Kendrick made it back into the rotation. Enjoy GKMC while reading the top retail news of the day:
Kroger to enter Oklahoma without stores
Oklahoma is the second state Kroger moves into with Ocado and no stores. Kroger plans to set up a “spoke” fulfillment center for Online stores. The “hub” is 200 miles away in the Dallas Central Fulfillment Center.
“We’re excited to extend the Kroger fulfillment network to Oklahoma City, a new geography for our operation and an integral part of our strategy to achieve the doubling of our digital sales and profitability rate by the end of 2023,” Gabriel Arreaga, senior vice president and chief supply chain officer at Kroger, said in a statement.
IRI and BCG list CPG Growth Leaders
Released Wednesday, the 10th annual report has some great insight into the CPG industry. A few highlights included: 2021 US CPG sales growth of +2.7% was driven by increased pricing, inflation, and reduced promotions. Volume decreased by ~2%. Large CPGs pulled pricing lever to gain market share for the first time in over five years. Red Bull had the highest growth among large companies (+20%), followed by P&G, Constellation, Unilever, Hershey, and Reckitt.
Shopify shares sink 18% after lacklustre 2022 forecast
Expecting revenue growth to be lower than last year (for reference, 57%), Spotify shares are hurting. Down 50% over the past year, they aren’t quite seeing the same growth as full-tilt pandemic era. It’s not really surprising. They had strong Q4 results; revenue beat exception of $1.38B (vs $1.34B expectations) and the number of merchants was double that of 2019.
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