Tipsheet: Albertsons +26.5% | WM ‘Diabolical’ Fees | Bezos @ Congress Wed.
Albertsons’ same-store sales surge 26.5% at Reuters. “Net income rose to $586.2 million, or $1 per share, in the reported quarter, from $49 million, or 8 cents per share, a year earlier, when it recorded impairment losses.” Read more
WEDNESDAY: Jeff Bezos to testify before Congress (remotely) at a hearing by the House Judiciary subcommittee on antitrust at Reuters. “Four Big Tech CEOs — Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos, Google’s Sundar Pichai and Apple’s Tim Cook — will answer for their companies’ practices before Congress at a hearing Wednesday…” Read more
Google extends its coronavirus work-from-home order to summer 2021 at CNBC. “The change will affect “nearly all” of Google’s 200,000 employees, including contractors and full-time workers, according to The Wall Street Journal, which first reported the news.” Read more
‘Diabolical’: Suppliers ‘absolutely furious’ at Walmart Canada plan to recoup investment through new fees at Financial Post. “In a letter to its more than 3,000 suppliers on Friday afternoon, Walmart characterized the new fees — up to 6.25 per cent of the cost of goods — as a reasonable trade-off, since the multi-billion-dollar upgrades to stores and e-commerce will lead to sales growth for suppliers.” Read more
Target announces sneak peek at holiday plans at A Bullseye View. “Starting in October and continuing throughout the season, you’ll find Target’s lowest prices of the year on items in stores and online…Closing our stores on Thanksgiving Day…” Read more
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Hurricane Douglas came within “razor thin” distance of the Hawaiian Islands but spared the state the worst of the strong winds…at Fox Business. Read more
Walmart and others will still serve customers who refuse to wear masks, despite new rules at CNN. “Walmart, Home Depot, Lowe’s, Walgreens, CVS, and others say they still won’t prohibit customers who refuse to wear a mask from shopping in stores…In talking points for Walmart ambassadors and management, a member of management is instructed to ask if the customer would like a complimentary mask. If the customer refuses, “let them continue to shop,” the talking points say.” Read more
Joann Fabric CEO says he’s willing to lose customers over new mask policy at CNN. “Miquelon declined to say whether JOANN employees are trained to refuse customers who don’t wear face masks. “We’ll cross the bridge when we come to it,” he said.” Read more
How the coronavirus is changing the way we shop — and what we’re buying at CNBC. “People are going to go back to their old habits to a large extent, but one structural change I see over the next few years is fewer occasions for new clothes, so we are going to have fewer big concerts and sporting events and big celebrations, weddings and holidays,” Bernstein’s Sherman told CNBC.” Read more
Proozy.com, an apparel clearance site, found itself in the right place at the right time since the pandemic at Star Tribune. “The company just had its three biggest months since it was founded five years ago. Sales are up 400 to 500%, which means Proozy will likely end next year with $140 million in sales, (founder) Segal said.” Read more
What Safe Shopping Looks Like During the Pandemic at Harvard Business Review. “Little’s Law says that throughput will rise only if customers spend less time in the store. Therefore, these retailers should at this time focus on the efficiency of the shopping experience…Rather than displaying text signs (“Please wear a mask”), stores should display posters of mask-wearing local customers and employees giving their thumbs-up. This provides “in-group” models to emphasize shared identity, establish connections, and promote norms among customers.” Read more
Hasbro profit misses as production delays weigh on board game sales at Reuters. “In the second quarter, factory closures in the United States, Ireland and India due to lockdowns stifled supply, with Hasbro blaming the shortages for a 30% fall in net revenue in the United States and Canada.” Read more
At Ikea, a tale of two plant-based ‘meatballs’ at Fortune. “Ikea says the climate footprint of its new plant ball is only 4% of its classic meatball. If it converts about 20% of its meatball sales to plant balls, the company calculates that it would reduce its climate footprint in the food business by 8%.” Read more
Tipsheet Extra
Man accused of detonating bomb at Lowe’s indicted by federal grand jury
PETA names Aldi top grocer
Americans can determine if they are middle class with new income calculator
Walmart Marketplace Warns Sellers to Expect More Returns
Protest at Whole Foods store enters the fourth week
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