Tractor Supply, which sells everything from rabbit food to garden tillers and other products with rural vibes, reported that its net sales increased 1.5% to $4.3 billion during its second fiscal quarter of 2024. Meanwhile, net income was up 0.9%.

Tractor Supply ranks No. 93 in the Top 1000 Database, where Digital Commerce 360 ranks the largest North American ecommerce retailers by annual online sales. It is categorized as a Hardware & Home Improvement retailer. As of June 29, 2024, the company operated 2,254 Tractor Supply stores in 49 states. Digital Commerce 360 projects that Tractor Supply’s web sales in 2024 will approach $1.1 billion.

Tractor Supply web sales by year

Tractor Supply Q2 earnings highlights

Compared with the same period a year prior, Tractor Supply’s net income was up 0.9% to $425.2 million in Q2, which ended June 29. That’s up from $421.1 million a year ago. Despite the gain, the result was still lower than what a consensus of analysts expected.

More highlights from the report include:

• Comparable store sales decreased by 0.5%.
• Selling, general and administrative (SG&A) expenses, including depreciation and amortization, increased 4.1% to $994.2 million from $955.4 million during the same period last year.
• Operating income was $561.5 million in the second quarter of 2024 compared to $559.3 million in the second quarter of 2023.

CEO calls spending landscape ‘choppy’

During a conference call to discuss Q2 earnings, Tractor Supply CEO Hal Lawton said the company’s customers are dealing with an unfavorable macroeconomic environment.

“Consumer sentiment and consumer confidence are both subdued, and the consumer spending landscape continues to be rather choppy,” Lawton said.

Lawton also credited the quarter’s opening of 21 new Tractor Supply stores and three Petsense by Tractor Supply stores with boosting performance.

“Our new store productivity continues to perform very well,” Lawton stated.

Tractor Supply online results boost loyalty club

The company does not break out sales numbers for online vs. in-store, but Lawton touted TSC’s revamped loyalty program, which has a robust online component. Lawton says that the Neighbors Club loyalty program now has more than 36 million members, 5 million of whom have enrolled over the last 12 months, which has helped retain a loyal corps of customers.

“Our Neighbor’s Club retention rate remains remarkably consistent as our best customers continue to shop us more frequently and remain extremely loyal,” Lawton said, while noting some “disengagement” from non-core customers during problematic macro conditions.

Lawson made no explicit mention in the call of controversy raised during the past quarter when Tractor Supply outlined and then backtracked from its diversity, equity and inclusion (DEI) goals after a backlash from some customers.

Tractor Supply, though, generally does an effective job of knowing its customers, according to Michael Zakkour, founder and chief strategist at retail consulting company 5 New Digital.

“Tractor Supply understands its core consumer very well,” Zakkour told Digital Commerce 360. “Their demographic and the products they sell are better aligned with physical retail, and their focus on new store openings has boosted performance.”

However, Zakkour notes that its online presence is growing and improving.

“For their customers who want to shop online, the focus on improvements to their website and APP has also boosted performance,” Zakkour said.

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Albert Nahmad, founder, chairman and CEO, Watsco Inc.

The company said quarterly revenue rose 6.8% year over year. That’s up to a record $2.139 billion for the second quarter ended June 30. And ecommerce grew at nearly twice that rate, at 13%, to $770.16 million.

In Q2, Watsco ecommerce sales accounted for 38% of total sales. Watsco is well-known as a prominent online distributor in the highly fragmented, $64 billion North American HVAC and refrigeration products industry.

“A cornerstone of Watsco’s growth strategy is the acquisition of long-standing, family-owned businesses,” Nahmad said on the Q2 earnings call. He noted that, since its founding in 1989, Watsco has completed 69 acquisitions, “achieving industry-leading scale and preserving many wonderful business legacies into future generations.”

Nahmad added, “Over the last five years, Watsco has acquired eight businesses that today generate approximately $1 billion in annual sales.”

Watsco’s entrepreneurial spirit and ecommerce sales focus

The company’s growth strategy relies heavily on continuing the entrepreneurial spirit of acquired companies, whose executives typically remain to lead their operations.

“Simply put, Watsco’s entrepreneurial culture, which empowers local leaders to make local decisions, continues to perform well,” Nahmad said on the earnings call today.

He noted that Watsco’s long-running strategy of investing in digital commerce technology “continues to have an impact” on financial performance.

“Greater adoption and use of our platforms by a growing number of contractors has produced growth and market share gain,” he added.

Watsco is a Miami-based company that other HVAC suppliers have said they emulate for its digital commerce strategy. It also noted other developments related to its “digital ecosystem of technologies” configured to “transform the customer experience and transform how our industry operates.”

Watsco’s digital ecosystem

The digital ecosystem includes:

• OnCallAir
• Watsco’s HVAC Pro+ Mobile Apps
• Watsco’s product information management (PIM) system

OnCallAir is Watsco’s ecommerce sales platform that lets HVAC contractors digitally engage with homeowners and sell them products and services. It compiled approximately $1.4 billion in gross merchandise value for the 12-month period that ended June 30.

For the six months ended June 30, contractors used OnCallAir to present quotes to about 160,000 households. That’s an 18% year-over-year increase. It also generated a 27% increase in GMV to $743 million.

Watsco’s HVAC Pro+ Mobile Apps provide contractors and their customers with real-time access to ecommerce activity. They also include such information as product specifications, inventory availability, systemwide product matchups, and technical support. For the 12 months until June 30, the number of HVAC Pro+ Mobile Apps users grew 12% to approximately 60,000.

Watsco’s product information management (PIM) system is a repository of rich product data. It provides data on over 1.5 million SKUs to more than 375,000 contractors and technicians who visit or connect digitally with one of its nearly 700 physical locations across the United States, Canada and Latin America.

Watsco is updating its technology systems to “optimize the launch of new GWP (Global Warming Potential) A2L” refrigeration systems designed to be more efficient and sustainable to reduce the adverse effect of refrigerants on climate change.

Though it accounted for 38% of total Q2 sales companywide, Watsco ecommerce sales exceeded 60% in some regions.

Watsco’s pitch to would-be partners: ‘Come to Miami to see us’

In his earnings call remarks, Nahmad, forever on the lookout for acquisitions, said, “Our proven culture, customer-focused technologies, scale and access to capital provide unique advantages and opportunities.” He added to anyone listening: “If you have an interest in learning more, please come to Miami and see us. We are transforming an industry, and we would enjoy telling you about it.”

Here’s last quarter’s update on Watsco ecommerce sales.

Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. paul@digitalcommerce360.com.

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Parentheses indicate the merchant’s ranking in the Top 1000, unless otherwise stated. The database ranks North America’s largest ecommerce retailers by their annual web sales.

This week’s ecommerce earnings takeaways

• Decker Brands saw net sales rise 22.1% in its first fiscal quarter of 2025.
• Tractor Supply offset a 0.5% drop in comparable store sales with help from its newest stores.

