Data & Analytics

Walmart is making a bold move as it continues to seek out ways to distance itself from Amazon.   The discount giant is investing in Nvidia chips. These high-level graphical processing units (GPUs) will be the foundation of a robust cloud network where Walmart data scientists can build out AI systems, reported Geek Wire.  

Wages

Overtime: A federal district court judge officially struck down the Obama-era overtime rule which would have raised the overtime threshold to $47,476/yr. The same judge issued a stay of the rule last December. The final decision was based on the argument that job responsibilities, and not just salary levels alone, should have been considered in setting the threshold.   

You’ve read the news: More and more spending is moving online and retailers that have not been able to adapt are falling by the wayside. E-commerce accounted for 8.9% of all retail spending in early 2017 and has nearly tripled its share of overall retail spending since 2008.    

Whether we’re receiving coupons based on our spending, or product suggestions based on other people’s spending, artificial intelligence (AI) is transforming how consumers shop and experience brands. For retailers, meanwhile, AI could increase profits by almost 60%¹. It could be a game-changer in this labor-intensive sector, augmenting the workforce and enabling employees to become more productive.  

The spinner craze continues to benefit Five Below which has produced a stunning set of second quarter numbers, beating even its own high expectations. Total sales rose by almost 29% over the prior year, supported by a 9.3% uplift in comparables. Meanwhile, a substantial expansion of margins fueled bottom line growth where net income was up by 71.4%.  

In a move to attract more specialized information technology specialists, Uniqlo is renovating its digital DNA.  

The spinner craze helped propel Five Below in its second quarter, as the teen and tween value-retailer turned in an exceptionally strong performance that topped expectations.   Revenue rose 28.7% to $283.3 million in the quarter ended July 29, topping analysts' estimates of $276.6 million. Same-store sales jumped 9.3%, the highest since the chain's IPO in June 2012.  

Costco Wholesale Corp. turned in a strong performance in August, helped by a big increase in online sales.    Net sales rose 10% to $9.8 billion for the month of August, from $8.9 billion during the similar period last year. Total same-store sales rose 7.3%, higher than the 6.1% Wall Street expected. Same-store U.S. sales rose 7.4%, easily topping estimates for a 4.9% to 5.3% increase. Costco's comparable e-commerce sales jumped 26% in August.