Ruiz Retires | Dick’s -2.2% | Modell’s Restructure | Z-End?
Dick’s Q4 comp sales (shifted) -2.2% “Ed Stack: “…(we) expect to return to positive comp sales beginning in the second quarter.” Press release
…Dick’s Sporting Goods falls sharply after giving a weak outlook for 2019 by Arjun Reddy at Business Insider. Read more
Sporting-Goods Retailer Modell’s Hires Restructuring Adviser by Lillian Rizzo at Wall Street Journal. “The retailer, which has more than 150 stores in the Northeast, has hired Berkeley Research Group as its financial adviser to explore its next steps, the people said. Options on the table include a possible bankruptcy filing, two of the people added.” WSJ subs.
Amazon ends policy that prevented third-party merchants from selling products for lower prices on other sites by Taylor Soper at GeekWire. “Amazon critics cited the “price parity provisions” as a violation of antitrust laws. This past December, Sen. Richard Blumenthal asked the Department of Justice and the Federal Trade Commission to investigate the policy.” Read more
Weis Markets Q4 comp sales +0.7% Press release
Amazon domain battle rages on as internet overseer postpones decision at Reuters. “Brazil on Monday thanked the global body that oversees Internet addresses for extending until April a deadline for Amazon basin nations to reach a deal with Amazon.com Inc in their seven-year battle over the .amazon domain name.” Read more
Neiman Marcus CEO van Raemdonck answers ‘Why New York City?’ by Maria Halkias at Dallas Morning News. “Neiman Marcus is the anchor tenant of the Shops at Hudson Yards, a seven-level vertical mall that opens Friday on the Lower West Side. The $25 billion project is the largest private real estate development in U.S. history.” Tiered subs.
Gisel Ruiz, top female exec at Sam’s Club, to retire by Kim Souza at Talk Business. “Ruiz will be replaced by Dacona Smith, senior vice president of Walmart’s western U.S. operations, effective April 14.” Read more
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Stitch Fix stock soars after earnings beat at CNBC. “Stitch Fix posted earnings per share of 12 cents on revenue of $370 million. Wall Street expected earnings of 5 cents on revenue of $365 million…active clients came in at 2.96 million, outpacing estimates of 2.95 million.” Read more
Ross Stores To Open 100 New Locations In 2019 Press release
Retailers woo customers with shaky credit by Lisa Fickenscher at NY Post. “Most of these programs are looking for consumers who are bad at math,” payment card consultant Robert McKinley of RAM Research told The Post. “They generally charge 20 percent to 30 percent more for merchandise and may carry additional, hidden costs.” Read more
Neiman Marcus Bondholder Makes Counteroffer to Proposed Debt Deal by Soma Biswas at Wall Street Journal. “Marble Ridge Capital LP, the bondholder, is seeking a 75% preferred equity stake in MyTheresa, according to the person. The new proposal comes after Neiman disclosed it had reached an agreement in principle on a debt deal with another group of investors. The retail chain is offering a 50% stake in MyTheresa under that proposal.” WSJ subs.
Toys R Us’ real estate arm exits bankruptcy with new name at Fox Business. Read more
Jeff Bezos responds to employee concerns about his personal life: ‘I still tap dance into the office’ by Eugene Kim at CNBC. “If you don’t mind, just raise your hand, if maybe — just maybe — you’ve had a better start to your 2019 than I have. Anybody?” Bezos said, according to a recording of the meeting CNBC has heard. “I noticed that a couple hands didn’t come up — I’m sorry for you guys.” Read more
Casey’s Q3 grocery/merchandise comp sales +3.4% Press release
Food-Delivery Companies Acquire a Taste for Smaller Markets by Heather Haddon & Julie Jargon at Wall Street Journal. “Instacart…said its deliveries can also reach 80% of the U.S. population, up from 10% in 2015. Shipt…has since tripled the number of markets where it operates to 250.” WSJ subs.
Sephora Eyes 35 New U.S. Locations in 2019 Press release
Upscale retailer Z Gallerie enters bankruptcy, angles for sale at SF Gate. “Los Angeles-based Z Gallerie has more than 1,000 employees, operates 76 stores and generated over $200 million in sales last year. It will close 17 underperforming stores, but plans to continue operating during bankruptcy.” Tiered subs.
Marvin Ellison skipped the HQ welcome party and instead worked at a store contractor’s desk on his first day at Lowe’s by Daniel B. Kline at Motley Fool. “On his second day, Ellison skipped the office again. Instead, he worked in receiving at another store to understand how the company was executing in that area, and to see firsthand what the friction points were. “The next day, I was on the sales floor learning the inside process,” he said.” Read more
Tipsheet Extra Stories
8,000 more bottles of ranch dressing removed from creek after truck crash
Jeff Bezos ghosted Gwyneth Paltrow
CVS to change on-hold music after doctor pleads for it to change
Tesla backtracking on plans to close most of its stores
Stop & Shop workers vote to authorize strike over contract fight
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