Archive for year: 2019

 

Best Buy Q2 comp sales +1.6% (on top of +6.2% LY) Press release

 

…Best Buy shares fall after second-quarter sales miss at CNBC. “…revenue of $9.54 billion, vs. $9.56 billion estimated…(comp) sales growth also grew by 1.6%, compared with analyst expectations of a 2.1% growth. The company’s adjusted earnings beat expectations by 9 cents.” Read more

 

Dollar General Q2 comp sales +4.0% Press release

 

…Dollar General Promotions: Jeffery C. Owen, 49, has been named chief operating officer with responsibility for store operations, merchandising and supply chain…Steven G. Sunderland will succeed Owen as executive vice president of store operations. Press release

 

Dollar Tree Q2 enterprise comp sales +2.4%: by segment – Dollar Tree +2.4%, Family Dollar +2.4% Press release

 

New products, remodelled stores push U.S. dollar chains to boost profit forecast at Reuters. “Dollar General said on Thursday it would be able to mitigate the impact of…tariffs…Dollar Tree also said it was able to tide over the previous round of tariffs through price concessions, canceled orders and a better assortment of products.” Read more

 

Five Below Q2 comp sales +1.4% Press release

 

US economy grew at a moderate 2% annual rate last quarter at AP News. “…down from a 3.1% gain in the first quarter. The new estimate was lower than the government’s initial estimate a month ago of 2.1% annual growth.” Read more

 

Burlington Q2 comp sales +3.8% Press release

 

Target’s Tariff Strategy Might Haunt the Retailer by Lisa Lacy at Adweek. “The news was first reported by Oregon Public Broadcasting, which cited a letter from Target chief merchandising officer Mark Tritton, who said the retailer will “not accept any new cost increases” and its “expectation is that [suppliers] will develop the appropriate contingency plans so that we don’t have to pass price increases along to our guests.” Tiered subs.

 

Williams-Sonoma Q2 comp brand revenue +6.5% “…primarily driven by an acceleration in comparable growth for West Elm and Pottery Barn to 17.5% and 4.2%, respectively.” Press release

 

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Forever 21 is preparing for potential bankruptcy filing, report says by Kelly Tyko at USA Today. Read more

 

Abercrombie & Fitch Q2 comp sales flat Press release

 

How Amazon’s Shipping Empire Is Challenging UPS and FedEx by Sebastian Herrera & Vanessa Qian at Wall Street Journal. “Amazon now delivers nearly half of its orders, compared with less than 15% in 2017, according to estimates from research firm Rakuten Intelligence. It is now handling an estimated 4.8 million packages every day in the U.S., according to MWPVL International.” WSJ subs.

 

Ollie’s Bargain Outlet Q2 comp sales -1.7% Press release

 

Walmart testing privacy pods for breastfeeding moms by Kim Souza at Talk Business. “Walmart is the first retailer to pilot the pods offered by Vermont-based Mamava. The idea came from Tennille Webb, a Walmart employee who saw a pod in an airport and took the concept back to her bosses at Walmart in Bentonville who ran it up the corporate ladder.” Read more

 

Sportsman’s Warehouse Q2 comp sales +1.7% Press release

 

Hannaford offers parental leave as employees request flexibility at New Hampshire Union Leader. “Workers employed at least a year and averaging at least 30 hours a week will be eligible for six weeks of fully paid leave during the first 12 months after the birth, adoption or legal placement of a child.” Read more

 

PVH Q2 revenue: Tommy Hilfiger +8.0% | Calvin Klein -6.0% | Heritage Brands flat Press release

 

Instacart CFO Ravi Gupta to exit for Sequoia Capital by Kate Clark at TechCrunch. Read more

 

Guess? Q2 US retail comp sales +2.0% Press release

 

Shoe Carnival Q2 comp +1.4% Press release

 

Tilly’s Q2 comp sales +0.6% Press release

 

Tipsheet Extra Stories

Target takes drive up service nationwide

Apple to supply parts to independent repair shops for first time

The software that makes (almost) anyone a data savant

Panera is losing nearly 100% of its workers every year

Amazon kept a criticism ‘burn book’ before dumping NYC

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Crowds force Costco to shut maiden China store early on opening day at Reuters. “Videos posted on Chinese social media showed thousands of people crowding the aisles of the store in Shanghai’s Minhang district, while signs outside warned incoming shoppers that they might have to wait three hours to park. One nearby school sent out an advisory to parents warning them about the traffic conditions. “Please expect the student dismissal this afternoon to be severely delayed due to the grand opening of Costco Supermarket,” said the message.” Read more

 

