Tipsheet: Amazon Buy JCP? | WM +10% | Sam’s +12% | THD +7.5% | Kohl’s -43.5%
Walmart U.S. Q1: comp sales +10.0% / ecom +74%
Sam’s Club Q1: comp sales +12.0% / ecom +40% Press release
…CNBC: Walmart earnings soar as e-commerce sales jump, shoppers flock to stores “The second quarter has started off pretty well as we continue to see the stimulus money come in for consumers,” (CFO Biggs) added…Total revenues grew by 8.6% to $134.62 billion from $123.9 billion a year earlier, exceeding Wall Street’s expectations of $132.80 billion.” Read more
Home Depot U.S. comp sales +7.5% Press release
…Fox Business: Home Depot hit with $850M coronavirus-related charge “Home Depot Inc.’s first-quarter profit slid 11 percent from a year ago as the company emphasized coronavirus safety measures and enhanced employee benefits.” Read more
Kohl’s Q1 net sales down 43.5% Press release
…Reuters: Kohl’s online sales surge amid lockdown, reopens about half of its stores “…online sales rose 24% overall in the quarter and more than 60% in April, dwarfing earlier growth as the chain limited operations to its app and website.” Read more
Advance Auto Parts Q1 comp sales down 9.3% “Through the first four weeks of the second quarter, comp store sales improved significantly each week.” Press release
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Costco is no longer limiting the number of members allowed per card in most of its US stores at Business Insider. “Stores in Kentucky and Puerto Rico warehouses are the exception, and will not allow more than one person per membership card to enter stores.” Read more
Pier 1 Imports to close all 540 stores after 58 years at NY Post. Read more
Jousting with Congress over Bezos testimony, Amazon says it will send ‘the appropriate’ executive at GeekWire. Read more
Could Amazon be interested in buying J.C. Penney? at Dallas Morning News. “There is an Amazon team in Plano as we speak,” one source told WWD. “There is a dialogue and I’m told it has a lot to do with Amazon eager to expand its apparel business — for sure.” Read more
U.S. housing starts fall 30.2% in April at CNBC. Read more
Target is extending its $2-an-hour coronavirus wage increase for store workers through July 4 at Business Insider. Read more
It Took a Pandemic, but 7-Eleven in Japan Is Letting Stores Take a Break at NY Times. “Allowing an owner to close shop for a few hours in the dead of night or during a national holiday might not seem like a big deal. But 7-Eleven, so omnipresent in Japan that it is considered part of the national infrastructure, believes that consistent service across all of the country’s 21,000 locations is crucial to the brand’s value.” Tiered subs.
JCPenney to permanently close 242 stores amid bankruptcy at NY Post. Read more
Target to debut designer dress collection this summer at Fox Business. “Target has launched “The Designer Dress Collection,” partnering with three fashion brands led by women: LoveShackFancy, Cushnie and Lisa Marie Fernandez for summer looks priced between $40 to $60.” Read more
Walmart says it will discontinue Jet at TechCrunch. Read more
Ex-Cabela’s & Sam’s exec Paul Stone named Hertz CEO at Business Insider. Read more
Tipsheet Extra
Alaskan man makes 14-hour boat trips to Costco to keep his small town fed
Walmart made a $99 tablet with Android 10 and USB-C
Angel Soft exec explains why TP supply couldn’t keep up with demand
How Fanatics’ All In Challenge became the wildest $50M celebrity charity contest ever
Ex-Amazon VP opens up about decision to quit in support of ‘whistleblowers’
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