US consumer confidence plummets in February, biggest monthly decline since 2021 at AP. “The Conference Board reported that its consumer confidence index sank this month to 98.3 from 105.3 in January. That’s far below the expectations of economists, who projected a reading of 103, according to a survey by FactSet…Markets on Wall Street immediately drooped…” Read more

 

Home Depot Q4 comp sales +0.8%, U.S. +1.3% Press release

 

…Home Depot earnings beat estimates, as retailer breaks comparable sales losing streak at CNBC. “In an interview with CNBC, CFO Richard McPhail said “housing is still frozen by mortgage rates.” Yet he said Home Depot saw broad-based growth, as sales increased in about half of its merchandise categories and 15 of its 19 U.S. geographic regions. Home Depot anticipates consumers will stop putting off projects as they gradually get used to higher interest rates…McPhail said.” Read more

 

Thieves targeting freight trains in California and Arizona deserts make off with $2M worth of Nikes at AP. “In a Jan. 13 robbery, suspects cut an air brake hose on a BNSF freight train traveling through a remote section of Arizona and made off with more than 1,900 pairs of unreleased Nikes worth more than $440,000…It was one of at least 10 heists targeting BNSF trains in remote areas of the Mojave Desert since last March that authorities are investigating, the Los Angeles Times reported. All but one resulted in the theft of Nike sneakers, according to investigators.” Read more

 

Moody’s: Top 10% of U.S. households in terms of earnings account for nearly 50% of consumer spending at Fox News. “…a record since at least 1989, according to the analysis. That figure marks a significant rise over the past three decades, when the highest 10% of income earners accounted for about 36% of consumer spending, Moody’s Analytics found.” Read more

 

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Walmart Wants to Be Something for Everyone in a Divided America at Bloomberg. “…the only time McMillon’s voice starts to quiver is when he talks about leaving behind Walton’s old office, which he’s likely to do in May. “That will be an emotional moment,” he says. “I try not to think about it too much, and I’ll try to do it alone. I don’t want anybody around.” When he first moved in, he wanted to put up a whiteboard, only to have people at the company tell him he couldn’t do it because Sam didn’t have one. Nope, McMillon told them: Sam had a pegboard. The whiteboard went up. And there will be one on the wall of McMillon’s new office on the third floor of a building that surely will have a better view. He probably can’t wait to get there.” Bloomberg subs.

 

Pro-Farrakhan pastor leading Target DEI boycott calls out Black Trump supporters at NY Post. “In a Sunday sermon that went viral on social media over the weekend, Bryant said, “I feel bad for them coons in the White House who are in there tap dancing for massah, wearing bow ties shimmying and grinding, laughing like nothin’ is funny.” Read more

 

The Costco Way: A Conversation With Tony James at Chief Executive. “For 36 years, Tony James helped guide the fate of the best-run retail company in the world. In a rare, exclusive interview, he shares his board playbook…”Jim Sinegal was like a prophet in that way. He knew what made the business tick. Even now, if you watch his inspirational sermons, they’re extraordinary. I’ve also never seen a CEO more in command of the details. His capacity to remember the details of this huge business was unbelievable. If you said to Jim, “I love those frozen peas at $3.99,” he’d say, “They’re $3.86.”” Read more

 

Joann to close all 800 fabric stores at CBS

 

Amazon to retire Chime meeting service, shift to Zoom at GeekWire. “There will be no more apologies about Chime from Amazon employees to outsiders joining their meetings…” Read more

 

Walmart Leadership to Participate in Upcoming Investor Events Press release

 

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