Horacio Barbeito Appointed President and CEO of Walmart Canada “Barbeito joined Walmart nearly 25 years ago and developed his career through leadership roles in Argentina, the United States, Puerto Rico and Chile.” Press release

 

Barneys nears sale to online luxury retailer Farfetch: sources by Lisa Fickenscher at NY Post. “Farfetch, which peddles luxury brands including Gucci, Karl Lagerfeld and Chanel, kicked off negotiations with Barneys before its Chapter 11 bankruptcy filing — but the talks have been heating up, sources said. In one sign of how serious things are getting, the e-tailer has even convinced the landlord of Barneys’ crown jewel location on Madison Avenue to slash the rent and take back 40% of the 10-story store, sources said.” Read more

 

Shoe retailer Cole Haan prepares for IPO at CNBC. “…declined to comment on the timing of the IPO. The company is owned by private equity firm Apax Partners, which bought Cole Haan from Nike in 2013.” Read more

 

J.Jill Q2 comp sales -1.2% Press release

 

Amazon’s top treasurer leaves the company after 15 years of managing its money at CNBC. “(Kurt) Zumwalt didn’t respond to inquiries from CNBC as to why he left or where he’s headed next. One person said he doesn’t have any plans to join another company at this point.” Read more

 

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Dollar General and Dollar Tree fined $1.2 million for selling expired drugs at CNBC. “The investigation also called out Family Dollar…All the chains sold expired over-the-counter drugs, while Dollar General was fined for selling motor oil unsuitable for modern cars; Dollar Tree also violated New York’s bottle deposit law, law enforcement officials said.” Read more

 

Bell shows off an autonomous delivery drone that rivals Amazon’s prototype by Alan Boyle at GeekWire. Video/Read more

 

Lottery retailers poised to join Illinois sports betting action by Mitchell Armentrout at Chicago Sun Times. “In the Illinois version, gamblers will place their bets at electronic kiosks placed in up to 2,500 retailers that are authorized in the first year of the pilot. An additional 2,500 retailers will be eligible to join the action in the second year.” Read more

 

Southern California grocery union gives supermarkets Sept. 9 deadline in hopes of averting a strike by Lori Weisberg at San Diego Union-Tribune. “In late June, thousands of grocery workers across Southern California and parts of Central California, voted overwhelmingly in favor of authorizing their union leadership to call a strikeshould contract talks with Ralphs, Albertsons, Vons, and the Pavilions stores fail to yield a satisfactory agreement. Some 46,000 unionized workers, from north of Santa Maria to the U.S.- Mexico border, are still working under a three-year contract that expired March 3.” Tiered subs.

 

Upcoming flu season could be ‘worst flu season in the last decade’ according to Kroger Senior Director of Pharmacy Services Jim Kirby by Gina Acosta at Progressive Grocer. “The next big thing that will hit retail pharmacy is the flu season, but not just any flu season, but the possibly worst flu season in the last decade,” said Kirby, who spoke at the National Association of Chain Drug Stores’ Total Store Expo (TSE), in Boston.” Read more

 

Grocery workers authorize strike against SW Washington and Oregon stores if negotiations fail at Seattle Times. “Fred Meyer has been posting negotiation updates online. The company’s offer, McAllister said, calls for proposed wage rate increases that are considerably smaller than what the union is looking for.” Tiered subs.

 

Randy Riley, director of produce merchandising for Kroger, estimates Kroger’s share of the organic produce market is 40% in markets they operate by Tom Karst at Produce Retailer. “Altogether, 27 million household are buying organic in Kroger stores. Riley said the Simple Truth private label organic brand in all departments has annual sales of $3 billion per year.” Read more

 

Starbucks Supplier Delivery Workers Vote to Authorize Strike by Jennifer Smith at Wall Street Journal. “The proposed labor agreement between DPI Specialty Foods Inc.’s logistics division and Teamsters Local 710 covers nearly 300 drivers and warehouse workers at four DPI facilities in the Chicago, Indianapolis, Minneapolis and St. Louis areas. Those locations supply food and other goods to more than 900 Starbucks stores, the Teamsters said.” WSJ subs.

