Atlanta — The Home Depot released its second-quarter results, which revealed the home improvement retailer saw a 23.4 percent increase in sales on a year-over-year basis. Sales totaled $38.1 billion in the second quarter, which ended Aug. 3. Because of the coronavirus outbreak and The Home Depot’s status as an essential retailer, meaning the stores have remained open through the pandemic, the company invested approximately $480 million in benefits for its associates, including weekly bonuses for hourly associates in stores and distribution centers.
Washington, D.C. — Retail sales in July rose 1.2 percent on a month-over-month basis, the U.S. Commerce Department reported in its advanced estimate this morning. Total sales for the month clocked in at $536 billion, up from $529.4 billion in June. The Commerce Department reported sales reached $527 billion in February, marking the first time during the pandemic that retail sales have exceeded pre-pandemic levels. Furthermore, the Commerce Department revised its May to June growth up 90 basis points to 8.4 percent. Despite the growth, the total volume of retail …
Washington, D.C. — Retail imports at major U.S. ports are expected to see their lowest annual totals in four years as the coronavirus continues to affect the economy, according to the National Retail Federation (NRF). The NRF forecasts year-end 2020 totals to reach 19.6 million TEUs, which would be a 9.4 percent decrease from 2019 and the lowest number seen since the 19.1 million TEUs of imports in 2016. The NRF and Hackett Associates released their monthly Global Port Tracker report, which found that U.S. ports handled 1.6 million 20-foot …
Jacksonville, Fla. — During its second-quarter earnings call, Regency Centers Corp. (Nasdaq: REG) reported same-property net operating income of $162.3 million for the three months ending June 30, a 20.1 percent year-over-year decrease. The Jacksonville-based company says all 415 of its shopping centers nationwide have remained open during the COVID-19 pandemic, with 95 percent of its tenants being open as of July 31. Regency Centers collected 72 percent of base rents for the quarter and has agreed to more than 600 lease rent deferrals. The shopping center REIT estimates that …
Lakeland, Fla. — Publix’s sales have increased 21.8 percent year-over-year, the company announced during its second-quarter earnings report. As an essential retailer, the Lakeland-based grocer has remained open through the nationwide COVID-19 pandemic, which was declared a national emergency March 13. For its second quarter, which spanned the three months ending June 27, Publix’s sales reached $11.4 billion, an increase from $9.3 billion the same time a year ago. The company estimates its sales in the second quarter increased approximately $1.5 billion, or 16.1 percent, due to the pandemic.
Seattle — Seattle-based Starbucks Corp. (NASDAQ: SBUX) reported that the company’s U.S. comparable store sales declined 40 percent, with comparable transactions down 52 percent through its 13-week fiscal third quarter ending June 28. Additionally, the company reported a consolidated net revenue of $4.2 billion, representing a 38 percent decline from last year primarily due to lost sales related to the COVID-19 outbreak. Despite decreased sales and a decline in net revenue, Starbucks opened 130 net new stores in the third quarter, resulting in 5 percent year-over-year unit growth and ending …
Canton, Mass. — Dunkin’ Brands Group (NASDAQ: DNKN) reported a total decrease in revenue of 20 percent during the second quarter and announced that it will close about 350 stores worldwide during the second half of the year. These closures follow the company’s announcement to shutter about 450 stores that are housed in Speedway gas stations and convenience marts. Canton-based Dunkin’, which also owns Baskin-Robbins, reported that approximately 90 percent of its international locations for both Dunkin’ and Baskin-Robbins were open as of July 25.
Toronto — Slate Retail REIT has reported during its second quarter earnings call that it experienced the best quarter of leasing since its founding in 2014. The Toronto-based company, which owns and operates 70 grocery-anchored shopping centers in the United States, reports that it completed 464,326 square feet of lease renewals and 54,365 square feet of new leasing. The 518,691 square feet total is a 60 percent jump over second-quarter 2019. The REIT’s portfolio occupancy rate dropped 0.6 percent in the three months ending June 30 to 92.2 percent. Slate …
Chicago — McDonald’s Corp. has reported a 30 percent decrease in its consolidated revenue for the second quarter that ended June 30. The global fast-food chain reported second-quarter net income of $483.8 million, compared with $1.5 billion for the same period a year ago. Chicago-based McDonald’s says it spent more than $200 million on marketing support to accelerate recovery from coronavirus losses. In the United States, 99 percent of McDonald’s restaurants were open as of June 30. About 2,000 dining rooms reopened with reduced seating capacity following temporary closures as …
The outbreak of COVID-19 has had an outsized impact on South Florida. According to John Hopkins University & Medicine, the region’s three primary counties rank in the top 20 of confirmed COVID-19 cases as of Wednesday, July 22. At 92,345 cases, Miami-Dade County is No. 4 on the list. Broward County comes in at No. 9 with 43,747 cases, and Palm Beach County is No. 20 with 27,506 cases. The surge in cases has had a pronounced effect on the area’s retailers as citizens have resumed their caution in public …