In today’s top retail news, CarParts.com, Inc. reported a surge in sales in the fourth quarter of 2020, while Target is debuting a new food and beverage brand focused on indulging and snacking. Plus, Stitch Fix said it swung to a $21 million loss last quarter.
CarParts.com Reports 90 Pct Rise In Quarterly Sales
CarParts.com, Inc. reported that net sales soared by 90 percent year over year in the fourth quarter of 2020, which included an additional week, from the year-ago quarter. “Our strategy of Right Part, Right Place, Right Time is helping us transform and disrupt an industry with a superior value proposition that keeps our customers at the center of everything we do,” CarParts.com Chief Executive Lev Peker said in an announcement.
Target To Roll Out ‘Favorite Day’ Food And Beverage Brand
Target is introducing a new grocery brand Favorite Day, which is concentrated on snacking and indulging, at a time when consumers are looking for small ways to escape from a stressful environment. The new private label will cover more than 700 products, such as beverage mixers and high-end ice creams, among others.
Stitch Fix Reports Q2 Loss Due To Higher Costs, Slower New Customer Growth
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Digital personal styling platform Stitch Fix said it swung to a $21 million loss last quarter because of heightened shipping costs, increased inventory reserves and higher compensation and benefits costs. The firm’s per-share loss of 20 cents was less than what analysts had forecasted, but $504 million in revenues were under the average $512 million estimate.
Q4 Retail Roundup: Digital Sales Growth Slows, Stores Play Critical Role
After a quarter – and a year – in which online retail sales and alternative order fulfillment choices such as BOPIS (buy online, pick up in-store) and curbside pickup soared, merchants of all sizes and styles are seeking to grow these practices again this year, but will encounter tougher comparisons as the year goes on.
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