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☆ Thanksgiving Day online sales jump as discounts motivate holiday shoppers
▼ + stars: | 2023-11-24 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Online spending on Thanksgiving Day jumped 5.5% compared to a year ago, according to Adobe Analytics, a reflection of holiday shoppers who are buying more of their gifts online and responding to discounts. It does not cover in-store purchases, where the majority of U.S. holiday purchases still take place. And shoppers responded: Online purchases of toys shot up 182% compared to average daily sales in October. Jewelry sales rose 126%, apparel rose 124% and personal care products rose 67%. Mobile shopping played a big role in Thanksgiving sales, with nearly 60% of sales coming through a mobile device — an all-time record for Thanksgiving, Adobe said.

Persons: That's, it's, Mario, Adobe Organizations: Adobe Analytics, National, Target, Disney, Adobe, Marvel, Mobile Locations: U.S

☆ With Black Friday deals and flashy displays, retailers try to convince reluctant shoppers to spend
▼ + stars: | 2023-11-24 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +7 min

And a steady drip of Black Friday deals, started early in November at many retailers, has also delayed the rush, as some shoppers bet that the best deals are still coming. Holiday shoppers spent 7% less in dollars and 6% less in units from mid-October to mid-November compared with the year-ago period, Circana found. Mario Tama | Getty Images News | Getty ImagesBlack Friday state of mindAmong the biggest themes this holiday season: shoppers are hungry for deals and willing to wait for them. "We're going to have a sustained drumbeat of great offers for the entire holiday season, starting this week," he said on a call with CNBC. Some retailers, such as Best Buy, are trying to rush shoppers to hit the "buy" button by dangling short-term sales.

Persons: Melissa Repko, Mario, Luigi, Nintendo's, Lowe's, Marshal Cohen, Circana, " Cohen, You've, you've, Barbie, Mario Tama, John David Rainey, Rainey, Steve Madden, Edward Rosenfeld, Marvin Ellison, Ellison, Corie Barry, Macy's Organizations: CNBC, National Retail Federation, Walmart, Nordstrom, Target, Dick's Sporting, Amazon's, NPD, Consumers, Getty, nab, Footwear, Shoppers, Disney Locations: New York City, Manhattan, Dallas, Los Angeles, Burbank , California

☆ Nordstrom sales come up short, echoing broader retail industry pressures
▼ + stars: | 2023-11-21 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +1 min

Shoppers exit Nordstrom at the King of Prussia Mall on December 11, 2022 in King of Prussia, Pennsylvania. Nordstrom on Tuesday said sales slid by nearly 7% year over year, echoing other retailers' comments about weaker demand and budget-pressured consumers. Yet the department store operator reiterated its full-year sales outlook, saying it expects revenue to decline by between 4% and 6% versus a year ago, including retail sales and credit card revenues. Nordstrom is looking for growth after three straight years of sales that have been at or below pre-pandemic levels. As part of that push, the retailer has opened more of its off-price stores, Nordstrom Rack, and revamped merchandise in those stores to emphasize best-selling brands.

Persons: King, King of Prussia, Nordstrom Organizations: Nordstrom, LSEG Locations: Prussia, King, King of Prussia , Pennsylvania, Canada

☆ Best Buy cuts sales forecast, as holiday shoppers hunt for deals
▼ + stars: | 2023-11-21 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Best Buy cut its full-year sales outlook Tuesday, as the company weathers a period of cooler demand and prepares for price-conscious holiday shoppers. Best Buy said it now expects revenue to range from $43.1 billion to $43.7 billion for the fiscal year, down from its previous range of between $43.8 billion and $44.5 billion. CEO Corie Barry said in a news release that Best Buy anticipated softer sales of consumer electronics this year. Best Buy tends to draw customers with higher incomes than the general population, which helped to prevent a deeper decline as inflation hits consumers. Shares of Best Buy closed at $68.11 on Monday.

