B.Buy -6.1% | Vet Cart Pusher +$220K | D.Tree HQ Layoffs
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 brand identity,” Emarketer senior analyst Zak Stambor said.” Read more
Foot Locker Q1 comp sales decline 1.8% – far better than the 3.1% drop that analysts expected at CNBC. “The company is expecting comparable sales growth of between 1% and 3%, ahead of the 1.5% growth that analysts had expected, according to StreetAccount.” Read more
Dollar General Q1 comp sales up 2.4% Press release
Amazon drones can now fly farther and deliver to more customers following FAA approval “…allow us to expand our delivery area in College Station, Texas…Later this year, drone deliveries will begin integrating into Amazon’s delivery network, meaning drones will deploy from facilities next to our Same-Day Delivery sites.” Press release
Dick’s Q1 comp sales up 5.3% Press release
Walgreens to hold major summer sale, reducing prices on 1,300 products at NBC-Chicago. “…will also bring back Walgreens’ popular “myW Days” in mid-July…products with reduced prices will be across seasonal, health and wellness and personal care categories.” Read more
Build-A-Bear Workshop Q1 revenues down 4.4% Press release
Amazon Sellers, Struggling to Boost Business, Are Buying Google Ads at Bloomberg. “Amazon merchants have long used Google to drive shoppers to their own websites, with mixed results. Now new third-party software is helping them direct Google searchers to Amazon where they’re comfortable shopping. Sellers say the technique is boosting sales and improving their profits because Google ads are typically cheaper than Amazon’s. The credit Amazon pays for external traffic – typically 10% of the product price — sweetens the deal.” Read more
Chewy Q1 net sales up 3.1% Press release
Dollar Tree acquires 170 99 Cents Only Stores, will reopen them as Dollar Tree stores at USA Today. “…will reopen these stores with its own products as early as fall 2024…The 170 leases acquired by the company span across Arizona, California, Nevada and Texas.” Read more
Amazon Prime now comes with free Grubhub food delivery at The Verge. “Amazon Prime customers paying $139 per year for Amazon Prime will now pay $0 for food delivery fees on orders of $12 or more, among other benefits.” Read more
Stop & Shop to close numerous ‘underperforming’ stores in the Northeast at NY Post
Meijer to open 3rd 90k sf grocery format store “Meijer launched its grocery format in 2023 with the opening of two grocery stores in Southeast Michigan. The Noblesville location is the third Meijer Grocery store opened by the retailer.” Press release
CHICAGO – Six Sav A Lot store subsidies approved for $13.5M, but 14 months later, none are open at Sun-Times/WBEZ. “More than $26 million in funding — including tax increment financing, loans and federal grants — was approved for the project…It is unclear how much of the nearly $7 million in federal funds has been disbursed.” Read more
Dollar Tree lays off 50-plus employees from its headquarters at The Virginian-Pilot. “A company spokesperson said in an emailed statement that the layoffs came as a result of a recently announced store portfolio optimization: “We’ve made the difficult decision to initiate changes in our corporate workforce through both restructuring and reductions.” Read more
Ex-news anchor helps raise $220K for 90-year-old vet pushing shopping carts at Winn Dixie to make ends meet at NY Post. “Mr. McCormick is working to EAT, he said. He needs $2500/month to live and says he only gets $1100 from social security,” Swensen wrote on a fundraising page. “So he must push carts in triple digit heat to make ends meet.” Read more