In today’s top retail news: Consumers’ concerns about inflation and supply shortages are causing some to start their holiday shopping before the kids are back at school, while strong demand and low supply in the second quarter helped Foot Locker sell shoes and apparel without having to discount heavily. Also, Ross Stores executives are seeing more supply chain problems as the COVID-19 Delta variant spreads, and couples are increasingly asking for experiences rather than products to celebrate their nuptials.
With supply chain constraints still making headlines and rising inflation an increasing concern, consumers have been primed to think about kicking off their holiday shopping early this year. However, Nikki Baird, vice president of retail innovation at Aptos, told PYMNTS that even if consumers are shopping for the holidays earlier, that likely doesn’t mean they’re spending more, as budgets are driven more by where people are economically.
During the fiscal quarter that ended July 31, Foot Locker Inc. benefited from strong demand and relatively low supplies of products, enabling the supplier of athletic shoes and apparel to maintain sales without having to discount heavily, a top executive with the company said in its recent earnings announcement. New York-based Foot Locker reported net income of $430 million, or $4.09 a share, on revenue of $2.28 billion for the quarter ending July 31.
Executives at Ross Stores, the parent of Ross Dress for Less and dd’s DISCOUNTS apparel and home goods stores, are concerned that a global supply chain crunch driven by the COVID-19 Delta variant could deliver a hit to upcoming earnings, even as the company reported what executives said were strong second-quarter results. CEO Barbara Rentler noted that there is “plenty of supply,” but also said that industry-wide problems could present opportunities.
After months of watching the world from the comfort of their couches, couples are looking for more than just a china set, KitchenAid mixer or new vacuum — they want to socialize, travel and celebrate with loved ones, according to Jeremy Liebowitz, executive vice president of eCommerce at The Knot. To meet this need, The Knot recently added over 600 new experiences across 29 U.S. states to its registry store, including sunset cruises, Segway tours and classes. Liebowitz said the date night experiences are among the most popular offerings, especially in Seattle, San Francisco and Chicago.