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☆ Lowe's sticks by full-year earnings forecast despite weakening sales, as spring projects offer a boost
▼ + stars: | 2023-08-22 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Lowe's reported mixed fiscal second-quarter results on Tuesday, as consumers tackled springtime projects and helped offset weakening home improvement demand. It anticipates total sales will range between $87 billion and $89 billion for the period. It projects comparable sales will drop by 2% to 4% this fiscal year. Lowe's is more reliant on do-it-yourself shoppers for its sales than Home Depot is, but has tried to change that. Only about a quarter of Lowe's sales come from home professionals, while Home Depot typically gets about half of its sales from them.

Persons: Lowe's, Richard McPhail Organizations: Lowe's, Home, U.S . Mortgage Locations: Bloomsburg

☆ Macy’s beats sales estimates, but stands by cautious full-year forecast as shoppers watch their dollars
▼ + stars: | 2023-08-22 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Sales at stores declined 8% and digital sales dropped 10% compared with the year-ago period. Comparable sales on an owned plus licensed basis dropped 7.3%, a little worse than the 6.5% decline that analysts expected, according to Refinitiv. The chain's comparable sales fell 8.2% on an owned plus licensed basis, but bright spots included fragrances, prestige cosmetics and men's tailored apparel. At upscale department store Bloomingdale's, comparable sales dropped 2.6% on an owned plus licensed basis as shoppers bought beauty items, women's contemporary and designer apparel and shoes. The smaller stores that have been open more than a year had sales growth in the second quarter, he said.

Persons: Jeff Gennette, Armour, Gennette Organizations: CNBC, Nike, Refinitiv

☆ Aldi is getting bigger. Here's why the no-frills German grocer is looking to the Southern U.S. for growth
▼ + stars: | 2023-08-19 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

No-frills discounter Aldi is the latest grocer to shake up the industry with big moves. It's also had to race to keep up with competitors' online options, prompting Aldi to expand curbside pickup to more stores. But the deal has big implications for publicly traded competitors including Walmart and Kroger, as well as regional grocers. CNBC spoke to Jason Hart, the CEO of Aldi U.S., about why the company is doing the deal and how it sees Aldi fitting into a fast-changing grocery landscape. Why was Aldi interested in acquiring Winn-Dixie and Harveys Supermarket?

Persons: Kroger, Joe's, It's, Jason Hart, we've Organizations: Winn, Dixie, Southern, Aldi, Albertsons, Companies, Amazon, Walmart, Kroger, CNBC Locations: Southern U.S, Florida , Alabama, Georgia, Louisiana, Mississippi, Germany, Winn

☆ Walmart raises full-year earnings forecast as grocery, online growth fuel higher sales
▼ + stars: | 2023-08-17 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

It said adjusted earnings per share for the year will range between $6.36 and $6.46. That compares with its prior guidance for consolidated net sales gains of 3.5% and an adjusted earnings per share range of between $6.10 and $6.20. Transactions increased by 2.9% and the average ticket rose by 3.4% for Walmart U.S.Same-store sales for Walmart U.S. grew by 6.4% in the second quarter, excluding fuel, compared with the year-ago period. Sales for Walmart Connect, the company's advertising business in the U.S., grew 36% year over year. In the grocery department at Walmart U.S., sales of private labels rose 9% year over year.

Persons: John David Rainey, Rainey, Doug McMillon, Judith McKenna, Kath McLay, Chris Nicholas, " Rainey, Walmart's, John Furner Organizations: Walmart, Walmart U.S, CNBC, Sam's, Walmart Connect Locations: U.S

☆ Three ways Walmart and Target are diverging as consumers watch their wallets
▼ + stars: | 2023-08-17 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Target followed that pattern in the second quarter. E-commerce sales rose 24% for Walmart U.S. in the second quarter. Both retailers pointed to curbside pickup as a major driver of online sales — a key differentiator from competitor Amazon. Walmart chalked up online sales gains to store pickup and delivery, as well as more advertising revenue. Sales of frequency categories, such as food and beauty items, weren't enough to offset weaker discretionary sales at the retailer.

