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☆ Macy's shutdowns: How other retail competitors are smelling opportunity
▼ + stars: | 2024-04-01 | by ( Melissa Repko | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMacy's shutdowns: How other retail competitors are smelling opportunityCorey Tarlowe, Jefferies equity analyst, joins 'The Exchange' with CNBC's Melissa Repko to discuss how consumer habits benefit certain retailers, why some retailers are closing stores while others report strong earnings, and more.

Persons: Corey Tarlowe, CNBC's Melissa Repko Organizations: Jefferies

☆ Macy's hasn't closed 150 stores yet. But Target, Kohl's CEOs already smell opportunity
▼ + stars: | 2024-04-01 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Those companies already count many of Macy's shoppers as their customers, according to an analysis of credit card data by Earnest Analytics. Macy's closures could put as much as $2 billion of market share up for grabs. The department store's net sales were $23.1 billion in the most recent fiscal year, and it said the 150 stores that it's closing account for less than 10% of sales. About 63% of Macy's stores have a T.J. Maxx or Marshalls within a one-mile radius, according to an analysis by Jefferies. Off-price stores also draw a similar customer, which tends to be more affluent.

Persons: Macy's, Justin Sullivan, Brian Cornell, Tom Kingsbury, Maxx, Jefferies, Ross, Earnest, Penney, Tony Spring, Corey Tarlowe, Cornell, Tarlowe, Cos, Mercedes Organizations: Getty, CNBC, Nordstrom, Earnest Analytics, Target, Abercrombie, Fitch, Home Goods, Jefferies, Toyota, Maxx Locations: San Leandro , California, United States, New York, Burlington, U.S

☆ Home Depot is acquiring specialty distributor SRS for $18.25 billion in huge bet on growing pro sales
▼ + stars: | 2024-03-28 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Home Depot on Thursday said it is acquiring SRS Distribution in an $18.25 billion deal, the latest and largest sign of its ambitions to drive sales by winning more business from contractors, roofers and other home professionals. The home improvement retailer expects the acquisition to close this fiscal year, which ends in late January. Home Depot already draws half of its business from pros, while the other half comes from do-it-yourself customers. It recently announced it will open four distribution centers that help support sales to pros. The acquisition comes after the home improvement retailer said last month that it expects slower sales trends to continue.

Persons: It's, Ted Decker, Leonard Green, Decker, he's, That's Organizations: Atlanta -, CNBC, Leonard Green & Partners, Berkshire Partners, HD Supply, Resources, Depot Locations: Atlanta, McKinney , Texas, U.S, Mexico, Canada

☆ Costco and Sam's Club's smaller rival BJ's Wholesale will open more clubs in Southeast
▼ + stars: | 2024-03-27 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Similarly, club stores resonate with budget shoppers because they emphasize getting more for less. The smaller rival of Costco and Walmart -owned Sam's Club is just the latest warehouse club to share its goals for expansion. The company plans to open a dozen new clubs this fiscal year, including an already announced club in Louisville, Kentucky. Most of the Marlborough, Massachusetts-based retailer's clubs have been concentrated on the East Coast. BJ's Werner said the company's typical customer has an average household income of between $75,000 and $100,000.

Persons: Costco, BJ's, Bill Werner, Werner, Greg Melich, Melich, That's, BJ's Werner, it's Organizations: U.S, Research, Costco, Walmart, Sam's, BJ's Wholesale, Washington D.C, Evercore ISI, Kroger Locations: Burlington, Aldi, U.S, Maryville , Tennessee, Myrtle Beach , South Carolina, Palm Coast, West Palm Beach , Florida, Carmel , Indiana, Louisville , Kentucky, Midwest, Marlborough , Massachusetts, East Coast, Washington, Puerto Rico, Tennessee , Alabama, Indiana, Michigan

☆ Target doubles bonuses for salaried employees as profits recover
▼ + stars: | 2024-03-21 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Target will double its bonus payments to salaried employees this year, as the big-box retailer's profits recover from a bumpy nearly two-year stretch. Salaried employees at the Minneapolis-based retailer receive an annual bonus, based on Target's performance and the eligible amount set as part of their compensation. The retailer will pay 100% of employees' eligible annual bonus amounts for the most recent fiscal year, a company spokesperson said Thursday. It tops out at 175% of each employee's eligible bonus amount. For the fiscal year, Target said, it expects adjusted earnings per share will range from $8.60 to $9.60.