Albertsons (No. 24)

Q1 2024 earnings: Albertsons reported near-flat net sales growth year over year to $22.4 billion in its fiscal first quarter, which ended June 15. Meanwhile, digital sales rose 23% during the same period.

Read more on Albertsons’ earnings here.

Deckers Brands (No. 51)

Q1 2025 earnings: Deckers Brands said net sales increased 22.1% to $825.3 million in its fiscal first quarter, which ended June 30. Meanwhile, digital sales rose 23% year over year during the same period for the company, which owns the Hoka, Ugg and Teva footwear brands.

“From a regional standpoint, DTC growth was robust across international regions and within the U.S., which increased 31% and 21%, respectively,” said Stefano Caroti, chief commercial officer and incoming president and chief executive officer at Decker Brands, during the company’s earnings call. “Among international regions, growth was most meaningful in China and EMEA as both drove strong increases online and benefited from successful recent retail store openings.”

Read more on Deckers Brands earnings here.

Tractor Supply Co. (No. 93)

Q2 2024: Tractor Supply Co. announced that its net sales increased 1.5% to $4.25 billion during its fiscal second quarter ended June 29, 2024. The company attributed the growth to new store openings, which it said helped as comparable store sales declined 0.5% year over year.

“We are pleased with our second quarter EPS results that were in line with our outlook,” said Hal Lawton, president and chief executive officer at Tractor Supply. “My sincere appreciation goes out to our more than 50,000 Team Members for living our Mission and Values every day as we focus on taking care of our customers and each other.”

Read more on Tractor Supply earnings here.

Other recent ecommerce earnings results

Alibaba Group Holding Limited

Q4 2024: Alibaba said it grew revenue 7% year over year in its fiscal fourth quarter ended March 31, 2024. Meanwhile, net income decreased 96% compared to the prior Q4.

Alibaba owns the world’s two largest online marketplaces by gross merchandise value (GMV), Taobao and Tmall. Taobao ranks No. 1 in the Global Online Marketplaces Database, Digital Commerce 360’s ranking of the largest such marketplaces by third-party GMV. Tmall ranks No. 2. Both operate in China.

Read more on Alibaba’s earnings here.

Amazon.com Inc. (No. 1)

Q1 2024 earnings: Amazon net sales increased 13% to $143.3 billion in its fiscal first quarter. Meanwhile, its operating income more than tripled.

It ranks No. 1 in the Top 1000, Digital Commerce 360’s ranking of the largest North American online retailers. Amazon is also No. 3 in Digital Commerce 360’s Global Online Marketplaces Database, which ranks the 100 largest such marketplaces by third-party gross merchandise value (GMV).

Read more on Amazon’s earnings results here.

Birks Group Inc. (No. 1766)

FY 2024 earnings: The Birks Group announced that net sales increased 13.7% year over year to $185.3 million (CAD) in its 2024 fiscal year that ended June 29, ultimately leading to a net loss of $4.6 million (CAD). The jewelry retailer credited demand for watches and jewelry during the period and noted that it plans to invest in its website and ecommerce platform.

Read more on Birks Group’s earnings here.

Goodfood Market Corp. (No. 538)

Q3 2024 earnings: Goodfood Market Inc. said that net sales decreased 8.5% year over year to $38.6 million (CAD) in its third fiscal quarter of 2024 that ended June 1. Goodfood attributed the drop to a lower number of active customers, even as average order value increased.

The meal solutions company noted that it was optimizing prices, increasing its variety of meal kits and integrating grocery-product add-ons as it looks to improve sales.

“With our strengthened financial position, we enter the fourth quarter, which is typically marked by a seasonal slowdown in business activity as customers spend more time outside of their homes, with the opportunity to build additional momentum on the implementation of our intrinsic and external growth plan,” said Jonathan Ferrari, CEO at Goodfood.

The Home Depot Inc. (No. 4)

Q1 2024: Home Depot reported that sales declined 2.3% in its fiscal first quarter of 2024 ended April 28 due to challenges in the broader economy. B2B and Pro sales were equally impacted, while online sales grew.

Johnson & Johnson (No. 358)

Q2 2024 earnings: Johnson & Johnson reported that net sales grew to $22.4 billion in its fiscal second quarter, which ended June 30. That’s up 4.3% year over year. The company’s earnings do not break out ecommerce sales. However, it did note offerings that boosted sales during the period.

“Johnson & Johnson’s second quarter performance reflects our relentless focus on advancing the next wave of medical innovation and resulted in strong sales and adjusted operational earnings per share growth,” said Joaquin Duato, chairman and chief executive officer at Johnson & Johnson. “With a robust pipeline, upcoming regulatory milestones for Rybrevant and Tremfya, the integration of Shockwave, and continued expansion of newly launched products, including Acuvue Oasys Max 1-Day contact lenses and our Varipulse platform, we have a strong foundation for near and long-term growth.”

Target Corp. (No. 5)

Q 1 2024: Target reported that total revenue declined 3.1%. That’s down to $24.5 billion in the first quarter of its fiscal 2024 ended May 4. However, online sales did increase slightly. Declines in discretionary categories were partially offset by continuing growth in the beauty category.

Read more on Target’s earnings results here.

Walmart Inc. (No. 2)

Q1 2025: Walmart grew U.S. online sales 22% for its fiscal 2025 first quarter ended April 30, 2024. Consolidated revenue grew 6.0% to $161.5 billion in Q1.

Read more on Walmart’s earnings here.

Winmark Corp. (No. 1567)

Q2 2024 earnings: Winmark Corp. recorded nearly flat growth (a 0.6% increase) year over year with $10.4 million in net income for its second fiscal quarter in 2024. Merchandise sales for the quarter fell 30.3% from the same quarter a year earlier to $925,500.

“Year-to-date growth in royalties resulted from higher overall store count and, to a lesser extent, increases in per unit performance,” said Brett D. Heffes, chair and chief executive officer at Winmark.

The company, whose resale-focused franchises include Plato’s Closet, Play It Again Sports and Music Go Round counted a total of 1,336 franchises operating at the end of the quarter.

Ecommerce earnings calendar

Here’s when other ecommerce earnings are scheduled to report this quarter:

• Beyond, Inc.: July 30
• Proctor and Gamble: July 30
• Carvana Co.: July 31
• Adidas AG: July 31
• Steve Madden: July 31
• Amazon.com: Aug. 1

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In the meantime, the company is counting on B2B ecommerce sales from professional contractors to help weather the drought in falling revenue.

“The DIY consumer: This consumer remains very cautious, specifically when you think about larger discretionary purchases,” Lowe’s CEO Marvin Ellison told attendees this week at Oppenheimer’s 24th Annual Consumer Growth and E-commerce Conference. “The segment and the sentiment for the DIY [do-it-yourself] consumer remains a bit weak, influenced by things like persistent inflation.”

Lowe’s ranks No. 11 in the Top 1000, Digital Commerce 360’s database of North America’s online retailers by web sales. The retailer is in the Hardware & Home Improvement category.

