Archive for year: 2024

 

Walmart Q3 comp sales (ex-fuel) +5.3% / Int’l net sales +12.4% / US Ecom +22%

 

…Sam’s Club comp sales (ex-fuel) +7% Walmart press release

 

Walmart hikes its outlook again as shoppers spend more outside the grocery aisles at CNBC. “The discounter now expects net sales will grow between 4.8% and 5.1% for the full year. That compares to its previous forecast for between 3.75% to 4.75% sales growth for the period…CFO John David Rainey said sales of general merchandise – outside of the grocery department – grew year over year for the second quarter in a row after declines for 11 straight quarters.” Read more

 

Walmart keeps growing with shoppers making more than $100,000 a year at CNN

 

Lowe’s Q3 comp sales down 1.1% “Our results this quarter were modestly better-than-expected, even excluding storm-related activity, driven by high-single-digit positive comps in Pro, strong online sales and smaller-ticket outdoor DIY projects,” said Marvin R. Ellison, Lowe’s chairman, president and CEO.” Press release

 

…Lowe’s beats on earnings and hikes guidance, but still expects sales to fall this year at CNBC. “The company updated its full-year guidance…expects comparable sales to decline 3% to 3.5%, slightly better than the 3.5% to 4% drop that it had previously anticipated.” Read more

 

DoorDash’s app can now import your grocery list for faster shopping at TechCrunch

 

Shoppers Are Ditching Classic Brands They Once Loved at Bloomberg. “Customers are increasingly paying up for higher-end items or trading down to cheaper “private label” store brands… With new and improved entrants coming from both ends of the cost spectrum, products in between aren’t just losing out on price, they’re getting “outpremiumed,” too. “You’re seeing the middle disappear,” said RBC Capital Markets consumer analyst Nik Modi.” Bloomberg subs.

 

Seven & i founding family aims to raise $52 billion for buyout this year at Reuters. “Going private would allow it to continue under current management and remove pressure from shareholders to sell off more of its assets – as well as eliminate the threat from a bidder that it may see as hostile. A management buyout offer could also be a tactic to force Couche-Tard to bid more.” Read more

 

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Perplexity introduces a shopping feature for Pro users in the US at TechCrunch

 

Walmart: Holiday Shopping Is Off to a Strong Start at WSJ. “Most shoppers are spending consistently to enjoy holidays, said John David Rainey, Walmart’s chief financial officer. Toys are selling well, along with some everyday needs such as tires, he said. Apparel is weaker as unseasonably warm weather has likely delayed some purchases, he said.” WSJ subs. 

 

Amazon Still Leads as Lowest-priced Retailer, Target Gains Ground at Profitero. “Amazon (had) an average price advantage of 14% over its rivals…Target (had) online prices just 13% higher than Amazon’s – vs 16% last year…Walmart continues as Amazon’s closest price competitor, with only a 5% price difference on identical items…” Press release

 

Walmart announces ‘Black Friday Deals’ and Cyber Monday events Press release

 

Guy Fieri and Sammy Hagar’s Santo Tequila Trucks Hijacked in ‘Double Heist.’ Now $1M Worth of Tequila Is Missing at People. “We’ve worked so hard,” says Fieri. “This is our best year we’ve ever had in Santo. We just had all this momentum, and now whatever’s on the shelf is all people are going to get.” Read more

 

Packaging firm Amcor to buy Berry for $8.43 billion at Reuters

 

Canada Post, union ‘far apart’ in strike talks just weeks before holidays at Toronto Star. “Harley Finkelstein, president of Shopify…said a strike two weeks before Black Friday “devastates” small businesses.” Read more

 

82% of shoppers have been exposed to some type of fraud this year at Fox Business

 

Grocery chains vie for a place on Thanksgiving tables with turkey dinner deals and store brands at AP. “Wells Fargo’s Agri-Food Institute…compared the costs of store brands and national name brands for a typical Thanksgiving dinner. The name-brand versions of cranberry sauce were less expensive than the store brands the team inventoried, while the name brand pumpkin pies versus store brand versions were the same price. Robin Wenzel, the head of the Wells Fargo institute, thinks the makers of some familiar brands realized they “overshot” with some of their post-pandemic price increases and are retrenching.” Read more

 

Consumer Edge Reports 4% Decrease in Overall U.S. Consumer Spending on Apparel, Accessories, and Footwear YTD “Resale platforms Depop and Grailed were among the top five performers in the overall apparel space…Men’s fashion brands, such as Buck Mason, are performing well…Brands focused on affordable luxury and sustainable basics, including Quince, AYR and Sezane, saw robust growth…” Press release

 

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100 Most Powerful People in Business (Bezos #11, McMillon #18, Jassy #26, Tome #59) at Fortune List

 

Home Depot Q3 US comp sales down 1.2% “..reported sales of $40.2 billion for the third quarter of fiscal 2024, an increase of 6.6% from the third quarter of fiscal 2023. Comparable sales for the third quarter of fiscal 2024 decreased 1.3%…” Press release

