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☆ Best Buy doubles down on membership program as sales cool
▼ + stars: | 2023-05-11 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

In this article BBY Follow your favorite stocks CREATE FREE ACCOUNTA shopper exits a Best Buy store during Black Friday sales in Brooklyn, New York, November 26, 2021. Brendan McDermid | ReutersBest Buy said Thursday that it will double down on its membership program as consumers buy fewer discretionary items. The program will also have a new name: My Best Buy memberships. Best Buy is looking for ways to make money and drive customer loyalty as it deals with a drop in demand. In the meantime, Best Buy also has taken steps to cut costs.

☆ Under Armour sends potential warning sign about retailers' profits
▼ + stars: | 2023-05-09 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

The company drove higher sales, in part, by offering lower prices. The company's Chief Financial Officer David Bergman chalked up the margin decline to higher promotions as Under Armour marked down merchandise from prior seasons and sold it through off-price retail. The company said it expects margins will still be under pressure as higher promotions outweigh lower freight costs. Simeon Siegel, a retail analyst for BMO Capital Markets, said the pandemic gave retailers a chance to press the reset button. As of the end of the quarter, Under Armour had nearly $1.2 billion in inventory, up 44% year over year.

☆ Peloton shares plunge after company reports wider-than-expected loss
▼ + stars: | 2023-05-04 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +7 min

Peloton 's shares plummeted Thursday after the company reported a wider-than-expected loss in the fiscal third quarter and acknowledged an uncertain economic backdrop. The fitness company has sought to stabilize its business and find a path to profitability again, after seeing a sharp reversal of fortunes. The company ended its third quarter with about 3.1 million connected fitness subscriptions, up 5% from the year-ago period. Average net monthly connected fitness churn ticked up slightly from a year ago, too. In the fiscal fourth quarter, Peloton expects connected fitness subscriptions to rise, but revenue to drop.

☆ Macy’s opens more strip mall stores as expansion strategy faces pivotal test
▼ + stars: | 2023-05-04 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +11 min

The shops, called Market by Macy's and Bloomie's, are about one-fifth of the size of the retailer's typical Macy's and Bloomingdale's stores. It has not announced the locations of the four Market by Macy's stores, but said the additional Bloomie's store will be in Seattle. By opening the strip-mall shops, the retailer could steal business away from its larger namesake mall stores. Market by Macy's stores have worked best in shopping centers with grocery anchors or stores such as off-mall retailers that draw traffic, Mastronardi said. Melissa Repko | CNBCInside of Market by Macy's, shoppers find a narrower mix of merchandise than in the mall stores.

☆ Macy's moving out of shopping malls in favor of small 'Market by Macy's' stores
▼ + stars: | 2023-05-04 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMacy's moving out of shopping malls in favor of small 'Market by Macy's' storesCNBC's Melissa Repko joins 'Power Lunch' to talk about Macy's new 'Market by Macy's' stores as the retail chain moves out of traditional shopping malls.

☆ Bed Bath & Beyond store closures will kick off a land grab for fast-growing retailers
▼ + stars: | 2023-04-28 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

In strip malls across the country, Bed Bath & Beyond stores have "Closing Soon" signs. Its shuttered stores will kick off a land grab for retailers hungry for additional space. Bed Bath will join a list of other bankrupt companies, such as Kmart and Sears, that vacated spaces and made way for stores. Former Bed Bath stores could turn into a variety of other retail spaces, said Deborah Weinswig, CEO of Coresight Research, a retail advisory group. Weaker retailers' locations thinned out during the fallout of the Great Recession and again during the Covid pandemic, said James Bohnaker, senior economist with Cushman & Wakefield.

☆ Target rolls out curbside returns as retailers hope convenience will boost sales
▼ + stars: | 2023-04-26 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +8 min

The company hopes convenient perks like curbside returns will boost customer loyalty and jolt sales. Neither company would quantify the use of curbside pickup or returns, but Walmart said it has seen nearly double the volume of customers using curbside returns from its launch across the chain last fall compared with this month. At Target's investor day in late February, Citibank analyst Paul Lejuez asked if the retailer would ultimately miss out on purchases by adding curbside returns. He said allowing curbside returns also helps the retailer get unwanted items back on the sales floor faster and lowers the cost of mail-in returns. For Target, curbside returns could serve as a differentiator and a complement to the merchandise mix it sells, Hoyler said.

☆ U.S. trains keep derailing. Why?
▼ + stars: | 2023-04-20 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +2 min

Washington lawmakers are scrutinizing the freight rail industry as a string of derailments unfold in 2023. "Trains got heavier and longer," said Mark Burrows, a former locomotive engineer. The National Transportation Safety Board, which released preliminary findings in February, is conducting a full investigation of the crash. "This was 100% preventable," said Jennifer Homendy, chair of the NTSB, at a February press conference focused on the preliminary report. Watch the video above to learn more about the freight rail industry and what might be leading to the current rash of train derailments in the U.S.

