Amazon plans to launch discount store in bid to fend off Temu and Shein at CNBC. “Amazon’s storefront will feature a range of unbranded items, many priced under $20, according to a presentation to Amazon sellers viewed by CNBC…Amazon will ship the products directly from China to the U.S., with the goal of delivering them to shoppers within nine to 11 days, the presentation shows.” Read more

 

Walgreens cuts profit view, looks to shut more stores on sluggish spending at Reuters. “The results this morning were just absolutely terrible. I mean, it’s kind of been the theme over the last three to eight earnings reports to be brutally honest,” said David Wagner, portfolio manager and equity analyst at Aptus Capital Advisors.” Read more

 

…Walgreens to close ‘significant’ number of underperforming stores, cuts profit forecast at Fox News. “While Walgreens didn’t specify how many of its more than 8,700 stores will be affected, CEO Tim Wentworth told The Wall Street Journal that a “meaningful percent” of the underperforming locations would shutter.” Read more

 

H&M slumps on doubts over margin target and June sale drop at Reuters. “Sales this month are likely to fall 6%…The Swedish group has been squeezed between the rock-bottom prices of Shein and Inditex’s higher-end fashions aimed at more upmarket customers.” Read more

 

Amazon joins the $2 trillion club at GeekWire. “Amazon’s stock is up nearly 30% this year and more than 50% in the past 12 months…Alphabet also passed the $2 trillion market in April. Nvidia, Microsoft, and Apple are valued at more than $3 trillion.” Read more

 

Cash-strapped consumers buffet Couche-Tard earnings amid leadership shuffle at Financial Post. “The company said Wednesday that (CEO) Hannasch, who has been with the firm for 10 years, will retire on Sept. 6. When chief operating officer Alex Miller takes over the top job, Hannasch will become a special adviser to his successor and the executive chair of the company’s board, tasked with assisting with mergers and acquisitions.” Read more

 

Walmart lays off 155 workers in Charlotte at Charlotte Observer. “The layoffs affect workers at Walmart’s southwest Charlotte regional corporate office at 2118 Water Ridge Parkway…The job cuts are due to “recent changes to Walmart’s business strategy,” human resources officer Maren Waggoner said…” Read more

 

‘This disorder has almost killed me’: His addiction to ultraprocessed food began as a child at CNN

 

How Sam’s Club is trying to take on Costco’s private label Kirkland at CNBC. “Stuck at home during the Covid pandemic, Megan Crozier needed a way to keep her two young children entertained. She bought an inflatable pool from Sam’s Club. The pool began leaking air after just a few uses. For Crozier, chief merchant of the Walmart-owned membership club, that trashed pool — and the disappointment that came with it — helped kickstart a years-long effort to catch up with chief rival Costco and the popularity of its private brand, Kirkland Signature.” Read more

 

Amazon hit with fresh class action-style suit in UK — $3.4BN in competition damages sought for 200,000+ sellers at TechCrunch

 

How Nike Missed the Boom in Running Culture at WSJ. “Brendan Eng’s running group in Portland, Ore., has roughly quadrupled in size since 2021 to about 80 runners…“In the three years I’ve led this group there have been only two Nike road demos. I feel like I’ve seen the Hoka rep four times this year,” Eng said.” WSJ subs.