In today’s top retail news, Warby Parker is looking to grow its brick-and-mortar retail footprint, while PriceSmart reported rising revenues amid plans to open new warehouse club locations. Plus, Levi Strauss reported better-than-expected sales and profit in Q2.
Warby Parker is aiming to expand its physical retail footprint ahead of a potential initial public offering (IPO). Three dozen more locations for the direct-to-consumer (D2C) eyewear brand will reportedly open by the end of 2021. “There’s still room for us to open hundreds of stores,” Warby Parker Co-founder and Co-CEO Neil Blumenthal said, as per Bloomberg.
PriceSmart announced that total revenues for its third quarter climbed by about 12 percent to approximately $895 million. CEO Sherry S. Bahrambeygui said in an announcement that the company is on pace with its plan to bring new clubs to Portmore, Jamaica in spring of 2022, in addition to Guatemala City, Guatemala and Bucaramanga, Colombia in the fall of 2021.
Levi Strauss reported higher-than-expected revenue and profit in Q2, supported by accelerated omnichannel and online shopping capabilities alongside consumer demand for refreshed wardrobes post-pandemic. The apparel firm posted $1.3 billion in net revenues for the three months wrapping up on May 30. Its CEO said the U.S. was by far the firm’s strongest market.
While the debut of new Amazon Chief Executive Andy Jassy garnered the most water-cooler talk this week as he officially kicked off his new role atop the eCommerce company, Walmart was making its own executive changes aimed at reshaping its future too. This as the merchant brought Chris Cracchiolo on board from American Express to operate its Walmart+ program.