News

Warehouse club giant tops estimates in August
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.
Dyson to set up shop in the U.S.
The British brand best known for its bagless vacuum cleaners, bladeless fans and, most recently, high-tech hair-dryers is expanding its fledgling retail portfolio. Dyson Ltd. will open a "Dyson Demo" store this fall at Yorkdale Shopping Centre in Toronto. Also in the works: a store at 640 Fifth Avenue in Manhattan, and one in San Francisco's Union Square.

Westfield in partnership with Uber

Westfield’s billion-dollar renovation of its Century City Mall in Los Angeles will include a swanky Uber Lounge where customers can wait in style for their rides. The shopping center owner has formed a partnership with Uber to facilitate use of shared rides at its centers nationwide. The mall owner will create drop-off and pick-up stations at every one of its U.S. properties, whose locations will be digitally mapped into the Uber app. The idea: make pick-ups and drop-offs easier and build mall traffic.
Five Below bullish as Q2 profit, sales beat the Street

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.
Leslie's Poolmart CEO to retire

The chief executive of the nation's largest specialty retailer of swimming pool and spa supplies and related products is stepping down. Leslie's announced that chairman and CEO Lawrence Hayward will be retiring and transitioning from his role as CEO, effective September 30, 2017. He will continue to serve as chairman.
Retail Revolutionized: Three ways to profit from artificial intelligence

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.
Delivery wars heat up as two more retailers expand same-day services

Best Buy and Macy’s are stepping up their same-day delivery efforts as they continue to bolster their defenses to compete with Amazon and other rivals. Best Buy announced on Thursday it is expanding its same-day delivery of online orders from 13 metro areas to 27, with more to come. The retailer expects that customers in nearly 40 cities will be able to take advantage of service for the holiday selling season.
Dollar General beats Street, but profit slides; ups forecast

Dollar General turned in mixed results for its second quarter, with gains in sales but a dip in profits and a decline in gross margins. Net sales rose 8.1% to $5.83 billion in the quarter ended Aug. 4, compared to $5.39 billion in the year-ago quarter, better than analysts were expecting. Same-store sales increased 2.6%, also better than expected, driven by increases in average transaction amounts and customer traffic.
Uniqlo creates plan to embark on digital transformation

In a move to attract more specialized information technology specialists, Uniqlo is renovating its digital DNA.
Kohl’s giving financial aid to its hurricane-affected employees

Kohl's is reaching out to its associates as well as the general public impacted by Hurricane Harvey. The retailer said it will provide an estimated $1 million in financial support to its employees who have been significantly impacted by the storm. Kohl’s will continue to monitor the impact of the flooding throughout the region to evaluate the need for additional assistance.