Lowe’s -7.4% | “Deal-Focused” | B.Buy -6.9% | Amazon’s Big Friday
Lowe’s Q3 comp sales decreased 7.4% “Updates full year 2023 outlook – Comparable sales expected to be down approximately -5% as compared to prior year (previously down -2% to -4%).” Press release
…Lowe’s cuts sales outlook as homeowners take on fewer projects at CNBC. “CEO Marvin Ellison said Lowe’s felt a “greater-than-expected pullback” by customers on discretionary projects and big-ticket purchases. Yet he said its sales to home professionals, which are accounting for a growing share of its revenue, rose in the quarter. Those pros drive about 25% of its business…will next focus on “offering value and convenience this holiday season.” Read more
American Eagle sales up but gives unimpressive holiday forecast at CNBC. “Sales rose to $1.3 billion, up about 5% from $1.24 billion a year earlier….it’s expecting its operating income to be between $105 million and $115 million, which is mostly below expectations of $114 million, according to StreetAccount.” Read more
Lowe’s, Best Buy and Kohl’s predict a weak holiday at CNN. “Consumer demand has been even more uneven and difficult to predict,” Best Buy CEO Corie Barry said in a statement, noting that the company “prepared for a customer who is very deal-focused.” Read more
Canada’s grocery giants reveal new plans to stabilize food prices — including expanded price freeze and early holiday discounts at Toronto Star. “Sobeys’ parent Empire Company Ltd., Canada’s second-largest grocer, told the Star it is freezing prices on thousands of products, mostly in the centre aisles of its stores, until early next year. The price freeze, however, only builds on an existing tradition in the Canadian grocery business, where major retail chains often refuse to accept price increases from suppliers in an attempt to simplify their operations for the holiday sales blitz.” Read more
Dick’s Sporting Goods Q3 comp sales up 1.7% “…on top of a 6.5% increase in the third quarter of 2022.” Press release
Amazon’s Black Friday Deal: Football With a Side of Online Shopping at WSJ. “Amazon Prime Video plans to carry the first-ever “Black Friday” game later this week, serving Americans touchdowns and online shopping as an alternative to battling deal-seekers at the mall…Amazon is planning to feature “shoppable ads” during Friday’s game that use QR codes that viewers can scan to make instant purchases.” WSJ subs.
Sheetz gas prices for Thanksgiving week: $1.99 a gallon at USA Today
Best Buy Q3 comp sales declined 6.9% Press release
Foot Locker, Teamsters Show Their Drug-Benefit Managers the Door at WSJ. “Foot Locker replaced OptumRx last year because it wanted more information about how much the PBM was profiting off its work for the retailer…Foot Locker hired a smaller pharmacy benefit manager, Navitus Health Solutions of Madison, Wis., which tells employers it passes through to them 100% of the drug rebates it negotiates.” WSJ subs.
Kohl’s Q3 comp sales down 5.5% Press release
Publix names new CEO, executive chairman, and president at Supermarket News “…current CEO Todd Jones becoming the new Publix executive chairman, current President Kevin Murphy becoming CEO, and current Senior Vice President John Goff becoming president.” Read more
Hibbett Q3 comp sales decreased 2.7% Press release
4 injured after Walmart shooting in Beavercreek, Ohio; suspected shooter dead at USA Today. “The shooter died from an apparent self-inflicted gunshot wound, police said. The suspect’s name, a motive for the attack, and other details weren’t immediately released.” Read more
Famous Footwear Q3 comp sales down 6.9 percent Press release
Home Depot to acquire International Designs Group a platform company that owns and operates Construction Resources – Construction Resources is a leading distributor of design-oriented surfaces, appliances and architectural specialty products for professional contractors…” Press release