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☆ Walmart plans to add more than 150 large-format stores across the U.S.
▼ + stars: | 2024-01-31 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

An exterior view of a closing Walmart store in Everett. A Walmart store in Everett, Washington, announced its closure and is currently in a liquidation sale. The company plans to build or convert more than 150 large-format stores over the next five years, it said Wednesday. About 90% of the U.S. population already lives with 10 miles of a Walmart store. Walmart's store expansion was first reported by the Wall Street Journal.

Persons: Josh Havens, John Furner Organizations: Walmart, Sam's, U.S, Walmart U.S, Wall Street Locations: Everett, Everett , Washington, U.S

☆ Macy's to cut more than 2,300 jobs, about 3.5% of its workforce, and close five stores
▼ + stars: | 2024-01-18 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Macy's on Thursday said it will cut about 3.5% of its workforce and close five of its namesake mall locations as the legacy department store moves to trim costs and turn around slowing sales. The move will affect approximately 2,350 positions across its corporate office and stores, company spokesman Chris Grams said. The majority of those — roughly 500 —are its namesake stores, followed by 158 Bluemercury stores and 56 Bloomingdale's stores. The department store chain's footprint has gotten smaller in recent years, however. He said since that 2020 announcement, Macy's had closed about 80 namesake locations and had plans to soon close another five.

Persons: Chris Grams, Grams, Macy's, Tony Spring, Jeff Gennette, Adrian Mitchell, Mitchell, It's, Gennette Organizations: Wall Street Locations: Arlington , Va, Leandro, Calif, Lihue, Hawaii, Simi Valley, Tallahassee, Fla, Cincinnati, San Francisco

☆ Holiday sales climb, boosting retailer hopes that shoppers will spend during uncertain 2024
▼ + stars: | 2024-01-17 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Holiday sales rose 3.8% year over year to $964.4 billion, according to the National Retail Federation, as consumers spent on gifts and celebrations even after enduring a prolonged period of higher prices. The holiday sales total was not adjusted for inflation and included both in-store and online purchases. "Consumer spending was remarkably resilient throughout 2023 and finished the year with a solid pace for the holiday season," he said in a news release. Online sales and other nonstore sales rose 8.2% year over year. Average sales growth during the holiday season was 3.6% from 2010 to 2019, according to NRF data.

Persons: NRF, Jack Kleinhenz Organizations: Woodbury, National Retail Federation, Commerce Department, CNBC, NRF, Retail, Electronics, Federal, Abercrombie, Fitch, Eagle Outfitters, CNBC PRO Locations: Lacoste, Central Valley , New York, Lululemon

☆ CVS to close ‘select’ pharmacies in Target stores in the coming months
▼ + stars: | 2024-01-11 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

CVS Health plans to close select pharmacies inside Target stores early this year, a company spokesperson said Thursday, as retail pharmacy chains in the U.S. struggle to boost profits. She added that employees affected by the closures will be offered comparable roles within CVS, and prescriptions will be transferred to a nearby CVS pharmacy before a location closes. The spokesperson did not disclose how many stores would be shuttered, but a report from The Wall Street Journal on Thursday said CVS would close "dozens" of locations. The company has a pharmacy in about 1,800 of Target's 1,956 stores in the U.S., according to a Target spokesperson. The Target spokesperson declined to comment on the closures or share plans for the closed CVS locations.

Persons: Melissa Repko Organizations: CVS, Wall, Oak Street Health, CNBC, CNBC PRO Locations: U.S

☆ Abercrombie, American Eagle and Lululemon raise holiday sales outlooks
▼ + stars: | 2024-01-08 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Abercrombie & Fitch , Lululemon and American Eagle Outfitters all raised their fiscal fourth-quarter outlooks Monday, saying they drew customers looking for holiday gifts and items for themselves in November and December. Shares of Abercrombie and American Eagle rose about 6% on Monday. Urban Outfitters shares also popped in extended trading after the retailer announced strong holiday-quarter sales weeks before its earnings report. In a news release, Abercrombie CEO Fran Horowitz said the women's business for Abercrombie & Fitch is expected to hit highest-ever fourth-quarter sales. Abercrombie, American Eagle and Lululemon are expected to report full holiday results in March.

