WM US +4.9% | W.Sonoma -14.6% | Oreo Lockdown | Macy’s -7.6%
Walmart Q3 U.S. comp sales up 4.9% Press release
…Walmart’s caution on consumer spending ahead of holidays sends shares lower at Reuters. “Walmart’s CFO John David Rainey told Reuters the company saw shoppers slow down purchases in the second-half of October, and then pick up spending in the early part of November, on items including apparel and home goods, that have been out of favor for most of the year.” Read more
Bath & Body Works trims sales forecast as demand slows into holiday season at Reuters. “The retailer expects its 2023 net sales to fall by 2.5% to 4%, compared with its previous forecast for a decline of 1.5% to 3.5%.” Read more
Stores Are Finally Giving Shoppers a Break on Prices at WSJ. “The average price of food, beverage, beauty and other everyday items fell about 3% in the most recent quarter compared with the previous one, said Christina Hennington, Target’s chief growth officer earlier this week. The relief could spur more discretionary spending, she said, but the inflation over years in food, household essentials, pets and baby will “take a while to overcome.” WSJ subs.
Q3 comp sales: Macy’s down 7.6% / Bloomingdale’s down 3.2% / Bluemercury up 2.5% Press release
…Macy’s puts up strong third quarter numbers, raises profit outlook and top end of full-year revenue at AP. “Overall sales fell 7% to $4.86 billion, with sales at traditional stores and online sales both down 7%. Still, that topped the $4.77 billion that analysts polled by Zacks Investment Research were calling for.” Read more
Williams-Sonoma, Inc Q3 comp brand revenue down 14.6% Press release
TJX Q3 overall comp store sales increased 6%, well above the Company’s plan / Comp store sales increased 7% at Marmaxx and increased 9% at HomeGoods Press release
Target CEO claims customers are saying ‘a big thank you’ for locking up merchandise at CNBC. “CNBC again asked Cornell to confirm that Target hasn’t seen a measurable drop in sales or traffic in those stores because of the inconvenience of having to wait for items. “Courtney, in many cases, it’s just the opposite. The fact that we’re in stock is what’s most important for the guests,” he said.” Read more
Walmart Claims Top Retailer Spot for 2023 Kantar PoweRanking for 27th Consecutive Year “Kroger and Target switched places to number two and number three respectively…Costco and Amazon traded places to number four and number five respectively while among the top ten, Publix and Meijer traded to number seven and number eight.” Press release
How Walmart became a fashion mecca for savvy style stars at Daily Mail. “Denise Incandela is a major force behind the change. She serves as the Executive Vice President of Apparel and Private Brands for Walmart U.S., and has a background in luxury, previously working with Moosejaw, Ralph Lauren and more.” Read more
Feds seize $1B in fake handbags and shoes from NYC storage unit in largest counterfeit bust in US history at NY Post
‘Everything’s Locked Up’: Shoppers Turn to Amazon as Big-Box Retailers Combat Theft at Bloomberg. “Like many shoppers, New Yorker Sarah Henry is accustomed to retailers locking up products to thwart thieves. But when she saw a Manhattan CVS had put Oreos behind glass, she took a photo to document the insanity…Henry has taken to ordering groceries and medication online from Stop & Shop Supermarket and Amazon.com.” Bloomberg subs.
Shoe Carnival Q3 comp store sales down 7.4% Press release
Amazon brings its home robot to businesses at TechCrunch. “Astro for Business isn’t exactly cheap, though, starting at $2,349.99…” Read more
Shopping Crate & Barrel’s new virtual store feels like playing a video game at Fast Company. “…is the first time that Obsess has painstakingly replicated the interior of a physical store, from the texture of the walls to the exact proportions of the window. “We spend a lot of time working on the interiors of our stores,” says Brauer. “So it was important to us that the virtual store be as close as possible to the real thing.” Read more
Alibaba shelves cloud spinoff, citing U.S. chip restrictions at CNBC
Google will make fake AI products to help you find real gifts at The Verge. “Google’s AI-powered Search Generative Experience (SGE) is behind a bunch of new shopping features that aim to help users find niche or otherwise unique products for a friend or themselves. These include using AI to generate gift ideas or fashion items you can then shop for. Google is also expanding virtual try-ons to men ahead of the holiday season.” Read more
Loblaw, Metro point the finger at suppliers as food inflation persists at Financial Post
Tim Cook, Elon Musk, Steve Schwarzman spotted at Xi Jinping dinner with U.S. CEOs at CNBC
Amazon says Project Kuiper satellites ace orbital tests — including online sale at GeekWire. “Amazon is far behind SpaceX’s rival Starlink satellite network, which already has more than 2 million subscribers. But Project Kuiper aims to take advantage of synergies with Amazon’s other business lines, ranging from online retail sales to Amazon Prime Video and Amazon Web Services.” Read more