Lowe’s online sales

Lowe’s Cos. Inc. reported that online sales grew about 1% in the first quarter of fiscal 2024 ended May 3. Meanwhile, Lowe’s total sales declined 4.0% to $21.4 billion, and comparable sales fell 4.1%.

That was a significant improvement from Q4, when total sales declined 17% and comparable sales dropped 6.2%.

The retailer also said B2B and online sales growth partially offset declines from DIY customers, especially on bigger projects.

“Our focus in that segment is the small to medium-sized pro customer, and this customer remains resilient,” Ellison told attendees, according to a transcript from SeekingAlpha.com. “And our most recent pro surveys, which we try to do every quarter, show that their backlog of work and projects are very consistent with last year, which is good news for us.”

Lowe’s says it’s taking several major steps to accelerate total and online sales from contractors.

Two of its main priorities:

1. Personalizing a contractor’s user experience.
2. Making product recommendations and repeat buying easier both online and in stores.

“We’re starting to pair that [the retailer’s professional contractor experience] along with our CRM (customer relationship management) platforms within our stores. We’re able to know who our pros are, what they’re shopping and, more importantly, what they are not shopping, and be able to pair the digital capabilities that we have with the localized in-store specialists that are serving our pro customers,” Ellison said.

In the past year, Lowe’s has spent considerable effort researching how contractors do business online with the retailer.

It found two key points:

1. Nearly one in three pros (32%) ranked retailer-specific mobile apps and built-in tools in their top three innovations with the greatest potential to improve their job.
2. 61% of pros expect retailers to help them shop quickly so they can get back to the job.

To make it easier for professional contractors, Lowe’s has made recent additions to its mobile commerce suite of tools. That includes updating its Lowes Pro app with features such as:

• Online quoting, so pros can build and update online order quotes within minutes. Pros can also complete purchases online at the quoted rate, with pricing guaranteed for seven days.
• A volume savings program, which allows certain levels of Pro Rewards members to save on eligible orders of $1,500 or more.
• Buy It Again, which lets pros reorder frequently purchased items via the Buy It Again prompt. Products can be sorted by frequency, recency and price of purchase.
• Order tracking, which visualizes purchases and tracks deliveries from a centralized page for pro customers.

B2B sales make up about 25% of all Lowe’s sales, which dropped 11% to $86.78 billion in 2023 from $97.06 billion in 2022.

Going forward, generating more sales from its B2B customers will remain a top priority for Lowe’s, chief financial officer Brandon Sink told attendees.

“We continue to be laser-focused on the small to medium pro, the $250 billion addressable market that’s out there, highly fragmented, and those pros continue to tell us that they’re underserved,” he said.

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In her role, Wilson will oversee Lowe’s retail media network, which is branded as the One Roof Media Network.

Lowe’s ranks No. 11 in the Top 1000, Digital Commerce 360’s database of North America’s online retailers by web sales. The retailer is in the Hardware & Home Improvement category.

Jennifer Wilson’s duties as Lowe’s chief marketing officer

Jennifer Wilson, senior vice president, chief marketing officer at Lowe’s | Image credit: Lowe’s

“Jen’s extensive marketing, merchandising and home improvement experience positions her well for this expanded role,” said Marvin Ellison, chairman and CEO at Lowe’s, in a statement released June 11. “She’s consistently moving Lowe’s forward, as recently demonstrated by the successful launch of our MyLowe’s Rewards loyalty program and Lowe’s retail media network.”

Wilson’s promotion was made effective as of June 10. She will report to Bill Boltz, executive vice president of merchandising at Lowe’s, according to details the retailer released.

She will take the lead at Lowe’s One Roof Media Network in a year when other competitors, including Home Depot and Walmart, are also building out their retail media capabilities. In March, Google announced Lowe’s as the first beta partner for its own off-site retail media solution. That beta program will leverage Google’s Search Ads 360 product for offsite retail media campaigns, thus extending the reach of networks — like the one Lowe’s operates — to additional third-party channels.

In addition, Wilson will work on strategic brand and product marketing, as well as growing a customer experience integration organization within Lowe’s.

“Jen brings a data-driven approach and is helping us develop a deeper understanding of the customer,” Ellison said.

Wilson’s background in marketing and at Lowe’s

Wilson’s most recent title at Lowe’s was senior vice president, enterprise brand and marketing. Before that, she served in vice president positions, with portfolios including integrated marketing, merchandising and paint. Prior to Lowe’s, she also worked in marketing and advertising for agencies including Luquire George Andrews, St. John & Partners and Akhia.

“I am humbled and excited for the opportunity to continue elevating this great brand by leading a talented team of people who are customer and data obsessed,” Wilson said. “Working together with the exceptional talent across the business, our goal is to continue to unlock value for our customers while delivering business results for Lowe’s.”

Currently, she also holds a board of directors seat on the Ad Council.

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Home Depot announced the expansion of an existing pilot program, advancing to a nationwide partnership with Instacart. As a result, it will offer same-day delivery in as little as an hour from nearly 2,000 store locations. Now, Home Depot customers can visit Instacart online to order almost anything sold there, whether it’s an extension cord or a bag of mulch. Delivery will then be handled through Instacart’s nationwide corps of delivery drivers.

Home Depot ranks No. 4 in the Top 1000 Digital Commerce 360’s database of the largest online retailers in North America. It’s also the top-ranking retailer in the Top 1000’s Hardware & Home Improvement category.

Home Depot’s Instacart pilot expansion

“Feedback from our customers has been positive and we are excited to roll out this program nationwide,” said George Lane, a spokesman for Home Depot, who spoke to Digital Commerce 360.

Home Depot joins rival Lowes in enabling customers to have items delivered to their doorstep. Merchandise from Lowes is delivered via DoorDash. The home improvement chains join numerous retailers in partnering with what began primarily as food delivery services. Kohl’s, for instance, offers items by Instacart. So do Best Buy, Costco, Target, Walgreens and Walmart, among others.

The service also includes Instacart’s “Big & Bulky Fulfillment Solution,” which ensures same-day deliveries for heavier items up to 60 pounds. This gives Home Depot pro-customers another option when ordering outsized or heavier items crucial to their trade. Instacart and Home Depot’s partnership could be significant, especially in the pro-customer segment, according to industry observers.

Delivery’s importance for Home Depot

“The ability for a chain like Home Depot to consistently provide one-hour delivery of moderately heavy items could indeed be a game changer for many — even most — contractors,” says Jim McClellan, partner and co-founder of FORT Systems. The software company provides warehouse fulfillment and management systems and works with major carriers like UPS and FedEx.

McClellan said having bigger and bulkier items would help contractors achieve efficiency in multiple areas.

“It would, of course, ease some of the logistical planning for contractors, and potentially even lower costs for clients, as contractors would potentially not need to leave a job site to pick up needed items as often,” McClellan says.

But he also says that Home Depot benefits from the partnership by essentially creating a new B2B channel.

