Tipsheet: Comps: CVS -4.7%, Publix -2.1%, Coach +3% | G.Galaxy +36 | Ex Wmart Exec to SpartanNash
CVS Q1 Comp Sales: Front-end -4.9%, Pharmacy -4.7% “CEO Merlo: “We continue to expect 2017 to be a rebuilding year, but our goals remain clear, and we fully intend to return to healthy levels of growth.” Press release
…CVS reports better-than-expected profit at Reuters. “Excluding items, the company earned $1.17 per share. Revenue rose 3 percent to $44.51 billion. Analysts on average had expected earnings of $1.10 per share on revenue of $44.20 billion.” Read more
Coach’s quarterly profit jumps 8.6 pct on less discounting at CNBC. “Coach, which is trying to regain its premium-brand tag, has limited promotions on its products and pulled out of over 250 department stores.” Read more
…Coach North America Comp Sales +3% “Net sales for the Coach brand totaled $915 million for the third fiscal quarter, a decrease of approximately 4%…As planned, the strategic actions in the North America wholesale channel negatively impacted sales growth by about 150 basis points.” Press release
Former Walmart exec to lead SpartanNash supply chain “From 2015 to 2017, Tom Lee served as Vice President, Merchandising Operations, U.S. e-Commerce for Walmart…Prior to that, Mr. Lee served as Vice President, Supply Chain Innovations, Global e-Commerce for Walmart.” Press release
Publix Q1 Comp Sales -2.1% “Net earnings for the first quarter of 2017 were $555.3 million, compared to $581.9 million in 2016, a decrease of 4.6 percent.” Press release
Target slashes CEO pay package after bleak year at CNBC. “Cornell’s cash-and-stock compensation fell by nearly a third to $11.3 million.” Read more
Schnuck’s Data Suit Tossed, Unlike Target And Home Depot by Joyce Hanson at Law 360. “Chief District Judge Michael J. Reagan granted St. Louis-based Schnuck’s motion to dismiss the financial institutions’ putative class action for failure to state a claim, distinguishing their cybercrime suit against the grocery chain from the Home Depot case because Schnuck’s conduct in not maintaining adequate security wasn’t intentional…” Read more (subs.)
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Coach reportedly weighing an acquisition of Jimmy Choo at NY Post. Read more
You May Be Able to Buy an Eames Lounge at Costco by Hadley Keller at Architectural Digest. “While the chairs for (and on) sale appeared to be authentic Herman Miller, a representative for the company told Apartment Therapy that Costco is not, unsurprisingly, an authorized retailer.” Read more
Cauliflower Is the New Kale by Clare Suddath at Bloomberg. “The boom is thanks to converging culinary trends: low-carb, gluten-free, and healthful eating, which often means vegetarian. “It’s similar to what we saw with kale a few years ago,” says Erik Brown, global produce buyer for Whole Foods.” Read more
Video of two teens jumping 30 feet into a huge Bass Pro Shop fish tank at Daily Mail. Video/Read more
Lowe’s Expands Support Of The Military With Enhanced Discount “Lowe’s announced it will expand its military discount program by offering 10% off personal purchases every day to current and honorably discharged members of the U.S. Armed Forces.” Press release
Food Lion to Remodel 71 Stores in Greater Richmond, Va., Market in 2017 Press release
Barry Diller’s IAC to Buy Angie’s List in $500M Deal at Fox Business. “Media mogul Barry Diller’s IAC said it would combine Angie’s with its digital home services marketplace business, HomeAdvisor.” Read more
Golf Galaxy Opens 36 New Stores, Formerly Golfsmith Locations List of stores / Press release
Univ. of Kentucky changing stadium to Kroger Field in naming deal at USA Today. “The school said in a news release Monday that an agreement between Kroger and university marketing partner JMI Sports is for $1.85 million annually for up to 12 years.” Read more
Writers Guild of America & Major Studios Reach Agreement at Eleventh Hour at Variety. Read more
Should Hearing Aids Be Sold Over-the-Counter? by Sumathi Reddy at Wall Street Journal. “The HIA would support OTC hearing aids for mild hearing loss, said Mr. Sawalich, but not moderate hearing loss.” Read more (subs.)
Buc-ee’s 120-fuel pump, largest-ever gas station expanding to Florida by Sarah Aslam at Orlando Business Journal. “Freshly made barbecue sandwiches, beef jerky by the pound, fresh fudge and clean restrooms. Like, ridiculously clean restrooms in a ridiculously big space — soon to be the biggest in Florida. No, it’s not heaven. It’s Buc-ee’s, the gas station with a cult-like following in Texas…” Read more
Tipsheet Extra Stories
Ex-Kroger Exec Named CFO at Cincinnati Homebuilder
Virginia man charged with DUI on scooter at Wal-Mart store
Lilly Pulitzer’s first store on Jersey Shore hopes to make a splash
Follow Mark Zuckerberg’s year-long journey around the United States
Entrepreneurs unveil Pillsy, a smart pill bottle that helps patients stay on top of medication
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