 

…Home Depot’s Q3 results top Wall Street estimates at AP. “…a marked improvement from the second quarter, when sales at stores open at least a year declined 3.3% and dropped 3.6% in the U.S. Third-quarter customer transactions were nearly flat when compared with the prior-year period, while the amount shoppers spent declined slightly to $88.65 per average ticket from $89.36 a year earlier.” Read more

 

China’s Singles’ Day wraps up super-sized sales event with volume, shopper growth at Reuters. “Alibaba Group, said it recorded “robust growth” in sales and a “record number” of shoppers…JD.com…reported a more than 20% year-over-year increase in shoppers over the event…Data provider Syntun estimated that sales across major e-commerce platforms rose 26.6% to 1.44 trillion yuan over the Singles Day event, which was 10 days longer than last year’s.” Read more

 

REI Names Former Sephora Exec as Marketing Boss to Revitalize the Outdoors Stalwart at WSJ. “REI Co-op named former Sephora executive Abigail Jacobs as its chief marketing officer as it looks to recover from a period of losses, layoffs and stalled sales. Jacobs fills a role that has been vacant since the departure last December of Vivienne Long.” WSJ subs.

 

On Q3 net sales up 32.3% “…fueled by significant acceleration in On’s direct-to-consumer channel, which grew 49.8% year-over-year…net sales through the wholesale sales channel increased by 23.2%.” Press release

 

Target Reveals Holiday Shopping Hours “…extended holiday shopping hours of 7 a.m. to midnight, from Nov. 30 to Dec. 23. For the fifth year, Target stores will be closed on Thanksgiving Day.” Press release

 

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Canadian Union of Postal Workers issues 72-hour strike notice at Toronto Star. “However, the union says its national executive board has yet to decide if a job action will happen at the deadline, saying that will depend on Canada Post’s actions at the bargaining table in the coming days. “After almost a year of bargaining, despite our best efforts, the parties remain far apart on many issues,” the union said in statement.” Read more

 

BJ’s Wholesale Club Names Scott Schmadeke, Executive Vice President, Chief Operations Officer Press release

 

Saks Fifth Avenue cancels famed holiday lights show in apparent cost-cutting measure at NY Post. “It appears the decision to cut the light show was only made within the past few weeks…With the light show now axed, this year’s holiday windows are set to instead display “outstanding pieces from the top names in luxury” alongside colorful snowflakes, silver harlequin flooring and dichroic vinyl…” Read more

 

Port of Montreal locks out dockworkers, adding to supply-chain woes at Financial Post. “The escalation of an ongoing labour dispute will disrupt Canada’s second-largest port…It has been operating far below its container-handling capacity since dockworkers at two terminals walked off the job on Oct. 31…On Canada’s west coast, a separate labour dispute is already disrupting an estimated $800 million of activity per day. British Columbia dock employers locked out workers on Nov. 4…” Read more

 

Amazon developing driver eyeglasses to shave seconds off deliveries, sources say at Reuters. “Amazon is developing smart eyeglasses for its delivery drivers to guide them to, around and within buildings…five people familiar with the matter said…The glasses would also free drivers from using handheld Global Positioning System devices, allowing them to carry more packages.” Read more

 

 7-Eleven, Inc. to expand deployment of Gulp Radio programming to 5,000 stores across the U.S. by the end of 2024 and more than 12,000 stores by the end of 2025 Press release

 

Walmart is testing a new way to make it easier to access locked-up items. at DNYUZ. “…new tech that lets employees use an app on their work device to unlock anti-shoplifting displays for customers…While the system is currently in several hundred of the company’s 4,600 US stores, Bloomberg, which first reported the move, indicated shoppers may eventually have access to the feature as well.” Read more

 

Shopify Q3 2024 Revenue Growth Accelerates to 26% at Yahoo Finance

 

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Walmart, other US retailers import fewer Christmas goods ahead of tepid holiday season at Reuters. “Walmart…has slashed Christmas imports deeply, shipping at least 340,000 kilos of products described as “Christmas” goods into the U.S. in the 12 months ending Sept. 30…The retailer shipped in almost three times more product, at least 980,000 kilos, in the prior 12 months through Sept. 30, 2023, the import data shows. In the same 12 months of 2022, Walmart imported more than 1.9 million kilos…” Reuters subs.

