Tipsheet: Sam’s CEO Speech | Michaels ‘Volatility’ | Target Accelerates 10
Sam’s Club CEO talks tech at event, says wholesale club is undergoing transformation by Wesley Brown at Talk Business. “(John Furner) told the Little Rock business community that the goal of the division is to eliminate friction for its customers and its associates…“And time is one of the most important things that we think about today when we consider what is valuable to the consumer and people who come to work for us,” Furner said.” Read more
Michaels holiday comp store sales -0.2%…on a calendar shifted basis +2.3%…have seen more volatility in consumer shopping behavior…expect Q4 comp store sales to be near the lower end of guidance range of -0.5% to 0.5%…will close all of its Pat Catan’s stores (36-store supplier in Ohio) and rebrand and reopen up to 12. Press release
Target Takeoff Accelerator Program Is Back With 10 Emerging Beauty Brands at A Bullseye View. List/Read more
UPS tops expectations in holiday quarter at Reuters via Yahoo. “…the company benefited from record volumes during the crucial holiday season…Revenue rose to $19.85 billion from $18.98 billion.” Read more
Fake Walgreens pharmacist handled over 700,000 prescriptions, state officials say by Ruben Vives at LA Times. “Upon learning of this issue, we undertook a re-verification of the licenses of all our pharmacists nationwide to ensure that this was an isolated incident,” (spokesman) Cohn said in a statement.” Tiered subs.
Blue Apron Q4 net revenue down 25% – will cut about 200 jobs at its Arlington fulfillment center Press release
Will Supersizing Restoration Hardware Stores Backfire For CEO Gary Friedman? by Samantha Sharf at Forbes. “These are complicated financials for what should not be a very complicated business, which is putting some crap in a store,” says Todd Fernandez, who runs Forensic Research Group, which has followed RH since 2014. “If the unit economics made sense, someone probably would have built stores like this.” Read more
Ten Safeway locations in B.C. will reopen as discount grocery FreshCo later this year by Stephanie Ip at Vancouver Sun. Read more
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H&M profit drops as retailer adapts to more online shopping at AP News. “…quarterly sales increased by 12 percent…full-year sales rose 5 percent.” Read more
Judge denies Walmart’s motion to dismiss EEOC suit regarding pregnant workers by Kim Souza at Talk Business. Read more
Super Bowl Survey: 47% identified Walmart as their go-to retailer for Super Bowl munchies, followed by Kroger (11%), Target (7%), Aldi (6%), and Costco (6%). at Field Agent. Read more
Family Behind OxyContin Maker Made Billions, Say Court Papers at Wall Street Journal. “More than $4 billion was paid out between 2008 and 2016 to members of the Sackler family, owners of drugmaker Purdue Pharma LP, according to redacted portions of a civil complaint brought by Massachusetts Attorney General Maura Healey against Purdue for allegedly contributing to the state’s opioid crisis.” WSJ subs.
United Natural Foods Files Lawsuit Against Goldman Sachs Press release
Walmart IT Executive Joe Park to Keynote Enterprise Connect 2019 Press release
Tipsheet Extra Stories
Bezos Launches Investigation Into Leaked Texts
Man creates world’s first sausage-themed hotel in Germany
Lowe’s to cut 80 jobs as it outsources appliance business
Supreme Court likely to expand gun rights
Dadi brings in $2M to democratize sperm storage
Outdoor industry pushes political fight over lands, climate
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