“It could create new revenue opportunities in a segment that functions more like a wholesale/freight forwarding channel,” McClellan says. “The critical consideration for Home Depot would be the resource allocation to a channel like this, as maintaining a high level of success for such a tight delivery window requires high levels of maintenance and planning,”

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Parentheses indicate the merchant’s ranking in the Top 1000, unless otherwise stated.

This week’s ecommerce earnings takeaways

• Some retailers still see significant runway to grow their online sales. BJ’s grew digital sales more than 20% in the quarter with a focus on convenience and omnichannel fulfillment.
• Not all discount chains are worried about competition from Temu and Shein. TJX said that growing Chinese retailers aren’t a significant threat.

AutoZone Inc. (No. 283)

Q3 2024: AutoZone reported net sales increased 1.9% to $4.2 billion in the third quarter ended May 4. Sales were negatively impacted by cool and wet weather in the Northeast and Midwest, as well as slow tax refund rollouts, the retailer said. Both factors led to a year-over-year decline in do-it-yourself sales, AutoZone noted. However, the retailer expects those trends to moderate in Q4.

BJ’s Wholesale Club Holdings Inc. (No. 44)

Q1 2024: BJ’s said total revenue increased 4.1% to $4.92 billion in the first quarter ended May 4. Comparable store sales increased 1.6% due to strong traffic and unit growth. Meanwhile, digital sales increased 21% year over year, BJ’s said, and 40% on a two-year basis. Digital sales growth was in the double digits every quarter of the past two years.

About 90% of online sales are fulfilled by stores through buy-online-pickup-in-store and same-day delivery, the retailer said.

E.l.f. Beauty (No. 681)

Q4 2024: E.l.f net sales increased 71% to $321.1 million in the fourth quarter ended March 31. That was about $30 million higher than the $292.6 million expected by analysts. The sales growth was driven by strength in both retail and online sales, e.l.f. said. 

Read more on e.l.f.’s earnings here.

Lowe’s Cos. Inc. (No. 11)

Q1 2024: Lowe’s Cos. Inc. reported that online sales grew about 1% in the first quarter of fiscal 2024 ended May 3. Meanwhile, Lowe’s total sales declined 4.0% to $21.4 billion, and comparable sales fell 4.1%.

Read more on Lowe’s earnings results here.

Macy’s Inc. (No. 14)

Q1 2024: In the first quarter ended May 4, Macy’s net sales declined 2.7% to $4.8 billion from Q1 in 2023. Meanwhile, comparable sales — including online sales — declined 1.2%. Those sales declines came after the retailer announced plans to close 150 stores and invest in a new strategy to turn negative trends around.

Read more on Macy’s earnings here.

Petco Health and Wellness Co, Inc. (No. 86)

Q1 2024: Petco reported that net revenue declined 1.7% to $1.5 billion in the first quarter ended May 4. It also had a net loss of $45 million, compared to a $1.9 million net loss in the year-ago period.

Consumable product sales were flat while discretionary supplies declined 7%, the retailer said. Services, however, grew 10% due to strength in mobile clinics and grooming, the retailer said.

Ralph Lauren Corp. (No. 69)

Q4 2024: Ralph Lauren revenue increased 2% to $1.6 billion in the fourth quarter ended March 30. Full-year revenue increased 3% to $6.6 billion.

Online sales declined 4% in North America. Meanwhile, they increased 11% in Europe and 19% in Asia. Ralph Lauren began testing an artificial intelligence (AI) predictive buying model in Asia and Europe to give better information on sizing and best-selling products in 2024, it said. Based on early success, the retailer will scale up the technology to 25% of direct-to-consumer business in fiscal 2025.

Shoe Carnival Inc. (No. 575)

Q1 2024: Shoe Carnival reported that net sales increased 6.8% to $300.4 million in the first quarter of 2024 ended May 4. 

“We are encouraged by the strong results delivered this quarter, with net sales growth above our expectation, gross profit margin expansion versus prior year, and earnings at the high end of our expectation,” CEO Mark Worden said in a statement. “We gained significant market share, with accelerating sales momentum across our business as the quarter progressed, including double-digit growth in sandals that continued in the quarter after the Easter holiday period.”

Shoe Carnival acquired Rogan’s Shoes in February for $45 million.

Target Corp. (No. 5)

Q 1 2024: Target reported that total revenue declined 3.1% to $24.5 billion in the first quarter of fiscal 2024 ended May 4. However, online sales did increase slightly. Declines in discretionary categories were partially offset by continuing growth in the beauty category.

Read more on Target’s earnings results here.

The TJX Companies, Inc. (No. 66)

Q1 2025: TJX reported that net sales increased 6% to $12.48 billion in the first quarter of fiscal 2025 ended May 4. The retailer operates the TJ Maxx, Marshalls, Sierra and Home Goods chains.

TJX said that low-price online retailers Temu and Shein are not a threat.

“We see very little issue with them taking market share from us,” CEO Ernie Hermann told investors. “I could see that their business model could overlap with some other brick-and-mortar guys or some other online guys for sure. But we just don’t see that as bumping up with our customer base or end use.”

Urban Outfitters Inc. (No. 28)

Q1 2025: Urban Outfitters net sales increased 7.8% to a record $1.20 billion in the first quarter ended April 30. Online sales grew in the high single digits, the retailer said.

Urban Outfitters is also rethinking its marketing strategy with a greater focus on social media. So far, it’s working. “The brand is encouraged that some of their recent adjustments to distribution channels, content, and community conversations have resulted in growth in new and total customers on the digital channel for the first time in quite some time,” chief operating officer Frank Conforti told analysts.

Williams-Sonoma Inc. (No. 19)

Q1 2024: Williams-Sonoma said revenue declined 4.9% to $1.66 billion in the first quarter ended April 28. Of the retailer’s brands, Pottery Barn sales declined the most, down 10.8%. West Elm also declined 4.8%. However, Williams Sonoma and Pottery Barn Kids and Teen grew 0.9% and 2.8%, respectively.

Williams-Sonoma shared plans to invest in its ecommerce experience with a focus on AI and first-party data collection. Those investments will improve product discovery, personalization, last-mile delivery and more, the retailer said.

Other recent ecommerce earnings results

Alibaba Group Holding Limited

Q4 2024: Alibaba said it grew revenue 7% year over year in its fiscal fourth quarter ended March 31, 2024. Meanwhile, net income decreased 96% compared to the prior Q4.

Alibaba owns the world’s two largest online marketplaces by gross merchandise value (GMV), Taobao and Tmall. Taobao ranks No. 1 in the Global Online Marketplaces Database, Digital Commerce 360’s ranking of the largest such marketplaces by third-party GMV. Tmall ranks No. 2. Both operate in China.

Read more on Alibaba’s earnings here.

Amazon.com Inc. (No. 1)

Q1 2024 earnings: Amazon net sales increased 13% to $143.3 billion in its fiscal first quarter, and its operating income more than tripled.

