Tipsheet: Lowe’s Eyes +22% | Wasted WM Wait | H.Depot +H.Decor
Lowe’s expects sales to rise about 22% in fiscal 2020 as turnaround efforts gain traction at CNBC. “In the year ahead, (Ellison) said the company will have a “total home” strategy. It will expand its online only assortment from kitchen appliances to home decor. It will test ways to speed up and lower the cost of fulfilling online orders by freeing up more space in the back of its stores. And it will localize products on shelves in different markets, so it doesn’t have snow blowers at stores in warm climates or riding lawnmowers in big cities.” Read more
Chewy Q3 net sales of $1.78 billion grew 45 percent year-over-year Press release
…Chewy CEO claims 45% revenue growth was driven by pet industry trends, despite a pandemic online boom at CNBC. “We don’t really believe the growth that we’re delivering right now is pandemic driven,” Singh said. The 45% surge in sales is nearly double the 24.5% growth that Chewy reported in the final quarter of its 2019 fiscal year.” Read more
United Natural Foods Q1 net sales +6.0% Press release
Court approves sale of DressBarn parent company to private equity firm: WSJ at Fox Business. “Ascena Retail Group Inc. has won court approval to sell its Ann Taylor, Lane Bryant, Loft and Lou & Grey retail brands out of bankruptcy to private-equity firm Sycamore Partners in a deal valued at about $1 billion.” Read more
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Home Depot adds furniture, more home decor to its online inventory at USA Today. “(President Ted) Decker said the home decor market has been hit by store closings, including department stores, which he says is where shoppers previously turned to for decor. “The traditional outlets that a customer would go to literally are closing their doors and this type of product selection is increasingly moving online,” Decker said.” Read more
Gap closing three-story flagship on Chicago’s Magnificent Mile at Chicago Tribune. “Experts fear it could take years for vacant retail spaces to fill up and rents to return to pre-pandemic levels. Yet re-leasing efforts could be helped by Gap’s location in the heart of the Mag Mile, once foot traffic returns.” Read more
Tesco’s Asia deal paves way for 5 billion pound shareholder windfall at Reuters. Read more
Inside the cottage industry trying to revive Aunt Jemima and other brands with racist roots at Fortune. “The fact that the companies were dropping these iconic brand names meant that someone else could eventually obtain and use them instead. After the food giants made their announcements, the U.S. Patent and Trademark Office (USPTO) received three trademark applications apiece for Aunt Jemima and Eskimo Pie and one for Uncle Ben’s, with the applicants indicating they wanted to use the marks on food items.” Read more
Dick’s Sporting Goods name Todd Spaletto to lead the Public Lands business at Footwear News. “They have somebody there who knows the entire industry really well, and I think it was a good hire. It tells me that they’re taking this really seriously and there could be a lot more than two doors down the road,” Susquehanna Financial Group analyst Sam Poser told FN.” Read more
Walmart shoppers wait up to 7 hours for PlayStation 5 consoles that were never there at WWJ 950. “It was like a stampede Monday morning when the doors opened at Walmart in suburban Troy, Mich. About 100 shoppers making a mad dash…But as it turns out, the store didn’t have any units in stock. Shoppers who spent the night outside, walked away empty handed.” Video/Read more
Sheriff Woody from ‘Toy Story’ is latest Home Depot employee at CNN. “It started when a Home Depot employee in Plaistow, New Hampshire, found a Woody doll in the store parking lot last week. A team member decided to post a photo of the toy doll on Facebook to help find its owner.
“My coworker thought it’d be funny to put an employee of the month apron on him, and upload it to Facebook. And we’ve been having fun with him ever since,” Sarah Hurberdeau, an associate at The Home Depot, told CNN.” Read more
Tipsheet Extra
Q&A with Lowe’s CMO Marisa Thalberg
FTC wants to stop P&G from buying razor startup Billie
Amazon driver busted creepily breathing on window and writing message
Golf publication “very impressed” with Costco Kirkland golf glove
No drinking for two months after COVID-19 vaccine, Russia tells citizens
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