Tipsheet: NYT Hits Target | Wgreen US +6.4% | WM Trains Public @ Looted Store
Walgreens Q3 US overall comp sales +6.4% / Pharmacy +8.4% / Retail +1.7% Press release
…Walgreens raises forecast as it looks to accelerate growth under new CEO at CNBC. “The drugstore chain said it now anticipates about 10% growth in adjusted earnings per share for the year, due to its rebounding sales and the boost it has gotten from Covid-19 shots. It had previously forecast growth in the mid-to-high single digits.” Read more
Tropical Storm Elsa shatters record, eyes US at AccuWeather. “AccuWeather meteorologists are concerned that Elsa could strengthen quickly into a hurricane as it approaches the Windward Islands. If it develops into a hurricane, Elsa would become the first of the 2021 Atlantic season.” Read more
US jobless claims fall to 364,000, a new pandemic low at AP. “Last week’s drop in jobless claims was steeper than economists had expected. Applications for unemployment benefits have now fallen in 10 of the past 12 weeks.” Read more
Amazon adds two new leadership principles just days before Jeff Bezos steps down as CEO at GeekWire. “The additions are a big deal given how the existing 14 leadership principles guide Amazon’s day-to-day operations. It’s the first time Amazon has added to the list since 2015…Strive to be Earth’s Best Employer…Success and Scale Bring Broad Responsibility…” Read more
Gap’s Yeezy brand with Kanye West could tally nearly $1 billion in sales in first year, Wells Fargo says at CNBC. “Among the Gap customers, 64% indicated they planned to buy items from the collaboration. On average, they expected to spend an incremental $178 on Yeezy products in the first year of the line’s debut. Of the people who currently don’t shop at Gap, 23% said they intended to buy the merchandise and expected to shell out an incremental $126 at Gap.” Read more
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Target Store Closings Show Limits of Pledge to Black Communities at NY Times. “To open a store like Target in an African American neighborhood gave this area legitimacy,” said the Rev. Frank Lance, pastor of Mount Lebanon Baptist Church in Mondawmin. “When the store closed, it was like saying, ‘You are not worthy after all.’”…a Target spokeswoman said closing a store was a “last resort” and happened only after “it’s had a consistent history of underperformance, following several years of investments to help it succeed.” Read more
Amazon offering new $170 monthly benefit to employees who commute to work by bike at GeekWire. Read more
Gap to close all UK, Ireland stores; shifts business online at AP. “The closures will take place in a phased manner by the end of September and includes the company’s outlets in Ireland. In total, 81 stores will close.” Read more
At Chicago Walmart store, job training isn’t just for employees. Retailer to offer free courses for the public at store damaged in last year’s civil unrest at Chicago Tribune. “In addition to hosting training for employees, the 15,000-square-foot facility will have space for community members to train for jobs as medical assistants and HVAC technicians or take classes on financial literacy and job interview preparedness.” Read more
Amazon wants FTC Chairwoman Lina Kahn removed from antitrust cases against company at Fox Business. “In a petition filed to the FTC on Wednesday, Amazon’s attorneys wrote that Khan “has made numerous and highly detailed public pronouncements regarding Amazon,” and “has on numerous occasions argued that Amazon is guilty of antitrust violations and should be broken up.” Read more
Williams-Sonoma, Inc. Announces Jason Edelman as SVP of Williams Sonoma Home Brand “Most recently Jason was SVP, Merchandising – Furniture for Restoration Hardware…” Press release
Chief Economist Says NRF Revised Forecast Because ‘Great Uncertainty’ Has Transformed Into Clear Recovery “It has become clear that the U.S. economy and retail sales are growing far faster and more steadily than anyone could have expected just a few months ago,” Kleinhenz said. “We are seeing not just unprecedented growth from months of pent-up demand as the economy reopens but momentum as well.” Press release
Tipsheet Extra
Jeff Bezos picks female aerospace pioneer to launch with him
Inflation expected to ratchet up back-to-school costs, survey says
Biden wants to pay farmers to grow carbon-capturing crops. It’s complicated.
7-Eleven, Yum! Brands franchisee acquires Au Bon Pain
Wish announces Chief Financial Officer transition
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