Consumer & Retail Report #9: 9/4 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. Regulatory Updates

6. Macro Updates

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Company Announcements

• DoorDash (DASH) and REL EX Solutions announce a partnership to implement RELEX's AI-driven supply chain planning solution to service DoorDash's DashMart locations (Businesswire)

• Petco (WOOF) announces the expansion of Vital Care to now include birds, reptiles, fish and small pets (PR Newswire)

  • Can read about the power of Vital Care through our post

Petco Vital Care Economics Fueling Growth

• Grove Collaborative (GROV) lays off 18% of its workforce (Market Screener)

• Peloton (PTON) files to delay form 10-K (Barron’s)

• Dick's Sporting Goods (DKS) entered into partial unwind agreements with a financial institution (Market Screener)

• Fiverr (FVRR) announced a partnership with Shutterstock (SSTK) to integrate its vast content of licensed assets on its platform (Businesswire)

• Sam’s Club (WMT) raises annual membership fee for the first time in nine years (CNBC)

• Netflix (NFLX) looking to charge brands premium prices to advertise on its upcoming ad-supported platform (WSJ)

• Scotts Miracle-Gro (SMG) lowers 2022 free cash flow guidance, and reaffirms all other aspects of prior guidance (Press Release)

• Walt Disney (DIS) may offer membership program similar to Prime for park discounts or perks (WSJ)

• Apple (AAPL) overtakes Android to pass 50% share of smartphones used in US (FT)

• Meta (META) and Qualcomm (QCOM) sign agreement on virtual reality chipsets (Reuters)

• Wendy's (WEN): CDC says E. coli Outbreak has spread to six states (Bloomberg)

• Walmart (WMT) trademarks signal the launch of a clinical trial business (Insider Intelligence)

• Oak Street in $2 bln bid for Kohl's (KSS) real estate (Reuters)

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Corporate Shakeups

• Life Time (LTH) CFO to retire; names Robert Houghton as CFO (PR Newswire)

• AMMO (POWW): Shareholder Steven Urvan nominates seven candidates for Board seats, sends letter w/strategy for profitability (Businesswire)

• Primo Water (PRMW) plans retirement of Chief Financial Officer (PR Newswire)

• Denny's (DENN) COO is leaving to pursue other opportunities (Street Insider)

• PVH (PVH) head of PVH Americas & Calvin Klein Global will be leaving (Businesswire)

• Hershey (HSY) announces new Global Chief Sales Officer (PR Newswire)

• FaZe Clan (FAZE) announces partnership renewal with McDonald’s (MCD) (PR Newswire)

• Scotts Miracle-Gro (SMG) CFO departs and a new one is instated (Press Release)

• Starbucks (SBUX) names Laxman Narasimhan as next Chief Executive Officer (Starbucks Stories)

• JOANN (JOAN) gets a new CFO (Global Newswire)

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M&A Updates

• Camping World (CWH) to acquire the Clear Creek RV Center dealerships located in Silverdale and Puyallup, Washington (Businesswire)

• HP Inc. (HPQ) completes the acquisition of Poly (POLY) in an all-cash transaction of $40 per share (HP IR)

• Sony (SONY) acquires Savage Game Studios (Game Informer)

• Walmart (WMT) makes offer to buy out rest of S.African retailer Massmart (Reuters)

• Roper (ROP) to acquire Frontline Education in an all-cash transaction valued at approximately $3.725 billion (Global Newswire)

• Kraft Heinz (KHC) to sell B2B powdered cheese business to Kerry Group (Businesswire)

• TRX founder Randy Hetrick buys TRX for $8.4 mln in bankruptcy auction (Club Industry)

• Activision Blizzard (ATVI): UK CMA says Microsoft (MSFT) / Activision deal could lead to competition concerns (Reuters)

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Financing Updates

• Bed Bath & Beyond (BBBY) gets $500 mln in financing, to shut 150 stores (Reuters)

• Build-A-Bear Workshop (BBW) authorized $50 mln stock repurchase program (Filing)

• Activision Blizzard (ATVI) files mixed securities shelf offering (Filing)

• Starbucks (SBUX) files mixed securities shelf offering (Filing)

• Chobani withdraws IPO plans (CNBC)

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Regulatory Updates

• California legislature passed a bill that would allow the government to set wages for fast food workers (WSJ)

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Macro Updates

• Credit card interest rates hit the highest level in more than 25 years (Bloomberg)

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Until next time,

Paul Cerro | Cedar Grove Capital

Personal Twitter: @paulcerro

Fund Twitter: @cedargrovecm

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