CVS reported an eight percent gain in same-store sales, well above the 0.3 percent decline that Wall Street analysts were expecting. The drugstore giant, which raised its earnings forecast for the year, saw pharmacy same-store sales improve 7.6 percent and front-of-store comps jump nine percent.
The average price for a gallon of unleaded regular gas is nearly down to $4 after falling for 49 straight days as demand for fuel has shrunk. Patrick De Haan, head of petroleum analysis at GasBuddy, expects gas prices to head lower barring any unforeseen circumstances. “If nothing goes wrong, we could see prices in October, November, December falling noticeably under $4 a gallon for the national average,” he said.
Cryptopunk and Tiffany are teaming up to turn NFT pendants into jewelry to be worn in the real world.
Credit card debt jumped 13 percent year-over-year in the second quarter, the biggest increase in more than 20 years, according to the New York Fed. “Americans are borrowing more, but a big part of the increased borrowing is attributable to higher prices,” said researchers in a press release.
Adidas is launching its Yeezy Day 2022 promotion, selling the rapper and entrepreneur’s sneaker line. Regular prices for the shoes range from $140 to $230 a pair. The event, which launched in 2019 was skipped in 2020 due to the pandemic and then brought back last year.
Starbucks reported a record $8.2 billion in sales, with cold drinks accounting for 75 percent of its beverage sales in the latest quarter. “We’re at the early stages with cold beverages in the modifiers and customization, and that gives us a competitive advantage,” said interim CEO Howard Schultz.
The number of available jobs in the U.S. dropped to 10.7 million, down from 11.3 million in May, according to Job Openings and Labor Turnover Survey (JOLTS). That’s the lowest number since September 2021 but still well above pre-pandemic levels. Retail and wholesale jobs saw the biggest drop in open spots.
Yum Brands has raised the price of menu items at its KFC, Pizza Hut and Taco Bell chains but not enough to offset a four percent increase in costs. Total company comp sales were up one percent with Taco Bell posting an eight percent increase and KFC and Pizza Hut registering declines.
Walmart Restored is a new program from the retailer offering refurbished electronics “online now and in select stores this fall.” The retailer said all products in the program will be inspected and tested. All purchases come with 90-day free returns.
Retailers are putting everyday items such as aluminum foil, candy, dish detergent, soap and toothpaste behind lock and key in some locations due to organized retail crime activity. “It’s [locking items up] extremely discouraging to customers,” said Paco Underhill, the founder and CEO of Envirosell. “It is a brutal experience for the merchant, too.”