Strategy

The world’s largest home improvement retailer raised its earnings expectations as it announced first quarter sales and earnings gains that beat the Street.   Net earnings for the first quarter of fiscal 2017 were $2.0 billion, better than expected, compared with net earnings of $1.8 billion, in the same quarter last year. For the first quarter of fiscal 2017, diluted earnings per share increased 16.0% from the same period in the prior year.  

Kroger Co. has made changes in its executive team, including naming a new retail VP.   Calvin Kaufman was named senior VP of retail divisions. He will replace Sukanya Madlinger, who is retiring in June. Madlinger has been with Kroger for 31 years.   

According to reports, regulators are still seeking information on the proposed merger between Walgreens Boots Alliance and Rite Aid, and the subsequent divestiture of as many as 1,200 stores to Fred's.   Analysts are suggesting the implication does not bode well for the merger, as the continued Civil Information Demands from the Federal Trade Commission may be indicative that the agency is still not appeased over the merger's potential effect on the retail pharmacy market.  

Pilot Flying J has added a new title to its management team.    The company announced that Whitney Haslam-Johnson, previously VP of brand and customer experience, has been named to the new position of chief experience officer at Pilot Flying J. Johnson is also a member of the company’s board.   

The TJX Companies had a rare sales miss in its first quarter, and gave second quarter guidance below expectations.    Net sales for the first quarter, ended April 29, increased 3% to $7.8 billion. Analysts had expected $7.88 billion. Consolidated same-store sales increased 1% over last year’s 7% increase, just missing analyst’ estimates.   

Urban Outfitters reported disappointing results for its first quarter, weighed down by heavy promotional activity at its namesake and Anthropologie banners.    The company’s net income fell 60% to $11.94 million, or $0.10 per share, down from $29.56 million, or $0.25 per share, in the year-ago period. Analysts had expected the company to earn $0.16 per share,   

Free coffee was on the menu at some Starbucks locations on Tuesday, due to a point-of-sale software glitch.    What the coffee giant described as a typical software update ended up putting point-of-sale systems out of commission — and for longer than expected, in some locations. The outage began in the evening on Monday, May 16, and continued into Tuesday, May 17, according to CNBC.  

A home improvement chain is taking a page from science fiction to keep employees safe.   Lowe's and Virginia Tech have joined forces to develop an exosuit — a wearable robotic suit with lift-assist technology — for Lowe's store employees. The lightweight exosuit, which is designed to help employees lift and move product throughout the store more efficiently, and aids against muscle fatigue, is being piloted in Lowe's Christiansburg, Virginia, store.