Dick’s Sporting Goods Q4 comp sales +2.8% (vs. +0.8% expected) / Largest sales quarter in company history Press release

 

…Dick’s Sporting Goods soars past holiday quarter estimates, raises dividend 10% at CNBC. “For fiscal 2024, Dick’s is expecting earnings per share to be between $12.85 and $13.25, compared with estimates of $12.90, according to LSEG…expects same store sales to rise by 1% to 2%.” Read more

 

Amazon plans ‘Big Spring Sale’ that’s not just for Prime members starting March 20 at CNBC. “…the “Big Spring Sale,” will run for six days starting March 20, in North America. Unlike the Prime Day discount bonanza typically held in the summer, next week’s event will be open to shoppers who don’t pay for a Prime membership….Spring fashion, fitness products, outdoor furniture, Amazon-branded devices and other “warm weather essentials” are among the categories that will be discounted, Amazon said. It’s the first time Amazon has held such an event in the first quarter.” Read more

 

Dollar General Q4 comp sales up 0.7% Press release

 

US retail sales rebound in February at Reuters. “Retail sales rose 0.6% last month, the Commerce Department’s Census Bureau said on Thursday. Data for January was revised lower to show sales tumbling 1.1% instead of 0.8% as previously reported. Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, rising 0.8% in February.” Read more

 

Dollar Tree, Inc. Q4 comp sales: Dollar Tree +6.3%; Family Dollar -1.2%; Enterprise +3.0% Press release

 

…Dollar Tree to close around 1K Family Dollar stores at Fox Business. “…will close 600 of its Family Dollar stores in the first half of 2024. An additional 370 Family Dollar stores and 30 Dollar Tree stores will close over the next several years…” Read more

 

Arkhouse, Macy’s in talks for due diligence amid push for higher bid at Reuters. “The fact the two sides are working on trying to reach an agreement signals a significant step in the discussions. Despite the movement, Arkhouse still intends to continue its proxy fight,” a person familiar with Arkhouse’s plans told Reuters.” Read more

 

Amazon’s ‘ZenBooths’ a ‘slap in the face’ to stressed warehouse workers told to think happy thoughts at NY Post. “A warehouse employee…leaked a screenshot of a meditation and wellness guide from the company that encourages workers to “close your eyes and think about something that makes you happy.” The screenshot — which also shows a timer at the top right corner of the screen, saying “Repeat until timer ends” and showing 10 seconds left — was leaked by a worker at one of the company’s fulfillment centers…” Read more / Pics

 

Home Depot expands Pro ecosystem with four new distribution centers “The new distribution centers will stock large, bulky merchandise like lumber, insulation, roofing shingles and more…new distribution centers are expected to open in the first half of the year.” Press release

 

Trader Joe’s $3 mini totes went viral on TikTok. Now, they’re reselling for hundreds at AP News. “The mini totes are offered in four colors — blue, red, green, and yellow — and they are all in high demand. The bags, retailing for $2.99, are now advertised on platforms like eBay and Facebook Marketplace for many times their original price.” Read more

 

Amazon’s latest AI feature will let sellers generate product listings from their existing websites at GeekWire

 

Petco CEO steps down at San Diego Union-Tribune. “With Ron Coughlin’s departure, Petco’s board has appointed R. Michael (Mike) Mohan as interim CEO. Monhan has vast retail industry experience as the former president and chief operating officer of Best Buy where he led global operations, sales, merchandising and marketing for the business.” Read more

 

…Petco Q4 comp sales down 0.9% Press release

 

Amazon’s new NWSL merch deal may have broader implications at Sportico. “NWSL’s new Amazon tie-up is part sponsorship, part retail partnership, and part licensing arrangement. Amazon will become the league’s “exclusive retail partner” (that’s the sponsorship), and will be authorized to sell some official NWSL product…” Read more

 

Refund fraud schemes promoted on TikTok, Telegram are costing Amazon and other retailers billions of dollars at CNBC. “Refund fraud, which involves tricking retailers into refunding a customer for a purchase without an item being physically returned, has become so pervasive that groups now market their services on Reddit, TikTok and Telegram. Type in “refund method” — or “r3fund,” to skirt content moderators — on TikTok and videos will pop up of users showing off piles of cash, sneakers and iPhones.” Read more

 

75th Consumer Expenditures Study: Taking the Pulse of Shopper Attitudes at Progressive Grocer

 

Jeff Bezos’ philanthropic fund is pouring $60 million into alternative meats to try to make them taste better at Business Insider. “The $60 million will go into establishing research centers, which will work to improve quality and nutrition…”There are also enormous opportunities to enhance the texture and boost flavor through innovation in cell biology and engineering,” it said.” Read more

 

DoorDash Expands Food Access for SNAP Customers – Adds Over a Dozen New Grocers with 6,000 Locations Press release

 

EU opens probe into Alibaba’s AliExpress over illegal content, pornography on platform at CNBC. “Other areas of the probe include how AliExpress recommends products to users and whether the e-commerce site complies with a rule that allows a searchable repository of ads that are provided on the platform.” Read more

 

***Eye on Retail Tipsheet will not be published next week but will return on March 26th!