Tipsheet: Costco $15 Min | Target Beats Victoria | B.Lots +3.1%
Costco Q2 comp sales +5.4% (not adjusted) “Net sales for the quarter increased 7.3 percent, to $34.63 billion from $32.28 billion last year…February comp sales +3.5%” Press release
…Costco beats profit estimates and boosts minimum wage in the US and Canada at CNBC. “Costco said it will raise its starting wages to $15 and $15.50 per hour, from $14 and $14.50 per hour in the United States and Canada.” Read more
Big Lots Q4 comp sales +3.1% (vs. expected +1.1%) at MarketWatch. Read more
Nordstrom tech execs leaving by Nat Levy at GeekWire. “In the memo, (CTO) Mesrobian writes that Travis McElfresh and Magali Muratore, both senior vice presidents of technology, will leave the company.” Read more
Philadelphia Is First U.S. City to Ban Cashless Stores by Scott Calvert at Wall Street Journal. “Starting in July, Philadelphia’s new law will require most retail stores to accept cash. A New York City councilman is pushing similar legislation there, and New Jersey’s legislature recently passed a bill banning cashless stores statewide.” WSJ subs. | USA Today
Camping World: Dealership comp revenue of new vehicles -13.3% / Camping World RV stores comp sales -3.9% Press release
Kroger Talking With Potential Partners on a Health-Care Venture by Matthew Boyle at Bloomberg. “Chief Executive Officer Rodney McMullen said the grocer is “doing a lot of exploratory work” to identify an area of health care that it could enter and benefit customers — and perhaps lower their medical costs.” Tiered subs.
…Kroger Q4 Earnings Call Transcript from Seeking Alpha. Transcript
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Amazon reportedly halts orders from wholesalers, prompting concern about major changes to vendor platforms by Nat Levy at GeekWire. “Wholesale suppliers that sell items directly to Amazon have reportedly stopped getting purchase orders from the tech giant, and are instead being encouraged to sell directly to consumers via the third-party marketplace.” Read more
Walmart’s test of voice commerce to be rolled out this spring by Kim Souza at Talk Business. “Walmart began testing the online grocery voice application several months ago with 100 VIP customers. The retailer has refined the process and will release to the public in the next couple of months, according to Jason Shaffer, senior director of Walmart Digital Operations, who spoke to a group of Walmart suppliers on Thursday (March 7) at the Doing Business in Bentonville breakfast.” Read more
Kroger CFO Michael Schlotman joins CNBC’s “Squawk Box” to discuss earnings miss Video
Stanley Black & Decker sues Sears over Craftsman brand by Lisa Fickenscher at NY Post. “Stanley’s Manhattan federal court lawsuit says Sears is now claiming to be the “real home” of the 92-year-old Craftsman brand — even introducing a competing product line, the Craftsman Ultimate Collection, without getting approval from Stanley.” Read more
Target lingerie easily beat Victoria’s Secret in a survey of young women by Elizabeth Segran at Civic Science. “CivicScience asked women, all things being equal, if they’d rather shop at Target or Victoria’s Secret for intimates. Women were more than 2x as likely to answer Target over Victoria’s Secret.” Read more
Casey’s Acquires Fantasy’s Convenience Stores Press release
Field Agent: The Top Brands & Retailers of Outdoor Grilling “More than 70% of respondents said they buy items like grills, charcoal, and lighter fluid from Walmart, with Home Depot (39%) and Lowe’s (36%) placing a distant second and third, respectively…Ninety-eight percent said they shop for grilling supplies inside stores, compared to 23% who buy such items online…” Read more
PriceSmart February comp sales -1.9% Press release
Walmart US CEO Greg Foran tells rivals to ‘bring it on’ by Hayley Peterson at Business Insider. “We woke up at some point in 2000 and whatever and found out we were Goliath. And when you are Goliath you find that there are other Davids that start throwing stones at you and you’ve got to learn to deal with that. If you become immobile, you just end up taking a lot of hits.” Read more
Cato Reports February Same-Store Sales Down 10% Press release
Retailers make a splash at SXSW at CNBC. “Walmart is sending its Chief Technology Officer Jeremy King to talk about why stores still play an important role in the retailer’s e-commerce strategy. Kohl’s is sending Grace Burgio, who manages artificial intelligence for the department store chain, to discuss how AI is helping Kohl’s boost in-store sales.” Read more
Tipsheet Extra Stories
Michael Jackson Episode Removed From ‘The Simpsons’
Dries Van Noten’s Psychedelic Menswear Pops Up in L.A.
Aldi Files Suit Against Lidl, 2 Former Employees
Amazon invests in Jargon, a voice application content platform for developers
China February exports tumble the most in three years
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