Retail News

Walmart saw total revenue improve to $187.9 billion for Q2, up 5.9% from the same time frame last year (at $177.4 billion). However, U.S. comp sales missed Wall Street projections, rising 2.6% YoY versus the 3.7%-3.8% expected (more).

Ross Stores delivered a very strong second-quarter report card, with EPS coming in at $2.66 versus $1.56 in the year-prior period. Sales improved by 13% to $6.26 billion, and same-store sales trended upward by 10%. “Our performance was fueled by our compelling merchandise offerings, engaging marketing initiatives, and continued enhancements to the in-store experience,” said CEO Jim Conroy (more).

Shein is targeting its Hong Kong IPO with an upper-range valuation of ~$27 billion, a figure down significantly from its 2022 valuation of $98.2 billion. Profitability pressures, natural slowdown of its once-rapid growth, and other headwinds could be to blame (more).

The U.S. national debt has been notched at $40 trillion and rising, a new record, with about $7 billion being added to the total on a daily basis. “Unsustainable borrowing on this scale has huge repercussions throughout the economy, straining efforts to address affordability and risking a dangerous debt spiral if lawmakers don’t act,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget (more).

Columbia House, famous for its ads promising 12 CDs for a penny and similar deals on cassettes or records, will soon be ceasing operations. Reports suggest it had been making as much as $1.4 billion in revenue at its peak in the mid-1990s (more).

A recent survey indicates that the brands scoring highest marks with Gen Z shoppers are Apple, Nike, Costco, Adidas, Samsung, Amazon, Lululemon, and CeraVe. Starbucks, Uniqlo, Dove, and Walmart followed close behind in the Rival Technologies poll (more).

American companies such as General Motors, Nike, and Starbucks are losing a significant amount of ground in the Chinese market due to local competition, a struggle to attain cultural relevance, and broader geopolitical concerns (more).

Amazon has committed $500 million toward cloud and AI training for university students under a new program titled Student Rewards, via AWS Builder Center. Verified students gain access to credits, premium content, and certification vouchers (more).

Walmart raised its full-year guidance as a strong second-quarter report card saw results which topped Wall Street projections. In addition, Walmart is using its roughly ~$2.9 billion in tariff rebates largely to lower prices for consumers, with the impact of that move likely being felt throughout Q3 (more).

Costco is partnering with nonprofit insurer SCAN Group to offer private medicare plans to customers across a number of states — so far, planning Medicare Advantage plans in two states and a Medicare supplemental plan in a third. “We’re trying to create a win-win − something that was going to be good for seniors, good for SCAN and good for Costco,” SCAN Group and SCAN Health Plan CEO Sachin H. Jain said (more).