The pandemic made “How are you holding up?” an inescapable question. During earnings season, retailers are answering honestly.
Doing just dandy
Household essentials. Walmart reported U.S. comparable sales rose 10% in Q1 as shoppers hoarded groceries and cleaning supplies from its 4,700+ stores. E-comm sales jumped 74% with increased demand for grocery delivery and curbside pickup.
- At rival Target, comp sales jumped 10.8% in Q1.
Home improvement. Fresh motivation to retile the bathroom led to Home Depot’s 7.5% U.S. comp sales bump in Q1, CEO Craig Menear told analysts. But customers aren’t lingering to smell the wood shavings: Average transaction volume rose 11% to $74.70 as shoppers cut out repeat visits.
Not fine at all
👗Apparel retail. Closing stores in mid-March knocked down Kohl’s net sales 43.5% in Q1. CEO Michelle Gass’s response: “I think this is the low point of the year.”
Looking ahead...TJX and Best Buy will report Q1 earnings tomorrow. Expect decreased sales from TJX since the retailer shuttered stores and e-comm for most of March and April.
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