Costco +7.7% | Amazon Test Fail | Late Fee Loss Nears


Costco March comp sales +7.7%: U.S. +7.3% / Canada +8.9% / Other Int’l +8.6% Press release


How Walmart’s privileged documents led to $101 million jury verdict for ex-supplier at Reuters. “… jury that found Walmart breached its agreement to buy millions of boxes of nitrile gloves in the first 18 months of the COVID pandemic…The jury awarded Walmart $350,000 in damages based on evidence that London Luxury’s CEO was plotting to open their own nitrile glove factory in Florida.” Read more


Amazon CEO Andy Jassy in shareholder letter says he’s committed to cost cutting while investing in AI at CNBC. “He said he believes generative artificial intelligence is shaping up to become Amazon’s next big primitive service, or “pillar”…“While we’re building a substantial number of GenAI applications ourselves, the vast majority will ultimately be built by other companies,” Jassy said.” Read more


…Andy Jassy’s compensation for 2023 totaled $29.2 million at GeekWire


… Andrew Ng, known for building AI at large tech companies, is joining its board of directors at TechCrunch


The Buckle, Inc. March comp sales down 9.4% Press release


Target to use new technology to crack down on theft at self-checkout kiosks at USA Today. “Truscan, the name of the technology, is designed to detect if there is anything near a kiosk that has not been scanned. It will then release audio and visual cues if an item isn’t scanned correctly.” Read more


Pic ‘N’ Save CEO trying to save 99 Cents Only stores in Southern California at ABC 7. “…there’s an effort underway to save most of the 143 locations in Southern California…Mark J. Miller, CEO of Pic ‘N’ Save Bargains and former president of Big Lots…said he has put together a group of investors…to try to acquire the Southern California stores…” Read more


Amazon and Walmart warehouse employees are so surveilled that they’re worried about breaking to use bathroom at Business Insider. “The 52-page report, “At Work and Under Watch: Surveillance and Suffering at Amazon and Walmart Warehouses,” was released Wednesday and highlights survey data it says was collected from 1,484 Amazon warehouse employees and 444 Walmart warehouse workers across the United States.” Read more


Department stores face another squeeze. This time, with store credit card revenue at CNBC. “Late fees for customers will be capped at $8, down from an industry average of around $32, under a new rule from the Consumer Financial Protection Bureau. The change faces legal challenges, but is scheduled to take effect on May 14.” Read more


Amazon Dash Cart vs. ‘Just Walk Out’: We put the tech giant’s new grocery strategy to the test at GeekWire. “The winner of our experiment: the technology that Amazon is moving away from in these stores. Our least-favorite option: the approach that Amazon is betting on. Our conclusion: We’re not quite sure what Amazon is doing here.” Read more


Best Buy lays off some Geek Squad, phone support workers while adding AI at Star Tribune. “The Best Buy employees, speaking under the condition of anonymity, told the Star Tribune this was the latest round of layoffs in parts of the business facing lower demand. Other departments have also faced cuts though Best Buy declined to offer more details.” Read more (tiered subs.)


Home Depot earns top spot as most culturally inclusive brand of 2023 Press release


Nike pins hopes on Olympics to win back market share at Reuters. “Nike unveiled Olympic kits for the teams it sponsors on Thursday alongside athletes including Kenyan marathon star Eliud Kipchoge and British sprinter Dina Asher-Smith…Brands like On Running, Hoka, and Lululemon are taking market share from Nike…” Read more


Costco selling as much as $200M in gold bars per month, Wells Fargo estimates at NY Post


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