Tipsheet: Wmart Q1 Beats Street | Dick’s Warns on Q2 | Satellites See Fewer Cars at Target
Walmart US Q1 Comp Sales +1.0% “…driven by the sixth consecutive quarter of positive traffic, up 1.5%. Neighborhood Market comp sales increased approximately 7.1%. Sam’s Club comp (ex.fuel) +0.1%…
‘We expect (Q2) comp sales for Walmart U.S. to be about +1.0 percent, and Sam’s Club, without fuel, to be slightly positive for the 13-week period ending July 29, 2016’ added Biggs.” Read the release
…CNBC Headline: Wal-Mart profit, revenue beat expectations; US sales up more than expected Read more
Dick’s Sporting Goods Q1 Comp Sales +0.5% “eCommerce penetration for the first quarter of 2016 was 9.2% of total net sales, compared to 8.5% during the first quarter of 2015…Consolidated same store sales are currently expected to be in the range of negative 4.0% to negative 1.0% in the second quarter of 2016, as compared to a 1.2% increase in the second quarter of 2015.” Read the release
…Fox Business Headline: Dick’s Sporting Goods Shares Drop After Downbeat Guidance Read more
Target investors file lawsuit over failed Canadian expansion by Jim Hammerand at St.Paul/Minneapolis Business Journal. “The Police Retirement System of St. Louis filed a federal securities lawsuit in Minnesota’s U.S. District Court Tuesday against Target, Chief Operating Officer John Mulligan and former CEO Gregg Steinhafel. Read more / See the complaint
Customers say Walmart-brand prepaid debit cards aren’t working, cutting off access to funds by James Rufus Koren at LA Times. “Takisa Watkins, a Detroit security guard, said her card was declined at stores and ATMs on Monday and Tuesday. She was able to make a small purchase at a 7-Eleven on Wednesday, but she still can’t get cash from an ATM….”I can’t get cash off the card, and I can’t verify how much cash is on the card,” she said. “The late fees are adding up. It’s not the landlord’s fault I can’t pay, but it’s not my fault either.” Read more
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The 100 Most Creative People in Business 2016 (Amit Agarwal at Amazon #10…) at Fast Company. See the list
Target struggles to attract quick-trip shoppers by Nick Halter at St.Paul/Minneapolis Business Journal. “While guests generally maintained their level of larger, pantry-stocking visits, we saw a slowdown in the growth of smaller, convenience trips,” Cornell told investors…“That’s the big wild card and we don’t know what’s causing it,” said Brian Yarbrough, an analyst for Edward Jones.” Read more
Luxury home retailer Pirch debuts this Saturday in Manhattan by Teresa Novellino at New York Business Journal. “The store sells brands such as Sub-Zero, Wolf, Miele, La Cornue, Thermador, Samsung, Bertazzoni, Gessi, ROHL, Kalamazoo Outdoor, Lynx Grills, Viking and more…For French luxury appliance brand La Cornue, which makes ranges and ovens by hand in a Paris atelier, starting prices for single and double-cavity ovens are $21,000 and $35,000, respectively. Cooktops begin at $8,000.” See the 21 store pics / Read more
Bezos slams Trump after anti-trust criticism by Taylor Soper at GeekWire. Bezos: “If someone wants to come and look at how we pay taxes … people are probably doing that all the time. It’s our job to do that right so that we can pass with flying colors that kind of scrutiny.” Read more
SHUTTERED – Sports Authority going-out-of-business sales will start before Memorial Day by Mark Harden at Denver Business Journal. “Sports Authority now plans to close all its 450 remaining stores…Going-out-of-business sales at stores where selloffs are not already underway will start about May 25 and end about Aug. 31.” Read more
Lowe’s CEO discusses company’s ‘core values’ of diversity & inclusion by Katherine Peralta at Charlotte Observer. “(CEO Robert) Niblock added that the (HB2) law hasn’t affected recruiting efforts at its Mooresville headquarters or at its North Carolina stores. “There’s nothing we’ve seen that has been a discernible impact coming from the media attention around HB2,” he said.” Read more
CLAIM – Target’s stance on bathroom debate drives business to Walmart by Lisa Fickenscher at NY Post. “We observed a noticeable fall off in traffic at Target during the last week in April and a meaningful pickup at Walmart during that same time,” said Richard Chmiel, chief executive of RS Metrics, which uses satellites to monitor thousands of retail parking lots across the country in order to identify changing business trends.” Read more
Amazon’s fulfillment services will command premium prices in Q4 by Allison Enright at Internet Retailer. “For October Amazon will charge merchants who use its fulfillment services 54 cents per cubic foot to store standard-size products…But in November and December, the corresponding fee will be $2.25 per cubic foot for standard size products.” Read more
Seeking Alpha: Q1 Earnings Call Transcripts Target | Lowe’s
Kroger Spokesman Named CEO of Indiana Foodbank by Maureen Gilmer at Indy Star. Read more
Home Depot worker wears ‘America Was Never Great’ hat, drawing outrage and death threats by Reuven Blau at NY Daily News. “Lake, a Bernie Sanders backer, said she plans to wear the hat again, despite getting death threats and other nasty missives.” Read more
Tipsheet Extra Stories
Menorah meltdowns prompt Target to recall 2,600 of the acrylic items
Jelly Belly family sued after CEO’s WWII tank fatally crushes 54-year-old employee at family reunion
Driver of NFL player says he was tossed from Neiman Marcus because he’s black
Supplier points at Costco for earnings miss
Gen Z Panel at Shoptalk Likes Brick & Mortar Stores
NY comptroller: Best Buy, Nordstrom to pursue renewables
Investigation: Fertilizer violations at Home Depot, Lowe’s stores
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