Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Repko"


25 mentions found


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 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
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 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
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
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
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
In this article WMTAMZN Follow your favorite stocks CREATE FREE ACCOUNTWalmart hosted its first seller summit for its third-party marketplace this summer. Walmart leaders gave third-party marketplace sellers an early gift, too: Waiving extra fees for storing merchandise during the peak season. Already, the company is using the third-party marketplace to try to drum up early business. About 70% of items included in Walmart Plus Week, which coincided with Amazon Prime Day in July, were marketplace items. There are signs Walmart's growing third-party marketplace could help the company defy slower spending patterns and capitalize on inflation-wary shoppers.
Persons: Doug McMillon, Santa Claus, Sam Walton, Walmart's, Tom Ward, Rick Watson, Watson, Melissa LaCognata, Jaré Buckley, Cox Organizations: Walmart, Amazon's, Amazon, Walmart U.S, eBay, RMW Commerce Consulting, Federal Trade Commission, Disney, Reebok, Lucky Locations: Las Vegas, Amazon
A Rite Aid store stands in Brooklyn on August 28, 2023 in New York City. Rite Aid filed for Chapter 11 bankruptcy protection in New Jersey on Sunday and said it would begin restructuring to significantly reduce its debt. Rite Aid also said lenders agreed to provide $3.45 billion in new funding to "provide sufficient liquidity" as it embarks on its restructuring plan. During its most recent quarter ended June 3, revenue fell to $5.6 billion, down from $6.01 billion in the year-ago period. Rite Aid Chairman Bruce Bodaken said in a statement, "Jeff is a proven leader with a strong track record of guiding companies through financial restructurings.
Persons: hasn't, Jeffrey Stein, Elizabeth Burr, Bruce Bodaken, Jeff, Stein Organizations: New York City . Rite Aid, Aid, Rite Locations: Brooklyn, New York City, New Jersey
Target CEO Brian Cornell will meet with President Joe Biden on Thursday afternoon as the retailer — and the White House — try to figure out U.S. consumers. Cornell is one of about a half dozen business leaders across industries who will offer up their point of view on the economy and the labor market at the White House. Through a spokesperson, Target confirmed Cornell's attendance at the meeting, but deferred to the White House for more details about the content of the meeting. Biden's meeting with the business leaders comes as the White House gears up for the next presidential election — a time when his track record on the economy and inflation will be under the microscope. Cornell has met with the White House before.
Persons: Brian Cornell, Joe Biden, Biden, Brendan Bechtel, Calvin Butler, Kenneth Chenault, Thasunda Brown Duckett, Arvind Krishna, Judy Marks, , Cornell, Doug McMillon, Donald Trump Organizations: White, Cornell, Bechtel Group, Catalyst, IBM, Otis Worldwide, Target, White House, New, Pride Locations: New York City, San Francisco
It said it anticipates adjusted earnings per share to be on the low-end of the previously shared range of $1.10 to $1.20. Those retailers, which buy wholesale items from Levi to carry on their stores and websites, have seen weaker discretionary sales. For Levi, direct sales and international sales have been the stronger parts of its business. Like Nike , Levi has tried to control its own destiny by driving more of its overall sales through its own stores and website. Along with driving more direct sales, Levi is looking to expand in international markets.
Persons: LEVI, Sean Gallup, Levi Strauss, Chip Bergh, Harmit Singh, Levi —, Levi, Bergh, Denizen, Michelle Gass, Chip Bergh Levi Strauss Organizations: Getty, U.S, CNBC, LSEG, Walmart, Target, Nike Locations: U.S, Target, Asia, America, North America, Europe, Mexico, India, Macy's
In this article M Follow your favorite stocks CREATE FREE ACCOUNTMacy's is opening more small-format stores across the country. Macy'sMacy's on Tuesday said it will open up to 30 smaller stores in strip malls over the next two years, as the retailer chases customers out of dying malls and into bustling suburbs. Chief Stores Officer Marc Mastronardi said small-format stores are part of the solution. Macy's smaller, off-mall stores have spacious fitting rooms and a curated mix of merchandise that's frequently swapped out. The company is phasing out Market by Macy's, the name it initially used for the smaller Macy's stores.
