Amazon Axed 100 | WM US +3.8% | Sam’s +4.4% | U.Armour Mess
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.” Read more
Walmart’s Reign as America’s Biggest Retailer Is Under Threat at WSJ. “(Walmart’s) sales last year added up to $648 billion—more than $1.2 million a minute…If current sales trends persist, Amazon is likely to overtake Walmart soon. Amazon reported $575 billion in total revenue last year, up 12% from the previous year, compared with Walmart’s revenue growth of 6%.” WSJ subs.
Canada Goose Q4 revenue increased 22% and full year revenue up 9.6% Press release
Dillard’s Inc. Q1 comp sales down 2% Press release
Under Armour is laying off workers as retailer says North America sales will plunge this year at CNBC. “…sales in its largest market, North America, plunged 10% and predicted the trend will get worse throughout its current fiscal year. The athletic apparel retailer also saw profits sink by more than 96% during its fiscal fourth quarter, compared with the year-ago period.” Read more
Boot Barn Q4 comp sales down 5.9% Press release
Uber announces Costco perks at CNBC. “…in select locations across the U.S….Users can order products from Costco even if they are not members, but Uber said members will save between 15% and 20% compared with nonmembers.” Read more
Amazon axed more than 100 customer service managers in CEO Andy Jassy’s latest job cuts at Fortune/Yahoo. “Some of the managers first realized something was up when their computer systems suddenly shut down during their workday, according to one source. “We have had more and more work added, 12-16 hour days, maximum stress to be cut free without a thought or a warning,” one of those impacted by the cuts told Fortune.” Read more
Grocery prices fall for first time in a year – Prices for food at home fell 0.2 percent in April at The Hill
Amazon’s Project Kuiper satellite network sets up logistics site and training program at GeekWire. “Amazon says it’s establishing a logistics facility in Everett, Wash., and partnering with a technical college in Kirkland, Wash., to boost the supply chain and workforce pipeline for its Project Kuiper satellite broadband network.” Read more
Temu accused of breaching EU’s DSA in bundle of consumer complaints at TechCrunch
Former Harris Teeter owner dies at 94 at Charlotte Observer/AOL. “Dickson and his brother, Alan, took over their father’s firm R. S. Dickson & Co. in 1968, building it into a multi-billion dollar conglomerate called Ruddick Corp. Ruddick acquired the Matthews-based regional grocer Harris Teeter Inc. in 1969. R. Stuart Dickson was chairman of the board until 1994…” Read more
Netflix to take on Google and Amazon by building its own ad server at TechCrunch