Persons: Rainey, Christina Hennington, That's, Target's Hennington, Taylor Swift, Stanley tumblers, Chip, Joanna Gaines Organizations: Wal, Rogers, Getty, Walmart, Walmart U.S, Amazon Locations: Rogers , Arkansas, Tenleytown, Washington, DC

☆ Target slashes full-year earnings forecast as retailer struggles to win over thrifty shoppers
▼ + stars: | 2023-08-16 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

In this article TGT Follow your favorite stocks CREATE FREE ACCOUNTwatch nowTarget on Wednesday missed quarterly sales expectations and slashed its full-year forecast, as it again had trouble convincing shoppers to buy more than necessities. Target's struggling shares rose 3% Wednesday despite the soft forecast, as its fiscal second-quarter earnings topped expectations and inventory levels improved. CEO Brian Cornell said Target's sales and store traffic improved in July. Comparable sales, a key metric that tracks sales online and at stores open at least 13 months, declined 5.4%. Digital comparable sales dropped 10.5% Sales softened in the second half of May and into June before recovering in July, Cornell said.

Persons: Target's, Brian Cornell, Cornell, Michael Fiddelke, Clawing Organizations: Investors, Amazon

☆ Target Pride backlash adds to sales woes as culture wars rage in corporate America
▼ + stars: | 2023-08-16 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Target CEO Brian Cornell said "negative reaction" to the retailer's Pride merchandise hurt sales and contributed to the disappointing quarterly results that the company reported on Wednesday. He said the company saw behavior by some shoppers in June that "caused our teams to feel unsafe at work." He said the effort helps Target better reflect the communities it is in, which "adds tremendous value for our shareholders." When Target reported its results Wednesday, executives declined to estimate the financial hit from the Pride merchandise response. Some of the merchandise that came under fire was made by vendors rather than part of Target's own brands.

Persons: Brian Cornell, Cornell, Bud Light, influencer Dylan Mulvaney, Disney, Ron DeSantis, Michael Fiddelke Organizations: Target, Anheuser, Florida Gov, Associated Press Locations: Florida, North Carolina

☆ Home Depot beats earnings estimates, but sales slide as consumers pull back on big-ticket buys
▼ + stars: | 2023-08-15 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

A sign is seen posted on the exterior of a Home Depot store on February 21, 2023 in El Cerrito, California. Home Depot topped earnings expectations on Tuesday, but posted a 2% year-over-year sales decline as customers remained wary of big purchases and major projects. Home Depot faces a more challenging sales backdrop, as demand for do-it-yourself projects and contractors normalizes after nearly three years of unusually high demand. "Generally speaking, the homeowner customer — who is really our customer — remains healthy and remains engaged in home improvement," he said. Home Depot said in its earnings release that the company's board of directors approved $15 billion in share buybacks, which will take effect Tuesday.

Persons: Richard McPhail, McPhail, " McPhail, That's Organizations: Wall, Transportation, Refinitiv, Revenue, Depot Locations: El Cerrito , California, Atlanta, U.S

That has made it tricky to predict consumer spending. The swirl of confusing trends tees up a closely watched retail earnings season that could offer more clarity about consumers and the economy. As inflation cools, the growth of average hourly earnings has begun to outpace the rise in the consumer price index. He called low unemployment "the big offset that's helped consumer spending hang in." "I thought with all of the revenge travel that's been happening, that would impact consumer spending on goods," she said.

Persons: Aditya Bhave, that's, Andrew Garthwaite, That's, Levi Strauss, Chip Bergh, Michael Baker, Davidson, splurge, Baker, Taylor Swift, Davidson's Baker, Nikki Baird, she's, I'm, Corie Barry, headboards Organizations: Getty, Bank of America, Target, Walmart, JPMorgan, Wall, Federal Reserve, Credit Suisse, U.S, of Labor Statistics, CNBC, . Bureau, Labor, D.A, New York Federal Reserve, Federal Reserve Board Locations: Waterbury , Connecticut, U.S, Italy

☆ Custom art, air purifiers and TikTok: College spending boom could booster retailers' sales this fall
▼ + stars: | 2023-08-10 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +9 min

Eros Hoagland | Getty ImagesOver the past few years, Alicia Browne has noticed a change in what college students haul out of cars on move-in days at the University of Alabama. A growing pie — and market share up for grabsAs college spending is poised to grow, retailers have another reason to vie for students' dollars. Jakub Porzycki | Nurphoto | Getty ImagesIt is difficult to estimate how much college market share Bed Bath had in total. Shipt, the Target-owned delivery service, and Walmart have both tried to attract more college students to their membership programs by offering a special discounted price. She said the company's growth has been fueled by college students who want uniquely decorated rooms that reflect their personalities.