 

Tipsheet Extra Stories

Eddie Murphy Will Host ‘SNL’ for the First Time in 35 Years

Atlanta meeting held after four people die in electric scooter accidents since May

Amazon joins Walmart in blaming Tesla’s solar panels for fires

PetSmart’s motion to dismiss Nestle Purina’s trademark suit over packaging denied

New golf ball automatically finds the hole every time

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Dick’s Q2 comp sales +3.2% “We saw growth across each of our three primary categories of hardlines, apparel and footwear, our brick-and-mortar stores comped positively and our eCommerce channel remained strong, increasing 21%,” said Edward W. Stack.” Press release

 

BJ’s Wholesale Club Q2 comp sales (ex-gas) +1.6% “Christopher J. Baldwin, Chairman and CEO, BJ’s: “Our sales were particularly strong in the second half of the quarter as weather improved.” Press release

 

Lowe’s CEO details plans for growth as construction begins on Charlotte tech hub by Hannah Smoot at Charlotte Observer. ““(The tech hub) is going to be critical,” (Ellison) said. “We had fallen behind relative to modern technology. And it doesn’t matter what business you’re in, whether its retail or manufacturing, if you’re not on the cutting edge of technology, you’re going to fall behind.” Read more

 

Stage Stores Q2 comp sales +1.8% Press release

 

Manufacturers Want to Quit China for Vietnam. They’re Finding It Impossible. by Niharika Mandhana at Wall Street Journal. “Industrial parks (in Vietnam) have been flooded with inquiries. BW Industrial Development, backed by U.S. private-equity firm Warburg Pincus, began building factories-for-rent last year. Its facilities are booked through December. Marketing head Michael Chan said some tenants are rushing from site visits to signing contracts in just a week.” WSJ subs.

 

Stein-Mart Q2 comp sales -1.9% Press release

 

Nordstrom Q2 net sales: Full-price -6.5% / Off-price -1.9% Press release

 

…CNBC: Nordstrom shares jump after delivering strong profit, even as sales weaken in fiscal second quarter Read more

 

L Brands Q2 comp sales -1% (vs. growth of 0.3% expected) at CNBC. “Same-store sales at Victoria’s Secret dropped 6% (vs. expected -3.9%) during the quarter, while those at Bath & Body works were up 8% (vs. expected +6.3%).” Read more

 

Ace Hardware Q2 US comp sales +1.7% / Online +58% Press release

 

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Tuesday Morning Q4 comp sales +0.7% Press release

 

Target CEO: US consumer confidence ‘remains strong’ at CNBC. “Consumer confidence remains strong, there’s been a reduction in fuel prices which we think is important for consumers, unemployment remains low and wages are growing,” (Cornell said)…Bottom line, “we have a pulse of the consumer,” Cornell said, easing any investors’ worries on the issue.” Read more

 

HEARD ON THE CALL – Target Q2 Earnings Call Highlights

Cornell:

Saw more than 5% comp growth in both apparel and essentials.

Expanded test of Levi’s Red Tab denim for both men and women to 50 stores in college campuses and in high-traffic urban markets.

We will expect to see the rate of new brand introduction slow (Q&A)

Mulligan:

In Q2, same-day services, in-store pickup, drive-up and Shipt accounted for more than a third of our digital sales, up from about 20% last year.

Tritton:

Results within essentials and beauty was strongest in baby, beauty and over-the-counter.

Food and beverage and home assortments saw low single digit increases in comparable sales.

In hardlines this quarter, comp sales were approximately flat overall.

Comp declines in our electronics and entertainment categories.

Smith:

2.4% increase in traffic (vs. traffic comparison of 6.4% a year ago) combined with a 0.9% increase in average ticket.

Full transcript from Seeking Alpha

 

Field Agent: Football fans predict their go-to retailers & brands for football season (Retailers: #1 Walmart, #2 Target, #3 Kroger, #4 Sam’s, #5 Aldi) Ranked brand/retailer list

 

The 50 most influential people in convenience store history at CS News. List (Subs./Register)

 

Walmart selects design team for new home office campus in Bentonville by Kim Souza at Talk Business. “Dan Bartlett, Walmart’s lead executive overseeing the new corporate campus project, said Gensler will design the future office buildings and lead a team of consultants. Those consultants include Miller Boskus Lack Architects of Fayetteville, who will be the lead design team for amenity buildings around the campus including the fitness center, auditorium and food hall.” Read more

 

Amazon has launched 150 tools and services since the beginning of the year for small and medium-sized businesses Press release

 

Lowe’s Q2 Earnings Call Transcript Seeking Alpha

 

Amazon just opened its biggest campus to date in Hyderabad, India — take a look inside at Business Insider. Pics/Read more

 

Apple wants you to treat it’s new credit card as a status symbol at The Verge. “Apple is advising against keeping your Apple Card in a leather wallet or in direct contact with denim, as such fabrics “might cause permanent discoloration that will not wash off.” Read more

 

Tipsheet Extra Stories

How Amazon and Silicon Valley Seduced the Pentagon

Venezuela Crisis Pushes Women Into ‘Forced Motherhood’