It ranks No. 1 in the Top 1000, Digital Commerce 360’s ranking of the largest North American online retailers. Amazon is also No. 3 in Digital Commerce 360’s Global Online Marketplaces Database, which ranks the 100 largest such marketplaces by third-party gross merchandise value (GMV).

Read more on Amazon’s earnings results here.

Boot Barn Holdings Inc. (No. 404)

Q4 2024: Boot Barn reported that net sales declined 8.7% to $388.5 million in its fiscal fourth quarter ended March 30. Ecommerce sales declined 7.6%. For the full year, net sales grew 0.6% to $1.67 billion, the retailer said.

Boot Barn’s core customers are still facing persistent inflation, but fourth-quarter trends were meaningfully better than Q3’s, it said.

Canada Goose Holdings Inc. (No. 200)

Q4 2024: Canada Goose said revenue increased 22% to $358.0 million in its fiscal fourth quarter ended March 31. Direct-to-consumer revenue grew 19% due to higher ecommerce sales, it said. Revenue for the full year increased 10% to $1.33 billion. Layoffs of 17% of its workforce in March contributed to cost savings and greater efficiencies, Canada Goose said.

However, even as results improved this quarter, “there’s clearly still some headwinds around consumer spending and specifically consumer luxury spending,” chief financial officer Neil Bowden told investors.

Chewy Inc. (No. 12)

Q4 2023 results: Chewy, Inc. reported that net sales grew in its Q4 and fiscal 2023 ended Jan. 28, 2024, even as pet adoptions declined.

Read more on Chewy earnings here.

Costco Wholesale Corp. (No. 6)

Q2 2024 earnings: Costco said net sales grew 5.7% to $57.33 billion in its second fiscal quarter of 2024 ended Feb. 18. Ecommerce comparable sales grew 18.4% in the same period.

Read more on Costco ecommerce sales here.

Crocs Inc. (No.97)

Q1 2024: Crocs reported that revenue grew 6% to $939 million in its fiscal first quarter ended March 31. Direct-to-consumer sales, including ecommerce, grew 11.8%, while wholesale grew 3.2%. 

Read more on Crocs earnings here.

The Home Depot Inc. (No. 4)

Q1 2024: Home Depot reported that sales declined 2.3% in its fiscal first quarter of 2024 ended April 28 due to challenges in the broader economy. B2B and Pro sales were equally impacted, while online sales grew.

Read more on Home Depot’s earnings here.

VTEX 

Q1 2024: VTEX reported that revenue grew 24.5% to $42.3 million. The global enterprise digital commerce platform said gross merchandise value (GMV) rose 22.2% to $4.0 billion.

VTEX provides ecommerce platforms for 25 retailers in the Top 1000.

Walmart Inc. (No. 2)

Q1 2025: Walmart grew U.S. online sales 22% for its fiscal 2025 first quarter ended April 30, 2024. Consolidated revenue grew 6.0% to $161.5 billion in Q1.

Read more on Walmart’s earnings here.

Under Armour Inc. (No. 99)

Q4 2024: Under Armour said that total revenue and ecommerce revenue both declined in its fourth quarter of fiscal 2024 ended March 31. Ecommerce sales made up 43% of total DTC sales in the quarter.

Read more on Under Armour’s earnings here.

Ecommerce earnings calendar

Here’s when other ecommerce earnings are scheduled to report this quarter:

• Amazon.com Inc.: Feb. 1
• Best Buy Co Inc.: May 30
• Costco Wholesale Corp.: March 7
• The Home Depot Inc.: May 14
• Lowe’s Cos Inc.: May 21
• Target Corp.: May 22
• Walmart Inc.: May 16

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That was a significant improvement from Q4, when total sales declined 17% and comparable sales dropped 6.2%. 

The retailer said B2B and online sales growth partially offset declines from do-it-yourself (DIY) customers, especially on bigger projects.

“We are pleased with our start to spring, driven by strong execution and enhanced customer service,” said Marvin R. Ellison, president and CEO. “This quarter, we rolled out our new DIY loyalty program nationally, expanded same-day delivery options and took market share in key categories. We continue to gain momentum with our Total Home strategy, reflected in our growth in Pro and online,” he continued. 

Net earnings were $1.8 billion, down from $2.3 billion in Q1 2023.

Lowe’s ranks No. 11 in the Top 1000, Digital Commerce 360’s database of North America’s online retailers by web sales. The retailer is in the Hardware & Home Improvement category.

Lowe’s Q1 online sales

While online sales grew year over year, Lowe’s did not share a dollar value for online sales or specify what percentage of total sales were made online in Q1.

However, Lowe’s did improve conversion rates on its website in Q1, Ellison told investors. He also noted the retailer’s new same-day delivery partnerships with DoorDash and Shipt.

“Our objective is simple, giving customers access to the home improvement products they need, however they choose to shop,” Ellison said. “And we’re tailoring our digital experience to support the unique needs of different customer shopping journeys based on the type of project. And we’re also using virtual and mixed reality to make it easier for customers to explore and visualize different possibilities for their home.”

He added that the additions support Lowe’s other delivery options, including Instacart.

The SpringFest sale was successful in driving online traffic to Lowe’s, he said. Attracting customers early in the spring season is important because they continue coming back throughout the season for other gardening needs, he added.

Lowe’s DIY sales in Q1

Lowe’s also completed the national rollout of its rewards program for DIY customers in Q1. The launch and early customer adoption have been successful both in stores and online, Ellison said.

That was essential to business thanks to continued pressure in the housing market, Lowe’s said. 

“Uncertainty around interest rate cuts, stubborn inflationary pressures and a consumer still showing a preference towards spending on discretionary services and experiences continue to weigh on the DIY home improvement demand,” Ellison said. “And the outlook for lower mortgage rates and improved housing turnover remains uncertain.” 

Consumers remain reluctant to invest in large home improvement projects. Customers have expressed concerns about high costs of living and spending on other priorities besides their homes, Ellison said. Consumers continued to hunt for value, especially in the kitchen, flooring, bath and appliances categories.

However, Lowe’s still recorded better-than-expected results, he added.

Lowe’s Q1 B2B

Lowe’s grew sales among contractors and other home improvement professionals in Q1, the retailer said. It refers to them as Pros.

“Our strategic investments to improve the Pro experience are driving increased sales and improved customer engagement,” he said. “Specifically, investments to improve service levels as well as our expanded brand portfolio that now includes Klein Tools are strengthening our relationships with this core customer.”

Pro customers were a more resilient cohort than DIY customers in the quarter. Lowe’s is specifically targeting small and medium-sized Pros including repair and remodel contractors and property managers.

Lowe’s has plans to continue investing to grow Pro sales. The retailer is building its capacity to deliver larger orders to job sites and opening new Pro supply branches around the country.

Lowe’s earnings

For its fiscal first quarter ended May 3, 2024, Lowe’s reported:

• Total sales declined 4% year over year to $21.4 billion.
• Comparable sales declined 4.1%.
• Net earnings were $1.8 billion, down from $2.3 billion in Q1 2023.