Persons: weathers, Corie Barry, Barry Organizations: Wall, Federal Reserve, LSEG, Revenue, CNBC PRO Locations: U.S

☆ Lowe's cuts sales outlook as homeowners take on fewer projects; shares slide
▼ + stars: | 2023-11-21 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Lowe's on Tuesday lowered its full-year sales outlook, after customers spent less on do-it-yourself projects and caused its fiscal third-quarter sales to tumble nearly 13% year over year. The home improvement retailer said it now anticipates sales will total about $86 billion for the fiscal year. It projects comparable sales will drop by about 5% this fiscal year, worse than a previously anticipated a decline of between 2% and 4%. In the third quarter, Lowe's net income was $1.77 billion, or $3.06 per share, compared with $154 million, or 25 cents per share in the year-ago period. Lowe's competitor, Home Depot, beat Wall Street's fiscal third-quarter earnings and revenue expectations last week, even as its sales fell 3% year over year.

Persons: Lowe's, Marvin Ellison, Ellison, Richard McPhail Organizations: Lowe's, Inc, Home Depot, Home Locations: LSEG, U.S

☆ Deflation could be coming this holiday season, Walmart CEO says
▼ + stars: | 2023-11-16 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Barbie dolls (R) are displayed for sale ahead of Black Friday at a Walmart Supercenter on November 14, 2023 in Burbank, California. Shoppers may get an early present this holiday season: falling prices in many gift-giving categories. On Thursday, Walmart CEO Doug McMillon said deflation could be coming as general merchandise and key grocery items, such as eggs, chicken and seafood get cheaper. Across most categories, Americans are still spending more on the same items, according to the latest CPI numbers. Walmart's McMillon said some stubborn food prices continue to be a concern.

Persons: Barbie, Doug McMillon, it's, Richard McPhail, John David Rainey, Rainey, Walmart's McMillon Organizations: Walmart, Shoppers, Labor Department, CPI, Home, American Farm Bureau Federation, Wall, CNBC Locations: Burbank , California, U.S

☆ Macy's stock pops 10% as inventory, margin improvement help profit beat estimates
▼ + stars: | 2023-11-16 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Macy's on Thursday topped Wall Street's quarterly expectations, as inventory and margin improvement helped offset an 7% year-over-year decline in sales. It raised the low end of its expected sales range to $22.9 billion from $22.8 billion. The company's strongest sales have come from higher-end department store chain, Bloomingdale's, and its beauty chain, Bluemercury. Overall, on an owned-plus-licensed basis, the company reported a same-store sales decline of 6.3%, better than the 7.75% decline expected by analysts. The company's stock has struggled this year, falling nearly 39% compared to the 17% gains of the S&P 500.

Persons: Macy's, Bluemercury, Bloomingdale's Organizations: Macy's Herald Locations: Macy's, New York, LSEG

☆ Walmart will report earnings before the bell. Here's what to expect
▼ + stars: | 2023-11-16 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +1 min

Walmart will report quarterly earnings Thursday as the discounter generally outperforms its rivals. Shares of the company touched an all-time high Wednesday dating to when Walmart debuted on the New York Stock Exchange in August 1972. Target's performance also lifted Walmart's stock Wednesday and could bode well for Walmart's quarter. Target's sales declined year over year, but it topped Wall Street's expectations for earnings and revenue. Walmart has outperformed Target over the past year, leaning on grocery sales and a reputation for low prices.

Persons: It's, bode, Michael Baker, Davidson Organizations: Walmart, Amazon Prime, New York Stock Exchange, D.A Locations: LSEG

☆ Target's new favorite buzzword is 'value'
▼ + stars: | 2023-11-15 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Target 's goal this holiday season: be more like Walmart . The retailer's leaders said customers will see thousands of gift ideas under $25, store displays that highlight affordability and low-priced Thanksgiving ingredients. The company's executive team used the word "value" 17 times. Target has struggled to improve sales as shoppers focus more on essentials while being choosier when buying clothing, electronics and more. Going into the holiday season, nearly two-thirds of those displays meet that standard.

