Retail News

Sears Holdings

On November 3, Sears Holdings announced it is closing another 63 stores (45 Kmart and 18 Sears) in January. This is in addition to the 330 stores closed in the first nine months of the year and the 28 Kmart locations expected to be shuttered after the holidays. Including these locations, by the end of 2017 the Company will have closed 30% of its Sears locations and 59% of its Kmart locations since 2010.

Click here for a complimentary geocoded list of the Sears/Kmart store closings.

Southeastern Grocers

Yestderday, Moody’s downgraded Southeastern Grocers subsidiary BI-LO Holding Finance, LLC's Corporate Family Rating to Caa1 from B3 and probability of default rating to Ca-PD from B3-PD. Moody's also downgraded the rating of BI-LO Holding Finance, LLC's PIK Notes to Ca from Caa2. BI-LO, LLC's, Southeastern Grocer’s operating subsidiary, senior secured notes were also downgraded from Caa1 from B3. The rating outlook is negative. Moody’s indicated there was about $284.0 million drawn under the revolver. BI-LO Holding Finance, LLC, the issuer of the PIK Notes, is a subsidiary of Southeastern Grocers, but also the parent of the operating subsidiary BI-LO, LLC. In 2013, when the Company was considering an initial public offering, it was disclosed that the PIK Notes were not guaranteed by any of its subsidiaries. As a result, the PIK Notes were structurally subordinated to obligations of its subsidiaries. However, the PIK Notes may have received future guarantees. The senior secured notes and the credit facility were issued by the operating company, BI-LO LLC. In its downgrade, Moody’s noted that the high refinancing risk, the current unsustainable capital structure and the weak liquidity primarily due to the significant debt maturities increases the probability of a distressed exchange. Moody’s also noted the Company has demonstrated improvement in EBITDA and credit metrics. However, trailing twelve month sales declined to $10.10 billion for the period ended July 12, 2017, compared to $10.40 billion for fiscal 2016. The Company has also been closing stores, with about 30 closed year-to-date; it currently operates 704 stores.

Albertsons

Albertsons’ Jewel-Osco division recently launched its own delivery service for most Chicago, IL metro area residents. Customers have the option of ordering groceries online for a delivery fee ranging from $0.95 to $9.95. Unlike competitors Mariano’s and Meijer that partner with third-party services, Jewel is handling order fulfillment and delivery itself. However, Jewel shoppers will continue to have the option to use Instacart. Albertsons, which trails many of its competitors in e-commerce sales, has increased its investment in digital and online offerings. In addition to Jewel’s delivery service, the Company is expanding click-and-collect services to the other half of its stores that don’t yet offer delivery.

As previously disclosed, on September 25 certain subsidiaries of Albertsons Companies agreed to sell 71 of the Company’s properties for approximately $720.0 million. On October 31 the Company completed the transaction and entered into lease agreements for each of the properties.

Hudson's Bay Company

On November 1, Hudson’s Bay Company said it received an “incomplete, non-binding and unsolicited” offer with “no evidence of financing” from Signa Holding to acquire its German department store operation, Galeria Kaufhof, and other real estate assets. Signa, which owns Kaufhof’s competitor, Karstadt, previously attempted to buy Kaufhof in 2015, but was outbid by Hudson’s Bay in a $3.90 billion deal. As part of that deal, HBC acquired 103 Kaufhof stores and its Belgian subsidiary, Inno. The Company’s board said it will review the €3.00 billion Signa offer, which it said has many assumptions, conditions, and contingencies. Activist investor Land & Buildings Investment Management LLC is urging the Company to seriously consider the bid. In late October, HBC announced it would sell its flagship Lord & Taylor location in Manhattan, NY to WeWork Cos. in a $1.00 billion deal that also included converting the top two floors of the Hudson’s Bay store in Toronto, ON, Canada into office space.

In other news, yesterday HBC named Milton Pappas as chief marketing officer. Mr. Pappas joined the Company last year as SVP of digital marketing and has served as interim chief marketing officer since June.