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Parentheses indicate the merchant’s ranking in the Top 1000, unless otherwise stated.

More retailers in Digital Commerce 360’s Top 1000 list of leading ecommerce retailers in North America reported ecommerce earnings results for the most recent fiscal quarter.

This week’s ecommerce earnings takeaways

• Some retailers talked about quarter-over-quarter improvement as they found success appealing to consumers who are dealing with inflation. Boot Barn and Canada Goose both mentioned this experience as a promising note going forward.
• Walmart continues to benefit from higher-income consumers turning to its stores and website, with major U.S. ecommerce growth.

Alibaba Group Holding Limited

Q4 2024: Alibaba said it grew revenue 7% year over year in its fiscal fourth quarter ended March 31, 2024. Meanwhile, net income decreased 96% compared to the prior Q4.

Alibaba owns the world’s two largest online marketplaces by gross merchandise value (GMV), Taobao and Tmall. Taobao ranks No. 1 in the Global Online Marketplaces Database, Digital Commerce 360’s ranking of the largest such marketplaces by third-party GMV. Tmall ranks No. 2. Both operate in China.

Read more on Alibaba’s earnings here.

Boot Barn Holdings Inc. (No. 404)

Q4 2024: Boot Barn reported that net sales declined 8.7% to $388.5 million in its fiscal fourth quarter ended March 30. Ecommerce sales declined 7.6%. For the full year, net sales grew 0.6% to $1.67 billion, the retailer said.

Boot Barn’s core customers are still facing persistent inflation, but fourth-quarter trends were meaningfully better than Q3’s, it said.

Canada Goose Holdings Inc. (No. 200)

Q4 2024: Canada Goose said revenue increased 22% to $358.0 million in its fiscal fourth quarter ended March 31. Direct-to-consumer revenue grew 19% due to higher ecommerce sales, it said. Revenue for the full year increased 10% to $1.33 billion. Layoffs of 17% of its workforce in March contributed to cost savings and greater efficiencies, Canada Goose said.

However, even as results improved this quarter, “there’s clearly still some headwinds around consumer spending and specifically consumer luxury spending,” chief financial officer Neil Bowden told investors.

Crocs Inc. (No.97)

Q1 2024: Crocs reported that revenue grew 6% to $939 million in its fiscal first quarter ended March 31. Direct-to-consumer sales, including ecommerce, grew 11.8%, while wholesale grew 3.2%. 

Read more on Crocs earnings here.

The Home Depot Inc. (No. 4)

Q1 2024: Home Depot reported that sales declined 2.3% in its fiscal first quarter of 2024 ended April 28 due to challenges in the broader economy. B2B and Pro sales were equally impacted, while online sales grew.

Read more on Home Depot’s earnings here.

VTEX 

Q1 2024: VTEX reported that revenue grew 24.5% to $42.3 million. The global enterprise digital commerce platform said gross merchandise value (GMV) rose 22.2% to $4.0 billion.

VTEX provides ecommerce platforms for 25 retailers in the Top 1000.

Walmart Inc. (No. 2)

Q1 2025: Walmart grew U.S. online sales 22% for its fiscal 2025 first quarter ended April 30, 2024. Consolidated revenue grew 6.0% to $161.5 billion in Q1.

Read more on Walmart’s earnings here.

Under Armour Inc. (No. 99)

Q4 2024: Under Armour said that total revenue and ecommerce revenue both declined in its fourth quarter of fiscal 2024 ended March 31. Ecommerce sales made up 43% of total DTC sales in the quarter.

Read more on Under Armour’s earnings here.

Other recent ecommerce earnings results

Adidas AG

Q1 2024 earnings: Adidas reported preliminary results for its first quarter ended March 31. Revenue grew 4% year over year to 5.46 billion euros. The latest Yeezy drop generated 150 million euros in revenue and 50 million euros in operating profit in the first quarter, Adidas said. Due to better-than-expected results, the retailer increased its 2024 guidance to expect mid to high single-digit growth.

Adidas ranks No. 16 in the Europe Database, which ranks the largest online retailers in the region.

Allbirds Inc. (No. 395)

Q1 2024: Allbirds said revenue declined 27.6% to $39.3 million in the first quarter ended March 31. That was in line with previous guidance for the quarter, it said.

“The year-over-year decrease is primarily attributable to lower overall demand, as well as the impact of international distributor transitions and retail store closures,” Allbirds said in a press release.

Its strategy going forward is to introduce new products that resonate with customers. Recent launches have performed well, CEO Joe Vernachio said.

Amazon.com Inc. (No. 1)

Q1 2024 earnings: Amazon net sales increased 13% to $143.3 billion in its fiscal first quarter, and its operating income more than tripled.

It ranks No. 1 in the Top 1000, Digital Commerce 360’s ranking of the largest North American online retailers. Amazon is also No. 3 in Digital Commerce 360’s Global Online Marketplaces Database, which ranks the 100 largest such marketplaces by third-party gross merchandise value (GMV).

Read more on Amazon’s earnings results here.

Arhaus Inc. (No. 331)

Q1 2024: Arhaus net revenue declined 9.5% to 295 million in the first quarter ended March 31. The decline was due to a backlog of deliveries and weather-related delivery issues, the retailer said, partially offset by increased demand.

The retailer did not share specific ecommerce results.

“Really, really pleased with the results that we’re seeing on e-comm, both in terms of sales and also some of the improvements that we’re making in terms of getting traffic to the site and engages when people are on the site,” chief marketing officer Jennifer Porter told investors.

Aritzia, Inc. (No. 154)

Q4 2024 earnings: Aritzia reported that net revenue increased 7% to $682.0 million in its fiscal fourth quarter ended March 3, while comparable sales declined 3%. Retail net revenue increased 14.7%. Meanwhile, ecommerce revenue declined 3.2% to comprise 38.9% of total revenue. Aritzia is investing in updated technology for its website and plans to improve its omnichannel capacity.

“The tremendous opportunity we see in ecommerce is far greater than our recent performance, but we also recognize we’re coming off three years of unprecedented growth, delivering a four year ecommerce net revenue behavior of 34%,” CEO Jennifer Wong told investors. 

Avery Dennison Corp. (No. 319)

Q1 2024 earnings: Avery Dennison said net sales grew 4% to $2.2 billion in the first quarter ended March 30.

“We are off to a strong start to the year. In the first quarter we delivered significant earnings growth, driven by higher volume and productivity gains,” president and CEO Deon Stander said in a written statement. “Materials Group delivered significant volume growth and margin expansion, as downstream inventory destocking subsided and volumes continued to normalize. Solutions Group delivered strong top-line growth, driven by high-value categories, despite apparel imports continuing to be below demand.”

Beyond Inc. (No. 63)

Q1 2024: Beyond, Inc. reported a slight earnings increase and growth in active customers and orders in its fiscal first quarter ended March 31.

Read more on Beyond’s earnings here.

