Happy Fri-YAY! Top #Retail stores of the week #IMO that you may have missed (in no particular order):
Fitchy…#Abercrombie&Fitch reported its best quarterly sales ever, topping $1B a 22.1% increase over LY. These results, which include Hollister, outpoaced the balance of the apparel retailers. They also said they’ve raised their full year estimates to 10%.
Sporty…#Dick’sSportingGoods had a great Q1 with over $3B in sales, a 6.2% increase over LY. They also raised their annual outlook for comp sales to 2 to 3%. Is the growth of pickleball driving a splurge on the goods?
Kohlsy…#Kohl’s did not fair as well in Q1 reporting that sales fell 5.3% versus LY. They also lowered their guidance for the full year to a 1 to 2% comp sales loss.
Oily…Oil companies continue to buy up others to expand their reach for gas customers. M&A deals in 2023 were $250B and this year so far, the trend has continued with $51B in deals being made in Q1. The most recent is #ConocoPhillips agreeing to buy #MarathonOil ($17B). Also, this week the board of #Hess agreed to be acquired by #Chevron ($53B).
Pricy…Add #Walgreens to the list of retailers slashing prices to lure inflation fatigued consumers back to their stores. They announced cuts on 1.5K items.
Dolla…#DollarGeneral beat expectations for Q1 and will ramp up store remodels. Net sales rose 6.1% to $9.91B, topping estimates of $9.89B. Same store sales increased 2.4%. “These results were driven by strong customer traffic growth and market share gains during the quarter, which we believe is a testament to the relevance of our unique combination of value and convenience, as well as to improved execution across our organization,” said Todd Vasos, CEO of Dollar General. They now plan to open 730 new stores, down from their previous expectation of 800. Remodel approx. 1,620 stores, up from its prior forecast of 1,500. As of May 3, 2024 they operated 20,149 stores across the US and Mexico.
When one door closes…#DollarTree announced it has purchased the leases for 170 closed #99CentsOnly stores in Arizona, California, Texas, and Nevada. They will reopen as Dollar Tree stores. Also announced was confirmation that approx. 50 corporate employees were laid off.
Shakeup…#Petco announced changes to their leadership team. Mike Mohan, who was appointed interim CEO of Petco in March. "Across the business, we are streamlining the organization to empower faster and more effective implementation of best practices on the path to restoring our profitability." So why was I intrigued enough by these changes to mention them…well…Mohan, an ex-Best Buy exec, impacted 2 other former #BestBuy execs…COO (and former co-worker of mine) Justin Tichy and Chief Merchant Amy College, who will leave while 5 others get expanded executive leadership roles. Things that make you go hmmmm…