CEO Pay: McMillon #46, Cornell #142 | Lowe’s -4.1% | Canada Tough Talk


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 kind of impressed with Macy’s hanging in here and giving good guidance. So it remains to be seen if it can come through,” said Don Nesbitt, senior portfolio manager at F/m Investments, which holds a stake in Macy’s.” Read more


AutoZone Q3 comp sales up 0.9% – Domestic comp sales were flat Press release


The Highest Paid CEOs of 2023 (McMillon #46, Herrman #96, Cornell #142) WSJ subs.

Home Depot using secret AI technology at self-checkouts to catch shoplifters at Daily Mail. “The technology is very different to simply having security staff monitor standard CCTV cameras trained on the area. Ann-Marie Campbell, a vice-president at the chain, quietly revealed the move while speaking to analysts during its recent earnings update…” Read more


Jeff Bezos’ massive Beverly Hills compound coming together at Fox Business. “Reports vary on how much the Beverly Hills compound cost, with some saying Bezos had to hand over $165 million. The property sprawls roughly 10 acres…” Pics/Read more


Target to lower prices on thousands of basic items at AP. “The price cuts, already applied to 1,500 items, will eventually include 5,000 food, drink and essential household goods.” Read more


Bruce Nordstrom, former chairman of Nordstrom’s department store chain, dies at 90 at CBS. “Bruce Nordstrom retired from his executive role in 1995 as the third generation handed over leadership to the fourth. He retired as chairman of Nordstrom’s board of directors in 2006.” Read more


Walmart Grows Neighborhood Markets Footprint at Progressive Grocer. “…opening of two new Neighborhood Markets. The first, located in the Dune Lakes area of Santa Rosa Beach, Fla., opened May 8, while the second in the Vine City neighborhood of Atlanta will open its doors on May 22. The two stores feature a new layout and larger footprint than previous Neighborhood Markets, boasting 57,000 square feet of sales floor and pickup and delivery space.” Read more


Loblaw agrees to sign grocery code of conduct — but only if competitors do at CBC. “We’ve worked very hard to get to where we are,” said Michael Graydon, CEO of the Food, Health and Consumer Products of Canada (FHCP) association…”We now have all the major grocers with the exception of one, and so some work needs to be done in regards to bringing them into the fold,” said Graydon, referring to Walmart.” Read more


TOUGH GUY – Walmart, Costco refusing to sign grocery code of conduct ‘untenable’: industry minister at CTV News. “They will sign on,” Champagne told CTV’s Question Period host Vassy Kapelos…“We’ve put pressure on Loblaw, and you see the outcome,” Champagne said. “Obviously, I don’t think it would be tenable for Costco or Walmart to disregard what the will of the Government of Canada is, and Canadian consumers.” Read more


Loblaw boycott gives independent stores and grocery alternatives a boost at Financial Post. “At Forage Market in Edmonton, sales rose 57 per cent during the first half of May, compared with the same period a month before. “It’s just awesome that people are actually putting thought behind where their food comes from,” said business manager Courtney Hanak.” Read more