Today’s Tipsheet: Comps: WMT +1.5%, HD +7.3%, DKS +0.4% | Wmart Needs 2M lbs of Sweet Potatoes | Lowe’s “Rebrand”
Home Depot Q3 Comp +5.1%, US Stores +7.3% “The Home Depot today reported sales of $21.8 billion for the third quarter of fiscal 2015, a 6.4 percent increase from the third quarter of fiscal 2014.” Read the release
Home Depot posts earning beat by Fred Imbert at CNBC. “The home improvement retailer posted third-quarter adjusted earnings of $1.36 per share…Revenue rose to $21.82 billion from $20.52 billion a year ago. Analysts polled by Reuters expected the company to post earnings per share of $1.32 on revenue of $21.82 billion.” Read more
Walmart Q3 US Comp +1.5% “Traffic increased 1.7%…Neighborhood Market comps increased approximately 8%…E-commerce sales and GMV globally increased approximately 10% on a constant currency basis.” Read the release
Wal-Mart Earnings Beat Expectations; Shares Up by Nathan Layne at Reuters via Fox Business. “Net profit attributable to Wal-Mart fell to $3.304 billion, or $1.03 per share…Analysts on average had expected 98 cents per share, according to Thomson Reuters I/B/E/S.” Read more
Dick’s Q3 Comp +0.4% “Net sales for the third quarter of 2015 increased 7.6% to approximately $1.6 billion…Same store sales for DICK’S Sporting Goods increased 0.7%, while Golf Galaxy decreased 2.9%.” Read the release
Viral Review Triggers Run on Patti LaBelle Pies at Wal-Mart by J.M.Hirsch at AP via ABC. “Two million pounds of sweet potatoes. That’s what it’s going to take to get Patti LaBelle’s suddenly famous sweet potato pie back onto shelves at Wal-Mart. Which means the pie that became a viral sensation during the weekend — selling roughly one every second — after a customer sang its praise in a YouTube video may not be back in time to grace your Thanksgiving table. Not that Wal-Mart isn’t trying. “There’s a lot of moving parts. The suppliers have been working all weekend,” Kerry Robinson, vice president for bakery and deli at Wal-Mart, said Monday.” Read more
Jerry Stritzke of REI: If You Can’t Be Outside, Bring the Outside In by Patricia R. Olsen at NY Times. “My conference table is a vertical cut from a tree native to Washington. I commissioned it from Urban Hardwoods in Seattle, which makes furniture from salvaged trees. There’s a large crack on one side, so anyone sitting on that side has to be careful not to lose something down the fissure.” See the pics / Read more
Lowe’s Has Big Plans for its New Home Smart Hub by Stacey Higginbotham at Fortune. “The chain store also wants to rebrand “from a home improvement retailer to a home improvement company,” says Mick Koster, who leads Lowe’s Iris home systems. That means the company plans to focus more on installing connected home products, as well as focus on providing recommendations to consumers related to home services like electricians and plumbers.” Read more
Ex-Home Depot SVP of Merchandising Named Chervon CEO “Chervon, one of the world’s largest manufacturers of power tools and related products and parent company of EGO POWER+ lawn & garden equipment, has appointed Bill Boltz, formerly Senior Vice President of Merchandising for The Home Depot, as the new CEO of their North American division.” Read the release
Chip Credit Cards Give Retailers Another Grievance Against Banks by Rachel Abrams at NY Times. “The timing, retailers say, could not be worse. The new terminals are often slower, meaning that the long lines during the busy year-end holiday season will grow longer.“If they couldn’t get it done before 10/1, I doubt many are going to have the appetite to turn it on between now and the end of the year,” said Mark Horwedel, chief executive of the Merchant Advisory Group.” Read more
Orchard Supply Hardware Hosts Customer Celebrations Statewide To Commemorate “Orchard Supply Hardware today announced it will host in-store celebrations for customers at all 73 California locations on Nov. 21-22 to recognize its significant growth in the last year.” Read the release
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Dollar General Building New Distribution Center in Janesville, Wisconsin Read the release
Tech talent is a priority for Wal-Mart by Kim Souza at The City Wire. “(Jacqui) Canney, executive vice president of Global People (human resources) at Wal-Mart, said during the recent Northwest Arkansas Tech Summit that the fast-paced and ever-changing business world places a premium on talent. “The war for talent is over, and the talent won,” she said.” Read more
Supervalu Executive Vice President Janel Haugarth Announces Plan to Retire in December 2015 Read the release
Wal-Mart’s Asia CEO: China will drive retail growth by Saheli Roy Choudhury at CNBC. “Speaking at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Manila, (Scott) Price said he expected China to drive more than half of the retail sector’s growth over the next decade.” Read more
This Holiday Ad for Dick’s Sporting Goods May Be the Season’s Sweetest Yet by Gabriel Beltrone at Ad Week. “This time, that small-town mythology comes with an especially touching twist ending…” See the spot / Read more
BDO: Retail CMOs Plan Less Aggressive Discounts this Holiday Season “Seventy percent of retail chief marketing officers anticipate retailers across the industry to offer more discounts and promotions this holiday season versus 2014.” Read the release
Tipsheet Extra
Urban Outfitters buys pizzerias in a desperate comeback move
Kantar report says ‘pivot points’ needed by retailers amid industry changes
Best Buy re-opened 800 stores last night for Star Wars Battlefront video game
Forget salt and pepper: Study finds quiet breathing can make your food taste better
Canadian Tire Named one of Canada’s Top 100 Employers
Contact: Jason Long, jlong@eyeonretail.net