Tipsheet: B.Buy +1.6% | Tritton Letter | D.Gen +4% | Burlington +3.8%
Best Buy Q2 comp sales +1.6% (on top of +6.2% LY) Press release
…Best Buy shares fall after second-quarter sales miss at CNBC. “…revenue of $9.54 billion, vs. $9.56 billion estimated…(comp) sales growth also grew by 1.6%, compared with analyst expectations of a 2.1% growth. The company’s adjusted earnings beat expectations by 9 cents.” Read more
Dollar General Q2 comp sales +4.0% Press release
…Dollar General Promotions: Jeffery C. Owen, 49, has been named chief operating officer with responsibility for store operations, merchandising and supply chain…Steven G. Sunderland will succeed Owen as executive vice president of store operations. Press release
Dollar Tree Q2 enterprise comp sales +2.4%: by segment – Dollar Tree +2.4%, Family Dollar +2.4% Press release
New products, remodelled stores push U.S. dollar chains to boost profit forecast at Reuters. “Dollar General said on Thursday it would be able to mitigate the impact of…tariffs…Dollar Tree also said it was able to tide over the previous round of tariffs through price concessions, canceled orders and a better assortment of products.” Read more
Five Below Q2 comp sales +1.4% Press release
US economy grew at a moderate 2% annual rate last quarter at AP News. “…down from a 3.1% gain in the first quarter. The new estimate was lower than the government’s initial estimate a month ago of 2.1% annual growth.” Read more
Burlington Q2 comp sales +3.8% Press release
Target’s Tariff Strategy Might Haunt the Retailer by Lisa Lacy at Adweek. “The news was first reported by Oregon Public Broadcasting, which cited a letter from Target chief merchandising officer Mark Tritton, who said the retailer will “not accept any new cost increases” and its “expectation is that [suppliers] will develop the appropriate contingency plans so that we don’t have to pass price increases along to our guests.” Tiered subs.
Williams-Sonoma Q2 comp brand revenue +6.5% “…primarily driven by an acceleration in comparable growth for West Elm and Pottery Barn to 17.5% and 4.2%, respectively.” Press release
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Forever 21 is preparing for potential bankruptcy filing, report says by Kelly Tyko at USA Today. Read more
Abercrombie & Fitch Q2 comp sales flat Press release
How Amazon’s Shipping Empire Is Challenging UPS and FedEx by Sebastian Herrera & Vanessa Qian at Wall Street Journal. “Amazon now delivers nearly half of its orders, compared with less than 15% in 2017, according to estimates from research firm Rakuten Intelligence. It is now handling an estimated 4.8 million packages every day in the U.S., according to MWPVL International.” WSJ subs.
Ollie’s Bargain Outlet Q2 comp sales -1.7% Press release
Walmart testing privacy pods for breastfeeding moms by Kim Souza at Talk Business. “Walmart is the first retailer to pilot the pods offered by Vermont-based Mamava. The idea came from Tennille Webb, a Walmart employee who saw a pod in an airport and took the concept back to her bosses at Walmart in Bentonville who ran it up the corporate ladder.” Read more
Sportsman’s Warehouse Q2 comp sales +1.7% Press release
Hannaford offers parental leave as employees request flexibility at New Hampshire Union Leader. “Workers employed at least a year and averaging at least 30 hours a week will be eligible for six weeks of fully paid leave during the first 12 months after the birth, adoption or legal placement of a child.” Read more
PVH Q2 revenue: Tommy Hilfiger +8.0% | Calvin Klein -6.0% | Heritage Brands flat Press release
Instacart CFO Ravi Gupta to exit for Sequoia Capital by Kate Clark at TechCrunch. Read more
Guess? Q2 US retail comp sales +2.0% Press release
Shoe Carnival Q2 comp +1.4% Press release
Tilly’s Q2 comp sales +0.6% Press release
Tipsheet Extra Stories
Target takes drive up service nationwide
Apple to supply parts to independent repair shops for first time
The software that makes (almost) anyone a data savant
Panera is losing nearly 100% of its workers every year
Amazon kept a criticism ‘burn book’ before dumping NYC
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