Archive for month: November, 2023

Ranking the Best Companies for Career Growth (Costco #9 / Target #11 / Lowe’s #14) at WSJ. “Costco, long regarded as a top employer, stands out from its retail peers with high marks for pay and culture, two metrics that often cluster together…Home Depot scores in the highest group for parity, hiring and promotion, and better than most on retention.” WSJ subs.

Kroger Q3 total sales excluding fuel decreased 0.5% Press release

More US retailers adopt ‘keep it’ returns policies to shelter profits in holiday surge at Reuters. “This year, 59% retailers offer so-called “returnless” or “keep it” policies for unwanted products whose returns costs exceed their value, according to returns services firm goTRG…Last year, 500 retail executives said 26% of companies had such policies.” Read more

Academy Sports Q3 comp sales down 8% Press release

Dollar Tree Q3 comp sales: Dollar Tree +5.4%; Family Dollar +2.0%; Enterprise +3.9% Press release

How major retailers and Covid-era nostalgia helped revive the vinyl records industry at CNBC. “When Taylor releases a new record, there may be eight, nine, 10, different variants of that same record — different colors, different combinations, maybe there’s some unique tracks that weren’t included on the digital release, or the CD, but you get it on the vinyl,” Michaels explained. “There’s a lot of fans that say, ‘There are eight different variants. I want one of each, please.’ They’re very supportive.” Read more

The Buckle November comp sales decreased 10.8% Press release

Walmart shifts to India, cuts China imports at Reuters. “The world’s largest retailer shipped one quarter of its U.S. imports from India between January and August this year, according to bill of lading figures shared with Reuters by data firm Import Yeti. That compared with just 2% in 2018.” Read more

Express, Inc Q3 comp retail sales down 4% Press release

Inside Amazon’s new Bellevue office tower at GeekWire. “There is also lots of artwork, colorful hallways, wood accents, modern lighting and furniture, and coffee bars and eateries throughout. And there are views. At 600 feet, the building is currently the tallest in Bellevue, and from a 32nd floor communal space, employees and visitors can easily gaze south at Mount Rainier.” Read more/Pics

Amazon inks new deal with NASCAR Press release

Big Lots Q3 comp sales down 13.2% Press release

Chinese E-Commerce Giant Temu Will Return to the Super Bowl at WSJ. “The wave of spending by China-owned retailers is affecting the overall online ad business. Temu and rival Shein are “almost single-handedly having an impact on the cost of advertising, particularly in some paid channels in Google and Meta,” Etsy CEO Joshua Silverman said during an earnings call with analysts earlier this month.” WSJ subs.

Duluth Trading Q3 net sales decreased 6.1% Press release

Berkshire Hathaway’s Charlie Munger had a longtime, special relationship with Costco at Yahoo Finance. “Berkshire Hathaway exited its stake in Costco in late 2020 after selling 4.3 million shares, but Munger retained a personal stake in the company…the value of his total stake in the company to over $111 million…” Read more

Bentonville leads nation in cranes per capita at Talk Business

Meijer sued by tech business in dispute over self-checkout software at Crain’s. “In its three-count complaint, Mad Mobile alleges that Meijer conspired to steal proprietary technology and continues to build out Mad Mobile’s software and business processes, in violation of an agreement between the two companies.” Read more

Lowe’s Q3 comp sales decreased 7.4% “Updates full year 2023 outlook – Comparable sales expected to be down approximately -5% as compared to prior year (previously down -2% to -4%).” Press release

…Lowe’s cuts sales outlook as homeowners take on fewer projects at CNBC. “CEO Marvin Ellison said Lowe’s felt a “greater-than-expected pullback” by customers on discretionary projects and big-ticket purchases. Yet he said its sales to home professionals, which are accounting for a growing share of its revenue, rose in the quarter. Those pros drive about 25% of its business…will next focus on “offering value and convenience this holiday season.” Read more

American Eagle sales up but gives unimpressive holiday forecast at CNBC. “Sales rose to $1.3 billion, up about 5% from $1.24 billion a year earlier….it’s expecting its operating income to be between $105 million and $115 million, which is mostly below expectations of $114 million, according to StreetAccount.” Read more

Lowe’s, Best Buy and Kohl’s predict a weak holiday at CNN. “Consumer demand has been even more uneven and difficult to predict,” Best Buy CEO Corie Barry said in a statement, noting that the company “prepared for a customer who is very deal-focused.” Read more

Canada’s grocery giants reveal new plans to stabilize food prices — including expanded price freeze and early holiday discounts at Toronto Star. “Sobeys’ parent Empire Company Ltd., Canada’s second-largest grocer, told the Star it is freezing prices on thousands of products, mostly in the centre aisles of its stores, until early next year. The price freeze, however, only builds on an existing tradition in the Canadian grocery business, where major retail chains often refuse to accept price increases from suppliers in an attempt to simplify their operations for the holiday sales blitz.” Read more

Dick’s Sporting Goods Q3 comp sales up 1.7% “…on top of a 6.5% increase in the third quarter of 2022.” Press release

Amazon’s Black Friday Deal: Football With a Side of Online Shopping at WSJ. “Amazon Prime Video plans to carry the first-ever “Black Friday” game later this week, serving Americans touchdowns and online shopping as an alternative to battling deal-seekers at the mall…Amazon is planning to feature “shoppable ads” during Friday’s game that use QR codes that viewers can scan to make instant purchases.” WSJ subs. 

