Target Q4 Comp Sales +5.3% “Comparable store sales grew 2.9 percent, and comparable digital sales grew 31 percent…Full-year comparable sales grew 5.0 percent — Target’s strongest performance since 2005.” Press release
…Target shares surge as company beats Wall Street estimates at CNBC.
- Earnings per share, adjusted: $1.53 vs. $1.52 expected
- Revenue: $22.98 billion vs. $22.96 billion expected
- Same-store sales: up 5.3 percent vs. growth of 5.1 percent expected Read more
Kohl’s Q4 Comp Sales +1.0% “The Company will close four underperforming stores in April, but will open four new smaller format stores later in the year. It is consolidating call center locations which support both its Kohl’s Charge and online customers.” Press release
…Kohl’s beats same-store sales estimates at Reuters. “Sales at Kohl’s locations open for at least a year rose 1 percent, better than the 0.3 percent growth analysts on average had estimated…” Read more
GNC Q4 Comp Sales -0.6% Press release
FDA chief blasts Walgreens for selling tobacco to minors by Richard Morgan at NY Post. “These illegal sales must stop,” (FDA Commissioner) Gottlieb said before demanding the unusual sit-down. “These statistics about violations at Walgreens retail outlets cannot possibly come as a surprise to corporate leadership,” the FDA chief chided.” Read more
…FDA threatens Walgreens, Walmart, other retailers for allegedly selling tobacco to kids by Nathan Bomey at USA Today.
In its undercover checks, the FDA said the following chains had tobacco sales violation rates of:
• Between 35 percent to 44 percent: Marathon, Exxon, Sunoco, BP, Citgo and Mobil gas stations.
• Between 25 percent and 34 percent: Shell, Chevron, Casey’s General Stores and 7-Eleven.
• Between 15 percent and 24 percent: Family Dollar, Kroger, Walgreens, Circle K and Walmart.
Walmart partners with Affirm to provide credit option to customers by Kim Souza at Talk Business. “There are no hidden or late fees, so users will never pay a dollar more than they agree to, according to Walmart. In-store shoppers will receive a unique barcode that is scanned by a store employee at the register to complete a purchase. Walmart stores in Iowa, Puerto Rico and West Virginia are not eligible to participate.” Read more
Amazon, Long Seen as a Threat to Malls, Is Now a Hot Tenant by Esther Fung at Wall Street Journal. “When Amazon comes knocking, it feels like Apple has showed up,” said Jay Luchs, vice chairman at Newmark Knight Frank , a real estate consulting firm. Apple Inc. has a huge pull on mall traffic and the clout to negotiate for lower rents with landlords.” WSJ subs.
Investor Barington pushes L Brands for Victoria’s Secret spinoff at Reuters. Read more
Sam’s Club to test new Scan & Go system by Sarah Perez at TechCrunch. “The new scanning technology will instead use computer vision and ML (machine learning) to recognize products without scanning the barcode, cutting the time it takes for the app to identify the product in question, the retailer explains.” Read more
Whole Foods’ Will Chau Knows the Importance of Fostering a Creative Culture by Doug Zanger at Adweek. Adweek subs.
A Storm Is Gathering Over Container Shipping by Costas Paris at Wall Street Journal. “Estimates are that shipping companies will try to pass on to cargo owners about $10 billion a year in combined additional expenses from the new fuel requirements, but they will almost certainly have to absorb some of those costs to keep customers on board.” WSJ subs.
Food Lion to Remodel 92 Stores Press release
15 Minutes With Big Lots’ General Counsel at Law 360. Law 360 subs.
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