In today’s top retail news, eCommerce company Shopify came out ahead of expectations with its fourth-quarter results, while retail sales climbed in January by 5.3 percent following three consecutive months of falling sales in the 2020 holiday shopping season. Plus, Camping World Holdings, Inc. has purchased two locations amid the ongoing growth of its physical presence.
Shopify Smashes Estimates With Q4 Results, But Warns Growth Will Decelerate Post-COVID
Shopify posted fourth-quarter results that exceeded estimates on Wednesday (Feb. 17), but it cautioned that the rate of growth triggered by the pandemic was not sustainable. The Canadian eCommerce company reported a four-fold increase in adjusted net income for the three months concluding Dec. 31, earning $198.8 million. That works out to $1.58 per share.
Retail Sales Surge on Stimulus
Retail sales increased in January by 5.3 percent on the wings of long-delayed action on the part of Congress, which approved a $900 billion pandemic stimulus package. As part of that, pandemic stimulus checks were distributed to millions of Americans. The rise in retail sales came after three straight months of decreasing sales in the 2020 holiday shopping season.
Camping World Holdings Buys Locations in New York, Pennsylvania
Camping World Holdings, Inc. has bought two locations in the Northeast amid continued growth of its physical footprint. Stores in Hamburg, Pennsylvania and Albany, New York were created through the purchase of Boat-N-RV Superstore. The stores are located near busy routes with a host of outdoor activities. They have been rebranded to Gander RV & Outdoors.
Fabric and Craft Store JOANN Plans IPO Amid DIY Trend
JOANN aims to go public, according to an S-1 filing with the U.S. Securities and Exchange Commission (SEC). “The industry is currently experiencing a significant acceleration for product demand in response to multiple secular themes that have been further solidified during the COVID-19 pandemic, such as heightened DIY customer behavior,” according to the filing.
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