On November 19, 2024, it was reported, Consolidated delivered sales of $521 million Up 2% versus prior year Retail segment sales increased 3% Led by independent La-Z-Boy Furniture Galleries acquisitions, new stores, and record Labor Day sales results GAAP and Non-GAAP(1) diluted EPS of $0.71 Delivered sales and Non-GAAP(1) operating margin ahead of guidance Company-owned La-Z-Boy Furniture Galleries network grew by five stores, with three new stores, two newly acquired independent La-Z-Boy Furniture Galleries stores, and an additional two-store acquisition signed and expected to close in the third quarter Quarterly dividend increased to $0.22, 10% higher than the previous dividend
On November 19, 2024, it was reported, Walmart's third quarter consolidated revenue rose 5.5% from a year ago to $169.6 billion, the retailer said Tuesday. Global operating income rose 8.2% to $6.7 billion, up from $6.2 billion year over year. Net sales in the U.S. rose 5% to $114.9 billion, up year over year from $109.4 billion. U.S. comparable sales also rose 5.3%, excluding fuel sales. E-commerce sales rose 27% globally and 22% in the U.S., led in part by store-fulfilled pickup and delivery and the company's marketplace. Consolidated operating income grew 8.2% to $500 million on higher gross margins, growth in membership income and reduced losses in e-commerce. The company raised its full-year guidance and now expects net sales to increase 4.8% to 5.1%, up from a prior forecast of a 3.75% to 4.75% uptick. This was clearly a strong quarter and the changes we've been working on for years are continuing to bear fruit, McMillion said. According to Rainey, the popularity of expedited delivery has resulted in more than 30% of customer orders coming from people who elected to pay a convenience fee to receive their delivery in less than three hours or even less than one hour. Walmart's U.S. marketplace grew 42% in Q3, Rainey said, and the company has now seen more than 30% growth for the last five quarters. The company said the number of sellers on the platform continues to grow by double digits and its marketplace SKU count has nearly reached 700 million items. Additionally, that general merchandise also performed better in Q3, delivering a low single digit gain in comparable sales, is another positive for the quarter, Neil Saunders, managing director of GlobalData, said in emailed comments.
On October 21, 2024, it was reported, Kirkland's Inc., a home dcor and furnishings retailer, has entered into a strategic business relationship with Midvale, Utah-based Beyond Inc., becoming the exclusive brick-and-mortar operator and licensee for smaller format Bed, Bath & Beyond locations nationwide. an initial five "neighborhood format" physical stores will be in the 7,000- to 15,000-square-foot range. There is also a non-exclusive license in the deal for shop-in-shops under the Bed, Bath & Beyond nameplate at yet-to-be-determined Kirkland's locations. Beyond Inc., which owns Bed, Bath & Beyond, Overstock and Zulily, will provide $17 million in debt financing to Kirkland's, which includes an $8.5 million promissory note and an $8.5 million convertible note. A portion of the latter will convert into Kirkland's common stock at a price of $1.85 per share upon approval by Kirkland's shareholders. The loan is being secured by Kirkland's assets and is secondary to an existing loan Kirkland's has with Bank of America. Sullivan added she expects the investment from Beyond to not only be a financial aid, but also a means to introduce Kirkland's to new customers and re-engage core customers across multiple formats. Under terms of the deal, the parties have entered into a subscription agreement in which Beyond will purchase an additional $8 million of Kirkland's common stock at the conversion price upon the approval of Kirkland's shareholders. If Kirkland's issues the full amount of shares under the agreement, Beyond will own up to 40% of Kirkland's common stock.
On August 20, 2024, it was reported, Lowe's Tuesday lowered its full-year guidance after Q2 was hit by unfavorable weather and consumer sentiment. The company expects total sales to land between $82.7 billion and $83.2 billion, down from its previous expectation for $84 billion to $85 billion; comps are expected to fall 3.5% to 4%, worse than the earlier 2% to 3% estimate. The home improvement retailer reported that Q2 net sales fell 5.5% year over year to $23.6 billion, with comps down 5.1%. Gross margin was about flat to last year at 33.5%, and net earnings fell 10.8% to $2.4 billion. The home improvement segment has had some recovery from its late-pandemic downturn. During the disease outbreak many consumers, stuck at home, fixed up their houses and living spaces, but home improvement and furniture sales have stagnated since then. That has eased somewhat, with Placer.ai finding that, so far this year, traffic to both Lowe's and rival Home Depot stores has outpaced 2023 somewhat. Higher interest rates have slowed the housing market, and that has also dampened sales. While the Federal Reserve is widely expected to lower interest rates in coming weeks, the timing of any impact is unclear, Lowe's executives told analysts Tuesday. For now, the housing marketing is expected to remain soft and consumers are likely to remain cautious, particularly when it comes to pricey items like appliances or expensive home improvement projects, according to a Tuesday note from Telsey Advisory Group analysts led by Joseph Feldman. S