Persons: Target Organizations: Target, Bloomberg Locations: Minneapolis

☆ Home Depot will open four distribution centers as it looks to home pros to drive sales growth
▼ + stars: | 2024-03-14 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Home Depot said Thursday that it will open four new distribution centers as it chases more sales from remodelers, contractors and other home professionals. Each facility averages approximately 500,000 square feet — about five times the size of the average Home Depot store. That gives Home Depot a lot of room to grow as it adds capabilities to handle pros' entire orders, he said. Home Depot is changing other aspects of its business to support pros who handle complex and pricey projects. He said Home Depot is trying to bring to the pro business what it once did to DIY — turn itself into a one-stop shop.

Persons: Chip Devine, Home Depot's, Devine, Ted Decker, You've Organizations: Home Depot, CNBC, Depot Locations: Detroit , Los Angeles, San Antonio, Toronto, Dallas

☆ Babies R Us is coming to about 200 Kohl's stores
▼ + stars: | 2024-03-12 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +1 min

Kohl's said Tuesday that it's teaming up with the owner of Babies R Us to bring baby gear, furniture and more to approximately 200 of its stores across the country. In a news release, Kohl's said the first Babies R Us shops will open this August and expand to more stores in the fall. Kohl's said the shops will range from 750 to 2,500 square feet, and will add more brands and merchandise to Kohl's baby category. As of Monday's close, Kohl's shares have fallen about 5% so far this year. Kohl's shares closed on Monday at $27.19, bringing the company's market value to $3.01 billion.

Persons: Kohl's, it's, Joe's Jeans, Anne Klein, Fisher, Price, It's, Tom Kingsbury, Michelle Gass, Levi Strauss, That's Organizations: WHP, Burlington Stores, Franchise Group, Macy's

☆ Grocers are trying to get orders to your door faster than ever — here's why
▼ + stars: | 2024-03-07 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +6 min

Walmart expanded its same-day delivery offering to allow shoppers to get online purchases dropped off earlier in the morning. With same-day deliveries, the three retailers are not only trying to outmatch one another on convenience. With Target's announcement this week, Walmart, Target and Kroger will all have paid membership programs with home deliveries as one of the benefits. Kroger has used online delivery to break into new regions of the country, including Florida, without opening a single grocery store. Walmart and Target both beat Wall Street's sales expectations for the holiday quarter, but said shoppers are still very value-focused.

Persons: Kroger, Michael Baker, Davidson, Davidson's Baker, John David Rainey, Rodney McMullen, That's, McMullen, We've Organizations: Target, Walmart, D.A, Kroger, Costco, Albertsons, FTC, Wall Locations: U.S, Florida

☆ Costco misses holiday-quarter revenue expectations despite online growth
▼ + stars: | 2024-03-07 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Costco on Thursday missed Wall Street's revenue expectations for its holiday quarter, despite reporting year-over-year sales growth and strong e-commerce gains. Costco's revenue for the quarter increased from $55.27 billion in the year-ago period. Fresh foods were up high single digits and nonfoods were up mid single digits. Ancillary businesses, which includes more service-related purchases like travel, were up by low single digits, he said. In the second quarter, Costco opened four new clubs, including three in the U.S. and one in Shenzhen, China.

Persons: Richard Galanti, Galanti, it's, Kirkland Organizations: Costco, LSEG, U.S ., Costco Business Centers Locations: U.S, Puerto Rico, Canada, Mexico, Japan, China, Shenzhen

☆ Nordstrom shares fall 10% as retailer warns of potential sales declines in 2024
▼ + stars: | 2024-03-05 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Nordstrom's holiday-quarter sales topped Wall Street's expectations on Tuesday, but the retailer gave a muted outlook for the year ahead. Nordstrom said it expects earnings per share of between $1.65 and $2.05 for the full year. That would be higher than its most recent fiscal year, which saw earnings per share of $1.51, the retailer said Tuesday. In the fiscal quarter that ended Feb. 3, Nordstrom's quarterly revenue rose about 2% from $4.32 billion in the year-ago period. Net sales for the company's namesake banner declined 3% in the fourth quarter compared with the year-ago period.

Persons: Nordstrom, That's Organizations: Nordstrom, LSEG Locations: Seattle, Canada

☆ Target launches paid membership program as it chases new revenue streams
▼ + stars: | 2024-03-05 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Target on Tuesday said it will launch a paid membership program next month, riffing off the playbook of its rivals Amazon and Walmart . The paid membership tier will launch in early April and initially cost $49 per year, Sylvester said. Customers who have a Target Circle credit card will be able to pay the lower price of $49 per year beyond that. The retailer will also relaunch its free Target Circle loyalty program, which debuted in 2019, to make it easier to use and more personalized. It costs $98 per year or $12.95 per month, with perks like free shipping, free grocery deliveries for orders of at least $35 and gas discounts.

