Target makes Thanksgiving Day store closing permanent.
Target is making a COVID practice (and really, pre-pandemic trend) permanent. With “Black Friday” turning from a day into weeks, pickup / delivery becoming more common, and the labor shortage, Target likely won’t be the last retailer to announce something like this.
Dollar Tree posts Q3 earnings and rolling out $1.25 price point.
Net sales up +3.9% ($6.42B), ID store sales up +1.6%, net income was $216.8M. With the release, they are adding the Dollar Tree Stores price point to $1.25 to all stores. The strategic decision behind it is to increase assortment, which is limited and especially so in the current inflation and supply chain constrained environment.
Amazon wins biggest share of Google results.
Within the categories of Apparel (#1), Beauty (#1), and Furniture (#3) categories, Amazon is winning in organic search. Search is activity is higher than before the pandemic as well. Searchmetrics, the firm behind the research, points to informational content, content for when customers are researching options, is an opportunity area to win against Amazon.
Best Buy posts Q3 2022 earnings beat; stock down.
Net sales were $11.9B (slight increase), Same-store sales +2%, revenue was $11.9B (vs 11.6B expected). They rose their yearly forecast slightly as a result. However, shares were down -12.3% with concerns over continued growth post-pandemic. Best Buy is moving forward with a loyalty program, additional advertising, and health care product / service expansion.
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