Persons: Eros Hoagland, Alicia Browne, Keurig coffeemakers, decorators, Browne, Prosper, Browne chalks, " Browne, Marshal Cohen, Jakub Porzycki, Harmon, Cristina Fernandez, Sonoma, TikTok, Dormify, Amanda Zuckerman, Zuckerman, Kate Reppeto, Callie Weathers Kate Reppeto, Repetto, she's, Anna Emblom Organizations: University of North, Hill, University of Alabama, College, National Retail Federation, IRI, NPD, Target, Walmart, Consulting, Deloitte, Nurphoto, Goods, Ikea, Telsey Advisory, Williams, Hamptons, Madison, University of Mississippi, Eagle Locations: University of North Carolina, Chapel Hill , North Carolina, Kohl's, Bath, Bed, Williston , Vermont, New York City, Madison Ave, Oxford, Miss, Southlake, Dallas, Fort Worth in Texas, Birmingham, Ala

Tapestry , the fashion conglomerate behind Coach and Kate Spade, will acquire competitor Capri Holdings in a $8.5 billion deal announced on Thursday. It brings together six fashion brands: Tapestry's Coach, Kate Spade and Stuart Weitzman and Capri's Versace, Jimmy Choo and Michael Kors. Shares of Capri surged 58% in premarket trading to just under the per-share deal price, while shares of Tapestry roughly 4%. It's started to run a similar playbook with Kate Spade. Tapestry has also looked other parts of the world to drive growth, such as chasing higher sales in China.

Persons: Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, Michael Kors, Kirsten Dunst, It's, We've, Joanne Crevoiserat, John Idol, Morgan Stanley Organizations: Capri Holdings, Capri, Disney, Bank of America Locations: American, China

☆ Target is rolling out Starbucks curbside pickup across the country as it looks for sales jolt
▼ + stars: | 2023-08-09 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Target is looking to jolt sales by adding Starbucks drinks and food to its curbside pickup service at stores across the country. The retailer began testing the Starbucks curbside pickup service at some stores in the fall. Target's curbside pickup service, Drive Up, helped fuel the company's e-commerce and sales growth during the Covid-19 pandemic. Yet, according to Target, curbside pickup has led to more business. That explains why Target has added other features and more items to curbside pickup, including beer and wine.

Persons: curbside, Target, Howard Schultz, — CNBC's Amelia Lucas Organizations: Target, Starbucks

Eva Marie Uzcategui | Bloomberg | Getty ImagesIt's not your imagination: Companies are getting stingier with customer rewards. Raising the barSome of the biggest shifts in customer perks have come in the airline industry. At many retailers, customers must now pay a return fee if they want to ship back unwanted clothing, shoes or other items. "To drive that online demand, free shipping and free returns were put in place, but now we all know it costs significant money," he said. Both companies aim to make sure membership isn't shared with people who aren't paying, particularly as the companies chase new avenues of growth.

Persons: Eva Marie Uzcategui, Dunkin, Cowen, David Garfield, Yuping Liu, Stephanie Keith, Marshal Cohen, Circana, Nordstrom, Christopher Dilts, Kohl's, Macy's, they're, Amit Sharma, Heidi Isern, Levi Strauss, Ann Taylor, Crocs, Brooks, reining Organizations: Brickell City Centre, Bloomberg, Getty, Retailers, Ross, uptick, American Airlines, Delta Air Lines, United Airlines, Old Dominion, Strome School of Business, LaGuardia, American Express, American, IRI, NPD, Urban Outfitters, Abercrombie, Fitch, Nordstrom, Amazon, Foods, Netflix, Costco Locations: Brickell, Miami , Florida, Queens, New York, Delta, Schaumburg , Illinois

☆ Walmart is bringing ads to an aisle near you as retailers chase new money-makers
▼ + stars: | 2023-08-01 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

The discounter has nearly 4,700 stores across the U.S., with roughly 90% of Americans living within 10 miles of a Walmart store. In the U.S., about 139 million customers visit Walmart stores and its website or app each week. Walmart plans to sell the sampling stations to advertisers and bundle them with other ad formats that can run at the same time to make for a fuller campaign. In the most recent fiscal year, Walmart's global ads business grew nearly 30% and its U.S. ads business, Walmart Connect, rose about 40%. That's a sharper gain than the approximately 7% increase in Walmart's total revenue and Walmart U.S. net sales during the period.

Persons: Ryan Mayward, That's, Doug McMillon Organizations: Walmart, Shoppers, Kroger, Mattel, Walmart Connect, Fort, U.S, Walmart U.S Locations: U.S, Dallas, Fort Worth

☆ Walmart cuts price of Walmart+ for households that receive food stamps, other government aid
▼ + stars: | 2023-07-20 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

The nation's largest retailer said Thursday that it will cut the price of Walmart+ in half for those low-income households. Walmart has not disclosed total Walmart+ subscribers, but said about a quarter of its members get government assistance. Walmart launched Walmart+ in 2020 to hook shoppers and increase the likelihood of them spending more on its website and in stores. Along with the Walmart+ discounted price, Walmart said it has made it easier for families receiving food aid to shop online. It said it now accepts SNAP online in all 50 states.