Hy-Vee

Hy-Vee is delaying its timeline on the potential construction of a new distribution center in Austin, MN. Preliminary plans had construction beginning in 2019, but the Company said it will now evaluate the need for a third distribution center “within the next several years.” Hy-Vee currently operates distribution centers in Cherokee and Chariton, IA. The decision to delay the Austin project comes after an announcement in September that the Company was exploring plans to build a distribution center on a 150-acre site north of Interstate 90; the Company does not own the property. When announced, the project was praised by Austin city officials, but public reaction was mixed. The Company noted the decision was not motivated by public opposition but rather its focus on plans to launch a series of smaller-format stores called “Hy-Vee Fast & Fresh.” The Company expects to break ground on two such stores in Altoona and Des Moines, IA in the near future. The Fast and Fresh stores are around 10,000 square feet and offer grocery items, freshly prepared foods and a coffee shop. Additionally, Hy-Vee plans to explore the development of stores that are larger than its existing 90,000 square-foot stores to complement the smaller-format locations. Hy-Vee has several major construction projects currently underway, including a 240,000 square-foot production facility in Ankeny, IA, which will serve as a commissary and central bakery; and a 48,000 square-foot production facility located adjacent to its distribution center in Chariton, IA, which will produce fresh cut, retail-ready fruits and vegetables. The Company also has plans for new fulfillment centers in Kansas City, the Twin Cities and Omaha in the next few years. A Hy-Vee spokesperson emphasized that while planning for the distribution center in Austin is on hold, it doesn’t mean the project is off the table, and it hopes to address the concerns of residents when the distribution center proposal is revisited.

In other news, Hy-Vee plans to change Market Grilles in five Cedar Rapids and Iowa City stores to the Company’s Market Grille Express. Instead of the full-service restaurant style of existing Market Grilles, the Express concept will have customers order meals from a pay station, and offer a more casual self-service restaurant environment.

Lastly, the Company opened its eighth Twin Cities store today, in Shakopee, MN. It expects to open one more metro-area store, in Robbinsdale, next fall, after which it will slow the growth of large stores in the Twin Cities market.

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Publix

Publix reported third quarter sales growth of 6.1% to $8.59 billion, while comps increased 4.3%. The Company estimated sales increased 3.1% due to the impact of Hurricane Irma. Net earnings were up 12.8% to $474.9 million, with profit on the incremental sales from Hurricane Irma more than offsetting inventory losses due to power outages and other additional expenses. For the year-to date period, sales increased 3% to $25.82 billion, comps rose 1.2%, and net earnings were up 3% to $1.53 billion.

Effective November 1, Publix’s stock price increased from $36.05 per share to $36.85 per share. Publix stock is not publicly traded and is available for sale only to current Publix associates and members of its board.

Separately, Publix plans to open a 45,600 square-foot store on the ground floor of a new 400-unit apartment building in Raleigh, NC. When it opens in 2020, it will be the first grocery store in downtown Raleigh.

Big 5 Sporting Goods

Big 5 Sporting Goods reported third quarter sales were down 3.1% to $270.5 million, and comps were down 2.9%. In its conference call, management attributed the comp weakness to lapping last year’s benefit of almost 200 competitive store closures in its markets; it now faces the re-opening of some of these units. About 10% of the previously closed Sports Authority locations have now reopened as Dick’s stores in the Company’s market area. Operating income fell 25.2% to $10.2 million, reflecting the sales decrease as well as a 100 basis point decrease in EBITDA margin, due to SG&A margin deterioration. During the third quarter, the Company closed one store, ending with 432 stores in operation, unchanged from last year. The Company anticipates opening three stores in the fourth quarter, and it projects comps to be down in the low single-digit range, compared to a comp increase of 3.1% last year.

Lumber Liquidators

Lumber Liquidators reported third quarter sales increased 5.4% to $257.2 million, driven by 3% growth in comps and seven store openings. Growth in comps was the result of a 3% increase in average ticket and a 0.8% uptick in traffic. Gross margin improved 460 basis points to 36%, reflecting a higher mix of vinyl products, which typically carry higher margins. As a result, EBITDA margin grew 700 basis points to 4.1%. Although the Company still operates at a TTM cash burn of $2.3 million, this represents a large improvement from the $46.3 million in cash burn for the prior comparable period.

Sprouts Farmers Market

Sprouts reported third quarter sales increased 16.4% to $1.21 billion, driven by a 4.6% increase in comps and strong performance in new stores opened. During the quarter, Sprouts opened eight new stores: one each in Arizona and Florida, and two each in California, Nevada and Tennessee. Three additional stores have been opened in the fourth quarter so far, resulting in 32 new stores opened year-to-date for a total of 285 stores in 15 states as of November 2. Net income was up nearly 32% to $31.5 million driven by higher sales and margins, fewer shares outstanding due to share repurchases, and a lower effective tax rate. For the year-to-date period, sales increased 15% to $3.52 billion, comps rose 2.4%, and net income increased 10.7% to $118.7 million.

