Discover more from Cedar Grove Capital Management
Consumer & Retail Report #7: 8/21 Recap
Summary of the Week in Consumer and Retail
Welcome to our Consumer and Retail recap where we share noteworthy headlines, updates, and insights. Never spam.
Table of Contents:
Carnival (CCL) updates COVID protocols, no testing for vaccinated guests (Release)
Starbucks (SBUX) asks labor board to halt union votes temporarily (AP)
Walmart (WMT) to offer Paramount+ streaming at no cost (Press Release)
Electronic Arts (EA) authorizes a new program to repurchase up to $2.6 bln shares of its common stock (Street Insider)
Apple (AAPL) will make Apple Watch in Vietnam (Nikke)
Amazon (AMZN) warehouse workers in Albany, NY filed a petition to hold a union election (Bloomberg)
Home Depot (HD) authorizes a new $15 bln share repurchase program, replacing its previous authorization (Morningstar)
Madison Square Garden (MSGE) Board of Directors approves exploration of potential spin-off (Businesswire)
Cineworld Group Plc (CNWGY), the owner of Regal Cinemas, is preparing to file for bankruptcy (WSJ)
Bed Bath & Beyond (BBBY) has hired law firm to help it address a debt load that has become unmanageable (Bloomberg Law)
Wayfair (W) announced a workforce reduction involving approximately 870 employees (SEC Filing)
DoorDash (DASH) is ending its partnership with Walmart (WMT) next month (Business Insider)
Jack In The Box (JACK) aiming to sell at least 250 restaurants to franchisees (WSJ)
New York Times (NYT) taps Bank of America amid ValueAct challenge (Reuters)
Third Point discloses stake of nearly $1 bln in Disney (DIS), pushes for changes (Reuters)
Home Depot (HD) elects CEO and President Ted Decker as Chair of the Board, effective Oct. 1, 2022 (PR Newswire)
Foot Locker (FL) appoints former Ulta Beauty (ULTA) head Mary Dillon as CEO (Reuters)
Starbucks (SBUX) chief operating officer John Culver to exit company as COO position is eliminated (Nation’s Restuarant News)
Nerdy (NRDY) Acquires Coding Education Startup as Demand for Computer Science Education Grow (Businesswire)
Reebok owner Authentic Brands strikes $254 million deal for Ted Baker fashion brand (CNBC)
IKEA to liquidate Russian unit as part of sanctions-led pullout (Reuters)
Keurig Dr Pepper (KDP) says it is not looking to buy Bang Energy maker (Reuters)
Bark (BARK) files prospectus related to the issuance of up to 4.6 million shares of common stock (SEC Filing)
(Old but interesting) Reborn Coffee aims for $6 million IPO (Seeking Alpha) - **on my radar to investigate as a potential short**
FIGS (FIGS) Director purchased 10,000 shares at $12.38-$12.76 worth ~$125k (SEC Filing)
O’Reilly Automotive (ORLY)
Dutch Bros (BROS)
Groupon (GRPN) 10% owner, Maple Rock Capital Partners Inc. sold 498,989 shares at $12.22-$13.74 worth ~$6.6 mln (SEC Filing)
Trupanion (TRUP) EVP of Legal sold 1,600 shares at $80 worth ~$128k (SEC Filing)
e.l.f. Beauty (ELF)
Kraft-Heinz (KHC) VP, Global Controller sold 26,456 shares at ~$38.63 worth ~$1 mln (SEC Filing)
U.S. Retail Spending Held Steady in July (WSJ)
The takeaway - Overall retail sales—a measure of spending at stores, online and in restaurants—were flat in July compared with the prior month’s revised 0.8% increase. But a measure of spending that strips out gasoline and auto sales rose 0.7% last month from June, showing shoppers maintained the ability to spend with much of the spending moving online.
Like what you read? Subscribe to get premium C&R research straight to your inbox.
Until next time,
Paul Cerro | Cedar Grove Capital
Personal Twitter: @paulcerro
Fund Twitter: @cedargrovecm
Don’t Want A Weekly Recap?
As an avid reader and subscriber of other research myself, the last thing I want is to be bombarded with emails that I don’t actually want, i.e. spam. I never want this for you with any of the content that I make.
If you would like to continue getting all my other research (ex, equity research, charts, trade ideas, etc) but not the Weekly Recap, please follow the three-step instructions below.
Click “unsubscribe” at the bottom of this email
Then it will open your email settings and ask which section you’d like to “turn off emails” for
Select “turn off emails” for Weekly Recap - BOOM you’re done