H.Depot -3.5% | Bezos Bash | TP Pics | Ikea Discount Dead
Home Depot Q3 U.S. comp sales decreased 3.5% Press release
…Home Depot earnings beat, but retailer offers a tepid outlook as sales slide at CNBC. “The retailer indicated caution about the coming months, as it narrowed its full-year outlook. It said it now anticipates sales will fall by 3% to 4% from the prior year, compared with a previous expectation of a 2% to 5% decline…In an interview with CNBC, Chief Financial Officer Richard McPhail said the company’s results and forecast reflect that the year “is a period of moderation in home improvement.” Read more
US consumer inflation eased in October at AP News. “Compared with a year ago, consumer prices rose 3.2% in October, down from 3.7% in September. Excluding volatile food and energy prices, so-called core prices also weakened unexpectedly. They rose just 0.2% from September to October, slightly below the pace of the previous two months.” Read more
Washington, DC, CVS replaces shelves of toilet paper with framed photos of products at NY Post. “The unusual store display was started after homeless people began snatching the products off the shelves of the drugstore, located on H Street NE, and leave without paying…” Read more
Ikea is doing away with in-store discounts for its most loyal customers at Fast Company. “About one year after debuting a 5% discount for members of its U.S. loyalty club, Ikea will soon discontinue this perk. Beginning February 1, 2024, the blue-box retailer will no longer offer a discount on in-store purchases of all furniture and decor.” Read more
Amazon lays off more than 180 employees from gaming division at GeekWire.
McDonald’s and Crocs are releasing a line of $75 shoes inspired by Grimace and the Hamburglar at CNBC. “Also for sale will be a number of McDonald’s-themed charms that can be attached to the clogs, including french fries, the Big Mac and the iconic Golden Arches logo. The shoes will be released on November 14, retailing for between $70 and $75.” Read more
Amazon Leads U.S. Grocery Retailers in Personalization Followed by H-E-B and Kroger, dunnhumby Finds “The seven retailers with the next highest overall customer preference index scores are: 4) Giant Eagle, 5) King Soopers, 6) Meijer, 7) The Giant Company, 8) Target, 9) Fry’s, 10) Smith’s.” Press release
Etaily is a “one stop solution” for consumer brands that want to enter Southeast Asia at TechCrunch. “The startup has about 50 global clients, including Levi’s, Crocs, Reckitt and Skechers who use it to develop lifestyle products, manage selling on platforms like Lazada and Shopee and brand.com, and fulfill orders through etaily’s asset-light warehouse network.” Read more
Sacramento sheriff calls out Target for limits on shoplifting enforcement at ABC7. “…we were told by their head of regional security that we could not contact suspects inside the store; we could not handcuff suspects in the store; and if we arrested someone, they wanted us to (process) them outside… behind the store… in the rain.” Read more
Kroger and Walgreens have a new way to fight theft at The Street. “… have been working with Alto, a company that mixes technology and human resources to make it easier for retailers to give law enforcement what they need to arrest and prosecute shoplifters.” Read more
As Target shutters some stores, retailer looks to prove it can grow and avoid new setbacks at CNBC. “Chief Operating Officer John Mulligan said the company sees “lots more opportunity to grow in New York,” including city neighborhoods…“If you go back through time, this is something we’ve done over and over again,” he said. “And when we close a store in a market, it doesn’t mean we stop investing in that market.” Read more
Scientists Warn of Parents’ Soaring Melatonin Use at Newsweek. “Nearly 1 in 5 kids and preteens in the United States take the hormone to aid their sleep, and many parents regularly give it to their preschool-age children. This has concerned scientists, according to a new paper in the journal JAMA Pediatrics, as melatonin product safety and efficacy data is scarce, and they often lack full Food and Drug Administration (FDA) regulation.” Read more
Stars flock to Jeff Bezos and Lauren Sanchez’s A-list engagement party at NY Post. “We hear legends like Oprah Winfrey and Barbra Streisand rubbed elbows with stars such as Kim Kardashian, Chris Rock and Salma Hayek at the bash. Disney CEO Bob Iger made the rounds along with Kris Jenner, Rita Wilson, Gayle King, Jessica Alba, designer Stacy Bendet and Hugh Jackman’s ex, Deborra-Lee Furness.” Read more