COMP SHORTFALL – Michaels Q1 Comp Sales +0.9% “Chuck Rubin, Chairman and CEO: ‘We saw a very positive customer response to our Easter and Spring assortment before trends softened in April, resulting in a comp shortfall for the quarter versus our initial expectations.’ Read the release

 

Best Buy Shares Decline After CEO Joly Reduces Stake by 44% by Matthew Townsend at Bloomberg. “Joly, who joined Best Buy in 2012, sold 398,000 shares for an average price of $32.24, according to a regulatory filing. That left him with about 511,000 shares as of June 2.” Read more

 

New Fortune 500 List (Walmart #1, CVS #7, Costco #15, Kroger #17…) See the full list

 

…These Are the Top 10 Companies Most Loved By Liberals (Amazon #1, Target #6, Costco #9) by Christopher Tkaczyk at Fortune. See the list

 

Study: Costco Named Top Big Box for Grocery Shopping via Adweek. Positive/negative mentions rankings

 

HD Supply Q1 Net Sales +7.3% “Gross profit increased $50 million, or 8.9 percent, to $609 million for the first quarter of fiscal 2016 as compared to $559 million for the first quarter of fiscal 2015.” Read the release

 

Ralph Lauren to shutter about 50 stores across US by Lisa Fickenscher at NY Post. “About 50 stores — mostly full-price locations — and 8 percent of the company’s 15,000 full-time employees will be eliminated, according to sources familiar with the plan.” Read more

 

…WSJ: Struggling Ralph Lauren Tries to Fashion a Comeback by Suzanne Kapner. “…shipments to department stores will be reduced in the hopes that scarcity will translate into more full-price sales. Mr. Larsson also wants to slash six months from production times and strip out three layers of management.” Read more (subscription)

 

Home Depot Leapfrogs Sears for #2 in Appliances by Alan Wolf at Twice. “According to the latest tally from TWICE market research partner The Stevenson Company, total white-goods sales for the nation’s 50 largest appliance dealers — which account for better than 90 percent of the entire U.S. market — rose 3.7 percent last year, to $27.8 billion.” Read more

 

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Wal-Mart’s Asda CEO Clarke Says Burnley Will Be His Successor by Sam Chambers at Bloomberg. “(Roger) Burnley is due to join from J Sainsbury Plc in October this year after about a decade at one of Asda’s main supermarket competitors. His arrival comes as pressure mounts on (Andy) Clarke after sales have fallen for seven straight quarters.” Read more

 

J.C. Penney’s Next Cost-Cutting Target: Interest Expense by Adam-Levine Weinberg at Fox Business. “It’s somewhat surprising that J.C. Penney is already looking to refinance its 2013 term loan rather than waiting until 2017 or early 2018…” Read more

 

Forbes Survey says Millennials avoid brick-and-mortar stores, with 65% preferring to shop online by Mike Perlis at Forbes. Read more

 

Puerto Rico Asks 1st Circ. To Reinstate ‘Wal-Mart Tax’ by Brian Amaral at Law 360. Read more (subscription)

 

“DO WE STAND HERE AND LOOK AT EACH OTHER” – Chips in new credit cards create problems at checkout by Megan Woolhouse at Boston Globe. Read more

 

Nuts And Bolts Of Lowe’s Canada: How Rona’s Data Fends Off Rivals by Bryan Pearson at Forbes. “To put it in DIY terms, Lowe’s is measuring twice so it only has to cut at the Canadian market once.” Read more

 

POWER – Rosalind Brewer 57th Most Powerful Woman in World via Forbes. See the list of 100

 

Woman injured at Aldi’s as part of roof falls on top of her via Mirror. “I was surprised they were only just cordoning off the area when I came out the store – it must’ve been about 5 or ten minutes. “The lady was still right under the roof still – I was surprised they hadn’t moved her.” Read more

 

Tipsheet Extra Stories

Photos: Rory McIlroy visits Dick’s HQ and hits a few

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Bloomberg: Vending machine pizza is coming to America

Ole Mason Jar men’s clothing shop oozes vintage appeal

Target Testing Its First Smart-Home Shop

General Mills rolls out first new cereal brand in 15 years

Walgreens Named in Latest Theranos Blood Test Class Action

Read Tipsheet Extra Stories

 

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