-quarter net income of $191 million, or 87 cents per share, compared with net income of $402 million, or $1.83 per share, during the same quarter a year prior.

The discounter said its portfolio review impacted earnings per share by 81 cents.
Operating profit for the quarter fell over 49% year over year to $294 million. The company attributed $232 million in charges to the store closures from the portfolio review as well as Popshelf impairment charges.
“As we look to build on the substantial progress we made on our Back to Basics work in fiscal 2024, we believe this review was appropriate to further strengthen the foundation of our business,” said Dollar General CEO Todd Vasos in a news release. “While the number of closings represents less than one percent of our overall store base, we believe this decision better positions us to serve our customers and communities.”
Same-store sales, which Dollar General defines as revenue from stores open for at least 13 months, grew 1.2% year over year for the quarter. They’re expected to grow 1.2% to 2.2% for the coming fiscal year, the company said.
Dollar General announced in December that it was testing same-day delivery for customers. As inflation takes a toll on lower-income consumers, dollar stores like Dollar General and Dollar Tree have faced increased competition from retailers like Walmart with greater e-commerce presences.
In January, Dollar General said it would begin selling about 100 new private-brand products, most of which will fall under its Clover Valley label and includes items such as honey mustard and cinnamon rolls, in the first quarter.

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American Eagle said shoppers are pulling back on spending as it issued mixed holiday-quarter results.
The apparel retailer beat on the bottom line and posted comparable sales that came in better than expected.
“Entering 2025, the first quarter is off to a slower start than expected, reflecting less robust demand and colder weather,” CEO Jay Schottenstein said in a news release.

American clothing and accessories retailer American Eagle store seen in Hong Kong.
Budrul Chukrut | Lightrocket | Getty Images

American Eagle warned investors on Wednesday that consumers are pulling back on spending and it’s seen a “slower start” to the year than it expected. 
“Entering 2025, the first quarter is off to a slower start than expected, reflecting less robust demand and colder weather,” CEO Jay Schottenstein said in a news release. “While we anticipate improvement as the Spring season gets underway, we are also taking proactive steps to strengthen the top-line, manage inventory and reduce expenses. As we navigate through an uncertain consumer and operating landscape, we will also remain focused on our long-term strategic priorities.” 

Shares fell about 5% in extended trading.
The downbeat commentary, which came along with weak guidance for the current quarter and year ahead, is the latest warning sign that the consumer might be slowing down as shoppers contend with persistent inflation and concerns around tariffs.
Over the past couple of weeks, a string of other retailers, including both strong companies and ones that tend to struggle, issued weak guidance and cautious commentary about the current macroeconomic conditions and warned 2025 might be a weaker than expected year for sales. 
Beyond its outlook, American Eagle issued mixed holiday results and comparable sales that beat expectations. Here’s how the apparel company did in its fiscal fourth quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

Earnings per share: 54 cents vs. 50 cents expected
Revenue: $1.60 billion vs. $1.60 billion expected

The company’s reported net income for the three-month period that ended Feb. 1 was $104 million, or 54 cents per share, compared with $6.31 million, or 3 cents per share, a year earlier.

Sales dropped to $1.60 billion, down slightly from $1.68 billion a year earlier. Similar to other retailers, American Eagle benefited from an extra week in the year-ago period, which has negatively skewed results.
Comparable sales, which don’t include the effect of one less selling week, were up 3% during the quarter, ahead of expectations of up 2.1%, according to StreetAccount. Aerie, American Eagle’s intimates and activewear line, drove the company’s growth during the quarter with comps up 6%. Meanwhile, the company’s namesake banner saw comparable sales up 1%.
For the current quarter, American Eagle is expecting to see a mid-single-digit decline in sales, while analysts expected revenue to increase 1.3%, according to LSEG. For the full year, it is expecting sales to decline by a low single digit, compared with expectations of 3% growth, according to LSEG.
On a call with analysts, finance chief Michael Mathias said Aerie sales are expected to be positive for the year but that growth will be offset by a steeper decline at the American Eagle banner.
Tariffs are also expected to weigh on results, Mathias said. The company currently sources just under 20% of its products from China and is expecting a $5 million to $10 million hit from the new duties in fiscal 2025, which will also affect American Eagle’s gross margin. At the moment, the company isn’t planning on passing those costs on to the consumer and is working to get its China exposure down to under 10% by the end of the fiscal year, Mathias said.
Over the past year, American Eagle has made significant strides in improving profitability but has seen slower sales growth. In the three prior quarters, it missed Wall Street’s sales expectations, and on Wednesday, it issued revenue numbers that were in line with analysts’ forecasts but didn’t exceed them. 
During the quarter, the company acknowledged it had some product misses and had certain items that were out of stock, which affected sales, but American Eagle’s stores are also weighing on its results. The company still has a large mall footprint, and while there are some signals that malls are seeing a resurgence, traffic is still down significantly at U.S. malls, which means fewer people are coming into the retailer’s stores. For example, online sales are expected to be positive during the first quarter while store sales are expected to fall steeper than a mid-single-digit.
To combat the effect of declining malls, rival Abercrombie & Fitch has worked to move its stores to locations outside of malls while American Eagle has been working to remodel its existing fleet. Currently, the company’s stores are on average 12 years old, and it’s working to get that down to seven. In fiscal 2024, it remodeled around 56 stores, and in the year ahead, the company plans to remodel between 90 and 100 doors as part of its $300 million capex guidance.
In prior quarters, American Eagle has said it’s been contending with an uncertain economic environment and a consumer that tends to only come out and shop during key moments, but now a wide range of other retailers are reporting similar dynamics as cracks in the economy spread.
In February, consumer confidence saw the biggest drop since 2021, job growth slowed more than expected and unemployment ticked up. These signals and the effect they’ve had on the markets have led to concerns that a recession could be coming, especially if President Donald Trump’s trade war with Canada, Mexico and China continues.
A slowing economy is bad news for any retailer but especially those that primarily sell discretionary goods such as new clothes. During a call with analysts, Schottenstein shared his thoughts on the consumer and said the biggest thing affecting shoppers is uncertainty.
“They have the fear of the unknown, not just tariffs, not just inflation. They see the government cutting people off. They don’t know how that’s going to affect them. They see programs being cut, they don’t know how that’s gonna affect them,” said Schottenstein. “They just don’t know how it’s gonna affect them … they get very conservative.”