Persons: Lululemon, it's, Jay Schottenstein, Abercrombie, Fran Horowitz, Fitch Organizations: Abercrombie, Fitch, Lululemon, American Eagle Outfitters, Street, Urban Outfitters, Adobe Analytics, Mastercard SpendingPulse, American Eagle, Walmart, Target, CNBC PRO Locations: Orlando, U.S, Abercrombie

☆ Facing fines, cluttered aisles and late-night mockery, Dollar General's returning CEO tries to drive a turnaround
▼ + stars: | 2023-12-07 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

The exterior of a Dollar General convenience store is seen in Austin, Texas, on March 16, 2023. Dollar General has gotten hit by steep fines for safety violations, slammed on late-night TV and even overruled by its own shareholders. Dollar General may have topped Wall Street's fiscal third-quarter expectations, but it has had a tough year. Shares of Dollar General closed Wednesday at $133.92, down by about 46% so far this year. On a recent episode of HBO's "Last Week Tonight with John Oliver," the comedian ridiculed Dollar General and its rival, Dollar Tree .

Persons: Todd Vasos, Vasos, Jeff Owen, Michael Calbert, John Oliver, I've, whittle Organizations: Dollar, LSEG, federal, Safety, Health Administration, OSHA, CNBC PRO Locations: Austin , Texas

☆ Three reasons a strong Black Friday weekend may not mean a blowout holiday season for retailers
▼ + stars: | 2023-12-03 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +7 min

And Ulta Beauty and Foot Locker 's shares rose this week, after the companies reported better-than-expected earnings and a strong start to holiday spending on sneakers, makeup and more. Adobe predicts that full holiday season online spending from Nov. 1 to Dec. 31 will hit $221.8 billion, which would be a nearly 5% year-over-year jump. If the estimate ends up being correct, that means shoppers still have a little more than half of their online holiday spending to go. The NRF said this week that its survey found about half of consumers' online and in-store holiday shopping remains. "People are just about tapped out, but [with] the holiday season, people are willing to even further extend themselves," he said.

Persons: Emily Elconin, That's, Dave Kimbell, Ulta, Matt Shay, Anastasiia, It's, Vivek Pandya, Pandya, Kena Betancur, Scott Wren, Wells, Shannon Stapleton Organizations: Getty, Adobe Analytics, National Retail Federation, Consumers, Walmart, Target, Adobe Digital, Adobe, Macy's, U.S . Federal, Shoppers, Reuters Locations: Oaks, Novi , Michigan, New York , New York, Wells Fargo, Macy's, Roosevelt, Garden City , New York, U.S

☆ Ulta Beauty shares pop as sales climb 6%
▼ + stars: | 2023-11-30 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Shoppers arrive at an Ulta Beauty store in Las Vegas, Nevada, on May 22, 2023. Shares of Ulta Beauty rose in after-hours trading Thursday, as the company said its third-quarter sales rose while shoppers showed once again they're willing to spend on fragrances, skin care and more even when the budget is tight. The specialty beauty retailer raised the bottom end of its range for full-year sales and earnings expectations. Comparable sales, a metric that tracks Ulta stores open at least 14 months along with online sales, increased 4.5% year over year. Kimbell noted the resilience of the beauty category in nearly every economic environment.

Persons: Dave Kimbell, Ulta, Scott Settersten, Paula Oyibo, Ulta's, Kimbell Locations: Las Vegas , Nevada, LSEG, U.S

☆ Foot Locker shares rise as retailer posts earnings beat, gives more upbeat sales outlook
▼ + stars: | 2023-11-29 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

A Foot Locker store near the Times Square neighborhood of New York, US, on Monday, Nov. 13, 2023. Shares of Foot Locker rose on Wednesday after the company posted surprise earnings and sales beats and said it saw strong results over Thanksgiving weekend. Yet Foot Locker lowered the high end of its adjusted earnings guidance, dropping the range to $1.30 to $1.40 per share, down from the previous $1.30 to $1.50 per share. In the fiscal third quarter, Foot Locker reported net income of $28 million, or 30 cents per share, compared with $96 million, or $1.01 in the year-ago period. As of Tuesday's close, shares of Foot Locker had tumbled by about 37% this year.

Persons: Locker, Foot Locker Organizations: LSEG, Nike Locations: New York

☆ Black Friday weekend shopping turnout soars to a record, as consumers seek bargains
▼ + stars: | 2023-11-28 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +1 min

Shoppers browse for dresses during the Black Friday sale at the Vivo Activewear women's clothing store in downtown Nairobi, Kenya November 24, 2023. The turnout marks an all-time high since the major trade group and Prosper Insights & Analytics began tracking total in-store and online traffic in 2017. It topped last year's figure of 196.7 million shoppers and the NRF's forecast for about 182 million people during the five-day weekend. The number of people shopping online rose to 134.2 million this year, up from 130.2 million a year ago, the NRF survey found. Consumers who shopped at stores fell slightly, from 122.7 million people in 2022 to 121.4 million people this year.

Persons: Matt Shay Organizations: Shoppers, National Retail Federation, Prosper, Analytics, Consumers Locations: Nairobi, Kenya

☆ 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

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