Tipsheet: Kroger +14.6% | H.Depot’s Research Right | Chewy +47%
Kroger Q2 comp sales (without fuel) +14.6% / Digital sales +127% Press release
…Kroger forecasts upbeat 2020 sales on pandemic boost at Reuters. “…expects full-year comparable sales to rise more than 13%…(comp sales) rose 14.6%, beating estimates of a 10.96% rise…On an adjusted basis, Kroger earned 73 cents per share, beating estimates of 55 cents per share.” Read more
RH CEO expects elevated demand for home decor to carry through 2021 at CNBC. “I think there’s going to be some systemic shifts in spending that will last, I think, for the next year or two — could be longer,” (CEO Gary Friedman) said.” Read more
Citigroup wins deal to offer credit cards for Wayfair at CNBC. “Citigroup, which wrested the Costco card from American Express in 2016, similarly displaced Alliance Data, a major provider of private-label cards that had previously offered a Wayfair card, according to a person with knowledge of the deal.” Read more
Senator Marco Rubio seeks review of GNC purchase by Chinese company at Reuters. “Rubio, who had also urged a probe of TikTok’s ownership by another Chinese firm, made the request in a letter to Treasury Secretary Steven Mnuchin.” Read more
Chewy Q2 net sales +47% Press release
Incentives lures Lowe’s vendor in Italy to Mooresville, will create over 140 jobs at Charlotte Observer. “FITT Group has made pipes, hoses and conduits for use in homes, businesses and industrial sites for more than 50 years…FITT USA will invest $25.6 million in its Mooresville location, including building a 120,000-square-foot headquarters and manufacturing plant…” Read more
Lowe’s Canada launches VIPpro program, includes 10% discount on paint / 5% discount on everything else Press release
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J. Crew emerges from bankruptcy ‘reinvigorated’ at Fox Business. Read more
Home Depot’s Craig Menear & Ted Decker present at Goldman Sachs conference at Seeking Alpha. “Menear: …’we have kind of a 55, 45 DIY mix. And at the end of the day, if we end up with an 80:20 Pro, we haven’t really done our job because we want to grow the DIY business at the same time, we’re growing the Pro business and that’s been our focus all along.'” Transcript
…Home Depot CEO says the coronavirus isn’t killing American cities — millennials are just destined to flock to the suburbs like previous generations at Business Insider. “It takes me back to 2015 and earlier, when there was a lot of conversation around the whole millennial generation,” Menear said. “Everybody was going to move to inner cities and the millennials were never going to own anything…None of that came to pass, according to Menear. He said that Home Depot conducted “deep research” circa 2015 that ended up debunking that belief.” Read more
Tiffany gets regulatory nod from Japan, Mexico for troubled LVMH deal at Reuters. Read more
EBay founder Pierre Omidyar steps down from board at Fox Business. “…part of a broader overhaul that also has Elliott Management Corp. partner Jesse Cohn leaving the board. Mr. Cohn, one of billionaire Paul Singer’s top lieutenants at the activist hedge fund, joined eBay’s board last year as part of an agreement with Elliott.” Read more
Tipsheet Extra
Amazon Lands Nicolas Cage-Led Joe Exotic Drama
Ikea and Ingka Centres’ $260M bet to rehab a mall in downtown San Francisco
Whole Foods Store Features Mini-Farm
Big Y Names VP of Center Store
Discount retailer Century 21 files for Chapter 11 bankruptcy
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