Consumer & Retail Report #8: 8/28 Recap

Summary of the Week in Consumer and Retail

Paul Cerro

Aug 28, 2022

Welcome to our Consumer and Retail recap where we share noteworthy headlines, updates, and insights. Never spam.

Company Announcements

Tattooed Chef (TTCF) announced an expanded distribution agreement with Walmart (WMT) (Global Newswire)
Thorne HealthTech (THRN) announced that its OneDraw™ Blood Collection Device has been certified in Japan as a medical device (PRN Newswire)
Ben & Jerry's loses bid to halt sales in West Bank (Reuters)
Amazon (AMZN) halts expansion of self-checkout supermarkets (UK Times)
GNC announced that it has deepened its partnership with The Honest Company (HNST) (PRN Newswire)
Electronic Arts (EA) aims to extend its partnership with MLS (Sportico)
Bed Bath & Beyond (BBBY) Some suppliers are restricting or halting shipments as BBBY fell behind on payments (Bloomberg)
Peloton (PTON) strikes a deal to sell fitness equipment and apparel on Amazon (AMZN) (CNBC)
myQ Smart Technology Will Soon Expand Walmart+ (WMT) InHome Deliveries to the Garage (Refinitive)
GameStop (GME) is boosting compensation for some store employees (WSJ)
Callaway Golf (ELY) announces plans to change its name to "Topgolf Callaway Brands Corp." (PRN Newswire)
Chipotle (CMG) workers in Michigan vote to form a union (Reuters)
Hanesbrands (HBI) and University of Michigan announce multi-year extension of current apparel partnership (Businesswire)

Corporate Shakeups

Adidas AG (ADDYY) announces CEO Kasper Rorsted to leave the company during the course of 2023 (Bloomberg)
Arhaus (ARHS) appoints Tim Kuckelman to new role of COO, effective at the end of September (PRN Newswire)
Johnson & Johnson (JNJ) names Larry Merlo as Non-Executive Chair Designate of planned new consumer health company (Businesswire)
Amazon (AMZN) is closing a telehealth service (WSJ)
McDonald’s (MCD) announced a shake-up of its board of directors (NYT)
Dollar Tree (DLTR) Jeffrey A. Davis will be joining the organization as Chief Financial Officer (Businesswire)

M&A Updates

eBay (EBAY) to acquire collectible card marketplace TCGplayer for up to approx. $295 mln (TechCrunch)
eBay (EBAY) acquires myFitment group of companies, a platform provider that helps sellers drive sales and avoid expensive returns (PRN Newswire)
Hasbro (HAS) lower today after reports the company is considering the sale of its entertainment assets, including Entertainment One (eOne) (Bloomberg)
Richemont to sell online retailer stake to Farfetch (FTCH), takes 2.7 bln euro writedown (Reuters)
Keurig Dr Pepper (KDP) is looking for further deals after ending discussions with Bang Energy, possible target includes C4 Energy (Axios)

Financing Updates

Keurig Dr Pepper (KDP) files mixed securities shelf offering (SEC Filing)
The Beauty Health Company (SKIN) files for 65,618 share common stock offering by selling shareholders (Filing)
Bed Bath & Beyond (BBBY) nears $375 million loan deal with Sixth Street (Bloomberg)

Insider Buying/Selling

Buys

Nerdy (NRDY) CEO Cohn bought 5.0 mln shares (Filing)
Six Flags (SIX) 10% owner, A. Ruchim, bought 500K shares (Filing)
Kohl’s (KSS) Director bought ~10k shares (Filing)

Sells

Kraft Heinz (KHC) EVP sold ~30k shares (Filing)
Lowes (LOW)
- EVP Merchandising sold ~98k shares (Filing)
- Chief Information Officer sold ~12k shares (Filing)
Kellogg (K) EVP sold ~146k shares (Filing)
Celsius (CELH)
- CEO sold 70k shares (Filing)
- Director sold ~5k shares (Filing)
e.l.f. Beauty (ELF) CEO sold ~5k shares (Filing)
Albertson’s (ACI) Chief HR Officer sold ~12k shares (Filing)
Walmart (WMT) Jim Walton sold ~3.3 mln shares (Filing)

Regulatory Updates

Judge rejects Revlon (REV) shareholders' demand for a bankruptcy equity committee (Reuters)

Macro Updates

Economists are concerned that student loan forgiveness will trigger higher inflation (Financial Times)

Until next time,

Paul Cerro | Cedar Grove Capital

Personal Twitter: @paulcerro

Fund Twitter: @cedargrovecm

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