Tipsheet: Costco Apr -0.5% | Target Helps MN | Ingles +17.5%
Costco April comp sales (excluding gas & f/x) down 0.5% “Costco reported net sales of $11.39 billion for the retail month of April, the four weeks ended May 3, 2020, a decrease of 1.8 percent from $11.60 billion last year.” Press release
…Costco’s sales fall for first time in over a decade at Fox Business. Read more
Ingles Q2 comp sales (excluding gas) +17.5% Press release
Target sharing its COVID-19 safety tool kit to help other Minnesota businesses open up by Kavita Kumar at Star Tribune. “Last week, Target began offering (10,000 infrared thermometers) at wholesale cost to businesses across the state after finding a supplier of the high-demand products. And Target continues to offer technical support to the state of Minnesota after it jumped in to help set up an inventory management system and configure warehouses where N-95 masks and other personal protective equipment are stored before being distributed to hospitals and clinics across the state.” Tiered subs.
Etsy Q1 total revenue +34.7% Press release
Amazon and T-Mobile will help the FAA design Remote ID drone tracking system at GeekWire. “Remote ID would require drone manufacturers to make their products capable of sending out ID codes and location data during operation in national airspace. The rules would apply to all drones heavier than 8.8 ounces…” Read more
Rite Aid picks Jeff Olson to lead communications by Diana Bradley at PR Week. “Olson is a veteran of ICF Next, McDonald’s, Golin and FleishmanHillard.” Subs.
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Kroger CEO: Customers will have meat during the coronavirus pandemic, so long as they are ‘flexible’ at CNBC. “Kroger CEO Rodney McMullen said the supermarket chain is working with new meat suppliers and diverting meat that would have gone to restaurants to try to stay in stock. He said customers may not find the meat they want, but will find something to buy if they’re “flexible on eating between chicken, pork and beef.” Read more
Rent-A-Center Business Q1 comp sales up 1.7% Press release
Field Agent: Exploring the Reported U.S. Meat Shortage “In many stores, meat selections looked pretty darn skimpy—offering, perhaps, a foreboding sign of things to come. Case-in-point: In 57% of audited stores, sections designated for pork chops were reported to be no more than half stocked. It was a similar story for fresh chicken (54%), frozen chicken (49%), and ground beef (49%).” Read more
Sally Beauty Q2 comp sales -7.1% Press release
J.Crew bankruptcy leads to profits for buyout firm by Josh Kosman at NY Post. “Texas-based TPG, headed by billionaires David Bonderman and Jim Coulter, has made a fortune off the preppy retailer using various financial tactics — including charging the company for buying it and managing it — even as the business steadily deteriorated under its watch, documents show.” Read more
Casey’s Darren Rebelez Named Convenience Store News’ 2020 Retailer Executive of the Year Read more
‘Today’s norm to tomorrow’s everyday routines,’ CVS CEO says the pandemic will change customers’ shopping, health-care habits at CNBC. “He said in a Wednesday earnings call that CVS is starting to see “a new normal emerge.” “We expect that elements of today’s new norm will become part of tomorrow’s everyday routines,” he added.” Read more
Shopify becomes Canada’s most valuable company after quarter beats expectations on back of pandemic at Financial Post. Read more
Tipsheet Extra Stories
H-E-B holding ‘Texas-Sized Graduation’ celebration for Class of 2020
33 million have sought US unemployment aid since virus hit
We have hit peak pandemic advertising, and now they’re all just annoying
Gap Inc. to reopen up to 800 stores by the end of this month
No one’s going out for breakfast anymore. That’s a problem.
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