Tipsheet: JCP Chops Forecast | WM Can. Chops Waste | WM VP @ Breakfast | Barneys Likes Data
JC Penney chops 2017 comp sales, profit forecast; shares plummet at Reuters via CNBC. “Penney estimated it would post an adjusted loss of 40-45 cents per share in the quarter ending Oct. 28, much bigger than analysts average estimate of 18 cents…The company also said it now expects full-year comparable sales to be flat at best, while it had earlier forecast that sales could increase as much as 1 percent.” Read more
Wal-Mart is rolling out shelf-scanning robots in more than 50 U.S. stores by Nandita Bose at Reuters. “The approximately 2-foot (0.61-meter) robots come with a tower that is fitted with cameras that scan aisles to check stock and identify missing and misplaced items, incorrect prices and mislabeling. The robots pass that data to store employees, who then stock the shelves and fix errors.” Pic/Read more
Amazon beats street – sales rise 34% to $43.7B by Taylor Soper at GeekWire. “Also thanks to the Whole Foods deal, Amazon’s headcount is now at 541,900, up from 382,400 last quarter.” Read more
…Amazon breaks out “physical stores” sales for first time ever – is getting almost no revenue from its bookstores at CNBC. “The segment generated $1.28 billion in the quarter — roughly the same as the $1.3 billion Whole Foods produced for Amazon in the period. That means revenue from its other stores, like the 12 booksellers and 50-plus pop-up stores run by Amazon, is almost non-existent.” Read more
Despite Some Reservations, Barneys Is Going All-In on Data by Phil Wahba at Fortune. “This has probably been the biggest point of tension in the company.” (CEO) Vitale said at WWD’s Apparel and Retail CEO Summit in New York on Wednesday. She continued that some at the company felt “we would be less creative, or we would be too rigid or we wouldn’t be as experimental as we once were if we became a more data-centric company.” Read more
Walmart VP of store layout David Scogin talks shop at breakfast by Kim Souza at Talk Business. “He (Foran) asked who was responsible for designing the sink for handwashing and the surrounding layout. He quickly pointed out that because the soap was mounted on the wall beside the sink there was an a stain on the floor from where the soap had leaked because the employee had to move their hands toward the sink in order to wash them. He suggested we move the soap directly above the sink to avoid the spills and wasted soap,” (David) Scogin explained.” Read more
Gallup: Americans in Best Holiday Shopping Mood in Years “The chief indicator is a sharp increase in the amount Americans say they plan to spend on Christmas gifts — now $906, up from $785 in October 2016. That represents one of the biggest year-over-year increases in Gallup’s trend.” Read more
CVS makes more than $66 billion bid for Aetna at Reuters. “U.S. pharmacy operator CVS Health Corp has made an offer to acquire No. 3 U.S. health insurer Aetna Inc for more than $200 per share, or over $66 billion, people familiar with the matter said on Thursday.” Read more | WSJ article (subs.)
Amazon gains wholesale pharmacy licenses in multiple states by Samantha Liss at St.Louis Post-Dispatch. “According to a review of records by the St. Louis Post-Dispatch, Amazon has received approval for wholesale pharmacy licenses in at least 12 states, including Nevada, Arizona, North Dakota, Louisiana, Alabama, New Jersey, Michigan, Connecticut, Idaho, New Hampshire, Oregon and Tennessee. An application is currently pending in the state of Maine.” Read more
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Walmart says it has reduced food waste in Canada by 20% since CBC investigation at CBC News. “During one visit to a location in Pickering, Ont., there were 12 waist-high bins behind the store, full of bottles of water, frozen cherries that were still cold and packaged vegetables, still days away from their best-before date.” Read more
Nordstrom Doubles Down on Discount Format Amid Retail Woes by Lindsey Rupp at Bloomberg. “The job of shoring up Nordstrom Rack falls to longtime Nordstrom executive Karen McKibbin, who is debuting the chain’s latest store this week in New York City’s Herald Square neighborhood, just blocks from the iconic Macy’s Inc…“We’re doubled down on speed and experience,” McKibbin said in an interview. “We really see it as complementary.” Read more
Doug McMillon to Be Recognized by NRF as The Visionary 2018 “…an award given once a year to an outstanding retail industry leader, during the 2018 NRF Foundation Gala on January 14 in New York City.” Press release
Five Below opens store #600, and it’s also their new HQ by Suzette Parmley at Philly Enquirer. “The location (in Philly) will also be the retailer’s new corporate headquarters planned for early 2018 when 350 employees will move into 120,000 square feet on floors 2, 3, and 6 of the building.” Read more
Best Buy aims to slash carbon emissions 60% by 2020 Press release
Sears will reconnect with its oldest customers with holiday Wish Book, but won’t attract new ones by Tonya Garcia at MarketWatch. Read more
Shoppers will be able to buy FAO Schwarz signature toys at Bon-Ton Stores by Melanie Lawder at Milwaukee Business Journal. “…it’s rolling out FAO Schwarz-branded merchandise online and at 186 of its 260 department stores across the country. The retailer is holding a celebratory launch of the toy line on Nov. 4 at 10 a.m. at all participating stores.” Read more
GNC Q3 comp sales: Domestic company-owned stores +1.3%; domestic franchise locations -1.7% Press release
Tiffany bets NYC pop-up stores will renew sparkle by Lisa Fickenscher at NY Post. “The storied jeweler will open two tourist-focused pop-up stores in Manhattan next month — one in Grand Central Terminal and the other in Rockefeller Center, The Post has learned. It is believed to be the first time Tiffany’s has turned to pop-up stores in the US.” Read more
Pharmacist acquitted of murder in meningitis outbreak by Dave Canton at The Republican via Boston Business Journal. “Federal inspectors said injectable medical steroids were shipped from the center laced with mold, causing a 2012 outbreak of meningitis that killed 76 people and sickened hundreds more.” Read more
PriceSmart Q4 net sales +3.6% “The Company had 39 warehouse clubs in operation as of August 2017 compared to 38 warehouse clubs in operation as of August 2016.” Press release
Toxic Java? California Law Carries Big Fines, Little Evidence by Edvard Pettersonn at Bloomberg. “The burden of showing there’s no significant risk falls to the companies. 7-Eleven agreed this month to a settlement in which it will pay $900,000 and post warnings. The chemical in question is acrylamide, which forms when certain plant-based foods are baked, fried or roasted.” Read more
Tipsheet Extra Stories
Wal-Mart grows its private-label grocery offerings — and this one is Italian
Haribo accused of using slave labor to make candy
Walmart currently manages 7,000 Mac computers – “probably” 100,000 this time next year
UPS Ramps Up Spending to Keep Up With Online Shoppers (WSJ subs.)
California turns to kitchen grease in battle against climate change
Apple iPhone X shipping times quickly lengthened to as much as five weeks in the U.S
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