Persons: riffing, Cara Sylvester, Sylvester, Jeff Bezos, Doug McMillon, John David Rainey Organizations: Amazon, Walmart, CNBC PRO Locations: New York City

☆ Target will report its earnings before the bell. Here's what to expect
▼ + stars: | 2024-03-05 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

The Target logo is seen on its store on 42nd Street in Times Square, New York City. Grocery drives about 20% of Target's annual sales compared with nearly 60% of Walmart's annual sales in the U.S. Some of Target's stores are also losing a separate traffic driver: pharmacies. CVS Health said in January that it would close some locations in Target stores, as part of a broader plan by CVS to reduce its store count. CVS and Target declined to say how many of the pharmacies would be shuttered.

Organizations: LSEG, Walmart, Target, CVS Health, CVS Locations: Square , New York City, Target, U.S, New York City

☆ Best Buy tops holiday quarter estimates but issues soft full-year guidance
▼ + stars: | 2024-02-29 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

For this fiscal year, Best Buy anticipates revenue will range from $41.3 billion to $42.6 billion. In a news release Thursday, CEO Corie Barry said Best Buy expects the coming year to be one "of increasing industry sales stabilization." That metric is expected to improve in the coming year, as Best Buy benefits from changes to its annual membership program, a newer moneymaker for the retailer. Like home improvement companies, Best Buy saw outsized spending as shoppers were stuck at home. Shares of Best Buy closed at $79.68 on Wednesday, bringing the company's market value to $17.16 billion.

Persons: Corie Barry, they've, Matt Bilunas, Barry Organizations: LSEG, CNBC PRO Locations: U.S

☆ Macy's will close about 150 department stores, but open new locations of better performing chains
▼ + stars: | 2024-02-27 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +1 min

As Macy's chases sales growth, the department store operator said Tuesday that it will close about 150 of its namesake stores and open more shops with better locations or that sell luxury goods. The changes reflect a focus on what's working at Macy's — higher-end department store Bloomingdale's and beauty chain Bluemercury — and what's not — its namesake stores, particularly the ones at struggling malls. In its holiday quarter results posted Tuesday, the retailer said its Macy's department stores performed worse than both Bloomingdale's and Bluemercury. Macy's had already announced in January that it would close five namesake stores and lay off more than 2,300 people. Here's a closer look at Macy's major store announcements, broken down by store brand.

Persons: Macy's, Tony Spring, Spring Organizations: CNBC

☆ Four reasons Walmart wants to buy smart TV maker Vizio
▼ + stars: | 2024-02-27 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +6 min

The retail giant announced last week that it plans to buy smart TV maker Vizio in a $2.3 billion deal. Here's a closer look at the major reasons Walmart wants to buy Vizio . Walmart can capitalize on Vizio's reachWhen shoppers think of Vizio, they likely envision store aisles filled with giant TVs. Walmart's in-house TV brand, Onn, currently has a licensing deal with smart TV competitor Roku . Plus, Walmart sees how much money its competitor, Amazon , makes from advertising — and wants to run the same play.

Persons: Joe Raedle, It's, Corey Tarlowe, Dan Day, Jefferies, Tarlowe, SmartCast, Kirby Grines, Vizio, Grines, Michael Morton, you've, That's, Morton Organizations: Walmart, Getty, Jefferies, Netflix, Hulu, Amazon, Riley Securities, Roku Locations: Hallandale Beach , Florida, Irvine , California, MoffettNathanson

☆ Lowe's beats earnings estimates as sales fall — and the company expects revenue to slide again this year
▼ + stars: | 2024-02-27 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Lowe's on Tuesday beat Wall Street's quarterly earnings and revenue estimates, even as the company continued to see customers tackle fewer home projects. It said it expects total sales of between $84 billion and $85 billion, which would be a drop from $86.38 billion in fiscal 2023. It anticipates comparable sales will decline between 2% and 3% compared with the prior year, and expects earnings per share of approximately $12 to $12.30. Excluding the costs associated with Lowe's sale of its Canadian retail business, earnings per share were $2.28. During the fourth quarter, Lowe's spent $404 million on share buybacks and paid $633 million in dividends.

Persons: Marvin Ellison, Lowe's, Wall Organizations: LSEG, CNBC PRO Locations: Bloomsburg, Lowe's

☆ Macy’s posts another quarter of falling sales as it unveils strategy to get back to growth
▼ + stars: | 2024-02-27 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Macy's on Tuesday said sales fell nearly 2% in the holiday quarter, as the 166-year-old department store operator unveiled its strategy to get back to growth. Macy's plans to close about 150 unproductive locations and to prioritize investing in about 350 other namesake locations. In the fiscal year that starts in early 2025, Macy's said it expects low-single digit comparable sales growth on an annual basis, including owned, licensed and marketplace sales. The namesake store's comparable sales on an owned-plus-licensed basis dropped by 4.7%, as the women's shoes and cold weather apparel and accessories categories struggled. At Bloomingdale's, comparable sales declined 1.6% on an owned-plus-licensed basis, as the men's and designer handbag businesses came in soft.

