News

Ross Stores tops sales, earnings estimates; raises guidance
Shoppers just can't stay away from off-price stores. Ross Stores' earned $317 million, or 82 cents a share, in the quarter ended July 29, up 15% from $282 million, or 71 cents a share, in the year-ago period. Analysts had expected earnings of $0.76 per share. Sales rose 8% to $3.43 billion. Same-store sales increased 4%.
Starbucks' Schultz in emotional address on Charlottesville
Howard Schultz, the politically progressive — and famously outspoken — founder of Starbucks Coffee Corp., weighed in on the rally and violence in Charlottesville, Virginia, and its aftermath in an emotional speech to company employees. Speaking at a standing-room only employee forum, Schultz did not specifically blame or criticize the President, saying he would let his (the President’s) actions speak for themselves. But the legendary retailer left little doubt of how he felt.

Home Depot in big solar initiative

The nation's largest home improvement retailer has found a new use for its store roofs. The Home Depot is partnering with GE's Current unit and Tesla on a rooftop solar project in 50 stores across five states (California, Connecticut, Maryland, New Jersey, New York, and the District of Colombia.) The initiative will reduce electricity grid demand by an estimated 30% to 35% annually at each location. Under a power purchase agreement, Home Depot will lease its roof space and buy the output from the systems.
Digital and store sales boost Walmart in Q2

Walmart reported better-than-expected results for its second quarter amid surging online sales and an increase in store traffic. Walmart's total revenue for the period ended July 31 rose 2.3% to $123.36 billion for the quarter, better than analysts had expected. U.S. store visits increased 1.3% over the year-ago period.
Target unveils three new brands

Target Corp. is giving shoppers an early look at three new private brands that will debut in its stores starting in late August. The retailer has posted details about the brands, along with photos from their look books, on its website. The three new collections are part of 12 private-label brands Target plans to launch during the next 18 months. Here is a look at the three brands:
A New Day
Alibaba’s surging e-commerce sales boost June quarterly earnings

Alibaba Group’s e-commerce business’ profit increase contributed to a blockbuster quarter for China’s top online player. For the period ended June 30, China’s largest online retailer reported total revenue of 50.1 billion RMB ($7.1 billion U.S.), an increase of 56% year-over-year. This beat analysts' estimates of 47.7 billion RMB, according to Thomson Reuters. Net income was 14 billion RMB $2 billion U.S.).
Fast-casual chain steps up its mobile experience

Chipotle Mexican Grill is making a move to retain existing customers and attract new ones. The fast-casual chain is partnering with Deloitte Digital to transform its mobile customer experience. The creative digital consultancy within Deloitte Consulting LLP, will redesign Chipotle's iOS and Android ordering apps, a move that will improve digital ordering and enhance the customer experience. The new apps will launch in the fall, with additional channels following by the end of the year.
Analyst: Walmart shows that traditional retail can thrive if they adapt, evolve

The second quarter numbers show that Walmart remains firmly on the front foot and is more than holding its own in a challenging and competitive retail market. It is particularly pleasing to see sales growth accelerate since Q1 -- a clear sign that the various initiatives and investments are paying dividends.
Two high-profile Walmart acquisitions will find a home on jet.com

A discount giant is using its newest acquisitions to connect with its millennial shoppers. During an earnings call, Walmart revealed that it’s trendy, upscale Bonobos or ModCloth brands will soon be sold via jet.com. This move highlights how Walmart plans to leverage its Jet division to target the millennial shopper, according to Business Insider.
L Brands tops Q2 estimates but lowers guidance as Victoria’s Secret continues to struggle

L Brands is still being dragged down by its decision to eliminate swimwear and apparel from Victoria's Secret. The company reported a better-than-expected profit of $138.9 million, or earnings per share of 48 cents per share for the quarter, compared with analysts' expectations of 44 cents per share. Revenue totaled $2.76 billion, better than the $2.75 billion analysts had forecast.