Home Depot Q2 comp sales +1.7% Press release

 

…Home Depot reaffirms guidance amid ‘frozen housing market conditions’ at CNBC. “(Consumers) told us they have the means to spend, they’re just hesitant,” (CFO McPhail) told CNBC. “While we’re happy with their level of engagement in the first half, they do tell us they’re worried about inflation, about fuel costs and about about general uncertainty, and so there is a little bit of hesitancy there as the project gets bigger.” Read more

 

…Home Depot: Revenue beats / Sales lifted by customers focusing on smaller projects at AP. “Customer transactions slipped 1% in the quarter…amount shoppers spent rose to $92.50 per average receipt from $90.01 a year earlier…launching express delivery nationwide. The service will get orders to customers within three hours or less.” Read more

 

Costco Sells Vacations, Gas and, Soon, Medicare Plans at WSJ. “…plans a limited rollout of Costco-branded Medicare plans, working with SCAN Group, a nonprofit insurer…(will) start by selling their jointly named Medicare Advantage products in two states, and a Medicare supplement in a third…declined to disclose exact locations or timing…” WSJ subs.

 

Target Bets Shoppers Want to Buy Trendy Snacks and Drinks in Grocery Revamp at Bloomberg. “The company has been overhauling its grocery aisles since the spring, hoping the upscale Tarzhay success it once had with stylish apparel and home goods in the early 2000s can be revived in food. It’s expanding the size of the section by more than 20% in nearly 150 remodeled stores and more than 50% in 300 new locations, carving out additional space for fresh produce and trendy items while cutting back on some pantry staples that shoppers aren’t buying or can get elsewhere.” Bloomberg subs.

 

JCPenney Takes Aim at Off-Price Retail With a Satirical Wellness Retreat at Adweek. “…JCPenney convened six real shoppers at the retreat to help them “heal” from “the uncertainty of shopping at off-price stores.” The participants go through exercises such as a “clothing cleanse” and “mindset mantras” to unlearn bad shopping habits.” Read more

 

Ukraine takes aim at Russia’s economy and morale by attacking online retailer at AP. “Ukraine’s drones have pummeled the giant depots belonging to Wildberries, Russia’s biggest online retailer, burning billions of dollars’ worth of merchandise and bringing the war home to the broad public.” Read more

 

Foot Locker and Nike team on community center-inspired store Press release

 

CVS Board change: Teresa Heitsenrether – Chief Data & Analytics Officer at JPMorgan Chase – to join CVS Health Board Press release

 

Gen Z Has Just Discovered the Premium Rewards Credit Card at WSJ. “Lin’s fellow Gen Zs, as well as Millennials, are taking to premium credit cards at a particularly rapid pace. They accounted for 65% of American Express’s new consumer accounts globally in the second quarter, and more than three-quarters of Amex’s premium credit card sign-ups in the U.S.” WSJ subs.

 

Ulta Beauty Board change: Appoints Brieane Olson – CEO of Pacific Sunwear – to Its Board of Directors Press release

 

Every product in this supermarket is made from felt. All 20,000 of them at Fast Company. “Artist Lucy Sparrow built a ’80s-era supermarket from scratch…inside the Momentary gallery in Bentonville, Arkansas…” Fast Company subs.

 

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