Persons: Macy's, , Marc Mastronardi, that's, Mastronardi, Jeff Gennette, Gennette, Tony Spring, Oliver Chen Organizations: Macy's, Cowen, Nike, Armour, 34th, Shoppers Locations: Macy's, floundering
Just hours after being named GameStop 's CEO, Ryan Cohen sent out a memo to employees Thursday that emphasized he will take dramatic steps to ensure the struggling video game retailer survives. I expect everyone to treat company money like their own and lead by example." Cohen, a billionaire activist investor and founder of direct-to-consumer pet food and supply retailer Chewy , was named the company's new leader Thursday morning. Cohen's CEO announcement previewed the company's emphasis on slashing costs: He will not receive a salary in his new role. I expect everyone to treat company money like their own and lead by example.
Persons: Ryan Cohen, " Cohen, Cohen, Matt Furlong, Mike Recupero, Furlong, Ryan, CNBC's Gabrielle Fonrouge Organizations: GameStop, CNBC, RC Ventures Locations: Grapevine , Texas
Target said Tuesday that it will close nine stores in major cities across the country, citing violence, theft and organized retail crime. Target, which has nearly 2,000 stores in the U.S., has been outspoken about organized retail crime at its stores. When the company reported fiscal second-quarter earnings in mid-May, CEO Brian Cornell said organized retail crime had shot up at its stores. When asked if the company plans to close stores because of rising shrink, Cornell stressed Target's reluctance to shutter locations. Since 2022, at least nine states — six so far this year — have passed similar laws to impose harsher penalties for organized retail crime offenses.
Persons: Brian Cornell, Cornell, We'll, we'll Organizations: Coordination, CNBC Locations: New York, Harlem, Seattle, San Francisco, Oakland, Portland , Oregon, U.S
Costco on Tuesday reported quarterly earnings that topped Wall Street's expectations, as shoppers turned to the membership club for groceries but bought fewer big-ticket items. As of the end quarter, Costco had 32.3 million paid executive memberships, an increase of 981,000 since the end of the prior quarter. Those higher-tier members now account for slightly over 45% of all paid membership, Galanti said. Costco echoed a trend seen at rival retailers, including Walmart and Target : Groceries are the category driving sales. In the year-ago fiscal fourth quarter, comparable sales rose 15.8% in the U.S., but since then they have largely decelerated.
Persons: Richard Galanti, Galanti Organizations: Costco, Walmart, Sam's, BJ's Wholesale Locations: U.S, LSEG, , Puerto Rico, Canada, China, Japan, Australia
Walmart is piloting a pet services center in a suburb of Atlanta, but plans to open more locations in other parts of the country. Walmart is opening a dedicated pet services center, signaling it wants to be a place that customers turn to for veterinarian visits and dog grooming appointments along with grocery runs. Walmart's pet services center will have its own dedicated entrance next to a store. PetIQ has rented space for vet clinics inside more than 65 Walmart stores, after opening its first one in 2016. "We know pet services is an important need for our customers and we want to be able to provide that all in one place," she said.
Persons: Ol, Roy, Sam Walton's, PetIQ, Kaitlyn Shadiow, Morgan Stanley Organizations: Walmart, Walmart U.S, Wellness Locations: Atlanta, Dallas , Georgia, Georgia
Shoppers will soon see jewelry designed by Kendra Scott at about 150 Target stores. Target said Tuesday that it has struck a deal with jeweler Kendra Scott to carry exclusive collections of earrings, bracelets and more, as it looks to get its sparkle back ahead of the key holiday season. With the new deal, colorful jewelry designed by Kendra Scott for Target will be available online and at about 150 stores. Most items cost less than $40, Target said. The big-box retailer declined to share the deal's financial terms, but described it as "a long-term strategic partnership."
Persons: Kendra Scott, Target, Levi Strauss, Organizations: Disney, Apple, Target
Shoppers walk past a Bloomingdale's store in the SoHo neighborhood of New York, US, on Wednesday, Dec. 28, 2022. With the move, the legacy retailer is adding an outside perspective and a dash of global flair to the higher-end department store. Bron, 46, is a French national who was most recently CEO of Central and Robinson department stores in Thailand. A 36-year veteran of Bloomingdale's, Spring became CEO-elect of the parent company Macy's in March. Macy's said Tuesday that it has tapped international retail executive Olivier Bron as the next CEO of its upscale department store, Bloomingdale's.
