Tipsheet: Kroger Confident | K.Spade -16% | Target Improves | Barneys’ MIA Owner
Kroger’s 2020 profit, same-store sales estimates top expectations at Reuters. “The company forecast adjusted profit between $2.30 and $2.40 per share in 2020, and identical sales growth, excluding fuel, to be greater than 2.25%.” Read more
…”We are confident that Restock Kroger is the right strategic framework for business growth in 2019 and 2020, and to position Kroger for long-term growth in the future,” said Rodney McMullen. Press release
Target’s First Loyalty Program Failed. Here’s How It Built a Better One by Diana Pearl at Adweek. “On stage at Adweek’s annual Brandweek summit, (Rick) Gomez said that ultimately, RedPerks simply wasn’t unique enough to set Target apart from its competitors. “This point-based, transactional program we were working on, it simply wasn’t very good,” admitted Gomez during his panel presentation, Marketing ‘For All’ Drives Results for Target.” Tiered subs.
Weis Markets Q1 comp sales +1.7% Press release
Barneys’ MIA owner hangs at the beach while company struggles with bankruptcy by Lisa Fickenscher at NY Post. “The department store’s management team hasn’t heard a peep from Perry — who bought a controlling stake in the upscale retailer in 2012 — since before Barneys’ Aug. 6 bankruptcy filing, sources said. Making matters worse, the only information staffers have been able to glean of Perry’s whereabouts comes from the Instagram account of his fashionista wife, Lisa Perry, showing the dapper couple jet-setting as Barneys execs struggled to find buyers, sources said.” Read more
Tapestry Q1 net sales -2.0%. Comp sales by brand: Coach +1.0% / Kate Spade -16% Press release
Stay away from Wayfair’s ‘toxic’ stock, Jim Cramer says at CNBC. “Wayfair has lost around 50% of its value since its highs in March, Cramer said, including a nearly 20% fall last Thursday after a disappointing earnings report.” Read more
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Save A Lot to Offer Customers Amazon Services in Store Press release
De Beers is cutting prices across the board for the first time in years at Bloomberg via Fortune. “The price cut is unlikely to trickle down to the retail market and consumers shouldn’t expect to see diamond prices getting cheaper anytime soon. Part of the problem in the diamond industry is that prices have stagnated as other luxury offerings, like shoes, handbags and resort vacations, crowd the field.” Read more
David’s Bridal Receives Firm Commitments for $55 million of New Capital Press release
Amazon is responsible for most Big Tech job growth since 2000 at CNBC. “The five largest tech firms in the United States — Microsoft, Apple, Amazon, Alphabet, and Facebook — have collectively put more than 1 million people to work between 2000 and 2018.” Read more
ShopRite deli employee infected with Hepatitis A may have exposed shoppers at NJ Advance Media. Read more
UPS drone delivers medicine from CVS straight to customers’ homes at Cnet. “The prescriptions were lowered to their destinations via a cable while the drone hovered about 20 feet about each address. UPS said one of the packages was delivered to a customer with limited mobility…” Read more
Pier 1 Appoints Robert Riesbeck as CEO Press release
McDonald’s ousted CEO Steve Easterbrook steps down from Walmart board at CNBC. Read more
Tipsheet Extra
Juul disregarded early evidence it was hooking teens
TikTok’s global social media takeover is starting to slow down
Shopify, on a quest to be the anti-Amazon, now has 1 million businesses
Trump’s National Park Changes Could, Ironically, Help Jeff Bezos
MIT develops a way for robots to find your front door
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