Persons: Doug McMillon, Morgan Stanley Organizations: Walmart, Nutrition, SNAP, United States Department of Agriculture, Amazon Prime, Costco, Sam's, Paramount, Consumer Intelligence Research Partners, Walmart Connect Locations: U.S, Alaska

☆ As Macy's stock struggles, the retailer bets on private brands with more modern looks
▼ + stars: | 2023-07-19 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

NEW YORK — Macy's , the 165-year-old department store chain, is looking for ways to keep up with the newer kids on the block. On Wednesday, it showed off its newest private brand, On 34th, at its Macy's Herald Square flagship. The brand, named after the legacy store's Manhattan location, is made of up of women's clothing and accessories. The department store operator cut its full-year outlook last month, after seeing consumers pull back on purchases of clothing and other items. Some of Wall Street's worries are company-specific, as investors question whether the legacy department store can keep up with shoppers' changing tastes.

Persons: Tony Spring, Jeff Gennette, Nata Dvir, Gennette, Macy's Organizations: NEW, Target, Herald, Consumers Locations: Manhattan

☆ Barbie is all the buzz this summer — and retailers hope it will make cautious consumers spend
▼ + stars: | 2023-07-18 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +7 min

Bloomingdale's is just one of the retailers and brands trying to tap into Barbie buzz. With a splash of hot pink, retailers hope to chase away the summer doldrums and inflation blues. About half of Aldo's Barbie collection sold out in the first week. So far, the Barbie merchandise is "selling incredibly well" and appealing to customers across generations, said Frank Berman, the department store's chief marketing officer. Gap has sold out of some of its popular Barbie items, including rectangular pink sunglasses.

Persons: Bloomingdale's, Barbie, Aldo, Brand, Daianara Grullon Amalfitano, Aldo's, Aldo Macy's, Frank Berman, Berman, it's, Ken, Circana, Margot Robbie's, Oliver Chen, Cowen, Chen, Susan Fournier, Barbie isn't, Fournier Organizations: Warner Bros, Mattel, Companies, NPD Group, IRI, Unit, Walmart, Target, Amazon Prime, Consumers, Adobe Analytics, Aqua Locations: Manhattan, Lexington Ave, U.S, Boston, New York City

☆ Student loan relief is gone for millions of Americans — here's what it means for retailers
▼ + stars: | 2023-06-30 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Biden's plan would have eliminated her remaining student debt balance. KeyBanc's Thomas said the student loan payment pause was yet another pandemic tail wind for retailers. Estimates vary on how much student loan borrowers will pay each month. Kantrowitz said there is little data on how Americans used the money that they did not spend on student debt. He said the student loan changes are modest compared with the pinch that people feel from inflation or the dwindling of pandemic-strengthened savings accounts.

Persons: Brent Lewis, Lenèe Gill, Pell, Gill, KeyBanc's Thomas, Mark Kantrowitz, Kantrowitz, it's, Brett House, Mario Anzuoni Organizations: Old Navy, Denver, Getty, Louisiana State University, Walmart, Nutrition, Bank of America Institute, Columbia, Maxx, TJX Cos Inc Locations: Denver , Colorado, Pasadena , California

☆ It's not just Tesla and Rivian — electric batteries are also shaking up the landscaping aisle
▼ + stars: | 2023-06-30 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +7 min

In this article LOWHD Follow your favorite stocks CREATE FREE ACCOUNTSome landscaping crews have begun to use battery-powered tools. Outdoor power equipment drives just a small fraction of the retailers' sales, said Zack Fadem, an analyst for Wells Fargo. Yet several more recent factors have increased interest in electric power for landscaping. Tractor Supply , a home improvement player that tends to be in rural areas, has been slower to add battery-powered outdoor equipment. At TPC Sawgrass in Florida, the landscaping crew has tried out an autonomous battery-powered mower and uses some electric leaf blowers.

Persons: Lowe's, Zack Fadem, Wells, Bill Boltz, Melissa Repko, Billy Bastek, John Deere, Stanley Black, Decker, Mary Winn Pilkington, it's, Jeff Plotts Organizations: Home Depot, Power Equipment Institute, CNBC, Technology, California Air Resources Board, Tractor, TPC Sawgrass Locations: California, Wells Fargo, New York City, Canada, Home, Los Angeles, Las Vegas, Toro, Ryobi, Milwaukee, Florida

☆ Costco cracks down on membership card sharing
▼ + stars: | 2023-06-27 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

The retailer is cracking down on people sneaking into its clubs and trying to shop with other people's membership cards, it said Tuesday. Costco said it has always asked shoppers for their membership cards at the cash registers when they check out. Now, it is also requesting to see cards with a photo at self-checkout registers — and to view a photo ID if a shopper's membership card has no picture. The membership-based warehouse club said it has noticed more abuse of card sharing since it expanded self-checkout to more of its stores. Membership-based warehouse clubs have attracted more customers and won more of their wallets over the past three years.

