Dick’s Sporting Goods corrects $23 million accounting error by Daniel Moore at Pittsburgh Post-Gazette. “Friday’s corrected filing showed Dick’s adjusted EBITDA — rose 4 percent for the year, rather than 7 percent. During the fourth quarter, that figure rose 11 percent, not the 19 percent the company reported in March. The impairment charges related primarily to the closure of 10 Golf Galaxy stores that overlapped with sales areas of former Golfsmith stores.” Read more

 

Walgreens’ store of the future now in very sorry shape by Lewis Lazare at Chicago Business Journal. “…shelves that used to overflow with fresh-baked goods such as chocolate croissants, pastries and muffins…are now filled with hideous tinfoil bags of Combos baked snacks, peanuts and popcorn…But perhaps the saddest sight of all is the large refrigerated display unit that used to be packed with all manner of intriguing salads, sandwiches and creatively-realized snacks and dessert treats now looks as if it hasn’t been attended to in days. Or weeks.” Pics/Read more

 

Target’s New Online Strategy: Less Is More by Khadeeja Safdar at Wall Street Journal. “Target says it isn’t looking to be a soup-to-nuts retailer. “We’re not trying to be the catalog of everything,” said digital chief Mike McNamara. “We aren’t going to add products to our website and stores just because they exist.” Read more (subscription)

 

…Target was in advanced talks last summer to buy Sprouts Farmers Market…But it eventually walked away, people familiar with the discussions say…More recently, it looked into acquiring an e-commerce player, including Boxed.com…Talks with Boxed didn’t go anywhere, the people say.

 

EARNINGS WEEK:

Tuesday: Home Depot, Dick’s, TJX, Staples

Wednesday: Target

Thursday: Walmart, Gap, Hibbet Sports

Friday: Footlocker

Morningstar earnings calendar

 

Ex-Amazon exec working to transform Target from elephant to gazelle by Kavita Kumar at Star Tribune. “In his first sit-down interview since arriving at (Target), (Arthur) Valdez likened the traditional supply chain for brick-and-mortar retailers to a slow-moving elephant, which transports large amounts of products at one time. His task, he said, is to help transform Target into a gazelle that can more swiftly move smaller shipments, down to individual items, to where they are needed.” Read more

 

Walmart’s Foran honorary chair at Scott Family Amazeum’s Un-gala by Nancy Peevy at Talk Business. “Children learning through the kinds of hands-on play offered at the Scott Family Amazeum extends beyond the intellectual to the magical, Greg Foran, CEO of Walmart Stores, U.S., told 300 sponsors and supporters at the first annual Un-gala fundraiser benefitting the children’s museum on Friday” Read more

 

$500K in cosmetics stolen from Walgreens and CVS stores recovered at Berkleyside. Pics of stolen cache/Read more

 

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Woman accused of substituting flour for infant formula in containers returned to Arizona stores for refund at ABC News. “One child got sick from ingesting tampered formula but is in good condition after being treated at a hospital and released…Police Chief Chris Magnus held an unusual nighttime news conference to disclose the arrest and to warn the public.” Read more

 

Walmart supported co-working space opens in Bentonville at Talk Business. Read more/Pic

 

Lululemon kicks off first global advertising campaign at The Globe & Mail. “In addition to Toronto and Vancouver, ads will run most heavily in New York, L.A., London and Shanghai…Lululemon partnered with Virtue, the advertising arm of Vice Media, to produce the ads.” Read more

 

Q&A with Amazon media chief Robin Mendelson by Monica Nickelsburg at GeekWire. “She always wanted to own a bookstore, and now she runs the Amazon Media department, which includes books, movies, music, software, and video games. “It was my childhood dream to open a bookstore, so leading Amazon’s online bookstore is quite literally a dream come true — on a much larger scale,” she said.” Read more

 

Saturday Night Live Introduces New ‘Amazon Echo Silver’ for Older People by Jennifer Calfas at Fortune. “And it has an ‘Uh Huh’ feature for long, rambling stories,” the narrator said. That means the Amazon Echo Silver will listen to stories, inserting “uh huh” ever few words to appear as if it were listening.” Read more

 

Even during Amazon’s IPO process 20 years ago, Jeff Bezos was obsessed with details by Ari Levy at CNBC. “He was reading every page of the S-1 making sure it was right,” said Tarkoff. “He was never operating at 30,000 feet but was always in the weeds.” Read more

 

Home Depot lobbyist joins administration by Theodoric Meyer at Politico. “Michael Dendas, a former lobbyist for Home Depot, is headed to the Department of Housing and Urban Development as a senior adviser on the congressional affairs team, according to an internal agency email obtained by POLITICO’s Lorraine Woellert.” Read more

 

Amazon is now worth two Walmarts by Jason Del Rey at Recode. “It took Amazon 18 years as a public company to catch Walmart in market value. It took less than another two years for Amazon to be worth twice as much.” Read more

 

Snap Unveils New Camera Ads Trying to Stay Ahead of Facebook by Sarah Frier at Bloomberg. Read more

 

Victim of Menards forklift accident had started new job, was ‘really happy’ by Nick Ferraro at Pioneer Press. “According to his father, Saunders had a load of 16-foot-long 2-by-4s on the forks up high and hit another stack of lumber, causing the machine to start leaning to one side. He jumped off. “Unfortunately, you can’t jump off the side that it’s not falling to, so he jumped off the side it was falling to and he couldn’t get out of the way of it fast enough,” his father said.” Read more

 

Tipsheet Extra Stories

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What It Takes To Sell To Walmart: Three Entrepreneurs Share Their Stories

Kroger, ArtWorks unveil sculpture at Cincinnati’s newest store

Can these ‘magic mirrors’ save retailers?

Hammer attack on hot dog vendor at Home Depot gets assailant 30 years

Read Tipsheet Extra Stories

 

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