Kroger Q2 comp sales (without fuel) +14.6% / Digital sales +127% Press release

 

…Kroger forecasts upbeat 2020 sales on pandemic boost at Reuters. “…expects full-year comparable sales to rise more than 13%…(comp sales) rose 14.6%, beating estimates of a 10.96% rise…On an adjusted basis, Kroger earned 73 cents per share, beating estimates of 55 cents per share.” Read more

 

RH CEO expects elevated demand for home decor to carry through 2021 at CNBC. “I think there’s going to be some systemic shifts in spending that will last, I think, for the next year or two — could be longer,” (CEO Gary Friedman) said.” Read more

 

Citigroup wins deal to offer credit cards for Wayfair at CNBC. “Citigroup, which wrested the Costco card from American Express in 2016, similarly displaced Alliance Data, a major provider of private-label cards that had previously offered a Wayfair card, according to a person with knowledge of the deal.” Read more

 

Senator Marco Rubio seeks review of GNC purchase by Chinese company at Reuters. “Rubio, who had also urged a probe of TikTok’s ownership by another Chinese firm, made the request in a letter to Treasury Secretary Steven Mnuchin.” Read more

 

Chewy Q2 net sales +47% Press release

 

Incentives lures Lowe’s vendor in Italy to Mooresville, will create over 140 jobs at Charlotte Observer. “FITT Group has made pipes, hoses and conduits for use in homes, businesses and industrial sites for more than 50 years…FITT USA will invest $25.6 million in its Mooresville location, including building a 120,000-square-foot headquarters and manufacturing plant…” Read more

 

Lowe’s Canada launches VIPpro program, includes 10% discount on paint / 5% discount on everything else Press release

 

**A message from the Kitchenology ™ 4-In-1 Scrub Bar™ – Don’t settle for a light weight sponge that can’t handle dirtier dishes! Introducing the Scrub Bar™ – the kitchen sponge that tackles ever dirty dish in the sink. Features a different abrasive strength on each side: regular sponge, medium duty, heavy duty & super duty. Website | Samples: info@eyeonretail.net

 

J. Crew emerges from bankruptcy ‘reinvigorated’ at Fox Business. Read more

 

Home Depot’s Craig Menear & Ted Decker present at Goldman Sachs conference at Seeking Alpha. “Menear: …’we have kind of a 55, 45 DIY mix. And at the end of the day, if we end up with an 80:20 Pro, we haven’t really done our job because we want to grow the DIY business at the same time, we’re growing the Pro business and that’s been our focus all along.'” Transcript

 

…Home Depot CEO says the coronavirus isn’t killing American cities — millennials are just destined to flock to the suburbs like previous generations at Business Insider. “It takes me back to 2015 and earlier, when there was a lot of conversation around the whole millennial generation,” Menear said. “Everybody was going to move to inner cities and the millennials were never going to own anything…None of that came to pass, according to Menear. He said that Home Depot conducted “deep research” circa 2015 that ended up debunking that belief.” Read more

 

Tiffany gets regulatory nod from Japan, Mexico for troubled LVMH deal at Reuters. Read more

 

EBay founder Pierre Omidyar steps down from board at Fox Business. “…part of a broader overhaul that also has Elliott Management Corp. partner Jesse Cohn leaving the board. Mr. Cohn, one of billionaire Paul Singer’s top lieutenants at the activist hedge fund, joined eBay’s board last year as part of an agreement with Elliott.” Read more

 

Tipsheet Extra

Amazon Lands Nicolas Cage-Led Joe Exotic Drama

Ikea and Ingka Centres’ $260M bet to rehab a mall in downtown San Francisco

Whole Foods Store Features Mini-Farm

Big Y Names VP of Center Store

Discount retailer Century 21 files for Chapter 11 bankruptcy

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