Tipsheet: Target ‘Embarassing’ @ Mag Mile | Dick’s +19.3% | Gap China For Sale?
Dick’s Sporting Goods Q4 comp sales +19.3% “…which included an increase in eCommerce sales of 57%. eCommerce penetration for the fourth quarter of 2020 was approximately 32% of total net sales, compared to approximately 25% during the fourth quarter of 2019.” Press release
…Dick’s Sporting Goods shares fall as retailer predicts slowing sales in year ahead at CNBC. “The sporting goods retailer estimated that same-store sales could decline as much as 2% or grow by as much as 2% in the year ahead, a significant drop from same-store sales growth of nearly 10% in fiscal 2020.” Read more
Lowe’s aims to fund local community repair projects at Fortune. “…providing a total of $10 million for projects it will select, such as refurbishing a town’s theater that has fallen into disrepair, or repainting a seniors home, with work to be completed this calendar year. “It’s a way to state our long standing commitment of community service,” Lowe’s CEO Marvin Ellison tells Fortune. People can make submissions at Lowes.com/100hometowns as of Tuesday and Lowe’s will award the grants in June.” Read more
The World’s Most Innovative Companies 2021 (Shopify #3, Lululemon #26) at Fast Company Top 50 list
Stitch Fix swings to a quarterly loss and softens outlook on shipping delays; shares plunge at CNBC. “Net sales rose 12% to $504.1 million, falling short of expectations of $512.2 million. Shipping delays over the holiday season meant that the company was forced to work through a backlog and couldn’t record revenue for all boxes shipped during the quarter.” Read more
PayPal plans to acquire Curv, a cryptocurrency startup based in Tel Aviv, Israel at TechCrunch. Read more
Target in talks to replace Macy’s in Water Tower Place, a switch one local official calls ‘embarrassing’ for Chicago’s Magnificent Mile at Chicago Tribune.”Cook County Treasurer Maria Pappas, who lives near the vertical mall, on Friday spoke out against Target’s potential arrival on the avenue in an interview on WGN Radio. Pappas said a Target store would damage the reputation of Michigan Avenue and nearby Oak Street as destinations for higher-end retailers.” Read more
Walmart expands shoppable TikTok efforts into beauty and outside brands Ad Age subs.
Shopify buys contract to suck CO2 from air to cut emissions at Reuters. “E-commerce firm Shopify said on Tuesday it would become the first customer to buy contract carbon removal units from Canada-based direct air capture company Carbon Engineering to slash its greenhouse gas emissions and called on others to follow suit.” Read more
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Amazon expanding its food delivery service, called Amazon Food, across 62 zip codes in Bangalore at TechCrunch. Read more
Wish Q4 revenue +38% Press release
Ahold CFO Aims to Make Online Sales a Larger Part of Its Revenues at Wall Street Journal. “In the U.S., Ahold’s biggest market, online sales grew to €1.97 billion, equivalent to $2.37 billion, in 2020, up more than 100% compared with the previous year. Still, this represents roughly only 4.3% of the company’s U.S. sales, which totaled €45.47 billion last year, up 15.6% compared with the prior-year period. Chief Financial Officer Natalie Knight is working to increase online sales further, she said.” WSJ subs.
Callaway Golf, Topgolf merger approved by shareholders at NBC. Read more
Gap weighing sale of China business: Bloomberg News at Fox Business. “Gap entered the Chinese market about a decade ago, betting on rising incomes in the world’s second largest economy to boost its sales. However, it stopped selling Old Navy apparel in the country last year…Gap’s Asian market accounts for about 5% of its overall net sales…” Read more
Casey’s General Stores Q3 inside comp sales +2.1% Press release
Target introduces new sweet and savory owned brand – Favorite Day at A Bullseye View. Read more
Amazon spends $131 million to take minority stake in air cargo contractor ATSG at CNBC. “It comes as Amazon continues to grow Amazon Air…with plans to open a $1.5 billion air hub in Kentucky later this year.” Read more
Tipsheet Extra
Soaring home prices are starting to alarm policymakers
Peloton alternative launches at Sam’s Club for $799
Home Depot and Lowe’s land on Citi’s consumer spending winners list
Nike announces senior leadership changes to drive consumer direct acceleration
Rolling Stone: The best products we tested in March 2021
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