…Target shares slide after disappointing 3Q earnings results by Anne D’innocenzio at AP. “Target exclusively told The AP that it’s redesigned the pack stations, while workers’ tasks are now divided into clear roles: pickers, those who prep orders, packers and sorters…They’re also armed with new apps on their phones that help them navigate the store to find the online orders more quickly…”Read more
…Lowe’s to exit Mexico operations and Iris Smart Home Businesses by Katherine Peralta at Charlotte Observer. “…earnings for the quarter were $629 million, down from $872 million during the same quarter of 2017. Adjusted for non-recurring costs, earnings were $1.04 per share. Analysts surveyed by Zacks Investment Research estimated 97 cents per share.”Tiered subs.
…Kohl’s earnings top estimates but shares fall as outlook disappoints at CNBC. “Net sales climbed 1.3 percent to $4.369 billion, slightly beating Wall Street expectations for $4.365 billion. Total revenue was $4.63 billion.”Read more
Jeff Bezos has a new ‘shadow:’ Amazon forecasting executive Wei Gao by Clare McGrane at GeekWire. “Gao is only the second woman to be appointed to the role. According to CNBC, she is also of Chinese descent, making her the first Asian-American woman in the position.”Read more
CVS expects Aetna deal to close after Thanksgiving at Reuters. “…had previously expected the transaction to close by Nov. 22…CVS said in a filing it had received approval from 26 of the 28 state departments of insurance and was in the final stages of the approval process with the two remaining states.”Read more
Kroger announces first US robotic warehouse for home delivery in Cincy suburb by Alexander Coolidge at Cincinnati Enquirer. “…its first of 20 robotic warehouses to boost home grocery delivery will be built in the Cincinnati suburb of Monroe. Operation will begin by 2021…(Kroger) will spend $55 million constructing the facility that will create 410 new jobs.”Tiered subs.
Brian Cornell Appointed Non-Executive Chairman of Yum! BrandsPress release
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Bain, KKR Establish Severance Fund for Toys ‘R’ Us Workers by Lillian Rizzo at Wall Street Journal. “Private-equity firms pay combined $20 million to those left jobless by retailer’s bankruptcy…is an unusual move by the private-equity firms. The fund isn’t required under bankruptcy law.”WSJ subs.
…How Laid-Off Toys R Us Workers Came Together To Fight Wall Street by Dave Jamieson at HuffPo. “Still, the Toys R Us workers are demanding a much larger fund, totaling $75 million…They also want to draw public attention to retail’s looming private-equity problem and make sure all retail workers ― most of them women, and many living paycheck to paycheck in a largely non-union industry ― enjoy some basic protections if their companies go under.”Read more
NRF: More Than 164 Million Consumers Plan to Shop Over Five-Day Thanksgiving WeekendPress release
Deloitte: More than 70% of Consumers Plan to Shop During the Holiday Weekend “Nearly three-quarters (73 percent) plan to shop online Cyber Monday,which is also poised to take nearly half (47 percent) of all online spending that occurs over the course of the weekend.”Press release
Canada Goose turns dressing rooms into freezers so customers can test out its $1,000 coats at Bloomberg via Montreal Gazette. “A Montreal location, which opened Friday, is the fifth to include the fancy freezer, and Beijing will join later this year as the company rolls out its China expansion plan.”Read more
Barnes & Noble Q2 Comp Sales -1.4% “The Company’s best quarterly performance since the fourth quarter of fiscal 2016.”Press release