News

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.   

Amazon is getting ready to introduce its same-day delivery service in its 10th country.   Canada will be the newest country to offer Amazon Prime Now’s free two-hour delivery service. The online giant reportedly plans to pilot the program in Vancouver. Based on positive results, Amazon will expand the service to other Canadian cities throughout 2018, according to Nasdaq.  

Brick-and-mortar stores are crucial to supporting a retailer's e-commerce growth.  

At Home Group is on a roll — and then some.    The fast-growing, value home decor retailer on Tuesday reported its 14th consecutive quarter of same-store sales increases and 13th consecutive quarter of over 20% net sales growth.   In the second quarter ended July 29, At Home's net sales increased 23.2% to $232.1 million, from $188.4 million in the year-ago period.   Analysts had expected sales of $227.1 million. Same-store sales rose 7.8%.  

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.  

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.   

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%.  

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.  

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.  

Walmart is significantly expanding its Hurricane Harvey relief efforts.    Walmart and the Walmart Foundation announced they have committed up to $20 million in support of relief efforts in response to the severe weather impacting the Gulf region. This is an increase from the retailer's previously announced $1 million of in-kind donations for immediate relief.