Tipsheet: Target +22.9% | Lowe’s +25.9% | TJX +16% | Google/Shopify Team
Target Q1 comp sales +22.9% “Store comparable sales increased 18.0 percent…Digital comparable sales grew 50 percent…Same-day services (Order Pickup, Drive Up and Shipt) grew more than 90 percent…More than 95 percent of Target’s first quarter sales were fulfilled by its stores.” Press release
…Target forecasts rising sales after bumper quarter as more Americans return to stores at Reuters. “Target’s focus in building its private label brands, including designer dress collection and activewear line All in Motion, is paying off, with sales from the business rising 36% in the first quarter, their best growth so far. That also helped drive its overall apparel sales, which rose in the low 60% range.” Read more
Lowe’s Q1 comp sales +25.9% “We delivered over 30% growth in Pro, over 18% growth in all 15 U.S. regions, and growth in Canada that outpaced the U.S.,” commented Marvin R. Ellison, Lowe’s president and CEO.” Press release
…Lowe’s growth lags Home Depot in home improvement battle at Fox Business. “…as virus restrictions ease, those high-spending customers have been returning to Home Depot’s stores for tools to complete a backlog of projects, helping the company post a much better-than-expected 31% jump in same-store sales and putting it back ahead of Lowe’s in terms of growth for the first time in a year.” Read more
TJX Companies Q1 open-only comp sales +16% “Q1 FY22 net sales were $10.1 billion, an increase of 129% compared to Q1 FY21…For the start of Q2 FY22, overall open-only comp store sales trends remain similar to Q1 FY22.” Press release
Google Partners with Shopify on online shopping expansion at TechCrunch. “Google (is) partnering with Shopify, giving the e-commerce platform’s more than 1.7 million merchants the ability to reach consumers through Google Search and its other services. The integration will allow merchants to sign up in just a few clicks to have their products appear across Google’s 1 billion “shopping journeys” that take place every day through Search, Maps, Images, Lens and YouTube.” Read more
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Walmart Q1 Earnings Call Transcript Seeking Alpha
Lumber futures fall for an eighth-straight day at CNBC. “Lumber futures for July delivery fell about 5% to $1,201 per thousand board feet on Wednesday, according to FactSet. Prices hit what’s known as limit down, the maximum percentage decline allowed by the exchange. Prices have fallen every day since lumber hit a record of $1,711per thousand board feet on May 10.” Read more
The Container Store Group Q4 consolidated net sales +30.4% Press release
Amazon extends ban on police use of its facial recognition software ‘until further notice’ at Reuters. “…underscores how facial recognition remains a sensitive issue for big companies. The world’s largest online retailer did not comment on the reason for its decision. Last year, it said it hoped Congress would put in place rules to ensure ethical use of the technology, though no such law has materialized.” Read more
Home Depot Q1 Earnings Call Transcript Seeking Alpha
Macy’s expands into pets, hair care and gourmet food to gain new shoppers at CNBC. “Macy’s biggest hope with this strategy is that it will be able to attract more customers who are under 40 years old. Gennette said the company’s top target is the “millennial mom.” Read more
Tipsheet Extra
Target is coming to downtown San Diego courtesy of a 22-story apartment tower
H-E-B removes curbside pickup fee
DevHub acquires retail tech startup Brickwork to boost online-to-store experiences
‘Slavery’ found at a Malaysian glove factory. Why didn’t the auditor see it?
Ammunition sales fueled by millennials and people of color: Vista Outdoor CEO
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