U.S. private sector adds fewest jobs in May since 2010: ADP at Reuters. “U.S. private employers added 27,000 jobs in May, well below economists’ expectations and the smallest monthly gain in more than nine years, a report by a payrolls processor showed on Wednesday. Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 180,000 jobs…” Read more

 

American Eagle Outfitters Q1 comp sales +6.0% “By brand, American Eagle’s comparable sales increased 4%, following a 4% increase last year. Aerie’s comparable sales increased 14%, building on a 38% increase last year.” Press release

 

Walmart shareholders week underway by Kim Souza at Talk Business. “The formal business meeting will be held Wednesday (June 5) at 10:30 a.m. at John Q. Hammons Center in Rogers…Walmart is hosting a free concert by Peter Frampton on Wednesday evening at Bud Walton Arena for employees while the media guests are given a tour of the Walmart Museum on the Bentonville square.” Read more

 

…Bernie Sanders: Walmart resistance to raising minimum wage is ‘grotesque,’ slams Walton family by Aamer Madhani at USA Today. “Sen. Bernie Sanders in an interview Tuesday slammed mega-retailer Walmart’s resistance to raising its workers minimum wage to $15 per hour as “grotesque” and “absurd.” Sanders made his comments in an exclusive interview with USA TODAY on the eve of Walmart’s annual shareholders meeting.” Read more

 

GameStop stock plunges nearly 30% as sales fall short of estimates at CNBC. “…net income fell to $6.8 million…in the first quarter from $28.2 million… in the same period a year earlier…GameStop said it expects full-year 2019 sales to fall between 5% and 10%.” Read more

 

CVS to close some unprofitable stores by at CNBC. “CVS Pharmacy President Kevin Hourican said CVS will “closely evaluate” its options for 500 leases every year. Hourican told CNBC he does not expect “meaningful” store closures.” Read more

 

…CVS Health promises double-digit earnings growth by 2022 as it tries to allay investor worries over Aetna deal at CNBC. “Keep in mind we’re in the early innings of our transformational journey,” CVS CEO Larry Merlo told investors. “This will be a multi-year journey with benefits building over time as we continue to build and refine new programs to better serve the needs of our stakeholders.” Read more

 

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America’s Richest Self-Made Women (Stitch Fix CEO #55) at Forbes. Full list

 

Amazon comes under fire with antitrust officials at Bloomberg via Internet Retailer. “The Federal Trade Commission will take responsibility for antitrust probes of Facebook and Amazon, while the Justice Department is set to open an investigation of Google, according to people familiar with the matter. The Justice Department will also oversee scrutiny of Apple Inc., one of the people said.” Read more

 

Growth slow at Walmart’s African business unit Massmart by Kim Souza at Talk Business. “Insiders say Massmart has been a disappointment of sorts to Walmart, which is why executives rarely mention the investment, choosing to focus on China, Mexico, Canada and more lately India.” Read more

 

Jeff Bezos lands $80 million dollar ‘deal’ on three New York City condos at CNN Business. Read more

 

Walmart CEO talks tariffs in Fox Business interview 3:16 video

 

Walmart U.S. CEO on how the retailer engages customers at Yahoo Finance. “[When] I first started in retail, we didn’t even have computers. So we used to handwrite the shelf labels,” Foran said. And when I talk to people in our business now about the fact that I used to have to handwrite shelf labels, they look at me like I’m from a different planet,” he added.” 4:18 video

 

Beverly Hills votes to outlaw tobacco sales in ordinance believed to be first of its kind in US at CNBC. “The ban, which is set to begin in 2021, prohibits the sale of cigarettes, cigars, pipe tobacco, chewing tobacco and electronic cigarettes sold in gas stations, convenience stores, pharmacies and grocery stores.” Read more

 

Why Jeff Bezos and a Dozen Tech Titans Made a Pilgrimage to Brunello Cucinelli’s Italian Village by Samuel Hine at GQ. “To be clear, these were not the well-tailored fashion editors who normally flock to kiss (Brunello) Cucinelli’s ring. Instead, they were a delegation from perhaps the most swagless realm in all the land: Silicon Valley…” Read more

 

Tipsheet Extra Stories

For the first time ever, US consumers spend more time on mobile than watching TV

Microsoft creating an Xbox line of body wash and deodorant

Ikea releases a dresser designed to prevent deadly and dangerous tip-overs

Walmart store steps out for Pride Month on Facebook. Love and hate follow.

Office Depot asks to dump county’s $500K incentives contract to create jobs

Read Tipsheet Extra Stories

 

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