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New York – Love numbers? This week promises a bonanza of them – along with the outlook from several volume home textiles retailers as the Q3 reporting season picks up steam.
Here are some of the key things we’ll be listening for as retail execs walk through what’s happening at their businesses during this week’s investor calls.
Mass market giants. Walmart U.S. CEO John Furner said in late October that the discounter was attracting more trade-down customers, adding that overall consumer spending remained strong. Around the same time, Target CEO Brian Cornell said the retailer had mostly worked through its excess inventories and was expecting a strong holiday. The big question: Are their consumers shifting any spend back to discretionary categories or are they still focused on basics?
Middle market leaders. Kohl’s last week announced that CEO Michelle Gass was heading out the door. But its preview of Q3 results – sales and comps both down roughly 7% – was viewed by Wall Street analysts as a sign of progress. Macy’s chairman and CEO Jeff Gennette recently said special occasion apparel was running hot, while categories like home that were big winners during the pandemic were still lagging. What’s the course of action for Kohl’s while it searches for a new chief? And are Macy’s shoppers still focused on rebuilding their wardrobes rather than refreshing their homes?
Off-pricers. It has been a buyer’s market for off-pricers in a market awash for months with excess goods. In August, TJX Cos. said that even though home had gone relatively soft, merchants were still buying into the segment. The same week, Ross Stores said sales in home were uneven, depending on the category. Its customers were also feeling the brunt of inflation and shopping more cautiously. Has the home business gotten steadier at either retailer?
Here’s the schedule for the Top 50 home textiles retailers that will be reporting this week:
- Tuesday, Nov. 15: Walmart, Home Depot
- Wednesday, Nov. 16: Target, TJX Cos., Lowe’s
- Thursday, Nov. 17: Macy’s, Kohl’s Ross Stores, Williams Sonoma Inc.
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