Brilliant Earth Group, Inc. (No. 200)

Q1 2024: Brilliant Earth reported that revenue remained flat at $97.3 million in the first quarter ended March 31. Total orders grew 13%, and repeat order volume grew more than 20%, the jewelry retailer said. However, average order value declined 12.4%. That’s partially due to fine jewelry, as opposed to engagement rings, becoming a larger part of the business. For example, in the two weeks leading up to Valentine’s Day, fine jewelry sales grew 45% year over year. Heart-shaped jewelry sales grew 182% year over year in the full quarter.

CarParts.com, Inc. (No. 146)

Q1 2024: Revenue declined 5% $166.3 million in the quarter ended March 30, Carparts.com said. The majority of the decline came from lights and mirrors, which typically make up about one-quarter of revenue, the retailer said. Due to increased pressure on discount-seeking consumers, CarParts.com will focus customer acquisition on “consumers that want quality parts at competitive prices,” it said. That customer base is more profitable and will yield better margins going forward, the retailer added.

Chewy Inc. (No. 12)

Q4 2023 results: Chewy, Inc. reported that net sales grew in its Q4 and fiscal 2023 ended Jan. 28, 2024, even as pet adoptions declined.

Read more on Chewy earnings here.

Columbia Sportswear Co. (No. 157)

Q1 2024 earnings: Columbia reported net sales declined 6% to $770.0 million in the first quarter ended March 31. Despite the decline, that result exceeded expectations, CEO Tim Boyle said. Direct-to-consumer in-store sales grew year over year, while ecommerce sales declined. That was largely due to promotional activity in 2023 inflating ecommerce sales numbers, he said. Specifically, U.S. DTC sales declined by “mid-teens percent,” Boyle said.

“The overall e-commerce environment remains challenging,” he added.

Costco Wholesale Corp. (No. 6)

Q2 2024 earnings: Costco said net sales grew 5.7% to $57.33 billion in its second fiscal quarter of 2024 ended Feb. 18. Ecommerce comparable sales grew 18.4% in the same period.

Read more on Costco ecommerce sales here.

EBay Inc.

Q1 2024 earnings: EBay revenue grew 2% to $2.56 billion in Q1 ending March 31 while gross merchandise value (GMV) stayed largely flat.

The marketplace ranks No. 6 in Digital Commerce 360’s Global Online Marketplaces database. 

Read more on eBay’s earnings here.

The Estee Lauder Companies, Inc. (No. 41)

Q2 2024 earnings: Estee Lauder reported net sales grew 5% to $3.94  billion in its second fiscal quarter ended March 31. Skin care made up the largest portion of sales, accounting for $2.06 billion in the quarter. That was an increase of 8% from $1.92 billion in the year-ago period. Makeup sales also grew, up 3% year over year to $1.14 billion. Fragrance sales remained nearly flat at $575 million. Meanwhile, hair care sales declined 3% to $143 million.

Etsy Inc.

Q1 2024 earnings: Etsy revenue grew 0.8% to $646.0 million in its fiscal Q1 ended March 31.

Etsy is No. 20 in the Global Online Marketplaces Database. Its musical instrument marketplace Reverb is No. 42 and used-clothing marketplace Depop is No. 51.

Read more on Etsy’s earnings results here.

Figs Inc. (No.163)

Q1 2024: Figs net revenue declined 0.8% to $119.3 million in the first quarter ended March 31. A decrease in orders was partially offset by an increase in average order value, Figs said.

“We’re going to continue to be disciplined around our promotional cadence and we’re going to continue to really utilize promotions in a very celebratory way,” CEO Trina Spear said as the retailer invests in marketing campaigns like the new “I am a nurse” campaign.

Fossil Group, Inc. (No. 188)

Q1 2024: Fossil reported net sales decreased 22% to $255 million in the first quarter ended March 30. The retailer cited “category, consumer and channel softness,” as reasons for the decline, with declines in smartwatch sales also contributing. Industry trends continue to be difficult, the retailer said, as consumers look for value and low costs. However, Fossil predicts a long-term stabilization in the watch market.

Hanesbrands Inc. (No. 277)

Q1 2024: Hanes reported that net sales declined 17% to $1.16 billion in the first quarter ended March 30. That was in the middle of the company’s expectations, it said. Activewear was hit particularly hard, with sales falling 31% year over year to $97 million.

“The remainder of the year-over-year sales decrease was driven by the ongoing combination of challenging activewear apparel market dynamics, including soft consumer demand and cautious ordering from retailers,” Hanes said in a statement.

However, U.S. ecommerce sales fared better. They grew 12% year over year.

Harley-Davidson, Inc. (No. 426)

Q1 2024 earnings: Harley-Davidson said revenue declined 3% to $1.73 billion in the first quarter ended March 31. Global motorcycle shipments decreased 7% year over year in the first quarter, in line with the auto company’s expectations, it said. Accordingly, wholesale shipments declined and sales prices were lower, leading to declining revenue. Revenue grew 12% for the financial services side of the business, despite higher-interest expenses, it said.

Hims & Hers Health Inc. (No. 115)

Q1 2024: Hims & Hers revenue grew 46% to $278.2 million in the first quarter ended March 31. The health company significantly increased investments in TV and other brand campaigns over the last few years, which are now paying off, it said.

“A multi-specialty platform enables us to do this in an efficient manner as we’re able to speak to consumers broadly about a platform of capabilities versus an individual condition. It is clear to us that these efforts are starting to compound,” co-founder and CEO Andrew Dudum told investors.

The retailer ended the quarter with 1.7 million subscribers.

The Honest Company Inc. (No. 823)

Q1 2024: Revenue grew 3% to $86 million in the Honest Co.’s first quarter ended March 31. Baby apparel, wipes, and baby personal care categories drove the growth, it said. The retailer reported a net loss of $1 million, compared with a loss of $19 million in the year-ago period.

The retailer found success on Amazon last quarter. It quadrupled the number of new-to-household customers on Amazon in Q1, it said.

iRobot Corp. (No. 422)

Q1 2024: iRobot said revenue declined 6% to $150.0 million in the first quarter ended March 30. 25% of Q1 revenue was from ecommerce due to greater-than-usual investment in online marketing, iRobot said. It added that that level is likely unsustainable in future quarters.

iRobot also announced Gary Cohen as its new CEO. Cohen previously worked as CEO of Qualitor Automotive and Timex.

Keurig Dr. Pepper Inc. (No. 102)

Q1 2024 earnings: Keurig Dr. Pepper reported that net sales increased 3.4% to $3.47 billion in the first quarter ended March 31. Keurig sales continued to grow among higher-income consumers, while lower- and middle-income consumers are more pressured, the retailer said. Ready-to-drink products represent an area where it can continue growing, it said.

The beverage company also announced incoming CEO Tim Cofer took over the role on April 26 after starting the CEO succession process in September 2023.