Persons: Spring, Tony Spring, Macy's, Arkhouse Organizations: Arkhouse Management, Brigade Capital Management, LSEG, Revenue Locations: New York City, Macy's

☆ FTC sues to block Kroger, Albertsons merger, arguing deal would raise grocery prices and hurt workers
▼ + stars: | 2024-02-26 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

"Essential grocery store workers would also suffer under this deal, facing the threat of their wages dwindling, benefits diminishing, and their working conditions deteriorating." Kroger said in a statement that blocking the deal "will actually harm the very people the FTC purports to serve: America's consumers and workers." The company also pledged $500 million to reduce prices for customers and $1 billion to raise employee wages and expand benefits. Two unions that represent Kroger and Albertsons employees, the United Food and Commercial Workers International Union and the Teamsters union, opposed the deal. Higher grocery prices have irked consumers and become a hot topic on the campaign trail.

Persons: Henry Liu, Kroger, Albertsons, Biden, Joe Biden, Rodney McMullen Organizations: U.S . Federal Trade Commission, Kroger, Albertsons, FTC, Washington D.C, Walmart, Amazon, Costco, White, United Food, Commercial Workers International Union, Teamsters Locations: Arizona , California, Washington, , Illinois, Maryland , Nevada , New Mexico , Oregon, Wyoming, FTC's

Elena Perova | Istock | Getty ImagesJust ahead of the holiday season, Walmart had encouraging news for inflation-weary shoppers: Prices on food and other staples were falling instead of rising. But the retail giant backpedaled this week, saying higher prices on many grocery items and household staples like paper goods have stuck. Food prices climbed 2.6%, fueled by a 5.1% jump in prices for food away from home, a category that includes restaurant meals and vending machine purchases. That gives their makers the ability to keep raising prices to mitigate higher costs, even as their volume drops. Even some of the biggest U.S. brands have signaled that consumers' tolerance of higher prices has worn thin.

Persons: Elena Perova, John David Rainey, Coke, James Quincey, Gregory Daco, airfares, Tyson, Fernando Fernandez, Arun Sundaram, Kraft Heinz, Chocolate, Hershey, Edward Jones, Brittany Quatrochi, Sundaram, Pringles, Kellanova, Heinz, Stefani Reynolds, Brad Thomas, CFRA's Sundaram, Thomas, Frederic J, Brown, Oscar Mayer, Greg Melich Organizations: Istock, Walmart, CNBC, Federal, Depot, Pew Research Center, Maine Foods, Unilever, Nestle, Bloomberg, Getty, Planters, Target, Kroger, AFP, U.S, PepsiCo, Frito, Evercore ISI Locations: Hershey , Pennsylvania, North America, Washington ,, Rosemead , California

☆ Home Depot beats earnings, sales estimates even as consumers take on smaller home improvement projects
▼ + stars: | 2024-02-20 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +1 min

Home Depot on Tuesday said quarterly sales declined nearly 3% year over year, but it surpassed Wall Street's earnings and revenue expectations despite the cooler demand. On a call with CNBC, Chief Financial Officer Richard McPhail said demand dipped throughout the year as consumers returned to more typical spending patterns. The home improvement retailer said it expects total sales to grow about 1% in fiscal 2024, which includes an additional week. That compares with a 1.6% increase expected by Wall Street, according to StreetAccount. Home Depot shares fell slightly during early trading Tuesday after the company shared its quarterly results and outlook.

Persons: Richard McPhail, McPhail Organizations: CNBC, Wall, Depot, LSEG, Home Depot

☆ Walmart beats Wall Street’s holiday expectations as e-commerce sales soar
▼ + stars: | 2024-02-20 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +6 min

In this article WMT Follow your favorite stocks CREATE FREE ACCOUNTwatch nowWalmart said Tuesday that quarterly revenue rose 6%, as shoppers turned to the big-box retailer throughout the holiday season and the company's global e-commerce sales grew by double digits. Yet, he said even after the holiday rush, Walmart saw continued sales strength. Walmart said it expects consolidated net sales to rise 4% to 5% in its fiscal first quarter. Comparable sales, an industry metric also known as same-store sales, rose 4% for Walmart U.S. At Sam's Club, comparable sales increased 1.9%, including fuel. Global e-commerce sales jumped 23% year over year, topping $100 billion in total.

