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☆ Will weight loss drugs lead to less food consumption? Here's what Walmart is saying
▼ + stars: | 2023-09-27 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +5 min

While there has been a huge gain, it is barely scratching the surface of the potential market. Some potential patients don't have coverage of the pricey medicines through their health insurance plans yet. (For example, those seeking to use GLP-1 drugs for obesity can't receive coverage if they are insured by Medicare as the federal health plan is not allowed to cover weight loss drugs.) Walmart told Bank of America that fiscal second-quarter sales benefited roughly 1% from GLP-1 drug sales volumes. Its stock has fallen 45% year to date on fears that these drugs will shrink the company's market potential.

Persons: John Rainey, Eli Lilly's Mounjaro, Eli Lilly, Morgan Stanley, Wells, Larry Biegelsen, Biegelsen, Daniel Lyons, Janus Henderson, Lyons, — CNBC's Michael Bloom Organizations: Wall Street, Nordisk's Wegovy, Bank of, Walmart, Health, Novo Nordisk, Medicare, Drug, Bank of America, Janus, Janus Henderson Investors, CNBC Locations: U.S, GLP

☆ US retailers' financial losses jump as retail crime escalates - NRF
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

In 2022, inventory "shrink" as a percentage of total retail sales accounted for $112.1 billion in losses, up from $93.9 billion in 2021, according to the NRF report on Tuesday. Retailers are either being forced to close a specific store location, reduce operating hours or alter in-store product selection to deal with the spike in retail crime, the report added. Dollar Tree (DLTR.O) has said it plans to remove goods like men's underwear, an item most prone to retail theft, from its stores. Retailers are ramping up prevention methods with 34% of respondents increasing internal payroll to support risks related to retail crime and 46% increasing the use of third-party security personnel among other methods, according to NRF. The NRF survey was conducted online among senior loss prevention and security executives in the retail industry with insights from 177 retail brands.

Persons: Brendan McDermid, David Johnston, John Rainey, Ananya Mariam Rajesh, Savyata Mishra, Siddharth Cavale, Shounak Dasgupta Organizations: Black, REUTERS, National Retail Federation, U.S, Kroger, Asset Protection, Retail, Retailers, Walmart, Telsey, Thomson Locations: Brooklyn , New York, U.S, New York, San Francisco , Los Angeles, Houston, Britain, Bengaluru

☆ In Lululemon and Dollar General earnings, signs of a possible economic split
▼ + stars: | 2023-09-02 | by ( Samantha Delouya | ) edition.cnn.com time to read: +4 min

One reported strong sales on Thursday, while the other warned it may experience a sales decline for the year. Dollar General’s earnings report on Thursday painted a different picture. “Core customers continue to tell us they feel financially constrained,” said Dollar General’s CEO, Jeff Owen, on the company’s earnings call. Brian Nagel, a retail analyst at Oppenheimer & Co. who covers Lululemon, said he sees still strong spending across all retailers he covers. “Generally speaking, consumer spending has held in,” he said.

Persons: CNN —, ”, Calvin McDonald, Lululemon, Jeff Owen, Neil Saunders, Brian Nagel, Nagel, ” Nagel, Richard Dreiling, John Rainey, ” Rainey, Shannon Seery Organizations: CNN, Oppenheimer, Co, Federal Reserve, Fed Locations: Wells, United States, —

☆ Walmart lifts annual sales, profit view on resilient consumer spending
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

May 18 (Reuters) - Walmart Inc (WMT.N) raised its annual sales and profit targets on Thursday as the retail behemoth drew from price-conscious shoppers trading down to cheaper groceries, easing worries of softening consumer spending due to inflation. Shares of the top U.S. retailer rose about 2.6% as it also reported better-than-expected results for the first quarter. The strong results are a stark contrast to smaller rival Target's bleak second-quarter forecast, which it blamed on weak consumer demand. Walmart forecast second-quarter results above expectations. "We leveraged expenses, expanded operating margin, and grew profit ahead of sales," CEO Doug McMillon said.

☆ Walmart’s US chief marketing officer stepping down as retailer warns of tough year
▼ + stars: | 2023-04-15 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —Walmart’s chief merchandising officer for its US operations is stepping down from the job as the retailer faces a tougher year ahead, an internal memo shared to US associates Friday said. In a memo viewed by CNN Business, Walmart U.S. CEO John Furner said Redfield wants to spend more time with his family. Redfield held his position at the retailer for a little more than a year, beginning in January 2022. Its strong holiday sales were fueled by groceries. “There are merchants, and then there’s our Chief Merchandising Officer Charles Redfield,” CEO John Furner said in a memo viewed by CNN Business.

☆ Walmart’s Supply-Chain Strategy: Better, Not Bigger
▼ + stars: | 2023-04-05 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

Walmart has set a goal of moving 55% of fulfillment-center volume through automated facilities. Walmart is going all in on its supply chain. The retailer, in its two-day investment community meeting that concluded Wednesday, reiterated its target to grow sales by about 4% annually over the next three to five years and to grow operating income by more than that. Chief Financial Officer John Rainey said on Wednesday that the company sees a path for operating-income growth to be markedly higher than revenue growth. The bullish message seems to have gotten through to investors: Walmart shares gained about 1.4% after the company’s presentation.