Persons: Kendra Scott, Christina Hennington, Hennington, John Mulligan Organizations: Walmart, Target Locations: Minneapolis

☆ Target will report earnings before the bell. Here's what to expect
▼ + stars: | 2023-11-15 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +1 min

Target will report fiscal third-quarter earnings on Wednesday, as the company tries to claw its way back from a string of disappointing results and high-profile setbacks. Investors will listen for any signs that the retailer's sales are turning around as Target gets ready for the crucial holiday season. Yet Target, which sells a heavier mix of clothing, home goods and impulse purchases than some rivals, has been particularly squeezed. The Minneapolis-based company cut its full-year forecast in August, saying it expects comparable sales to decline by about a mid-single-digit percentage and earnings per share to range from $7 to $8. Shares of the company have fallen nearly 26% this year, with their value cut by more than half since the highs of the Covid pandemic.

Organizations: Target, LSEG Locations: Minneapolis

☆ Home Depot says the worst of inflation is over — that could be good news for retailers and shoppers
▼ + stars: | 2023-11-14 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Even as Home Depot forecast sales declines, the retailer had good news for investors and consumers on Tuesday. Home Depot kicked off a much-anticipated week of retail earnings that includes other household names, such as Walmart , Target and Macy's . In the short term, cooling inflation reduces sales numbers for retailers, including Home Depot. At Home Depot, McPhail has described 2023 as "a year of moderation" after the boom in home improvement during the Covid pandemic. Yet some factors that drive inflation are beyond retailers' control and influence consumers' decisions, too.

Persons: Richard McPhail, Michael Baker, Davidson, McPhail, Billy Bastek, Ted Decker, it's, doesn't Organizations: Dow Jones, Depot, Walmart, Target, Home, Federal Reserve, D.A, CNBC PRO

☆ Home Depot earnings beat, but retailer offers a tepid outlook as sales slide
▼ + stars: | 2023-11-14 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Home Depot 's quarterly sales declined 3% from the year-ago period, but topped Wall Street's expectations as customers chipped away at more modest projects and home repairs. Home Depot expects earnings per share to slide by 9% to 11%, compared with prior guidance of a 7% to 13% drop. Revenue fell from $38.87 billion in the year-ago period. Customer transactions fell to 399.8 million from 409.8 million in the year-ago period. Over the past year, the company missed quarterly sales expectations twice, which has caused its stock performance to slide.

Persons: Richard McPhail, McPhail, They're, —, Robert Hum Organizations: CNBC, LSEG, Revenue, Home Depot

☆ As Target shutters some stores, retailer looks to prove it can grow and avoid new setbacks
▼ + stars: | 2023-11-13 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Melissa Repko | CNBCIn the Harlem neighborhood of New York City, Target 's first store to open in Manhattan has permanently shut its doors. This week, Target for the first time since the surprise store closures will update investors on its sales trends and efforts to overcome a string of challenges. Some other retailers, such as Nordstrom and Walmart , have also shut stores in major cities — though they have not specifically blamed theft. A bumpy ride for TargetFor more than a year, Target has endured rocky sales and stock performance. Target cut its full-year forecast in August, after already warning investors it expected lower sales than a year ago.

Persons: Melissa Repko, John Mulligan, Paul, Target's Mulligan, Greg Melich, They've Organizations: CNBC, NRF, Target, Nordstrom, Walmart, Evercore ISI Locations: Harlem, New York City, Manhattan, New York, Minneapolis, St, Chicago, San Francisco, Seattle, Portland

☆ Barbie who? Gen Alpha kids 'obsessed' with skin care could fuel holiday spending
▼ + stars: | 2023-11-09 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +9 min

Instead, something unexpected made it to the top of the list this year: skin care. During the crucial holiday shopping season this year, Gen Alpha's fascination with skin care is expected to fuel a boon in sales. Beauty – two brands that have used TikTok to win over young consumers – also said they expect sizable sales this holiday from parents looking for gifts for their Gen Alpha kids. She said her daughter's interest in skin care is "great," and better than playing around with makeup. He coined the term Gen Alpha and is considered a leading expert on the generation.