Looking ahead at fiscal 2017, Sprouts raised its guidance and now expects sales growth of 14.5% – 15%, up from prior guidance of 13% – 14%; comp growth of 2.5% – 3%, up from 1.5% – 2%; EPS of $0.98 – $0.99, up from $0.88 – $0.92; and capex of $170.0 million, up from $155.0 million – $165.0 million.

In a subsequent conference call with analysts, the Company said that systems and infrastructure investments will allow Sprouts to grow margin and make price investments. In 2018, Sprouts will launch a new digital and social platform for customers and add tools to manage labor and freshness. Sprouts also said it will increase delivery services; it currently partners with Amazon in eight cities and hopes to continue to expand to more cities in the coming year.

Weis Markets

Weis reported third quarter sales growth of 15% to $854.3 million, while comps rose 1.5%. Net income fell 58.1% to $4.4 million, which the Company attributed to its aggressive promotional and pricing programs; price deflation in produce, deli and food service, bakery and seafood; and inventory management challenges in some of its recently acquired stores. For the year-to-date period, sales increased 16.8% to $2.58 billion, comps rose 1.6%, and net income fell 24.5% to $34.8 million.

On the earnings news, the share price was down more than 20%.

Lidl

Lidl plans to open its first store in New Jersey on November 16 in Vineland. It is one of the Company’s first locations beyond the Southeast. The Company will open several other locations on November 16, including Winston-Salem, NC; Raleigh, NC; and Virginia Beach, VA. Lidl is also reportedly developing stores in at least six New Jersey counties, including Atlantic, Burlington, Camden, Cumberland, Gloucester and Monmouth.

Meanwhile, starting November 2, Lidl began rolling out premium seasonal products. Every Thursday and Monday, Lidl brings in 200-plus premium food and wine products, and more than 300 holiday decorations and gift items.

Wegmans

On Sunday, Wegmans opened a new store in Medford, MA, its fifth in the state. The 120,000 square-foot supermarket features a Burger Bar, Pizza Shop and a Market Café, with indoor and outdoor seating for 200 customers.

Meanwhile, after nearly four years of remodeling and expansion work at its store in Webster, NY, the Company will unveil the upgrades this Saturday. New elements include a pizza shop and expanded prepared foods sections.

Wegmans operates 94 stores in New York, Pennsylvania, New Jersey, Virginia, Maryland and Massachusetts.

Mills Fleet Farm

Over the summer, Mills Fleet Farm announced aggressive expansion plans, calling for growth that will double its store count over the next five years. The Company currently operates 37 stores in Minnesota, Wisconsin, Iowa and North Dakota; the most recent opening occurred in Monticello, MN in August 2017. Another five new stores are currently under construction in Oconomowoc, Eau Claire, Delavan and DeForest, WI, and Sioux City, IA. These stores will be about 145,000 square feet, smaller than the Company’s existing 200,000+ square-foot megastores. No opening dates have been announced yet. The store that opened in Monticello is 120,000 square feet. Management indicated that the new stores will operate more efficiently with less square footage, without downsizing or eliminating product categories. Instead, the stores will use less storage space for back stock, as a new distribution center opening next year in Chippewa Falls, WI will allow goods to flow more quickly to stores.

Ace Hardware

Ace Hardware’s largest member, Westlake Ace Hardware, acquired a seven-store operation in the Chicago, IL area from Buikema’s Ace Hardware. The acquisition will be finalized on January 2, 2018. Westlake has grown significantly in recent years through several acquisitions. In September, it added six stores in North Carolina with the acquisition of Outer Banks Ace Hardware, and it also opened or acquired stores in Wichita, KS, Princeton, TX, and Omaha, NE (two). With the latest stores acquired, the Company will operate 115 retail locations in Illinois, Iowa, Kansas, Missouri, Nebraska, North Carolina, Oklahoma, Texas and New Mexico.

Gelson's Markets

On November 16, Arden Group’s Gelson’s Markets will open a new store in Rancho Mission Viejo, CA, its sixth store in Orange County. Unique offerings include personalized breakfast selections, a Wolfgang Puck Build-Your-Own-Pizza counter, as well as additional prepared food options. The Company also has plans to open stores in Manhattan Beach (November 2018), and a second location in Hollywood (TBD). With its newest store, Gelson’s operates 27 grocery stores in southern California.

