Best Buy Q4 comp sales down 4.8% "Bilunas (CFO): “For Q1 FY25, we expect comparable sales to decline by approximately 5% and our non-GAAP operating income rate to be approximately 3.4%, which is flat to Q1 FY24.” Press release   ...Best Buy tops holiday quarter estimates but issues soft full-year guidance at CNBC. "Q4: Earnings per share: $2.72, adjusted vs. $2.52 expected. Revenue: $14.65 billion vs. $14.56 billion expected." Read more   Walmart Computer Glitch Halts Sales and Returns at Stores at WSJ. "The outage began to affect stores Wednesday morning, rendering some registers inoperable, according to store workers [...]

  Lowe's Q4 comp sales down 6.2% Press release   ...Lowe’s beats earnings estimates - company expects revenue to slide again this year at CNBC. "Q4: Earnings per share: $1.77 vs. $1.68 expected. Revenue: $18.60 billion vs. $18.45 billion expected." Read more   US sues to block merger of Kroger and Albertsons at AP News. "Together, Kroger and Albertsons would control around 13% of the U.S. grocery market; Walmart controls 22%, according to J.P. Morgan analyst Ken Goldman." Press release   ...The FTC’s Grocery Gift to Walmart and Amazon at WSJ. "FTC Chair Lina Khan rewrote the FTC’s longstanding merger [...]

  Existing home sales rose 3% to start the year at CNBC. "The 32% all-cash share was up from 29% in both December and in January 2022. First-time buyers made up just 28% of sales. Historically they make up about 40%." Read more   FTC, states could sue over Kroger-Albertsons $24.6 bln deal next week at Bloomberg/Reuters. "An agreement to not close the deal between the FTC and the two companies expires on Feb. 28, and the report said a lawsuit to block the deal is expected before that." Read more   Chicago City Council approves new restrictions on dollar stores [...]

  Walmart Q4 Comp Sales (ex-fuel): Walmart U.S. +4.0% / Sam's Club +3.1% Walmart Int'l Q4 net sales +13% Global eCommerce sales grew 23% Global adv business grew ~ 33%, including 22% for Walmart Connect in the U.S. Press release   Walmart to buy TV maker Vizio for $2.3 billion in move to grow its ad business at CNBC. "Walmart’s control of the Vizio platform will give companies that advertise with the retailer a greater reach. In a news release, Walmart said Vizio’s SmartCast system has 18 million active accounts." Read more   Home Depot Q4 U.S. comp sales down [...]

  Retail sales fall 0.8% in January from December as shoppers pause after strong holiday season at Yahoo/AP. "Excluding sales at auto dealerships and gas stations, sales were down 0.5%. The decline was bigger than the 0.10% drop that economists expected and marked the lowest monthly figure since March of last year." Read more   Target's latest answer to inflation angst: A new brand with prices starting at $1 at Minneapolis Star Tribune. "Dealworthy will replace Smartly, a smaller private-label, low-cost brand Target started in 2018 ...Target is also revamping one of its larger and more popular owned brands, Up&up. [...]

  Kroger pledges to lower prices for consumers when its planned merger with Albertsons closes at MarketWatch. "Kroger Inc., facing regulatory pushback over its plan to merge with rival grocery chain Albertsons Cos. Inc. in a roughly $25 billion deal, said Tuesday it typically lowers prices for consumers after consummating a deal." Read more | Press release   NYC may ban detergent packs including Tide Pods in latest ‘green’ crackdown — with fines up to $1,200 for selling them at NY Post. "Polyvinyl alcohol, or PVA, is used as a film in pods that dissolves in water during a wash [...]

  Snoop Dogg, Master P allege Walmart, Post Foods hid their cereal in sabotage plot at CNBC. "Walmart said...“We will respond as appropriate with the Court once we are served with the complaint."...At a media briefing Tuesday announcing the lawsuit, Master P said the suit “is about minority-owned companies getting a fair share.” Snoop Dogg said, “We ain’t build this brand to sell it.” The rappers are being represented by high-profile civil rights attorney Ben Crump." Read more   Costco January comp sales (ex. gas & f/x) +3.4% "This year’s retail month of January had one less shopping day due to the [...]

  Costco Announces Richard Galanti Will Step Down as CFO, Names Gary Millerchip New CFO "Gary (served) as Senior Vice President and Chief Financial Officer at The Kroger Co. since April 2019. Gary spent 15 years at The Kroger Co., preceded by more than 20 years in banking...Richard will remain with the Company through January 2025, serving in an advisory role." Press release   ...Kroger names Todd Foley, group vice president, corporate controller and chief accounting officer, as interim CFO...will name a CFO successor at a later date Press release   Luxury Retailers Are Buying Out Their Landlords at WSJ. [...]