☆ Nordstrom adds former Nike executive to board as activist battle continues
▼ + stars: | 2023-04-17 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Nordstrom on Monday said it has tapped former Nike operating chief Eric Sprunk to join its board, as the company faces pressure from an activist investor. Sprunk, who was Nike's COO from 2013 to 2020, will join the board immediately, the company said. In a news release, Nordstrom board member Brad Tilden highlighted Sprunk's "track record of driving e-commerce growth and large-scale transformations within a complex global business." Nordstrom did not say in the news release whether the board appointment was board of an agreement with Cohen. Net sales for the company's namesake banner decreased 2.4%, and net sales for its off-price banner, Nordstrom Rack, dropped 8.1% in the quarter versus the year-ago period.

☆ Best Buy lays off hundreds of store employees as shopping trends shift
▼ + stars: | 2023-04-14 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Best Buy said Friday that it is laying off hundreds of store workers across the country as more of its shoppers buy online and sales of consumer electronics weaken. The retailer framed the job cuts as a shift in its priorities, saying Best Buy plans to add thousands of customer-facing employees and invest in growing areas, such as its Totaltech membership program and its health business. As of the end of January, Best Buy had more than 90,000 employees in the U.S. and Canada. Yet retailers, including Best Buy, have struck a cautious tone as shoppers pull back in some categories like consumer electronics. Best Buy is also following a period when many of its customers sprang for new laptops, kitchen appliances and home theater systems during the early years of the pandemic.

☆ Walmart's chief merchandising officer to depart as retailer navigates tough sales environment
▼ + stars: | 2023-04-14 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: 1 min

Walmart Chief Merchandising Officer Charles Redfield is stepping down next month. Walmart U.S. CEO John Furner said in an employee memo on Friday that Redfield will leave the role on May 1. He will stay on as an advisor for the business. The Wall Street Journal first reported Redfield's departure. Redfield's replacement has not yet been announced, a company spokesman said.

☆ Walmart sells Bonobos for $235 million less than it's purchase price
▼ + stars: | 2023-04-14 | 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 EmailWalmart sells Bonobos for $235 million less than it's purchase priceCNBC's Melissa Repko joins 'TechCheck' to discuss Walmart selling Bonobos, and Walmart focusing on simplifying their e-commerce brands.

☆ Walmart sells Bonobos to WHP Global and Express in $75 million deal
▼ + stars: | 2023-04-13 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +3 min

Walmart has sold menswear brand Bonobos to brand management firm WHP Global and Express in a $75 million deal announced Thursday. WHP, which took a 60% stake in Express in December, will acquire the Bonobos brand for $50 million, the company said in a news release. In a statement, a Walmart spokesperson said the company decided "it's the right time to sell Bonobos" after nearly six years. Last February, Bonobos launched Bonobos Fielder – a more affordable riff on the original brand that sold athleisure on its website, Walmart.com and select Walmart stores. Bonobos CEO John Hutchinson will become brand president of Bonobos and report to Baxter after the deal closes.

☆ Walmart chases higher profits powered by warehouse robots and automated claws
▼ + stars: | 2023-04-11 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Tasks are powered by giant automated claws and rolling robots, instead of people. The company took investors on a tour of an approximately 1.4 million-square-foot facility in Brooksville, Florida — the first automated distribution center for packaged foods and other shelf-stable household items. By the end of January, roughly a third of stores will get distribution from the automated facilities, the company said. He declined to share specific turnover numbers, but said the first year after the Brooksville facility became automated, no employees left the job. With the automation, Molina watches the robots unload the truck and intervenes if they run into a problem, he said.

☆ Walmart's betting big on automation to boost productivity and profits
▼ + stars: | 2023-04-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWalmart's betting big on automation to boost productivity and profitsCNBC's Melissa Repko joins 'Power Lunch' to report her key takeaways from the recent Walmart's two-day investor meeting in Tampa, Florida.

☆ As retail gets choppy, Walmart flexes its grocery muscle, deep pockets and huge reach
▼ + stars: | 2023-04-04 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +6 min

In this article WMT Follow your favorite stocks CREATE FREE ACCOUNTBloomberg | Bloomberg | Getty ImagesAs shoppers get thrifty, Walmart is flexing its muscles. And its huge reach allows Walmart to make money in other ways, including selling ads, offering delivery services and fulfilling online orders for third-party sellers. Here's a closer look at some key themes for Walmart that could emerge at the investor event:Checking the consumer's healthAs the nation's largest retailer, Walmart is a bellwether. It said it expects same-store sales for Walmart U.S. will increase between 2% and 2.5% excluding fuel, in the fiscal year ahead. The retailer will likely showcase how it is growing online sales and trying to make them profitable.

☆ Walmart sees 65 percent of stores serviced by automation by the end of 2026
▼ + stars: | 2023-04-04 | by ( Melissa Repko | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWalmart sees 65 percent of stores serviced by automation by the end of 2026CNBC's Melissa Repko joins 'Closing Bell: Overtime' to report on the latest from Walmart.