Persons: Melissa Fuentes, Tatiana, Fuentes, …, Gen, Ulta, Monica Arnaudo, Melissa Repko, –, We've, Shai Eisenman, Bubble's, Tarang Amin, It's, Amin, Piper Sandler, That's, Rick Aaron, Allie, Katie, Aaron, Rick Aaron's, it's, Marley, Rose, me Marley, she'll, Karla Joseph, skincare, Karla Joseph She, Joseph, she's, Amy Wechsler, Wechsler, Johnson, Jodi Gralnick, CNBC Wechsler, Alpha, Mark McCrindle Organizations: CNBC, YouTube, America's, Alpha, Walmart Locations: Coral Springs , Florida, serums, British, Salt Lake City, Sephora, New York City

☆ Food-delivery startup Wonder Group gets $100 million investment from Nestle
▼ + stars: | 2023-11-07 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

It's also developed high-tech kitchen equipment to speed up and simplify cooking. Prior to Wonder, Lore founded and sold e-commerce startup Jet.com to Walmart for $3.3 billion in 2016. Food-delivery company Wonder Group has gotten a cash infusion from Nestle , as the startup looks to sell high-tech kitchen equipment and prepared ingredients to businesses such as hotels, hospitals and sports arenas. Some of those companies may also want Wonder's kitchen equipment, Lore said. The partnership will start with Nestle making pizza and pasta tailored for Wonder's kitchen equipment, along with selling the kitchen equipment to clients.

Persons: Bobby Flay, José, It's, Lore, Marc Lore, Melissa Henshaw, that's, Wonder, Andrés, Michael Symon, Uber, DoorDash Organizations: Walmart, Amazon, Nestle, CNBC, Kroger, Foods Locations: New Jersey, New York, New York , New Jersey, Connecticut

☆ Fact Check: Gal Gadot has not joined the army during the 2023 Israel-Hamas war
▼ + stars: | 2023-11-07 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

Israeli actor Gal Gadot has not joined the army amid the 2023 Israel-Hamas conflict, an Israel Defense Forces (IDF) spokesperson and a representative for the actor have said in response to an old photograph of Gadot circulating online. A post on X social media shared the dated image of Gadot with the caption: “BREAKING: Israeli actress Gal Gadot who played Wonder Woman in the Hollywood movie turns up at for army service.” The claim also surfaced on Facebook, garnering comments suggesting the image is current. Israel requires most of its citizens to compulsorily serve in the military from the age of 18. Gal Gadot has not joined Israeli armed forces following the outbreak of the 2023 Israel-Hamas war, an IDF spokesperson and a representative for the actor have said. This article was produced by the Reuters Fact Check team.

Persons: Gal Gadot, Gadot, Melissa Raubvogel, “ Gal, Shaul Golan, “, ”, Yediot Ahronot, Golan, Read Organizations: Israel Defense Forces, Hollywood, Facebook, Washington Post, IDF, Reuters, Army, Jewish News, Thomson Locations: Israel, Lebanon

☆ Walmart shares hit all-time high, as retailer's value focus attracts shoppers and investors
▼ + stars: | 2023-11-03 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

The big-box retailer's stock hit a peak of $166.30 earlier in the day. That marks the highest since Walmart first began trading on the New York Stock Exchange in August 1972. Shares of Walmart touched an all-time high Friday, as investors bet that the discounter will outmatch retail rivals and draw shoppers throughout the holiday season because of its reputation for value. That business has helped Walmart draw foot traffic, even as other retailers like Macy's and Target give cautious outlooks and see weaker results. "It really shows that the value proposition for Walmart is much more than just low prices or value.