Sheetz gas prices for Thanksgiving week: $1.99 a gallon at USA Today

Best Buy Q3 comp sales declined 6.9% Press release

Foot Locker, Teamsters Show Their Drug-Benefit Managers the Door at WSJ. “Foot Locker replaced OptumRx last year because it wanted more information about how much the PBM was profiting off its work for the retailer…Foot Locker hired a smaller pharmacy benefit manager, Navitus Health Solutions of Madison, Wis., which tells employers it passes through to them 100% of the drug rebates it negotiates.” WSJ subs. 

Kohl’s Q3 comp sales down 5.5% Press release

Publix names new CEO, executive chairman, and president at Supermarket News “…current CEO Todd Jones becoming the new Publix executive chairman, current President Kevin Murphy becoming CEO, and current Senior Vice President John Goff becoming president.” Read more

Hibbett Q3 comp sales decreased 2.7% Press release

4 injured after Walmart shooting in Beavercreek, Ohio; suspected shooter dead at USA Today. “The shooter died from an apparent self-inflicted gunshot wound, police said. The suspect’s name, a motive for the attack, and other details weren’t immediately released.” Read more

Famous Footwear Q3 comp sales down 6.9 percent Press release

Home Depot to acquire International Designs Group a platform company that owns and operates Construction Resources – Construction Resources is a leading distributor of design-oriented surfaces, appliances and architectural specialty products for professional contractors…” Press release

Home Depot Q3 U.S. comp sales decreased 3.5% Press release

…Home Depot earnings beat, but retailer offers a tepid outlook as sales slide at CNBC. “The retailer indicated caution about the coming months, as it narrowed its full-year outlook. It said it now anticipates sales will fall by 3% to 4% from the prior year, compared with a previous expectation of a 2% to 5% decline…In an interview with CNBC, Chief Financial Officer Richard McPhail said the company’s results and forecast reflect that the year “is a period of moderation in home improvement.” Read more

US consumer inflation eased in October at AP News. “Compared with a year ago, consumer prices rose 3.2% in October, down from 3.7% in September. Excluding volatile food and energy prices, so-called core prices also weakened unexpectedly. They rose just 0.2% from September to October, slightly below the pace of the previous two months.” Read more

Washington, DC, CVS replaces shelves of toilet paper with framed photos of products at NY Post. “The unusual store display was started after homeless people began snatching the products off the shelves of the drugstore, located on H Street NE, and leave without paying…” Read more

Ikea is doing away with in-store discounts for its most loyal customers at Fast Company. “About one year after debuting a 5% discount for members of its U.S. loyalty club, Ikea will soon discontinue this perk. Beginning February 1, 2024, the blue-box retailer will no longer offer a discount on in-store purchases of all furniture and decor.” Read more

Amazon lays off more than 180 employees from gaming division at GeekWire.

McDonald’s and Crocs are releasing a line of $75 shoes inspired by Grimace and the Hamburglar at CNBC. “Also for sale will be a number of McDonald’s-themed charms that can be attached to the clogs, including french fries, the Big Mac and the iconic Golden Arches logo. The shoes will be released on November 14, retailing for between $70 and $75.” Read more

Amazon Leads U.S. Grocery Retailers in Personalization Followed by H-E-B and Kroger, dunnhumby Finds “The seven retailers with the next highest overall customer preference index scores are: 4) Giant Eagle, 5) King Soopers, 6) Meijer, 7) The Giant Company, 8) Target, 9) Fry’s, 10) Smith’s.” Press release

Etaily is a “one stop solution” for consumer brands that want to enter Southeast Asia at TechCrunch. “The startup has about 50 global clients, including Levi’s, Crocs, Reckitt and Skechers who use it to develop lifestyle products, manage selling on platforms like Lazada and Shopee and brand.com, and fulfill orders through etaily’s asset-light warehouse network.” Read more

Sacramento sheriff calls out Target for limits on shoplifting enforcement at ABC7. “…we were told by their head of regional security that we could not contact suspects inside the store; we could not handcuff suspects in the store; and if we arrested someone, they wanted us to (process) them outside… behind the store… in the rain.” Read more

Kroger and Walgreens have a new way to fight theft at The Street. “… have been working with Alto, a company that mixes technology and human resources to make it easier for retailers to give law enforcement what they need to arrest and prosecute shoplifters.” Read more

