Today In Retail: BJ’s Reports 15.9 Pct Increase In Comparable Club Sales; Purple Innovation Sees 39.9 Pct Jump In Net Revenue

In today’s top retail news, BJ’s Wholesale Club Holdings, Inc. reported a rise in comparable club sales excluding fuel sales, while Purple Innovation Inc reported a jump in net revenue. Plus, Walmart plans to spend $350 billion on American-made products.

BJ’s Wholesale Reports 15.9 Pct Rise In Comparable Club Sales

BJ’s Wholesale Club Holdings, Inc. indicated that comparable club sales excluding fuel sales jumped 15.9 percent, including digitally enabled sales growth of 168 percent, for the fourth quarter of fiscal 2020. The warehouse club operator runs just over 220 clubs and more than 150 BJ’s Gas® stores. BJ’s reported adjusted earnings per share (EPS) of 70 cents on net sales of $3.9 billion.

Purple Innovation Reports 39.9 Pct Surge In Net Revenue

Comfort products brand Purple Innovation Inc. said its net revenue soared by 39.9 percent in the fourth quarter of 2020 compared to the fourth quarter of 2019. In addition, the company reported that direct-to-consumer (D2C) revenue rose by 57 percent in the fourth quarter of 2020 in contrast to the fourth quarter of 2019, while wholesale revenue climbed by 9 percent during that time.

Walmart Will Invest $350 Billion To Advance American-Made Goods

Walmart announced it will spend $350 billion on merchandise produced, grown or assembled domestically during the 10 years to come per a company post by Walmart U.S. President and CEO John Furner. “We’ve identified six priority categories to focus on: plastics; textiles; small electrical appliances; food processing; pharmaceutical and medical supplies; and Goods Not For Resale (GNFR),” Furner said in the post.

Arts-And-Crafts Trend Gets $5 Billion Boost Via Michaels Acquisition

A $5 billion purchase of Michaels Stores, the country’s top arts and crafts merchants, suggests that at least one corner of the nesting trend may have staying power that lasts beyond the pandemic. The Texas-based owner of almost 1,300 shops in 49 states said its board had unanimously accepted the unsolicited $22 per share all-cash buyout offer form Apollo Global Management, the New York-based private equity firm.