Persons: —, John David Rainey, Rainey, Walmart's, — CNBC's Christopher Hayes Organizations: Walmart, New York Stock Exchange, CNBC, Target

☆ Target CEO blames aggressive behavior, serious threats for pulling some Pride merchandise
▼ + stars: | 2023-11-02 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Target CEO Brian Cornell defended his decision to pull some of the retailer's Pride Collection merchandise off shelves earlier this year, saying backlash against the items led to the most serious safety threats that he can recall in his decade with the company. Target has sold merchandise timed for Pride month, which celebrates LGBTQ+ people and issues in June, for more than a decade. In August, Cornell said the strong reaction to the company's Pride collection contributed to Target's disappointing sales in the second quarter. Cornell said in the CNBC interview he thinks the Pride response is no longer hurting Target financially, though he noted the retailer faces other challenges. Cornell's full interview with CNBC will air later Thursday as part of CNBC Evolve.

Persons: Brian Cornell, CNBC's Becky Quick, Cornell, We've, George Floyd's, Becky, I've, influencer Dylan Mulvaney Organizations: . Beverage, InBev, Bud, CNBC, CNBC Evolve Locations: Minneapolis

☆ Deal-hungry shoppers will squeeze holiday sales growth to pre-pandemic levels, retail group says
▼ + stars: | 2023-11-02 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Over the past decade, holiday sales have grown roughly 5% year over year on average, according to the NRF. Elevated prices are driving the reported sales growth, too. NRF's holiday forecast is not adjusted for inflation, which means the actual sales gains may not be as large as they seem. Despite the NRF's expectations for sales growth, major retailers including Target and Macy's have tempered expectations for the holidays. In the year-ago holiday season, retail sales rose 5.3% compared with 2021 and reached $936.3 billion, according to the NRF.

Persons: Jack Kleinhenz, Matt Shay, Shay, Brian Cornell, they're, Prosper Organizations: National Retail Federation, Bureau, Labor, Target, Walmart, Home Depot

☆ Target CEO says shoppers are pulling back, even on groceries
▼ + stars: | 2023-11-02 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +1 min

Target CEO Brian Cornell says shoppers are pulling back, even on groceries, as they feel stressed about their budgets. "But even in food and beverage categories, over the last few quarters, the units, the number of items they're buying, has been declining," he said in the interview. With the comments, Target doubled down on a cautious outlook, as it gears up for the crucial holiday season. During the height of the pandemic, it didn't have enough merchandise because of pandemic-related supply chain bottlenecks. Over the past few years, Cornell said shoppers have typically sprung for more purchases during "seasonal moments" such as Halloween or Mother's Day — a factor that could help in the coming months.

Persons: Brian Cornell, CNBC's Becky Quick, Cornell Organizations: CNBC, CNBC Evolve

☆ A credit card Christmas: Taking on shopping debt carries more risk this holiday season
▼ + stars: | 2023-10-26 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

This holiday season, shoppers who ring up purchases on credit cards will pay more interest if they carry balances from month to month after the Federal Reserve's string of rate hikes. Already, investors and retailers have paid closer attention to credit card payments — and some have cited them as a concern. The company, which has its own branded credit cards, has seen lower revenues from those cards because of costs associated with bad debt and related write-offs. Mitchell said student debt, auto loans and mortgages have all become bigger burdens in a high interest rate environment. For retailer-issued cards, the average interest rate is nearly 30%, a record high, according to data from Bankrate.

Persons: Alexi Rosenfeld, Aditya Bhave, Bhave, Taylor Swift, Wall, Adrian Mitchell, Mitchell, Doug McMillon, Tim Quinlan, Wells, Quinlan Organizations: Getty, Shoppers, Bank of America, Consumers, Walmart, U.S . Federal Reserve Locations: New York City, Wells Fargo

☆ At least 6 Trump co-defendants in Georgia election interference case have talked plea deals, and the list most likely won't include Rudy Giuliani
▼ + stars: | 2023-10-26 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +4 min

So far, four people have accepted plea deals, including Jenna Ellis and Sidney Powell. The details of the plea deals were not disclosed. A Fulton County grand jury indicted Trump and 18 co-defendants in mid-August under the state's Racketeer Influenced and Corrupt Organizations (RICO) Act. AdvertisementAdvertisement"That could very well be the case but not necessarily," Melissa Redmon, a former deputy district attorney at the Fulton County District Attorney's Office told Insider. So far, Redmon noted, the co-defendants who have accepted plea deals have gotten a dismissal or reduction of charges.