☆ PayPal CFO Blake Jorgensen Steps Down
▼ + stars: | 2023-03-07 | by ( Sabela Ojea | ) www.wsj.com time to read: +1 min

PayPal Holdings Inc. Chief Financial Officer Blake Jorgensen has stepped down after a few months in the role. Gabrielle Rabinovitch will remain as PayPal’s acting CFO, the company said Tuesday. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. PREVIEWMr. Jorgensen, who took a medical leave of absence in September after being appointed PayPal’s CFO in August, will continue working with the digital payments giant as a senior adviser through Sept. 15, the company said. He joined PayPal to succeed John Rainey, who left the company to take the CFO role at Walmart Inc.

☆ Consumers keep spending. That might not be good news for them or the Fed
▼ + stars: | 2023-03-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

And by November and December, those predictions appeared to be materializing, when data showed consumers had pulled back during the holiday shopping season. During a month chock full of suprisingly strong economic data, the Commerce Department’s retail sales and consumer spending reports far surpassed expectations. “It’s not sustainable to keep spending above their means.”Eyes on the FedHearty consumer spending at a time like this is a double-edged sword, said Ted Rossman, senior industry analyst for Bankrate and CreditCards.com. “The resilience of consumer spending is probably the biggest thing that’s pushed this recession timetable out,” Rossman said. The Home Depot (HD) warned of flat sales for 2023 as consumers continue shift spending from goods to services.

☆ Premarket stocks: Big Retail's cautious forecasts are spooking Wall Street
▼ + stars: | 2023-02-22 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Forecasts from Walmart and Home Depot made for a grim day of trading on Tuesday. The mega retailers’ predictions of a weakening economy and a dip in consumer spending this year sent markets tumbling as Wall Street seemed to realize that the Federal Reserve’s campaign to quell inflation could yet lead to recession. What’s happening: We’ve written about the remarkable strength of the US consumer quite a bit here at Before the Bell. Consumer spending accounts for about 70% of America’s gross domestic product, the broadest measure of the US economy, so it’s nearly impossible for the economy to enter a recession as long as consumer spending is growing. American shoppers have almost single-handedly kept the US economy afloat by continuing to shell out cash for purchases despite stubbornly high inflation.

☆ Walmart expects a slowdown this year
▼ + stars: | 2023-02-21 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Walmart had a strong holiday shopping season, but the year ahead will be more challenging for America’s largest retailer. Walmart (WMT) forecast slower sales and profit growth, disappointing investors and sending its stock down during morning trading Tuesday. Government inflation data shows that grocery prices have increased 11.3% over the last year, and more shoppers are turning to discount chains like Walmart to save money. Sales were slower for traditional holiday products like toys, electronics and clothing, a sign that some consumers were cautious on discretionary spending. Holiday sales were sluggish for many retailers, and the industry is expected to have a weaker 2023.

☆ Dow drops more than 500 points as retail earnings disapoint
▼ + stars: | 2023-02-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

The Dow was down 500 points, or 1.5%, on Tuesday afternoon. The S&P 500 fell by 1.6% and the Nasdaq Composite was 1.8% lower. Walmart (WMT) topped revenue expectations, but shares of the stock fell nearly 2% in morning trading after the retailer lowered its outlook for the year ahead. Home Depot (HD) reported record earnings for the fiscal year that ended in January, and boosted both hourly wage and the stock dividend. Shares of the stock fell by nearly 6% on Tuesday as the housing market weakens – US existing home sales dropped to their lowest level in more than 12 years in January.

☆ Walmart and Home Depot fire off warnings about the American consumer
▼ + stars: | 2023-02-21 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Walmart and Home Depot warned that sales growth is likely to slow as shoppers look to save money. Between inflation, rising interest rates, layoffs, and other uncertainties, the stresses on household bank accounts are mounting, which could spell trouble as consumer spending represents roughly 70% of the US economy. "Prices are still high, and there is considerable pressure on the consumer," Walmart CFO John Rainey said. In Home Depot's case, CFO Richard McPhail told analysts: "We've assumed, like many economists, that we will see flat, real economic growth and consumer spending in 2023." We don't know what happens to consumer spending.

☆ Analysts see one retailer winning this holiday and taking share as Target struggles
▼ + stars: | 2022-11-16 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

In contrast, Target reported an earnings miss Wednesday, with profit that fell by about 50% in its fiscal third quarter. "General merchandise softness continues to be linked to Covid-winner categories (CE, home, and apparel basics), although the category's performance also improved sequentially." Walmart's general merchandise sales fell at a low-single digit pace, its chief financial officer, John Rainey, said on the earnings conference call Tuesday. For Target, the softness in general merchandise is taking its toll. The retailer has made some progress clearing through its excess inventory, but the fiscal thir quarter brought higher-than-expected markdowns, Target said.

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