Tipsheet: JCP +2.6% | F.Locker -3.7% | BuzzFeed WM Buddy | Publix +3.2%
Amazon, Walmart and Target squeeze grocery chains on price by Jason Del Rey at Recode. “Across a selection of 15 of the most searched-for grocery items on Basket, Walmart’s prices were 16 percent cheaper than regional and local grocers on average during a recent February week. Prices at Target and Amazon Fresh were 13 percent and 4 percent cheaper, respectively.” Chart/Read more
JCPenney Q4 Comp Sales +2.6% Press release
…JCPenney’s stock tumbles on revenue miss for the holiday quarter at CNBC. “In 2018, we will intensify our market share efforts in Appliances, Mattresses and Furniture, while continuing to take steps to modernize our apparel assortment and omni-channel,” CEO Marvin Ellison said in a statement.” Read more
…JCPenney lays off employees at its Plano headquarters by Maria Halkias at Dallas Morning News. “The retailer confirmed that cuts have been made, but declined to give specific details. A spokesman said there will be more information after the company reports fourth quarter results Friday morning.” Read more (tiered subs.)
Gap Q4 Comp Sales +5.0% (vs. 1.7% expected): Old Navy Global +9.0%, Gap Global flat, Banana Republic Global +1.0% Press release
…Gap shares soar on earnings beat at CNBC. “Its shares popped more than 10 percent in after-hours trading on the news. Revenue: $4.78 billion vs. $4.67 billion expected. Comp sales: up 5 percent vs. growth of 1.7 percent expected.” Read more
Nordstrom Q4 Comp Sales +2.6% Press release
…Nordstrom stock tumbles after earnings miss expectations at CNBC. “Nordstrom reported net earnings for the quarter of $151 million, down from $201 million the same quarter the year prior…It attributed its weaker earnings to pre-opening costs associated with men’s flagship in New York, as well as other Nordstrom Racks.” Read more
Publix Q4 Comp Sales +3.2% Press release
**A message from 2018 Sweets & Snacks Expo – Be first to market with the newest candy and snack products! See the 2017 Innovation Winners. Put yourself in the center of the single largest gathering of confectionery & snack companies under one roof – schedule your trip now! Chicago, May 22-24, 2018. Website | Exhibitors
Lowe’s Names 3 New Creative Agency Partners in Unique Regional Realignment by Patrick Coffee at Adweek. “Lowe’s has announced its new creative agency roster after ending a 12-year relationship with BBDO and abandoning the agency of record model. As Adweek’s AgencySpy reported in January, the three agencies are located in very distinct regions of the country: Conill in Los Angeles, Via Agency of Maine and South Carolina’s EP+Co.” Read more
Barnes & Noble Q3 Comp Sales -5.8% Press release
Nordstrom’s Biggest Bet Ever by Christina Binkley at Wall Street Journal. “In a rented warehouse in the Seattle suburbs, Nordstrom Inc.executives have built a life-size mock-up of each floor of their latest men’s department store. It is furnished with a blend of actual shelving and dummy plywood tables, creating a surreal retail theater 45 minutes from Nordstrom’s downtown headquarters. The real thing is set to open in New York City in April, on Broadway between 57th and 58th streets…” Read more (subs.)
Floor & Decor Q4 Comp Sales +24.4% Press release
Harvard Business Review: Why Walmart Expanded Parental Leave by Sarah Green Carmichael Read more
BuzzFeed has a new business model, so it’s selling its own line of kitchen tools at Walmart by Peter Kafka at Recode. “The idea: Walmart benefits because BuzzFeed will use its extensive online reach to drive consumers to its stores and digital properties; BuzzFeed will benefit by getting a piece of the retail sales, plus a deeper relationship with a powerful partner.” Read more
Foot Locker Q4 Comp Sales -3.7% Press release
Overstock CEO on SEC probe: ‘It’s great that they’re doing this’ by Matthew Kazin at Fox Business. Read more
Decision deadline for Cabela’s HQ employees by Paige Yowell at Omaha World-Herald. “Two weeks ago, Cabela’s employees in Sidney, Nebraska, were given a choice: quit now and take a bonus, or stay on with the company and test your fate. Thursday was the deadline for employees to make that decision…Bass Pro didn’t yet know how many employees had accepted the buyout offer.” Read more
L.L. Bean raises minimum age for gun purchases to 21 at CNN Money. Read more
REI temporarily halts sale of products made by gun maker Vista Outdoor at CNBC. “REI, which does not sell guns, said it paused selling Vista products like its Camelbak water bottles and Camp Chef stoves. In addition to the sporting goods products it sells in REI, Vista also makes rifles under its Savage Arms brand.” Read more
Tipsheet Extra Stories
Walmart Wants To Sell The Freshest Produce, And It’s Using iPhones To Do It
iHeartRadio Prepares for Bankruptcy as Soon as This Weekend
Graco Is Recalling a Highchair Sold at Walmart After Reports of Child Injuries
Even Pink sales are sagging for Victoria’s Secret
Nordstrom will no longer report its online and in-store sales separately
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