• Target Corp. announced that its Q1 revenue was $25.32 billion, compared to $25.29 billion during the same period a year ago. Q1 net income dropped to $950 million, from $1.01 billion a year earlier.
Same-store sales for the period were flat.
"Even as customers buy fewer discretionary items, Target is drawing them to stores with groceries, everyday essentials and on-trend items, CEO Brian Cornell said," according to CNBC.
• From the Wall Street Journal:
"Americans boosted their retail spending in April for the first time in three months, a sign of consumers’ continued resilience despite high inflation and rising interest rates.
"Retail sales - a measure of spending at stores, online and in restaurants - rose a seasonally adjusted 0.4% last month from the month before, after declining in February and March, the Commerce Department said Tuesday.
"Consumers spent more on autos and dining out last month, while boosting online purchases. They cut spending on gasoline and on big-ticket purchases such as appliances and furniture."
“Consumers remained engaged in April,” National Retail Federation (NRF) Chief Economist Jack Kleinhenz said in a prepared statement. “Shoppers are being selective and price-sensitive, but we continue to expect that spending will see modest gains through the course of the year. Year-over-year growth slowed, which was partly because of upward revisions to last year’s data but also an early indication that credit conditions are tightening and excess savings are shrinking.”
• From the Boston Globe:
"REI employees in Boston voted Monday night to join the United Food and Commercial Workers, approving the union 44-23. The store, one of five in Massachusetts, is the fifth in the national outdoor equipment chain to win union recognition in the past year, with four more elections on the way.
"Employees in Boston are demanding higher pay, better health and safety measures, increased staffing levels, and more consistent hours for part-timers."
The story notes that in a statement, the company said it “believes in the right of every eligible employee to vote for or against union representation. We fully supported our Boston employees through the vote process and we will continue to support our employees going forward as they begin to navigate the collective bargaining process.”
The Globe writes that "a wave of union activity at well-known companies such as Starbucks, Amazon, Trader Joe’s, Apple, and Chipotle have breathed new life into the beleaguered labor movement. Agreeing on a first contract can take years, however. A third of new unions don’t reach an agreement for more than three years after winning an election, according to Cornell University’s School of Industrial and Labor Relations."