Macy’s shares tank 15% as deep discounting leads to big earnings miss, cut forecast at CNBC. “…(comp sales) were up 0.3%, short of expectations for growth of 0.4%…“We took markdowns to clear the excess Spring inventory and are entering the Fall season with the right inventory to meet anticipated customer demand,” (CEO Gennette) added.” Read more
Walmart tops US online grocery market, with 62% more customers than nearest rival by Sarah Perez at TechCrunch. “The market still has room to grow, as well. Only 12% of U.S. consumers have tried at least one of the grocery services the report analyzed, up from 9% in June 2018.” Rankings
Kohl’s taps Facebook to ‘curate’ new and emerging brands by Adrienne Pasquarelli at Ad Age. “On Tuesday, Kohl’s announced “Curated by Kohl’s,” which will highlight products from new and emerging brands as discovered by Facebook…will debut in mid-October at more than 50 Kohl’s stores and Kohls.com. Starting in 2020, Facebook will help identify brands that advertise on its platform that may be a good fit for the Kohl’s program. Brands will try for the privilege through an application process.” Tiered subs.
Ross Stores Promotes Executives, Including CFO by Dave Sebastian at Wall Street Journal. “…finance chief Michael Hartshorn (promoted) to group president and operating chief…Succeeding Mr. Hartshorn as chief financial officer is Travis Marquette, who previously served as deputy CFO…promoting Michael Kobayashi to president in operations and technology.” WSJ subs.
Oregon passes law requiring eggs sold there to come from cage-free hens by Aris Folley at The Hill. Read more
Postmates plans to make its IPO paperwork public in September by Megan Rose Dickey & Kate Clark at TechCrunch. “Postmates has raised $681 million to date with its latest round coming in earlier this year at a $1.85 billion valuation. DoorDash, on the other hand, reached a $12.6 billion valuation in May with a $600 million Series G.” Read more
Entrepreneur 2019 Franchise 500 Ranking (7-Eleven #10, Ace #13, Pet Supplies Plus #46) List
FAA bans some Apple laptops from flights over fire risk by Tal Axelrod at The Hill. “The products in question are some 15-inch MacBook Pros sold between September 2015 and February 2017.” Read more
Filtered Newark water still had 4 times federal level for lead. Feds don’t know why. by Karen Yi at NJ Advance Media. Read more
DuPont Can’t Strip Home Depot’s Paint Price-Fixing Suit. Law 360 subs.
Whole Foods employees demand Amazon break all ties with ICE and Palantir by Nick Statt at The Verge. “In particular, the letter calls Amazon’s rule “dystopian,” and Whole Foods employees say they will continue to combat the company by leaking information and attempting to undermine policies and business dealings that lead to the deportation of undocumented people and other rights abuses.” Read more
JD.com delivers blowout Q2 profits at Footwear News. “…second-quarter profits of $90.7 million, versus consensus bets of a $6.3 million loss…Revenues during the same period climbed 22.9% to $21.9 billion, also better than the $20.9 billion forecast by analysts.” Read more
Patagonia’s Director of Philosophy explains what it takes to build a mission-driven company at Fast Company. 2:34 video
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