Target Q3 comp sales +20.7% / Store +9.9% / Digital +155% Press release
…Target blows past expectations at Fox Business. “Sales increased across all categories with electronics growing more than 50%, home up in the mid-20% range and apparel increasing by almost 10%. The average ticket rose 15.6% from a year ago. Overall, the company said it won $6 billion of market share.” Read more
…Brian Cornell @ CNBC’s “Squawk Box” this morning “Cornell would not name retailers that it’s taking market share from, but pointed to the company’s numbers saying they “compare very favorably to our peers.” “It has been broad based,” he said. “We’re picking up share from our traditional competitors as well as specialty competitors.” Read more / 3:05 video
Lowe’s Q3 US comp sales +30.4% / Digital +106% Press release
…Lowe’s shares tumble as earnings fall short despite robust sales gains at CNBC. “For the quarter ended Oct. 30, net income fell to $692 million, or 91 cents a share, from $1.05 billion, or $1.36 per share, a year earlier.” Read more
TJX Companies Q3 overall open-only comp store sales down 5% Press release
Sam’s Club launches agency review after incumbent Mono heads back to Target at Ad Age. “Consultancy Select Resources International is handling the review. Mono earlier this year was dropped from the roster of Sam’s bigger corporate sibling Walmart, the retailer said. Subsequently, according to a person familiar with the matter, Mono renewed its relationship with Target, for which it had worked prior to beginning work for Walmart in 2017.” Tiered subs.
U.S. housing starts beat expectations; building permits flat at Reuters. “(October) housing starts rose 4.9% to a seasonally adjusted annual rate of 1.530 million units…Data for September was revised up to a pace of 1.459 million units from the previously reported 1.415 million.” Read more
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Bain: Global luxury sales forecast to plunge 23% this year due to pandemic at AP. “Still, the drop is narrower than the 35% collapse forecast in the spring, thanks largely to a market recovery in China, which is generating nearly a third of all sales.” Read more
How to make millions from Bezos’ billions at Forbes. Tiered subs.
Instacart Launches Same-day Delivery of Best Buy Products Nationwide “Customers across the U.S. can now shop from hundreds of Best Buy products at www.instacart.com/best-buy or by downloading the Instacart app on their mobile device.” Press release
Walmart CEO Doug McMillon on Q3 Results at Seeking Alpha. Earnings Call Transcript
Home Depot CEO Craig Menear on Q3 Results at Seeking Alpha. Earnings Call Transcript
Dollar General Announces Approximately $50 Million in Additional Employee Appreciation Bonuses Press release
Giant Food says it made a mistake with ‘Super Spreader’ ad at TMZ. “Hosting? Plan a super spread.” That’s the tone-deaf holiday advertisement that’s got an East Coast supermarket chain bending over backward to say sorry for its brain fart.” Read more
Bud Light made a video game console that also cools two beers
Krebs: Be very sparing in allowing website notifications
Inside IGA’s store brand refresh
China defends food import controls to curb virus
Dow Jones could hit the 40,000-point level next year, analyst says
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