Meanwhile, Gelson’s announced former chairman and CEO of Roundy’s, Bob Mariano, has joined the Company’s board.

Big Y Foods

Big Y Foods reopened two renovated stores on November 2, in Kingston and Norwell, MA. The Company spent more than $5.4 million on the renovations, which included the addition of Big Y Pizza shops and expanded prepared food offerings along with self-scan registers.

Boot Barn

Boot Barn Holdings reported second quarter sales increased 6.8% to $143.1 million driven by a comp increase of 1.8%, 10 net store openings during the year and incremental sales from the recently acquired Country Outfitters website. Additionally, management noted that e-commerce sales grew in the double digits in bootbarn.com; e-commerce is estimated to be 18% of the Company’s total business. Stronger sales along with better merchandise margins helped gross margin expand 190 basis points, which offset the 180 basis points increase in SG&A margin as a result of higher payroll cost and expenses associated with new and acquired stores. From the above, EBITDA increased 9.2% to $10.3 million and TTM EBITDA margin improved 10 basis points to 9.4%. It appears that the Company’s new initiative of increasing its private brand portfolio (Cody James, Shyanne, and Moonshine Spirit) has been paying off as margins continue to expand and the Company’s TTM interest coverage ratio improved slightly from the prior quarter to 4.04x.

Cato/The Buckle/L Brands/Zumiez

On November 2, The Cato Corporation, The Buckle, L Brands and Zumiez reported their October 2017 comps. Overall, weaker foot traffic continues to impact Cato and Buckle; L Brands saw its top line recover and Zumiez continues to outperform the peer group through better merchandising and addressing consumer preferences. Cato’s CEO, John Cato, stated, “Consistent with our previous releases, severe pressure on merchandise margins and profitability persists as we continue to work through our merchandise missteps. Although October same store sales are better than the current year trend, our two year same store sales comparisons remain below expectations. Consequently, we expect our full year earnings to be significantly below last year." L Brands’ chief investor relations officer Amie Preston, noted, “Victoria's Secret October comparable sales were up 1%, as growth in the PINK and beauty business was partially offset by about a 2-point impact of the exiting swim and apparel, and a decline in the lingerie business. In November, we will focus on our Dream Angels collection and holiday apparel in the PINK business…we expect November total Company comps to be about flat. The exit of swim and apparel negatively impacts total Company comps in November by about 1 point.” Zumiez CFO Christopher Work said, “The increase in comparable sales for the four weeks ended October 28, 2017 was driven primarily by an increase in comparable transactions, partially offset by a decrease in dollars per transaction. During the 4-week period, men's and juniors posted positive comps, while footwear, accessories and hardgoods posted negative comps.”

Dunkin Brands

According to published reports, there is speculation mounting that JAB Holding Company, the parent of Krispy Kreme Doughnuts, could acquire Dunkin’ Brands. JAB also owns Panera Bread and Keurig Green Mountain.

Ruth's Hospitality Group

Ruth’s Hospitality Group announced the acquisition of six Hawaii Ruth’s Chris Steak House locations from long-time franchise partner Desert Island Restaurants. Financial terms of the transaction, expected to close by the end of 1Q18, were not disclosed.

Rent-A-Center

On November 3, Vintage Capital Management submitted an offer to acquire Rent-A-Center for $13 per share in an all cash transaction valued at $690.0 million. The offer came just days after the Company’s board announced plans to explore strategic and financial alternatives to enhance shareholder value, which prompted Chairman Steven Pepper to step down on October 31 due to his disagreement with the decision. It is important to note that Vintage Capital offered the Company $15 per share during the second quarter; however, the offer was rejected by management. Two other buyout groups, HIG Capital and Lone Star Funds, have also previously made unsuccessful offers. Vintage’s current portfolio consists of Buddy’s Home Furnishings, which is another rent-to-own business similar to Rent-A-Center; Vintage’s previous experience in the rent-to-own industry includes Aaron’s and Ace Rentals. Rent-A-Center confirmed that it received a proposal from Vintage, and its board, in consultation with its financial and legal advisors, will review and consider the proposal in addition to a “full range of options” to maximize stockholder value.

