Consumer & Retail Report #8: 8/28 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.

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Table of Contents:

1. Company Announcements

2. Corporate Shakeups

3. M&A Updates

4. Financing Updates

5. Insider Buying/Selling

6. Regulatory Updates

7. Macro Updates

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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)

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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)

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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)

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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)

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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)

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Regulatory Updates

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

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Macro Updates

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

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Until next time,

Paul Cerro | Cedar Grove Capital

Personal Twitter: @paulcerro

Fund Twitter: @cedargrovecm

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