Costco +6.2% | Jassy @ Sun Valley | Back-to-School Steady

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Costco June comp sales (Ex fuel & f/x) +6.2%:

…US +5.5% / Canada +7.9% / Other Int’l +8.2% / Ecom +11.2% “Costco net sales for the first 44 weeks were $227.46 billion, an increase of 8.0 percent from $210.55 billion last year.” Press release

 

Deloitte: Parents Hold Firm on Back-to-School Budgets “Back-to-school spending for K-12 students will likely remain steady, estimated to reach a collective $30.9 billion, or approximately $570 per student…shoppers surveyed plan to increase their spending on clothing and accessories (+6%), while spending on technology and school supplies is expected to decline by 8% and 3%, respectively.” Press release

 

Who’s at Sun Valley’s Moguls Retreat This Year at Hollywood Reporter. Jassy/etc.

 

Retailers log $7.9 billion in online sales in first 24 hours of Prime Day at CNBC. “U.S. online sales jumped 9.9% year over year to $7.9 billion on Tuesday, the kickoff of Amazon’s Prime Day megasale, according to Adobe Analytics. At that level, it marks the “single biggest e-commerce day so far this year,” Adobe said.” Read more

 

Ulta Beauty Announces Acquisition of Leading British Beauty Retailer Space NK Press release

 

Ferrero to buy cereal maker WK Kellogg for $3.1 billion; Kellogg shares jump 30% at CNBC. “The move deepens Ferrero’s ambitions in the U.S. market. The third-largest U.S. candy company in May announced a new slate of products to appeal to American consumers, including peanut Nutella and Dr Pepper Tic Tacs.” Read more

 

Walmart’s fashion segment now a $29.5 billion business at Talk Business. “Baker said by the time kids are 10 years old, they have a lot of say in what they wear, meaning this generation wields massive purchasing power. Numerator reports that Gen Alpha (children under the age of 15) has an estimated $28 billion in direct purchasing power. About 53% of the parents of Gen Alpha kids give allowances for personal spending and saving.” Read more

 

Hudson’s Bay lender asks court to stop lease sale to Ruby Liu at Financial Post. “One of Hudson’s Bay’s biggest lenders says the department store chain has handled its liquidation so badly that a court should end a buzzy but fraught lease transaction the retailer signed with a B.C. billionaire and subject the company to even more oversight as it winds down.” Read more