Starbucks

Starbucks reported fourth quarter revenues decreased slightly to $5.70 billion. Excluding $412.4 million for the extra week in Q416, revenues grew 8%. Global comps increased 2%, driven by a 2% increase in average ticket and a 1% increase in transactions; comps were up 3% excluding the impact from Hurricanes Harvey and Irma. U.S. comps increased 2%; excluding the impact from Hurricanes Harvey and Irma, U.S. comps increased 3%, driven by a 1% increase in transactions. China/Asia Pacific (CAP) comps increased 2%; China comps rose 8%, driven by a 7% increase in transactions. Quarterly net income declined 1.6% to $788.5 million. During the quarter, the Company opened 603 net new stores globally, bringing the total store count to 27,339 across 75 countries. For fiscal 2017, revenue rose 5% to $22.39 billion. Global comps increased 3%, comprised of a 3% increase in the U.S. segment and a 3% increase in the CAP segment. U.S. comps increased 3%.

For fiscal 2018, the Company expects consolidated comp growth of 2%, consisting of 3% growth in the U.S., and 2% growth in CAP. Starbucks revised down its long-term guidance and now expects comp growth of 3% – 5% and EPS growth of 12% or greater, compared to previous expectations of mid-single-digit comp growth and 15% – 20% EPS growth. Starbucks also announced that it will distribute approximately $15.00 billion to shareholders over the next three years through a combination of dividends and share repurchases that will be partially funded with additional debt.

Meanwhile, Unilever and Starbucks announced the entry into a definitive agreement for Unilever to acquire the assets of the TAZO brand, including TAZO’s signature recipes, intellectual property and inventory for $384.0 million. In turn, Starbucks will drive a single tea brand strategy and focus on its super premium tea brand, Teavana.

Cinemark

Cinemark Holdings reported third quarter sales decreased 7.5% to $710.7 million on lower admissions and concession revenues as a result of a weaker box office slate. Admissions revenues were down 10% to $425.1 million, and concession revenues were down 5.5% to $247.1 million; other revenues increased 12.4% to $38.6 million. As a result of the weaker top line results, profit fell 41.9% to $38.1 million. CEO Mark Zoradi stated, “We are pleased to yet again deliver consistent results, despite the weaker consumer appeal of this summer’s film content, and we remain enthusiastic about the long-term prospects of our industry and film line-up for the remainder of 2017 and beyond.” As of September 30, the Company ran 529 theaters with 5,957 screens; the Company has signed commitments to open two new theatres with 16 screens by the end of 2017, and 17 new theatres with 140 screens subsequent to 2017. The Company also unveiled plans to open its first virtual reality theater in its flagship Dallas, TX venue during the first half of 2018, to be located in the theater lobby. The installation, in partnership with The Void, is meant to entice users either “on impulse” or in combination with a movie viewing experience. The Void already operates virtual reality theaters in New York City and Toronto.

The Cheesecake Factory

The Cheesecake Factory reported a revenue decline of 0.8% to $555.4 million. Comps declined 2.3%, including an approximately 0.8% negative impact from Hurricanes Harvey, Irma and Maria. Excluding this weather impact, comps declined 1.5%. Net income was down 23.5% to $26.4 million. The Company continues to expect to open eight Company-owned restaurants and four under licensing agreements internationally in fiscal 2017.

Denny's Corporation

Denny’s third quarter revenue increased 3.1% to $132.4 million, primarily due to more stores and 0.6% comp growth. Franchise and licensing revenue was down 2.3% to $34.5 million, as an increase in royalty sales was offset by lower occupancy sales due to scheduled lease terminations and a reduction in initial fees from fewer restaurant openings. Net income fell 4.1% to $9.3 million.

On October 31, the Company announced the refinancing of its existing $325.0 million credit facility with a new five-year $400.0 million senior secured revolving credit facility.

Looking ahead at fiscal 2017, the Company expects comp growth of flat – 2%, and adjusted EBITDA of $101.0 million – $103.0 million. It now expects 40 – 45 new restaurant openings, down from previous guidance of 45 – 50.

Amazon

According published reports, Amazon will shut down its AmazonFresh grocery delivery service for Prime members, in up to five metro areas around the country. Customers in some areas of New Jersey, Pennsylvania, Delaware, Maryland, and California received e-mails to notify them of the change, and the Company reportedly confirmed that Fresh will cease to service some parts of these states. However, Amazon Fresh will continue to serve areas of major cities including Los Angeles and Philadelphia. Amazon has said that the shutdown is unrelated to the recent Whole Foods acquisition. However, for a Company with a laser focus on revenue growth and not necessarily profit, this about face throws a pretty big question mark into the unit’s performance and future expansion, despite the Company’s comments otherwise.