 

Key ports on Canada’s West Coast, including its largest container port in Vancouver and the Port of Prince Rupert, were shut down by a labor strike on Monday at CNBC. “Approximately 20% of U.S. trade arrives in the Canadian ports of Vancouver and Prince Rupert…would have the most significant impact on imported goods destined for markets in the western U.S., according to Jena Santoro, senior manager of intelligence solutions at Everstream Analytics.” Read more

 

Publix Q3 comp sales +3.4% Press release

 

Amazon begins delivering certain products via drone in Phoenix at TechCrunch. “Starting today, Amazon customers in the West Valley Phoenix Metro Area have access to a drone-deliverable selection from Amazon’s catalog, including household, beauty, office, health, and tech supplies. Products must weigh 5 pounds or less to be eligible; Amazon says about 50,000 are available at launch. Customers should expect to receive items in an hour max, according to Amazon — delivered direct from the take-off site in Tolleson.” Read more

 

Kroger to pay nearly $1.4 billion to settle opioid lawsuit claims at The Hill

 

Many retailers offer ‘returnless refunds.’ Just don’t expect them to talk much about it at AP. “Optoro, a company that helps streamline returns for Best Buy, Staples and Gap Inc., has observed retailers assessing the lifetime value of a customer and extending returnless refunds as a type of unofficial, discreet loyalty benefit, according to CEO Amena Ali…Amazon said it offers returnless refunds on a “very small number” of items as a “convenience to customers.” Read more

 

Dollar Tree, Inc. CEO Rick Dreiling has stepped down from his position “Michael C. Creedon Jr., Chief Operating Officer, has been appointed Interim Chief Executive Officer while Edward (Ned) J. Kelly, III, Lead Independent Director, has been elected Chairman. The Board is conducting a search process to identify a permanent CEO…” Press release

 

Retailers brace for DEI blowback in lead-up to election, holiday shopping season at CNBC. “In late September, the Retail Industry Leaders Association hosted its annual summit for corporate communications professionals. This year, the event was tied together with RILA’s Diversity Equity & Inclusion Leaders Council, which led some retailers to be concerned about the optics of attending, according to a person who was present and spoke with participants who expressed reservations.” Read more

 

How Californians came to embrace a tough-on-crime initiative at Politico. “The initiative’s likely passage this week, as two of California’s most prominent progressive prosecutors could see themselves booted from office, will ratify a change in attitude from voters who nationwide say they are worried about crime.” Read more

 

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It Took 3 Years to Convince Costco to Buy Her Snacks—That Was the Easy Part at WSJ. “Less than two weeks before the agreed-upon delivery date, Dennis still hadn’t secured the financing needed to begin production of her peanut-and-corn mix. With the clock ticking, she crafted an email. “The good news is that both the boxes and bags arrived this week,” Dennis wrote her Costco buyer. “However, I have experienced some funding challenges along the way which has delayed the purchase of the corn and peanut.” Dennis hit send and anxiously waited for a reply.” WSJ subs.

 

Warren, Schiff, Lawmakers Call for Probe of Albertsons and Other Giant Grocery Chains for False Advertising Press release

 

The Mysterious Fees Inflating Your Grocery Bill at WSJ. “Launching a new flavor for an existing product? There’s a fee for that. Running a promotion at retail? Distributors charge for that, too. If distributors buy too much and products expire before hitting store shelves, they can deduct spoilage fees. But if food makers short an order, aiming to avoid spoilage charges, distributors can ding them for that…” WSJ subs.

 

America has a shoplifting epidemic. The thieves aren’t who you think. at DNYUZ. “A lot of the one-off shoplifters I talked to steal from Whole Foods with a very clean conscience. “No, I don’t feel bad about stealing from Jeff Bezos,” one 20-something occasional shoplifter in Washington, DC, told me. Her loot of choice is passion fruit, which she rings up as a cheaper item — bananas. She’s even memorized the code: 4011.” Read more

 

WI: A $1.5 million state grant will help finance road work to serve a new Kwik Trip DC in DeForest − where rival c-store operator Buc-ee’s request for public funds remains stalled at Milwaukee Journal Sentinel

 

People Are Hooked on Costco Hearing Aids, and This Is Why at WSJ. “Costco has amassed more than a 16% share of the U.S. hearing-aid market, says Abram Bailey, founder of hearingtracker.com…“There’s nothing that comes close to the pricing you get at Costco,” says Bailey…Costco doesn’t disclose the revenue of its hearing-aid business but says it sells up to five times as many hearing aids per store, on average, than its competitors.” WSJ subs.

 

IKEA will pay 6 million euros to East German prisoners forced to build their furniture at CNN. “Prisoners were producing furniture for IKEA…as recently as the 1970s and 1980s…The former East Germany was occupied by the Soviet Union from 1949 until 1990, which installed a rigid communist state known as the German Democratic Republic, or GDR.” Read more

 

Whether 7-Eleven Is Bought or Not, C-Store Consolidation Looms at WSJ. “The industry is so fragmented in the U.S. that the 10 largest chains still hold less than a fifth of market share. In recent years, consolidation has been slow and steady, but that could be set to change…Even if combined, 7-Eleven and Couche-Tard’s market share wouldn’t be overwhelming at roughly 12%. Antitrust authorities are still likely to take a skeptical view of the deal…” WSJ subs.