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Lennar and Icon, a 3D technology company, partnered to print 100 homes in Georgetown, Texas. The real estate company says about 75% of them have already sold.
The homes have all the amenities of a conventionally built Lennar community. They come in 2- and 3-bedroom models and start at just under $400,000.
The companies are planning a second development in Texas, with more homes and at lower cost.

Just outside Austin, in Georgetown, Texas, brand new planned communities sprawl out as far as the eye can see, which is pretty far in this part of the country. But one small subdivision instantly draws focus. Just completed, it is now the world’s largest 3D-printed community.
Two years ago, Lennar, the nation’s second-largest homebuilder, partnered with Icon, a 3D technology company, to print 100 homes in the Wolf Ranch development. The companies say about 75% of them have already sold.

All the walls have rounded edges, as that’s how the printers navigate with the concrete. The layering process makes it feel like hard, wide-wale corduroy. The roofing is the only part of the structures not 3D-printed, and, in this community, is made of metal. Each home is solar-powered.

Lennar and Icon 3D printed homes.
Diana Olick | CNBC

“We have a durable product here that if you look at its wind resistance for hurricanes, its fire resistance for fire-worn areas — the ability to adapt modern product to what we need for the future in housing and building a healthier housing market is amazing,” said Stuart Miller, chairman and co-CEO of Lennar.
Icon started the project at Wolf Ranch in 2022, using two 40-foot robotic printers. By the second year, the company was using 11 machines, cutting print time in half and squeezing out two homes per week. Each printer does the job of more than a dozen construction workers. The systems operated 24 hours a day.
“All the learnings about this technology need to happen at scale,” said Jason Ballard, CEO of Icon. “The truth is in the field, not in the lab.”
Ballard said his team had to work out large-scale logistics with Lennar’s teams, everything from laying foundations to printing walls, installing interior systems and adding roofing.

“Figuring out how to integrate with Lennar’s operations, who are probably the best scale builders in the world, was a real growing up moment for our company,” Ballard said.

Lennar and Icon 3D printed homes. 
Diana Olick | CNBC

The homes have all the amenities of a conventionally built Lennar community. They come in 2- and 3-bedroom models and start at just under $400,000.
Holly Feekings and her husband, both retired, moved into their 3D-printed home about a year ago. She said the best part of living in the printed home is her electric bill — just $26 last month. Concrete retains its temperature, heat or cold air, better than her previous standard colonial, Feekings said. She also likes the home’s durability.
“I feel safer in this house than any house I’ve ever lived in, because it’s so well built, it’s not going to burn down,” said Feekings.
Around the corner, Pierre Megie and his girlfriend were drawn in by the look and feel of the home.
“We wanted tall doors, taller ceilings, cement floors, somehow, and this home had everything. Really just a combination of energy efficiency, the practicality, the price point, and then the aesthetics,” said Megie.

Lennar and Icon 3D printed homes. 
Diana Olick | CNBC

The community was an experiment for Lennar. The cost to stand it up, according to Miller and Ballard, was slightly higher than anticipated as they worked through the kinks.
Miller said Lennar is now planning its second 3D-printed community in Texas with Icon, roughly 200 homes, which will cost even less to build, given what the companies learned in Georgetown. The next community will have larger homes, and Ballard expects them to go up even faster, and cheaper.
“We’ve seen our costs go down by half. We’ve seen our cycle time go down by half. This is significant improvement in evolving a housing market that has the ability to change over time and being more adaptable and more functional in providing affordable and attainable housing for a broader swath of the market,” said Miller.
As for the rising risk of tariffs between U.S. and trade partners, Ballard said all of the concrete his company uses is sourced stateside. More