Tipsheet: Versace Plans 100+ Stores | Michaels -2.9% | F.Below +3.1%
Michaels Q1 comp sales -2.9% Press release
Stitch Fix spikes after beating earnings and revenue expectations by Ashley Turner at CNBC. “Its active clients — people who received a box of clothing in the preceding 12-month period — came in at 3.1 million, an increase of 17% year over year.” Read more
Amazon Prime Air drones will start delivering packages ‘within months’ by Alan Boyle at GeekWire. “We right now do have permission to do testing in a couple of locations in the United States with the FAA,” Wilke told GeekWire. “But our objective is to have a certified commercial program that allows us to deliver to customers. That’s what we’re working toward, in months.” Read more
Five Below Q1 comp sales +3.1% “…opened 39 new stores and ended the quarter with 789 stores in 36 states.” Press release
Versace plans to open more than 100 stores by 2022 by Katherine Lam at Fox Business. “It’s very clear: The productivity in our stores is not what it should be,” said Versace’s CEO Jonathan Akeroyd on investor day. “We need to rapidly increase the productivity and this will really be the real driver to reach us to our $2 billion [target].” Read more
At Home Group Q1 comp sales -0.8% Press release
Ace Hardware and True Value Rank Highest in Customer Satisfaction among Home Improvement Retailers “Two minutes is the maximum amount of time for home improvement retailers to provide assistance to customers. When that threshold is met, there is an increase of 67 points on overall customer satisfaction.” Rankings
Beyond Meat’s home in the meat aisle sparks food fight by Tina Bellon at Reuters. “Sean Saenz, senior director of meat and seafood operations at Gelson’s, which owns 28 stores across Southern California, said the retailer did not see strong sales when it initially placed Beyond Meat in the freezer. Since moving the burger out of the freezer, Beyond Meat sales are up 60 percent, Saenz said, while sales in the overall vegan section grew 20 percent.” Read more
Amazon introduces ‘StyleSnap’ shopping recommendation feature at Reuters. “…a feature on its app that allows users to upload a picture of a look or style they like and get recommendations for similar items on the platform.” Read more
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Casey’s Announces CEO Transition “IHOP President Darren Rebelez named Casey’s President and CEO. Casey’s President and CEO Terry Handley to retire.” Press release
Better wages ‘not a radical idea’ Sen. Sanders tells Walmart execs by Kim Souza at Talk Business. “Walmart is the largest private employer in the country and it pays many employees starvation wages forcing them to rely on aid and taxpayer help,” (Sanders) said…Brand thanked Sanders for his remarks and said Walmart does not support the proposal.” Read more
United Natural Foods Tops Q3 Earnings Estimates at Yahoo Finance. Read more | Press release
Amazon CEO Jeff Bezos tries out robotic arm at re:MARS conference by Alan Boyle at GeekWire. “Bezos started out with a simple task: picking up a plastic cup and dropping it onto a stack of cups. Then he played around with a palm-sized soccer ball, and tried his hand at a ring-stacking puzzle. The guy clearly loved it, as you can see in these tweeted videos…” Videos/Read more
JCPenney Announces Ex-Guess Exec Victor Ejarque Lopez as SVP, GMM Women’s Apparel at Yahoo Finance. Read more
Amazon, Home Depot and other companies headed to Capitol Hill June 4 for a closed-door meeting with House lawmakers on ways to block online counterfeit goods from flowing into the U.S. at Bloomberg Law. Read more
Rent the Runway opens Arlington fulfillment center with 500-plus employees by year end by Maria Halkias at Dallas Morning News. “Rent the Runway’s new fulfillment center in Arlington, only the company’s second, begins receiving returns on Monday from customers who use the apparel service.” Tiered subs.
How the art of lusting for a beachy holiday is powering retail by Rebecca Malinsky at Wall Street Journal. “Marketing director Elizabeth Fuller, 31…“There is a very specific series of habits that I don’t apply to any other aspects of my wardrobe except when I’m shopping for a trip,” she says. “It’s like I’m this completely brand-new person who spends reckless amounts of money to become someone else on vacation.” WSJ subs.
Tipsheet Extra Stories
Exclusive: See inside Jeff Bezos’ $80 million NYC mega-home
Padres face backlash for exterminating bee swarm
Amazon Robotics unveils two new breeds of robots for its fulfillment centers
Oakland is 2nd U.S. city to decriminalize magic mushrooms
GM to test airless, puncture-proof Michelin tires
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