Amazon reportedly delays Prime Day sales event until September at CNBC. “The company this week decided it would delay the two-day summer event, which is typically held in July, according to the Journal…Representatives from Amazon declined to comment on the news.” Read more | WSJ subs.

 

…Last week, Amazon began allowing its third-party sellers of items unrelated to the coronavirus to ship inventory to its warehouses without caps on how much inventory they send, according to one of the people. WSJ subs.

 

Best Buy Q1 domestic comp sales down 5.7% “Domestic online revenue of $3.34 billion increased 155.4% on a comparable basis…As a percentage of total Domestic revenue, online revenue increased to approximately 42.2% versus 15.4% last year…Domestic gross profit rate was 23.0% versus 23.7% last year.” Press release

 

BJ’s Wholesale Q1 comp sales (ex-fuel) +27% “…including digitally enabled sales growth of 350%…Adjusted EBITDA increased by 56.3% year-over-year to $193.9 million, for the first quarter of fiscal 2020.” Press release

 

TJX Q1 net sales down 52.5% Press release

 

Macy’s forecasts a first-quarter loss of up to $1.1 billion at CNBC. “The company also said in an investor presentation, walking through its first-quarter forecast, that it expects to have “sufficient liquidity” to execute on its 2020 priorities.” Read more

 

Ace Hardware Q1 comp sales +4.2% “Acehardware.com revenues up 63 percent…5.1 percent increase in average ticket partially offset by a 0.9 percent decrease in same-store transactions.” Press release

 

Lowe’s CEO says it’s had an edge during the pandemic: A large base of DIY customers at CNBC. “Lowe’s had two other major advantages, (Ellison) said. Many of its professional customers are “pickup truck pros” who operate small businesses that haven’t been as hard-hit by the pandemic. Also, he said, about 25% of its stores are in rural areas, which have felt less of an impact from the virus when compared with urban centers like New York City.” Read more

 

Bernie Sanders blasts Kroger CEO’s pay as ‘disgusting’ by Alexander Coolidge at Cincinnati Enquirer. Read more

 

Home Chef confirms breach after 8 million user records found on the dark web at TechCrunch. Read more

 

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Target CEO Brian Cornell @ CNBC Mad Money tonight 6PM ET

 

Vogue and the Council of Fashion Designers of America partner with Amazon to launch a digital storefront this month that features the work of smaller designers at CNBC. Read more

 

Boot Barn Q4 comp sales down 4.7% Press release

 

CEO of Calvin Klein owner: Clothes returned to go into quarantine at CNBC. “We’ve closed our fitting rooms for now, and we’ve extended our return policy and we’ve made it more generous,” Chirico said Wednesday on CNBC’s “Squawk Box.” “When goods are returned, we basically put goods in quarantine for 48 to 72 hours. We provide a cleaning to those goods before they go back onto the floor.”  Read more

 

Shoe Carnival Q1 comp sales down 41.9% Press release

 

Shopify announces a new merchant debit card and support for payment installment plans at TechCrunch. Read more

 

Victoria’s Secret plans to permanently close approximately 250 stores in the U.S. and Canada in 2020 at USA Today. Read more

 

Amazon launches food delivery service in India at TechCrunch. Read more

 

Tipsheet Extra

Amazon launches first solar energy facility in China

CDC now says coronavirus ‘does not spread easily’ on surfaces

Gap rushes in more robots to warehouses to solve virus disruption

Amazon launches first big-budget video game

Gallup sees biggest drop in Americans who say they are avoiding public places

Read Tipsheet Extra Stories

 

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