Here are some interesting stories from the world of retail for Thursday, 21 August: 🎯 Target has named veteran Michael Fiddelke as its next chief executive officer, betting that the insider will revive the storied retailer struggling with weak sales. Shares fell on the news. 🛠️ Lowe's beat Wall Street’s earning expectations on Wednesday as demand for home projects picked up during the quarter, but homeowners’ appetite for bigger projects remained softer. Comparable sales rose 1.1%. 👗 TJX reported earnings and revenue that beat Wall Street’s expectations and raised its full-year guidance, as it assumes it can offset higher costs from tariffs. Net sales came in at $14.40 billion, up 7%. 📉 Target reported another drop in quarterly sales and a steep decline in profits Wednesday. Total sales fell 1.9%, even with a boost from online orders. Same-store sales fell more than 3%. 👰🏽♀️ David's Bridal has launched on Shopify in the US and Canada. David's has integrated with Shopify to lead a new era in bridal, special occasion and everyday fashion. 👖 Guess will transition to a private company. It will be acquired by Authentic Brands Group, which will acquire 51% of Guess's intellectual property. The transaction is expected to close in the fourth quarter of 2026. 🎄 Mixed sales and profit forecasts from major US retailers have prompted investors to question if this year's crucial holiday season will yield the windfall typically associated with a year-end shopping surge. 🏬 Ace Hardware Corporation has opened 100 new stores so far this year, and is on pace to open more than 175 new locations by the end of 2025. It operates almost 5,200 retail stores in the United States. 🚫 Bed Bath & Beyond has issued a statement from executive chairman Marcus Lemonis explaining the company’s decision to not open or operate stores in California, although online delivery will be available there. 👕 FatFace, the UK-based clothing chain, will close 23 stores in the United States and Canada due to economic uncertainty and rising costs. The closures will affect 145 jobs. 🏪 Seven & i Holdings' market value dipped below Aeon for the first time in two decades, as shares in the operator of 7-Eleven stores languish after Alimentation Couche-Tard abandoned its bid for the company. 🧱 Lowe’s is buying Foundation Building Materials, a distributor of drywall, insulation and other products, for approximately $8.8 billion as it intensifies its focus on professional builders. 💄 Estée Lauder said it would cut inventory and promotions to help mitigate rising costs, after the luxury cosmetic maker warned that a $100 million hit from tariffs would weigh on its annual profit forecast. 🧴 Coty shares fell after forecasting steep sales declines will continue as retailers clear out existing inventory and consumer demand remains tepid in the face of an uncertain economic outlook. #retail #retailnews #economy #DailyRetailNews
Darren Cremins
3mo
One thing retail keeps showing us is that adaptation is key to staying strong.
Linda Voracek
3mo
Great insights - thanks for sharing Neil Saunders.
What's the latest trend? Is it still working to appoint CFO and COO as CEO of the organisation? Do they help to turnaround organisation and division? Some cases it might work and others not. Do they have the operational and store experience to lead company to double and triple digits growth? To tackle the challenges? To improve store and customers experience. Customer can't wait until they sort out their stores and operational challenges. They will just shop elsewhere or where they are treated better, listened to, appreciated, etc