The World’s Highest-Paid Actors Of 2019

Hasbro phasing out all plastic toy packaging by the end of 2022

Amazon to host free concert from roof of Seattle’s Pike Place Market

More than 130K sign petition calling on Walmart to end gun sales

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Contact us: Put your product or service in front of the most powerful retail execs in the world, send advertising inquiries to info@eyeonretail.net

 

Website: eyeonretail.net

 

Home Depot Q2 comp sales +3.0% Press release

 

…Home Depot misses on sales, cuts outlook on worries tariffs could hit consumer spending at CNBC. “Home Depot is now calling for fiscal 2019 sales to be up about 2.3%, and same-store sales to be up about 4%. Previously, it was calling for total sales growth of 3.3% and same-store sales growth of 5%.” Read more

 

Kohl’s Q2 comp sales -2.9% Press release

 

…Kohl’s reports better-than-expected earnings and revenue at CNBC. “We are pleased to report that our business strengthened as we progressed through the second quarter,” said Kohl’s CEO Michelle Gass…“Comparable sales were better than the first quarter and improved during the period, turning positive during the last six weeks of the second quarter with 1% growth.” Read more

 

TJX Q2 comp sales +2.0% Press release

 

Walmart chief marketing officer exits – Ex-Target exec will help lead marketing team transformation by Kim Souza at Talk Business. “Michael Francis, a former Target and Dreamworks chief marketing exec, will join Walmart to help lead the company’s marketing team transformation in the interim…Walmart is also searching for a new chief marketing officer and a senior vice president of marketing to lead the newly created team that will report to the CMO.” Read more

 

A ‘pivotal year’ for Nordstrom by Paul Roberts at Seattle Times. “Against such a tumultuous backdrop, the NYC flagship opening has taken on outsized significance. A successful debut will be counted as welcome evidence that Nordstrom has not only stanched the bleeding, but has finally cracked the code for high-end retailing in a digital era; a lackluster opening will add to doubts about the retailer’s turnaround strategy.” Tiered subs.

 

Lumber Liquidators gets new CFO from Pier 1 at MarketWatch. Read more

 

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Department stores make room for used fashion by Anne D’Innocenzio at AP News. “It’s good that that they are looking at modern ways of shopping,” said Neil Saunders, managing director of GlobalData Retail. “But this is not the solution to their deep-seated problems. There’s a dearth of innovation. They’re always playing catch up. This won’t be unhelpful, but it won’t be transformative.” Read more

 

Target CEO Brian Cornell sees turnaround as ‘still in early innings’ by Kavita Kumar at Star Tribune. “I think a lot about if I could have been here earlier, I would have loved to have been part of the team that thought about entering Canada,” Cornell said. “We would’ve gone slowly and learned the marketplace, understood the consumer. Because I do think our brand could have and should have been successful in that market.” Tiered subs.

 

Top CEOS from Macy’s, Target and Walmart say their new standard for corporate responsibility is no longer based on shareholder value alone at Footwear News. Read more

 

Cereal Makers Try Again to Jump-Start Stale Sales by Micah Maidenberg & Jaewon Kang at Wall Street Journal. “General Mills told investors last month that U.S. demographic trends are also working in cereal’s favor…The Census Bureau expects there to be 21 million children younger than five in the U.S. by 2030, up 2.6% over a decade. The agency also forecasts a slightly older group, people aged 65 and over, to rise 31% to 73 million people by 2030.” WSJ subs.

 

Target is launching grocery brand Good & Gather – phasing out two food brands, Archer Farms and Simply Balanced at CNBC. Read more

 

Speedway Holds Pole Position in C-store Digital Scorecard by Don Longo at CS News. “Speedway LLC ranks No. 1 overall with solid scores for website performance, site traffic, and social media engagement. Sheetz Inc., QuikTrip Corp., Kwik Trip Inc. and Wawa Inc. round out the top five. 7-Eleven Inc. leads all retailers in site visits, and Facebook and Instagram followers, but its site performance and bounce rates are below average.” Rankings chart

 

Tipsheet Extra Stories

eBay and Shopify pull listings on Jeffrey Epstein-inspired merch

7-Eleven launches mobile checkout – but only in 33 locations

Go inside a new store devoted to Ikea hacking

The jeweler to ‘80s pop royalty is making a comeback

How Woodstock 50 fell apart

Read Tipsheet Extra Stories

 

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Eye on Retail Tipsheet is must-read material for retail execs every weekday morning. Tipsheet stories are carefully curated bright and early every morning to ensure fresh and unique content.

 

Subscribe to Eye on Retail Tipsheet here

 

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