Persons: Costco, Richard Galanti Organizations: Costco, The Dallas Morning News, Shoppers, Walmart, Sam's

☆ Target races to bring next-day delivery to customers farther from city centers
▼ + stars: | 2023-06-21 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Drivers from Target-owned delivery service Shipt pick up packages from the extension facility and deliver them to customers' doorsteps. The extension facility is part of Target's effort to offer next-day delivery to more customers. The extension facility adds to that model and expands the radius for faster deliveries. Target said the extension facility will bring next-day delivery within reach of 500,000 more customers near Atlanta. One of its rivals, Walmart , bucked the trend as online sales jumped 27% year over year in the U.S. in the fiscal first quarter.

Persons: Brian Cornell Organizations: Drivers, Target, Uber, Costco, Walmart Locations: Smyrna , Georgia, Atlanta, U.S

☆ Many Walmart shoppers will soon see new packaging as retailer tries to cut waste
▼ + stars: | 2023-06-01 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

—‎‏ Shoppers who click the "buy" button on Walmart 's website and pick up items curbside will soon spot a difference: new packaging. "It's about making sustainability the everyday choice for our customers," said Jane Ewing, Walmart's senior vice president of sustainability. Walmart wants to reduce packaging as online sales become a bigger part of its business. Other retailers are trying to cut down on packaging and cater to customers who care about sustainability, too. Amazon has also used more made-to-fit packaging after investing two years ago in CMC, a company that makes the packaging machine.

Persons: Jane Ewing, Walmart's Organizations: Walmart, U.S, Target Locations: BENTONVILLE, Ark, U.S

☆ Macy’s slashes its full-year outlook even as earnings beat
▼ + stars: | 2023-06-01 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

The Macy's company signage is seen at the Herald Square store on March 02, 2023 in New York City. Macy's shares fell on Thursday, as the retailer slashed its full-year outlook and said it saw sales significantly weaken in late March. Macy's anticipates comparable owned-plus-licensed sales will fall 6% to 7.5% during the period, worse than its previous outlook of a 2% to 4% decline. Comparable sales on an owned-plus-licensed basis dropped 7.2% for the quarter, worse than the 4.7% drop expected by analysts surveyed by Refinitiv. Gennette said Macy's sales have gotten hit as customers' budgets are squeezed.

Persons: Jeff Gennette, Macy's, Gennette, we're Organizations: Herald, CNBC, Refinitiv, Macy's, Revenue, Sales, Nike Locations: New York City, Bloomingdale's

☆ Nordstrom tops Wall Street's first-quarter sales expectations, even as shoppers spend less
▼ + stars: | 2023-05-31 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Yet despite declining sales, Nordstrom stressed its progress with managing inventory, cutting costs and drawing shoppers, especially to the off-price brand Nordstrom Rack. Sales at Nordstrom Rack improved late in the quarter, with the strongest performance in April, the retailer said in a news release. Nordstrom 's fiscal first-quarter sales topped Wall Street's expectations on Wednesday, even as the retailer reported a spending drop and predicted slower sales in the coming months. The company's total revenue, including credit card sales, fell about 11% from $3.57 billion in the year-ago quarter, but surpassed Wall Street's expectations. Net sales at Nordstrom's namesake stores decreased 11.4% year over year, while net sales for Nordstrom Rack dropped 11.9%.

Persons: We're, Erik Nordstrom, Nordstrom, Ryan Cohen, Chewy, refreshes, Activewear, Jamie Nordstrom Organizations: Nordstrom, GameStop, CNBC Locations: Canada, U.S, Nordstrom

☆ Best Buy shares rise on earnings beat, even as CEO says shoppers are showing 'recessionary behaviors'
▼ + stars: | 2023-05-25 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Televisions are seen for sale at a Best Buy store in New York City. As people buy fewer TVs, smartphones or home theater systems, Best Buy has looked for other ways to make money. It recently relaunched its membership program, My Best Buy, which charges a subscription fee and includes features like tech support, extended returns and early access to hot products. As of the end of January, Best Buy had more than 90,000 employees in the U.S. and Canada. She added that Best Buy wants to move more employees to roles where they interact with customers.

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