Best Buy Q1 comp sales down 6.1% Press release   ...Best Buy posts another quarter of sluggish consumer electronics demand at CNBC. "Barry said...the quarter was more promotional than expected in both the number of deals and size of discounts, with especially high promotions in certain categories like major appliances." Read more   Kohl's Q1 comp sales down 4.4% Press release   ...Kohl's shares crater on surprise quarterly loss, annual forecast cut at Reuters. "Kohl's has been too reliant on other brands such as Sephora, Amazon, and now Babies R Us to drive traffic rather than distinguishing its core [...]

  The cult of Costco: How one of America’s biggest retailers methodically turns casual shoppers into fanatics at Fortune/Yahoo. "The most important item we sell is the membership card,” says Ron Vachris, Costco’s new CEO as of Jan. 1....Gersch (consultant), challenged Fortune to clock how long a piece of clothing would remain unfolded after a shopper tossed it back onto a pile. Sure enough, in Fortune’s multiple observations, it rarely took more than two minutes before a store worker swooped in to neaten up." Read more   Walmart, Capital One end exclusive consumer credit card agreement at Fox Business. "In [...]

  BJ's Q1 comp sales (ex-gas) +0.6% "Digitally enabled comparable sales growth was 21.0% year-over-year. Membership fee income increased by 8.6% year-over-year to $111.4 million." Press release   Williams-Sonoma, Inc. Q1 comp brand revenue -4.9% "We are reiterating our guidance of annual net revenue growth in the range of -3% to +3% with comps in the range of -4.5% to +1.5% in fiscal 2024." Press release   Grocers are finally lowering prices as consumers pull back at Washington Post/Microsoft. "Wyatt Williams of Iowa City says higher prices forced him to make changes starting in 2022...The 39-year-old writer and professor could [...]

  Lowe's Q1 comp sales down 4.1% Press release   ...Lowe’s beats on earnings and revenue, even as consumers spend less on DIY projects at CNBC. "Lowe’s stuck by its full-year forecast. It said it expects total sales of between $84 billion and $85 billion, which would be a drop from $86.38 billion in fiscal 2023...Ellison said gains with pros and online sales growth helped to partially offset a decline in do-it-yourself spending." Read more   Macy's, Inc. Q1 net sales down 2.7% Press release   ...Macy's lifts annual profit forecast as new CEO's revamp takes root at Reuters. "I'm [...]

  Walmart Q1 U.S. comp sales +3.8% / Sam's Club +4.4% Press release   ...Walmart earnings beat as discounter wins over more high-income shoppers, e-commerce sales jump at CNBC. "In an interview with CNBC, Chief Financial Officer John David Rainey said one of the factors boosting Walmart’s grocery business is the widening gap between the price of cooking at home and buying food at fast-food chains or restaurants. Plus, he added, shoppers – especially with higher incomes – appreciate the convenience that Walmart offers. For the first time, its delivery business surpassed its store pickup in terms of volume, Rainey said." [...]

  Home Depot Q1 comp sales down 2.8% / US down 3.2% Press release   ...Home Depot comparable sales drop steeper than expected on easing demand at Reuters. "Foot traffic at Home Depot ticked down in the first quarter, except for an Easter spending boost in March. Store visits dipped 0.3% in February and 2.4% in April, according to data firm Placer.ai. Home Depot CEO Ted Decker said the quarter was impacted by a delayed start to spring and continued softness in certain larger discretionary projects." Read more   Alibaba shares fall in premarket trading after posting 86% profit drop [...]

  Costco April comp sales +5.6% Press release   Organized retail theft ring that targeted Macy’s, other retailers is charged in New York at CNBC. "Two New Yorkers were charged with possessing more than $1 million in stolen goods and reselling them through their business, Rehana’s Cosmetics, a perfume and cosmetics store in Midtown Manhattan, the borough’s district attorney Alvin Bragg said at a press conference. About $212,000 of the merchandise was stolen from Macy’s..." Read more   Insiders reveal why Walmart pulled the plug on Sam Walton’s dream to ’get the hospitals and doctors in line’ at Fortune/Yahoo. "While [...]

  Costco April comp sales +5.6% Press release   Organized retail theft ring that targeted Macy’s, other retailers is charged in New York at CNBC. "Two New Yorkers were charged with possessing more than $1 million in stolen goods and reselling them through their business, Rehana’s Cosmetics, a perfume and cosmetics store in Midtown Manhattan, the borough’s district attorney Alvin Bragg said at a press conference. About $212,000 of the merchandise was stolen from Macy’s..." Read more   Insiders reveal why Walmart pulled the plug on Sam Walton’s dream to ’get the hospitals and doctors in line’ at Fortune/Yahoo. "While [...]