Persons: Bron, Tony Spring, Spring, Jeff Gennette, Macy's, Olivier Bron, Michael Gould, Beverly, Bloomingdale's, Nordstrom Organizations: Bain & Company, Central, Robinson, Bloomingdale's, Macy's, Beverly Hills Locations: SoHo, New York, Lafayette, Paris, Bron, French, Thailand, Dubai, Kuwait, Manhattan, New York City, Seattle, Macy's
But it has created risk that customers could turn to retailers known for lower food prices, such as Walmart, Aldi or Dollar General . Kroger reaffirmed its full-year guidance, saying it expects identical sales excluding fuel to range between 1% and 2%. In an earnings release, he said the grocer expects inflation to "continue to decelerate" and expects a tougher backdrop for consumers in the months ahead. Kroger CEO Rodney McMullen said on an earnings call that slowing inflation could lift sales in another way. He said Kroger has stepped up security and added new tech to try to fight crime, but said Kroger expects the theft trends "will continue to be a challenge for the remainder of the year."
Persons: Kroger, Fred Meyer, Ralphs, King Soopers, Gary Millerchip, Rodney McMullen, McMullen, Millerchip Organizations: Kroger, LSEG, Target, Walmart, Aldi, Express, U.S . Bureau of Labor Statistics, Albertsons, S Wholesale Grocers, Grand Union Locations: U.S, Florida, Washington ,
A worker stocks the shelves at a Walmart store on January 24, 2023 in Miami, Florida. Walmart announced that it is raising its minimum wage for store employees in early March, store employees will make between $14 and $19 an hour. Walmart has cut starting pay for new store employees who pick and pack online orders and stock shelves, raising questions of whether companies face a cooling labor market or are adjusting to a return to pre-pandemic shopping habits. New Walmart employees who join the digital or stocking teams now make about a dollar-an-hour less than they would have if hired several months ago. In a statement, Walmart said it made the change so its starting pay was consistent, whether a store employee worked at the cashier, stocked shelves or helped with online orders.
Persons: Anne Hatfield, Hatfield, John Furner, That's Organizations: Walmart, Amazon, Wall Street, Walmart U.S Locations: Miami , Florida, U.S, Target
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWalmart looking for new ways to attract sellers to its third-party marketplaceCNBC's Melissa Repko joins 'Power Lunch' to report on Walmart looking for new ways to woo sellers to its third-party marketplace.
Persons: Melissa Repko Organizations: Walmart
Walmart is hosting its first seller summit businesses that are part of its third-party marketplace. LAS VEGAS — Walmart is looking for new ways to woo sellers to its third-party marketplace, as it pushes to drive more online sales and close a wide gap with rival Amazon . Walmart also hired another Amazon veteran, Jare' Buckley-Cox, as vice president of Walmart Fulfillment Services. Walmart is the nation's largest retailer, but it lags far behind Amazon in online market share and e-commerce sales. Walmart's annual online sales were less than one-fifth of Amazon's last year, according to Insider Intelligence.
Persons: Doug McMillon, Manish Joneja, Sellers, Jare, Buckley, Cox, John David Rainey, Amazon's Organizations: Walmart, LAS, Amazon, Wednesday, Walmart Marketplace, Joneja, eBay, Intelligence Locations: Chile, North America, U.S
A shopper pushes a cart with a TV in front of a Best Buy store in Chicago, Illinois, November 25, 2022. Best Buy is seeing a reversion to pre-pandemic sales levels, as consumers return to more typical spending patterns and feel pressure on their budgets because of inflation. Similar to Home Depot and Lowe's , Best Buy had outsized gains during Covid, fueled by big purchases that people don't frequently repeat. Best Buy has looked to new categories, such as health care, and launched a paid subscription program, My Best Buy, to keep driving growth. Correction: The top tier of the My Best Buy program costs $179.99 per year.
Persons: Corie Barry, buybacks, Matt Bilunas, Barry Organizations: Refinitiv, Gaming Locations: Chicago , Illinois, U.S
College students around America are beginning the trek back to campus. A precursor to that journey is the back-to-school shopping season, and this year it's estimated to hit a record-breaking $94 billion for college students. Inflation is driving the price of school supplies up, but it's a TikTok trend that may be fueling a part of the high spending for college students. Back-to-school shopping is also used as a barometer to gauge potential holiday spending. Watch the video above to find out more about the TikTok trend fueling back-to-college spending.
Persons: Simeon Siegel Organizations: National Retail Federation, BMO Locations: America, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow TikTok is fueling the back-to-college shopping seasonBack to school shopping is expected to soar even higher than last year's record breaking season with a whopping $94 billion spent for college students, a $20 billion increase over 2022 spending. Inflation is driving the price of common school supply items higher, but a new social media trend is also helping push spending dollars up.
Total: 25