EYE ON RETAIL TIPSHEET IS BACK – Back by popular demand – look for it in your inbox every Tuesday and Thursday!
Costco August Comp sales (ex. gas & f/x) +3.4% / August Ecom -2.5% Press release
Visa, Mastercard Prepare to Raise Credit-Card Fees by Angel Au-Yeung at Wall Street Journal. “The fee increases are scheduled to start in October and April, according to people familiar with the matter and documents viewed by The Wall Street Journal. Many of the increases are for online purchases. The changes could result in merchants paying an additional $502 million annually in fees, according to CMSPI, a consulting company that works with merchants.” WSJ subs.
Dollar General cuts annual forecasts on weak traffic, discretionary spending slowdown Read more
…Dollar General Q2 Comp sales -0.1% / Net sales +3.9% Press release
Five Below Q2 Comp sales +2.7% / Net sales +13.5% Press release
After more than 50 years, iconic Minneapolis outdoor retailer Midwest Mountaineering will close by Gita Sitaramiah at Minneapolis Star Tribune. “A lot of our customers are over 50. They were our customers back 20, 30, 40 years ago,” Johnson said. “We’ve tried a lot to get younger people more into the outdoors. You’re competing with busy schedules the younger people have. You’re competing with screen time. The online sales is a huge thing.” Tiered subs.
Academy Sports Q2 Comp sales -7.5% / Net sales -6.2% Press release
New Sam’s Club CEO has global experience, got an early start in retail by Kim Souza at Talk Business. “(Chris) Nicholas said retail is a hectic-paced life, and it’s important to find ways to wind down and decompress. For him, it’s running. Lots and lots of running. As an ultramarathoner, Nicholas said he tries to do a couple of 62-mile races a year. He runs on the local trails and said it’s a great way to clear his mind.” Read more
Chewy Q2 Net sales +14.3% Press release
JCPenney is spending $1 billion on store and online upgrades by Anne D’innocenzio at AP News. “The money is going toward remodeling JCPenney stores, upgrading its online shopping site and app, and making its supply network more efficient so that online orders are delivered more quickly. JCPenney’s CEO Marc Rosen, who took the company’s helm in November 2021 and has served as an executive at Levi Strauss and Walmart, is renewing the chain’s focus on its core middle-income shoppers with affordable fashion and housewares.” Read more
Caleres Q2 Net Sales -5.8% Press release
Apple reportedly tests 3D printing to manufacture the new Apple Watch at CNBC. “Right now, Apple Watch chassis are made by cutting slabs of metal into the right shape. The 3D printing methodology would reduce both the time needed to make the devices and the amount of material being used, people familiar told Bloomberg.” Read more
Ollie’s Bargain Outlet Q2 Comp sales +7.9% / Net sales +13.7% Press release
Walmart offers help for strep, flu, covid by Serenah McNay at Northwest Arkansas Democrat Gazette. “The program called Testing and Treatment is now available at all Walmart pharmacies in 12 states including Arkansas…Colorado, Florida, Idaho, Iowa, Kansas, Kentucky, Michigan, Minnesota, South Dakota, Tennessee and Washington.” Read more
Duluth Trading Q2 Net sales – 1.7% / Retail store Net sales – 7.0% / Direct to consumer Net sales +1.8% Press release
Americans Increased Their Spending Significantly Last Month by Harriet Torry & Nick Timiraos at Wall Street Journal. “Consumer spending, the primary driver of economic growth, rose 0.8% in July, the Commerce Department said Thursday, up from an upwardly revised 0.6% increase in June. Americans spent more on groceries, recreational goods and vehicles, and on services such as housing, dining out, financial services and insurance.” WSJ subs.
Lands’ End Q2 Net revenue -7.9% Press release
Chanel is opening a Brooklyn diner — here’s what you’ll find on their non-traditional menu by Brooke Steinberg at NY Post. “Instead of an array of food options, the menus will feature a selection of fragrances. Sitting at the diner booths will be an interactive, 30-minute experience that is devoted to finding the Chance scent that suits you best.” Read more