Tipsheet: Orchard Shutters 99 | Nike Stores Close in SA | Lowe’s Gets CVS CFO | Target Digital +41%
Lowe’s Q2 comp sales +5.2% (vs. +5.3% expected) at CNBC. “Looking to the full year, Lowe’s (sees) same-store sales climbing as much as 3 percent. The company had previously been calling for…same-store sales (to increase) as much as 3.5 percent.” Read more | Press release
…NEW CFO – Lowe’s hires CVS CFO David Denton
Target Q2 comp sales +6.5% / +6.4% traffic growth / comp digital sales +41% Press release
…Target just had its best quarter in over a decade at CNN Money. “Target’s same-store sales growth outpaced rival Walmart, which reported a 4.5% rise last week. Walmart said that number was its best in a decade.” Read more
…How Target Keeps Its ‘Tar-zhay’ Luster by Phil Wahba at Fortune. “At a hip event space in downtown Manhattan Target in early August, Chief Merchant Mark Tritton was marveling at the merchandise from its three newly launched brands….(Tritton) has now overseen the genesis and launch of 12 Target brands, with more to come, an unprecedented pace for that chain.” Read more
All 99 Orchard Supply Hardware stores to close by year’s end by Jason Green & Julia Prodis Sulek at Mercury News. ““It’s horrible. I’ve lived my whole life in San Jose. It’s an institution and it’s too bad Lowe’s doesn’t appreciate that,” said Reuben Castillo of San Jose.” Read more
Hawaii residents brace themselves as Lane strengthens into a Category 5 hurricane at Honolulu Star Advertiser. “Maximum sustained winds are near 160 mph with higher gusts…Slow weakening is forecast during the next 48 hours, but Lane is forecast to remain a dangerous hurricane as it draws closer to the Hawaiian Islands.” Read more
Nike stores closed in South Africa amid outcry over racist web post at Reuters. “The “K word” as it is known in South Africa is apartheid-era slang for a black person and is regarded as a deeply offensive slur on a par with the “N word” in America.” Read more
…Nike criticized for selling ‘menacing’ $92 balaclava at CNBC. Read more
Boxed raises $111M by Ingrid Lunden at TechCrunch. “Boxed is not disclosing its valuation but a write up in the NYT notes it is now $600 million. Notably, the company was in talks earlier this year for a possible sale to Kroger for between $400 million and $500 million — a deal that the startup reportedly rejected.” Read more
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Amazon and Best Buy crush back-to-school email open rates by April Berthene at Internet Retailer. “eDataSource analyzed 13 retailers that sell back-to-school products online…As a group, the most-opened emails often referenced a specific product or category, such as closets, backpacks or decor. Amazon had four of the 15 most-opened emails campaigns.” Read more
Amazon and Kohl’s expand partnership to 100 stores in Chicago, L.A. and Milwaukee by Nat Levy at GeekWire. Read more
…Kohl’s partners with Nine West brand Press release
TJX Q2 Comp Sales +6.0% Press release
Office Depot is piloting its first-ever co-working space inside a retail store at Silicon Valley Business Journal. “The space inside the store at 15166 Los Gatos Blvd. (Los Gatos, CA) is called Workonomy Hub.” 4 pics/Read more
99 Cents Only Stores Appoints Ex-Starbucks SVP Ashok Walia As CFO Press release
Some Amazon sellers are outraged over a new payment policy designed to attract more corporate buyers at CNBC. “Some sellers are worried that waiting 30 days for payment instead of getting paid every week or two will put them in a cash crunch.” Read more
Old Navy debuts plus size collection in 75 stores Press release
Walmart takes another jab at Amazon as it begins selling e-books for first time by Charisse Jones at USA Today. “Starting Wednesday, the world’s biggest retailer will officially launch Walmart e-books, a partnership with Rakuten Kobo, the digital book division of Japan’s top e-commerce company.” Read more
Forbes 2018 America’s Top Colleges Ranked list
Sarah Jessica Parker is releasing the second part of her kids collection with Gap, inspired by the tradition of family heirlooms by Lindsay Weinberg at Hollywood Reporter. Read more
Urban Outfitters quarterly comp sales +13% at MarketWatch. Read more
Tipsheet Extra Stories
All 59 startups that launched at Y Combinator’s S18 Demo Day 2
Cabela’s in lawsuit crosshairs after in-store crossbow mishap
Man facing accusations over Amazon ‘coaching’ business threatens suicide in armed standoff
Serta Simmons merges with rival in bid to boost e-commerce biz
Variety Announces Actors to Watch for 2018
Effort to help monarch butterflies gets boost in marketplace
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