Roughly two months removed from an initial public stock offering, Michaels CEO Chuck Rubin said the company is on track to implement a multi-year strategic plan following the release of second quarter results that showed broad based sales strength and healthy margins.
Fundamental changes in the way DSW serves its footwear customers in an omnichannel world will put significant pressure on profits during the second half of the year, according to president and CEO Mike MacDonald.
Online sales at Best Buy grew 22% in the second quarter to $581 million, but that wasn’t enough to offset weak sales and traffic trends at physical stores or prevent the company from forecasting similar declines in the third and fourth quarters.
In perhaps the most rapid shift in consumer behavior ever witnessed, the number of people who intend to buy something online has doubled from just three years ago, according to Nielsen’s new Global Survey of e-commerce.
Target’s U.S. sales held up reasonably well in the second quarter, but weak results in Canada and expense pressures prompted the company to reduce its full year profit expectations a week after Brian Cornell became chairman and CEO.