Persons: Donald Trump, Jenna Ellis, Sidney Powell, Rudy Giuliani, —, Donald Trump's, Robert Cheeley, Misty Hampton, Micahel Roman, Richard Rice, Rice, Trump, Kenneth Chesebro, Scott, Fani Willis, Melissa Redmon, Redmon, Powell, Trump's, Giuliani, Ted Goodman Organizations: CNN, Service, Trump, White House, Cheeley, Fulton, Attorney's Office, Attorney's, White Locations: Georgia, state's, Fulton County , Georgia, Hampton, Fulton County's, Fulton County, Fulton

☆ In a rarity, emperor penguin chick hatches at Sea World San Diego
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

[1/5] A new emperor penguin chick stands on a surface at SeaWorld in San Diego, California, U.S., in this handout image released to Reuters on October 25, 2023. Kyle Williams/Seaworld San Diego/Handout via REUTERS Acquire Licensing RightsOct 25 (Reuters) - SeaWorld San Diego has welcomed the hatching of an emperor penguin for the first time in 13 years, announcing on Wednesday that the female chick came out of its shell with help from zoo staff on Sept. 12. Some 300 penguins of several species live in the zoo's penguin habitat, but SeaWorld staff took special pride in the emperor hatching, said Melissa Ramsey, SeaWorld's supervisor of birds who helped hatch the penguin. The emperor penguin (Aptenodytes forsteri) is the biggest of all penguin species, and can reach 3.7 feet (1.15 meter) in height and weigh up to 99 lb (45 kg), according to the World Wildlife Fund (WWF). Unlike other species that produce multiple eggs a year, the emperor female lays only one egg once a year, Ramsey said in a telephone interview.

Persons: Kyle Williams, Handout, Justin Brackett, Melissa Ramsey, Ramsey, Brackett, Astrid, Daniel Trotta, Sandra Maler Organizations: Reuters, Seaworld, REUTERS Acquire, SeaWorld, World Wildlife Fund, WWF, Thomson Locations: SeaWorld, San Diego , California, U.S, Seaworld San Diego, SeaWorld San Diego, Antarctica

☆ Kohl’s holiday look previews the retailer’s plans to snap out of sales slump
▼ + stars: | 2023-10-19 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +8 min

Melissa Repko | CNBCAs shoppers head to Kohl's stores this holiday season, they will see gift ideas, Christmas ornaments and a potential glimpse of the retailer's future. Kohl's has leaned in by opening more Sephora shops inside of its stores. It'll be a bigger part of this holiday season. A year ago, roughly half of Kohl's stores had a Sephora shop. Pet merchandise is getting more square footage at Kohl's stores.

Persons: Merchant Nick Jones, Melissa Repko, Tom Kingsbury, Michelle Gass, Levi Strauss, Kohl's, Kingsbury, Christie Raymond, Covid, Raymond said, splurge, It'll, Raymond, Sephora, it's, Nick Jones, It's, Jones, Fido Organizations: CNBC, Burlington Stores, Franchise Group, Kohl's, Marks, ASDA, Walmart, Bed Locations: Ramsey , New Jersey, Kohl's

☆ Costco CEO Craig Jelinek to step down Jan. 1; COO Ron Vachris will take over
▼ + stars: | 2023-10-18 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +1 min

A Costco Wholesale warehouse sign is seen outside of a store in Silver Spring, Maryland, on August 5, 2023Costco 's longtime CEO Craig Jelinek is stepping down from the company, after the warehouse club's spree of pandemic- and inflation-fueled growth. The company said Wednesday that Ron Vachris, the company's chief operating officer, will succeed him. In a news release, Costco said the two executives have worked together over nearly the past two years. So far this year, the company's stock has shot up by 26% — outperforming both the gains of the S&P 500 and most other publicly traded retailers. Jelinek has been at the helm of the warehouse club since January 2012.

Persons: Craig Jelinek, Ron Vachris, Jelinek Organizations: Costco Wholesale, Costco Locations: Spring , Maryland

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