☆ Walmart rolls out fresh look for its website and app
▼ + stars: | 2023-04-03 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Walmart has redesigned its website and app to try to encourage shoppers to browse and buy more. Starting this week, all customers who browse the company's website and app will see bigger and glossier photos, videos and social media-inspired content that Walmart hopes will nudge more purchases. It anticipates same-store sales for Walmart U.S. will increase between 2% and 2.5% excluding fuel, in the fiscal year ahead. He said along with offering low prices, Walmart wants to catch customers' attention by putting fresh, trendy and seasonal items in front of them, such as spring dresses, patio furniture and toys for Easter baskets. He said the website and app's new look could also lift sales for third-party sellers that have joined or could join Walmart's marketplace.

☆ The last discretionary holdout: Beauty and consumer demand
▼ + stars: | 2023-03-31 | 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 EmailThe last discretionary holdout: Beauty and consumer demandCNBC's Melissa Repko joins 'Power Lunch' to report on the last discretionary holdout in beauty and consumer.

☆ Macy's CEO Jeff Gennette, who's led the company's turnaround effort, will retire next year
▼ + stars: | 2023-03-29 | by ( Melissa Repko | ) www.cnbc.com time to read: +3 min

Macy's CEO Jeff Gennette will retire early next year after a four-decade career at the company, the department store chain announced Wednesday morning. He will be succeeded by Tony Spring, CEO of the company's higher-end department store banner, Bloomingdale's. In addition to the CEO change, Macy's Chief Financial Officer Adrian Mitchell will take on an expanded role and also serve as the company's chief operating officer. In a news release, Macy's said Spring, 58, was tapped as its next leader after an internal and external search. Gennette called Spring and Mitchell "an ideal team to build on our momentum and propel Macy's, Inc. into the future."

☆ Shrinking food stamp benefits for families mean yet another challenge for retailers
▼ + stars: | 2023-03-26 | by ( Melissa Repko | ) www.cnbc.com time to read: +2 min

This month, pandemic-related emergency funding from the Supplemental Nutrition Assistance Program, formerly known as food stamps, is ending in most states, leaving many low-income families with less to spend on food. More than 41 million Americans receive funding for food through the federal program. For those households, it will amount to at least $95 less per month to spend on groceries. The nonprofit used to provide about 7 million meals per month before the pandemic and now provides between 11 million and 12 millions meals per month. "We knew these [extra SNAP funds] were going away and they were going to be sunsetted," she said.

☆ Walmart lays off hundreds of workers at e-commerce facilities
▼ + stars: | 2023-03-23 | by ( Melissa Repko | ) www.cnbc.com time to read: +2 min

Walmart is laying off hundreds of employees at e-commerce facilities across the country, as the big-box giant and other retailers brace for a tougher year ahead. Walmart, the nation's largest private employer, is shrinking its workforce as many retailers plan on roughly flat or declining sales. Walmart's e-commerce rival, Amazon , announced 9,000 job cuts on Monday, following 18,000 layoffs in January. Walmart anticipates slower sales growth and lower profits in the coming year, as Americans put more of their money toward buying necessities like food and household essentials. E-commerce sales for Walmart's U.S. business rose 12% in the most recent fiscal year, which ended Jan. 31.

☆ Retailers see a tough year ahead, so they're rolling out the recession playbook
▼ + stars: | 2023-03-16 | by ( Melissa Repko | ) www.cnbc.com time to read: +8 min

Now, major retailers are dusting off their playbook for a recession — or at least for a period of slower sales. Target shoppers can soon get a Starbucks coffee, make a return and retrieve an online purchases without leaving their cars. Some retailers are rethinking their approach to discounts while questioning other costs, such as giving away free shipping or deliveries without strings attached. Some retailers have also turned free shipping into a perk for only engaged or higher spending customers. Nike , for instance, offers free shipping for shoppers – if they share their personal data by joining its membership program.

☆ Best Buy will set up in-home hospital care through a new deal with Atrium Health
▼ + stars: | 2023-03-07 | by ( Melissa Repko | ) www.cnbc.com time to read: +4 min

Best Buy is best known for installing TVs and home theater systems. Best Buy began setting up virtual-care systems in mid-February for 10 hospitals in and around Charlotte, North Carolina. Best Buy and Atrium did not disclose specific financial terms, but said Atrium will buy the devices from Best Buy and use Geek Squad services for installation and retrieval when the patient is cleared from care. For Best Buy, the hospital-at-home program represents the latest push to turn health care into a more meaningful revenue driver. Best Buy, like retailers including Walmart and Target , has seen consumers buy fewer big-ticket and discretionary items as they pay more for food and housing.

☆ Best Buy teams up with Atrium to install home health-monitoring system
▼ + stars: | 2023-03-07 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBest Buy teams up with Atrium to install home health-monitoring systemCNBC's Melissa Repko reports on news from Best Buy and Atrium.

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