Persons: John David Rainey, Rainey, Walmart's, Doug McMillon, McMillon Organizations: Walmart, CNBC, Electronics, LSEG, Walmart U.S, Sam's Club, Global, Home Locations: U.S

EY's Daco said the past few years have been marked by a mismatch in supply and demand when it comes to goods, services and even workers. Companies furloughed workers in the early pandemic and then struggled to fill jobs. David Silverman, a retail analyst at Fitch Ratings, said companies are "feeling a bit heavy as sales growth moderates and maybe even declines." Cost cuts at UPS, Hasbro and Levi all followed sales declines in the most recent fiscal quarter. "Part of companies' decision to lower their expense structure is in line with their views that 2024 may not be a fantastic year from a top-line-growth standpoint," Silverman said.

Persons: EY's Daco, David Silverman, Levi, Fitch, Silverman Organizations: Getty, Airlines, Cox Automotive, Fitch, UPS, Hasbro, Walmart, Target Locations: U.S

☆ Mapping out the future of the retail industry
▼ + stars: | 2024-02-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMapping out the future of the retail industryCNBC’s Melissa Repko and Gabrielle Fonrouge, join 'Power Lunch' to discuss the future of the retail industry.

Persons: Melissa Repko, Gabrielle Fonrouge

Fran Horowitz, Abercrombie & Fitch CEO: The future of retail is small, efficient, omni stores, and they're located where the customer tells us. I get really, really excited about what this means in the operations of the business, using predictive analytics to help us forecast demand. They're worldwide, a zillion stores, and their operations and execution, aside from their merchandising, I think they're always on top of the game. I think you're going to see an interaction with someone in a setting that doesn't look like retail, but looks like a fantastic experience. Nicholas of Sam's Club: Another retail standard that is really going to be important beyond the customer is energy.

Persons: Christina Locopo, Fran Horowitz, Abercrombie, Patrick MacLeod, WWD, Michelle Gass, Levi Strauss, they're, Jens Grede, Geoffroy van Raemdonck, Neiman Marcus, there'll, Trina, Patrick T, Fallon, Chris Nicholas, Kara Trent, Levi's Gass, Tom Ward, Erin Black, CNBC Abercrombie's Horowitz, Marc Lore, Mickey Drexler, TikTok, Adam Jeffery, Dave Kimbell, It's, Scott Mlyn, CNBC Neiman's van, you've, Yael Cosset, —, Ulta's, Arturo Holmes, Trent, That's, we've, Kroger's, Abercrombie's Horowitz, I've, Dia Dipasupil, Neiman's van, who's, Lulu, Drexler, Armour's, Dior, Louis Vuitton, Hermes, Armour Levi's Gass, Emma Grede, Kardashian, Kim, Geoffroy van Raemdonck Patrick Mckleod, Nicholas of Organizations: CNBC, Abercrombie, Fitch, Abercrombie & Fitch Co, Penske Media, Getty, Milken Institute Global Conference, AFP, Sam's, Technology, Walmart U.S, Walmart, New York Times, Navy, WWD, Young, Nike, TJX, Zara, Armour's Trent, Americas, Nicholas of Sam's, Sam's Club Locations: they're, Beverly Hills , California, New York City, America, New York, U.S, Skims, Inditex, Kara, Walmart's

☆ New Macy's CEO Tony Spring looks to revive a 166-year-old retailer fighting for relevance
▼ + stars: | 2024-02-04 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +9 min

Spring is former CEO of Bloomingdale's and begins as Macy's CEO in February 2024, succeeding longtime Macy's CEO Jeff Gennette, right. Spring will step onto a bigger stage and inherit the iconic department store's issues when he takes over the role of Macy's CEO on Sunday. He said after leading "the better-run part of the business" in Bloomingdale's, Spring needs to bring those "softer skills" to Macy's. Wooing investors and brandsIn his new role, Spring will have to charm investors, shoppers and hot brands. Macy's struggles have turned the retailer into a target for the activist investors Spring will face down as he becomes CEO.

Persons: Spring, Jeff Gennette, Melissa Repko, Macy's, Tony Spring, Bloomingdale's, Neil Saunders, Gennette, Tony, I'm, Sandro, Alice, Olivia, GlobalData's Saunders, Saunders, Jan, Arkhouse, Gavriel Kahane Organizations: CNBC, Herald, Investors, Maxx, Walmart, Cornell University, Arkhouse Management, Brigade Capital Management Locations: New York, Macy's, White Plains , New York, Bloomingdale's

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