In other news Amazon Books plans to open a new store in Atlanta, GA, as the Company slowly expands its brick-and-mortar concept. The 5,000 square- foot store will be the first in the Southeast. The first Amazon Books opened in Seattle in 2015 and was followed by 10 more. The Company reportedly has plans for as many as 400 more locations.

The expansion comes amid an intense battle for the Company’s $5.00 billion, 50,000-job second headquarters, in which metro Atlanta is competing, and according to Las Vegas odds may be the current favorite.

Meanwhile, Amazon has been quietly operating in two Atlanta locations including 25,000 square-foot and 50,000 square-foot facilities. Furthermore, Amazon announced last week that it plans to open a warehouse in Bibb County.

Amazon is reportedly reducing the fees it charges companies that sell low-priced, shelf-stable grocery items on its website. It is said to be cutting the fee from 15% of the sale price to 8% for grocery items priced less than $15. The price reduction will reportedly be in place for at least a year. The move could be an effort on the part of Amazon to be more competitive against rival Walmart, which charges sellers 15% of the sale price for products sold through its online marketplace, and its Jet.com subsidiary, which charges 10% for most non-gourmet grocery products.

Along the same lines, for the first time Amazon is reportedly cutting the prices of third-party seller items at its own expense to be more competitive with other online sites. The “discount provided by Amazon” program allows Amazon to sell the products at lower prices while still giving full price to the sellers. The discounts are less than 10%, and appear to only be applied for sellers that use Amazon’s fulfillment service. Amazon rolled out the discounts just in time for the holidays.

Bloomin' Brands

Bloomin’ Brands reported a third quarter sales decline of 5.6% to $948.9 million, primarily due to international and domestic refranchising, and the net impact of restaurant closings and new restaurant openings, partially offset by an increase in franchise and other revenues. Combined U.S. comps were down 1%, including 0.6% growth at Outback Steakhouse and declines of 2.8% at Carrabba’s Italian Grill, 4.3% at Bonefish Grill and 1% at Fleming’s Prime Steakhouse & Wine Bar. Internationally, comps rose 4.8% at Outback Steakhouse – Brazil. Lost operating days from Hurricanes Harvey and Irma had an estimated 1% negative impact on third quarter combined U.S. comps. Net income was $4.3 million down from $20.7 million last year. Operating margin was 13.3%, compared to 14.4% last year, primarily due to higher labor costs, unfavorable seafood and dairy costs, operating expense inflation and higher net rent expense due to the sale-leaseback of certain properties.

Bloomin’ Brands lowered its fiscal 2017 EPS guidance to $1.09 – $1.14, compared to prior guidance of $1.34 – $1.41, primarily due to the negative impact of the hurricanes and higher commodity expenses than planned.

CVS Health

CVS Health released earnings for its third quarter ended September 30, which included revenue growth of 3.5%. Total comps fell 3.2%, including a decrease of 3.4% in pharmacy and a 2.8% decline in the front-end. CVS Health also reported a $55.0 million impact from the summer’s hurricanes. The costs were primarily related to covering insurance deductibles. The Company said that over the course of the quarter, it closed 925 of its stores for some period of time, with 11 stores still closed.

CVS announced plans to bulk up its delivery service, offering next-day prescription delivery nationwide beginning in early 2018. Select cities will also offer same-day delivery within hours, including all locations in Manhattan beginning December 4. Same-day delivery will expand to Miami, Boston, Philadelphia, Washington, DC and San Francisco in early 2018. CVS also continues to expand its partnership with Instacart for delivery of front store products, including food, beauty products and over-the-counter medications, with plans to expand the service to reach 50% of U.S. households by year end. CVS Curbside, is also available in some locations coast-to-coast.

PriceSmart

PriceSmart’s October sales increased 2.0% to $246.8 million and comps rose 1%. The Company opened a new store in Santa Ana Costa Rica during the month, bringing its store count to 40.

Costco

Costco reported October sales growth of 10.1% to $10.02 billion. Comps, excluding gas prices and the impact from foreign exchange, increased 5.6% Company-wide, including growth of 5.9% in the U.S., 2.8% in Canada and 7.4% in Other International. e-Commerce comps rose 31%. For the eight-week period, sales were up 11.3% to $19.87 billion and total comps were 8.3%. e-Commerce comps increased 32.2%.