As Target shutters some stores, retailer looks to prove it can grow and avoid new setbacks at CNBC. “Chief Operating Officer John Mulligan said the company sees “lots more opportunity to grow in New York,” including city neighborhoods…“If you go back through time, this is something we’ve done over and over again,” he said. “And when we close a store in a market, it doesn’t mean we stop investing in that market.” Read more

Scientists Warn of Parents’ Soaring Melatonin Use at Newsweek. “Nearly 1 in 5 kids and preteens in the United States take the hormone to aid their sleep, and many parents regularly give it to their preschool-age children. This has concerned scientists, according to a new paper in the journal JAMA Pediatrics, as melatonin product safety and efficacy data is scarce, and they often lack full Food and Drug Administration (FDA) regulation.” Read more

Stars flock to Jeff Bezos and Lauren Sanchez’s A-list engagement party at NY Post. “We hear legends like Oprah Winfrey and Barbra Streisand rubbed elbows with stars such as Kim Kardashian, Chris Rock and Salma Hayek at the bash. Disney CEO Bob Iger made the rounds along with Kris Jenner, Rita Wilson, Gayle King, Jessica Alba, designer Stacy Bendet and Hugh Jackman’s ex, Deborra-Lee Furness.” Read more

Walmart and Peacock team up on AI-powered shoppable ads at Yahoo. “NBCUniversal said it is working with Walmart to let viewers watching Bravo’s Below Deck Mediterranean buy items from the show during commercial breaks using their remote control. Shoppable episodes of Below Deck Mediterranean will appear November 7, December 5 and December 12.” Read more | Press release

The new Bed Bath & Beyond’s CEO is out, days after activist firm called for his ouster at CNBC. “In the letter, JAT said Marcus Lemonis, the Camping World CEO and TV personality who starred in CNBC’s “The Profit,” should take over management of the company. He joined the Overstock board last month and has cheered its transition to Beyond Inc., which took effect Monday.” Read more

Google Search and Chrome are getting new tools to help users find discounts at TechCrunch. ” Chrome will show you products you recently viewed on shopping sites in your “Resume browsing” card when you open a new tab, and let you know if it’s currently discounted. Or, when you visit a product page on a shopping site, you can click the new Discount tag icon in the Chrome address bar to see available coupon codes from the site you’re visiting.” Read more

UK grocery inflation in single digits for first time this year (barely!) – Kantar at Reuters

Nike sues New Balance, Skechers for patent infringement over sneaker technology at Reuters. “The lawsuits said that several New Balance athletic shoes and Skechers sneakers misuse Nike’s patented “Flyknit” technology for running, soccer and basketball shoes.” Read more

Shein reportedly seeks $90 billion valuation in IPO at TechCrunch. “That price tag is up from the $64 billion valuation it was given in a funding round early this year. But the online fashion upstart, which has disrupted an industry that had been dominated by the likes of Zara and H&M, attained an even higher valuation of $100 billion in April 2022.” Read more

Food-delivery startup Wonder Group gets $100 million investment from Nestle at CNBC. “The startup, which was valued at about $3.5 billion when it closed a $350 million funding round in June, was founded in 2018 by serial entrepreneur and former Walmart e-commerce chief Marc Lore. Wonder recently struck a deal to acquire meal-kit company Blue Apron for $103 million.” Read more

Costco Kirkland Signature driver hits USGA conforming club list. Are store shelves next? at Golf. “…in August, images leaked from a Costco manager’s sales meeting, including slides depicting yellow Kirkland Signature golf balls, irons and a driver arriving in stores with an ETA of Nov. 1. The balls have since become available, and the driver (priced at $199 on the presentation slide) is now on the conforming list.” Read more

Human Skull, On Sale for $4,000, Draws Attention to Florida Store at DNYUZ. “We’re working hard to see if there was a crime committed,” said Carmine Marceno, the county sheriff, who added that his office was working with the office of Amira Fox, the Florida state attorney whose jurisdiction includes Lee County. “When a human skull ends up in a store, it’s alarming.” Read more

Walmart merchant, product execs work to stay current on customer demands by Kim Souza at Talk Business. “Sam Walton’s mantra of the customer being No. 1 is still the focus for Brock McKeel, divisional merchandise manager for consumer electronics at Walmart U.S., and Jon Alferness, chief product officer. McKeel and Alferness recently took part in a fireside chat with Kevin Meagher of Deloitte at the NWA Technology Summit…” Read more

Amazon is mum on upcoming Seattle elections after riling up city council races 4 years ago at GeekWire.

Wegmans kills its “WPOP” soda brand at The Street. “Wegmans apparently takes the “Food You Feel Good About” pledge seriously as it used it to justify killing its popular house soda brand, which has affectionately been dubbed “WPOP.” Read more