Dollar General Q1 comp sales +21.7% (vs. +7.9% estimate) “Net sales increased 27.6%…Gross profit as a percentage of net sales was 30.7% in the first quarter of 2020 compared to 30.2% in the first quarter of 2019…Operating profit for the first quarter of 2020 increased 69.2%.” Press release

 

…So far in Q2, Dollar General comps are up 22%

 

Dollar Tree Q1 Enterprise comp sales +7.0%. By segment: Family Dollar +15.5% / Dollar Tree -0.9% “Gross profit increased 3.9% to $1.79 billion in the quarter compared to the prior year’s first quarter. As a percentage of net sales, gross margin was 28.5% compared to a gross margin of 29.7% in the prior year.” Press release

 

Abercrombie & Fitch sales fall 34%, with stores forced shut during coronavirus pandemic; shares fall at CNBC. Read more

 

Amazon and critics wage PR war in annual meeting with starkly opposing portraits of tech giant at GeekWire. “Bezos and other Amazon executives were not visible on video during the meeting, which instead showed their pictures in slides during their remarks.” Read more

 

Amazon to offer permanent roles to 70% of 175,000 new U.S. hires at CNBC. Read more

 

Walmart Presents at Bernstein’s 36th Annual Strategic Decisions Conference at Seeking Alpha. Transcript

 

**A message from Gusto kitchenware. Created for young enthusiasts looking for quality, color and affordability. From the #1 cookware brand in Mexico. Program details | Retailers request samples: info@eyeonretail.net

 

Amazon grocery stores coming to Schaumburg and Naperville, Illinois at Crain’s Chicago Business. Read more

 

Home Depot Presents at RBC Global Consumer & Retail Virtual Conference at Seeking Alpha. Transcript

 

Southeastern Grocers to convert four Lucky’s Market locations and four Earth Fare stores to Winn-Dixie in Florida Press release

 

Wegmans to take a more cautious approach to grand-opening festivities – will no longer reveal a specific opening date for each of its new stores at Progressive Grocer. Read more

 

UK retailer Debenhams cuts ‘hundreds’ of head office staff – sources at Reuters. Read more

 

Sam’s Club started construction of its flagship outlet in China on Thursday at Xinhua. “It will be the largest independent building operated by Sam’s Club in China and its third store in Shanghai. With a construction area of 70,000 square meters, the outlet is expected to open in 2021.” Read more

 

NRF CEO Matthew Shay will speak with Chris Baldwin, Executive Chairman of BJ’s Wholesale Club on Monday, June 1, at 1 p.m. ET. Register

 

Target CEO buys downtown condo for $1 million “Target Corp. CEO Brian Cornell will be moving from the Kenwood neighborhood to downtown, in a condo just blocks from the retailer’s headquarters.” Minneapolis/St.Paul Business Journal Subs.

 

Amazon to sponsor virtual concert for COVID-19 relief featuring Pearl Jam, Macklemore and others at GeekWire. “The June 10 concert will be streamed on Amazon Music’s Twitch channel and through the All in Wa website beginning at 7 p.m. PST. A recording of the concert will be also be available on Prime Video after the live stream.” Read more

 

Minneapolis Target descends into chaos as looters smash windows, destroy shelves, and haul away everything inside at Business Insider. Videos/Read more

 

Tipsheet Extra

Kroger lands Amazon exec to bolster ad offering

How furniture showrooms are skirting New York lockdown laws

Fast Company Queer 50 2020

Amazon gave TV stations coronavirus propaganda, and some aired it

Wheelchair-riding woman beaten outside Minneapolis Target store

Read Tipsheet Extra Stories

 

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