Tipsheet: H.Dep +3% | Kohl’s -2.9% | TJX +2% | WM +Ex-Target Exec
Home Depot Q2 comp sales +3.0% Press release
…Home Depot misses on sales, cuts outlook on worries tariffs could hit consumer spending at CNBC. “Home Depot is now calling for fiscal 2019 sales to be up about 2.3%, and same-store sales to be up about 4%. Previously, it was calling for total sales growth of 3.3% and same-store sales growth of 5%.” Read more
Kohl’s Q2 comp sales -2.9% Press release
…Kohl’s reports better-than-expected earnings and revenue at CNBC. “We are pleased to report that our business strengthened as we progressed through the second quarter,” said Kohl’s CEO Michelle Gass…“Comparable sales were better than the first quarter and improved during the period, turning positive during the last six weeks of the second quarter with 1% growth.” Read more
TJX Q2 comp sales +2.0% Press release
Walmart chief marketing officer exits – Ex-Target exec will help lead marketing team transformation by Kim Souza at Talk Business. “Michael Francis, a former Target and Dreamworks chief marketing exec, will join Walmart to help lead the company’s marketing team transformation in the interim…Walmart is also searching for a new chief marketing officer and a senior vice president of marketing to lead the newly created team that will report to the CMO.” Read more
A ‘pivotal year’ for Nordstrom by Paul Roberts at Seattle Times. “Against such a tumultuous backdrop, the NYC flagship opening has taken on outsized significance. A successful debut will be counted as welcome evidence that Nordstrom has not only stanched the bleeding, but has finally cracked the code for high-end retailing in a digital era; a lackluster opening will add to doubts about the retailer’s turnaround strategy.” Tiered subs.
Lumber Liquidators gets new CFO from Pier 1 at MarketWatch. Read more
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Department stores make room for used fashion by Anne D’Innocenzio at AP News. “It’s good that that they are looking at modern ways of shopping,” said Neil Saunders, managing director of GlobalData Retail. “But this is not the solution to their deep-seated problems. There’s a dearth of innovation. They’re always playing catch up. This won’t be unhelpful, but it won’t be transformative.” Read more
Target CEO Brian Cornell sees turnaround as ‘still in early innings’ by Kavita Kumar at Star Tribune. “I think a lot about if I could have been here earlier, I would have loved to have been part of the team that thought about entering Canada,” Cornell said. “We would’ve gone slowly and learned the marketplace, understood the consumer. Because I do think our brand could have and should have been successful in that market.” Tiered subs.
Top CEOS from Macy’s, Target and Walmart say their new standard for corporate responsibility is no longer based on shareholder value alone at Footwear News. Read more
Cereal Makers Try Again to Jump-Start Stale Sales by Micah Maidenberg & Jaewon Kang at Wall Street Journal. “General Mills told investors last month that U.S. demographic trends are also working in cereal’s favor…The Census Bureau expects there to be 21 million children younger than five in the U.S. by 2030, up 2.6% over a decade. The agency also forecasts a slightly older group, people aged 65 and over, to rise 31% to 73 million people by 2030.” WSJ subs.
Target is launching grocery brand Good & Gather – phasing out two food brands, Archer Farms and Simply Balanced at CNBC. Read more
Speedway Holds Pole Position in C-store Digital Scorecard by Don Longo at CS News. “Speedway LLC ranks No. 1 overall with solid scores for website performance, site traffic, and social media engagement. Sheetz Inc., QuikTrip Corp., Kwik Trip Inc. and Wawa Inc. round out the top five. 7-Eleven Inc. leads all retailers in site visits, and Facebook and Instagram followers, but its site performance and bounce rates are below average.” Rankings chart
Tipsheet Extra Stories
eBay and Shopify pull listings on Jeffrey Epstein-inspired merch
7-Eleven launches mobile checkout – but only in 33 locations
Go inside a new store devoted to Ikea hacking
The jeweler to ‘80s pop royalty is making a comeback
How Woodstock 50 fell apart
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