LVMH

Q1 2024 results: LVMH reported that total revenue declined 2% to 20.69 billion euros in its fiscal first quarter ended March 31. The wine and spirits category recorded the greatest decline, down 16% year over year. The decline in champagne reflected a continued decrease in post-COVID demand. Meanwhile, other products achieved strong growth in 2023, making results appear weaker this year, LVMH said.

Ecommerce sales grew more slowly than physical retail, but that’s not necessarily a problem, said chief financial officer Jean-Jacques Guiony.

“If products are being sold in stores, we see no necessity to put a lot of them onto the ecommerce and vice versa,” he said. “So basically, I would view the fact that ecommerce is growing less than stores as a good sign of the health of the store channel, which is obviously by far the most important for us.”

LVMH is No. 3 in the Europe Database.

O’Reilly Automotive, Inc. (No. 137)

Q1 2024 earnings: O’Reilly announced that sales grew 7% to $3.98 billion in the first quarter ended March 31. Same-store sales also increased 3.4%, on top of a 10.8% increase in Q1 2023, the retailer said. O’Reilly said the state of the economy plays to its advantage.

“In situations of heightened economic pressures, we believe consumers will continue to prioritize investing to maintain their vehicles, particularly given the significant cost and monthly payment burden of a new or replacement vehicle,” CEO Brad Beckham told investors. “We believe the composition of our sales results support this view of the consumer in the current environment.”

Procter & Gamble Co. (No. 512)

Q3 2024 earnings: Procter & Gamble reported net sales increased 1% to $20.2 billion in its fiscal third quarter ended March 31. The business attributed sales growth across beauty, grooming, home care and baby care segments to pricing increases.

“We expect the environment around us to continue to be volatile and challenging, from input costs to currencies to consumer, retailer and geopolitical dynamics,” chief financial officer Andre Schulten told investors in an earnings call.

Peloton Interactive, Inc. (No. 49)

Q3 2024 earnings: Peloton announced that CEO and president Barry McCarthy would step down, effective immediately. While the company looks for a new CEO, board members Karen Boone and Bruzzo will serve as co-interim CEOs. Peloton revenue declined 3% in its fiscal quarter ended March 31, to $717.7 million. The retailer introduced a cost-reduction plan intended to save $200 million in expenses per year.

Qurate Retail Inc. (No. 18)

Q1 2024: Qurate said revenue declined 4% to $2.64 billion in its fiscal first quarter ended March 31. The Cornerstone brand recorded the greatest decrease in revenue due to challenges in demand for home goods, the retailer said. Qurate is in the midst of a new advertising campaign aimed at the core customer of women over 50, it said.

The RealReal Inc. (No. 714)

Q1 2024: The RealReal said revenue grew 1% to $144 million in its fiscal first quarter ended March 31. Gross merchandise value (GMV) grew 2% to $452 million over the same period. 

Customers on the resale website are “healthy overall,” chief operating officer Rati Levesque said. Average order value and average selling price both increased in the quarter, she added.

Revolve Group Inc. (No. 87)

Q1 2024: Revolve net sales declined 3% to $270.6 million in its fiscal first quarter ended March 31. The apparel retailer said the decline was due to less discounting of products than in the 2023 period. However, sales did grow year over year in the last month of Q1 and the first month of Q2, it said.

Revolve executives see an opportunity to grow their footprint in the luxury ecommerce space.

“Challenges among certain of our luxury e-commerce competitors have further accelerated in recent months,” co-CEO Michael Mente said. “The resulting disruption affecting luxury consumers and luxury brands creates a compelling opportunity for a profitable and cash generative company like Revolve to capitalize by investing in strategies to gain market share. We believe there is an opportunity to pursue the millions of effectively abandoned luxury customers that are up for grabs in the aftermath of the recent industry malaise.”

Sally Beauty Holdings, Inc. (No. 399)

Q2 2024: Sally Beauty reported revenue declined 1.1% to $908 million in its fiscal second quarter ended March 31. Sales were hurt by soft traffic and slowing consumer purchase trends due to the inflationary environment, the retailer said. 

Ecommerce sales were $90 million, or about 9.9% of total sales.

Tapestry Inc. (No. 43)

Q3 2024: Tapestry said revenue declined 2% to $1.48 billion in its fiscal third quarter ended March 30. Online sales accounted for more than 25% of revenue and were more than three times as high as pre-pandemic online sales. 

Direct-to-consumer sales declined 4%, but were offset by a 20% growth in wholesale, Tapestry said. The retailer includes brands Coach, Kate Spade, and Stuart Weitzman.

Target Corp. (No. 5)

Q4 2023 results: Target revenue grew 1.7% to $31.92 billion in its fiscal fourth quarter ended Feb. 3. Online sales declined 0.7%.

Read more on Target’s earnings here.

Tempur Sealy International Inc. (155)

Q1 2024: Tempur Sealy reported that revenue declined 1.5% to $1.19 billion in its fiscal first quarter ended March 31. Ecommerce was a particularly strong segment of the business in Q1, with North America sales increasing 7.7% to $124.2 million. Meanwhile, wholesale sales in the region declined 3.4%. Ecommerce remains a relatively small part of the business, though, Tempur Sealy said.

ThredUp Inc. (No. 589)

Q1 2024: ThredUp revenue increased 5% to $79.6 million in the first quarter ended March 31. The resale retailer heavily invested in artificial intelligence (AI) in the quarter, enabling savings of $17 million and a 20% reduction in its workforce. 

“We have launched a new AI search experience and created two new AI-powered tools that allow consumers to thrift any style that inspires them,” CEO James Reinhart said.

He said those AI tools are uniquely beneficial to ThredUp because of its large and constantly changing catalog.

Warby Parker Inc. (No. 351)

Q1 2024: Warby Parker said net revenue grew 16.3% to $200.0 million in its fiscal first quarter ended March 31. That was the highest quarterly growth since 2021, it said. Active customer count also grew, and both increases are due to successful marketing efforts and customer acquisition strategies, Warby Parker asserted.

“Earlier this year, we set out to reaccelerate both glasses and active customer growth,” said co-founder and co-CEO Dave Gilboa. “We’re encouraged to see strength in single-vision glasses as well as efficiencies across media channels, driven by our team’s strong marketing execution. In Q2 and beyond, we’ll continue to invest in customer acquisition while scaling our holistic vision care offering to drive higher customer lifetime value.”

Wayfair Inc. (No. 10)

Q1 2024 earnings: Wayfair Inc. reported earnings results from its fiscal first quarter ended March 31. Wayfair total net revenue in Q1 declined 1.6% to $2.7 billion.

Read more on Wayfair’s earnings results here.

Yeti Holdings, Inc. (No. 129)

Q1 2024: Yeti said net sales increased 13% to $341.4 million in its fiscal first quarter ended March 30. Drinkware sales grew 13%, and coolers grew 15%. Both led to growing sales across direct-to-consumer and wholesale channels.

To meet continued demand, Yeti will introduce more new products this year. It will introduce cast iron cookware this summer and expand its barware items for Father’s Day.

Ecommerce earnings calendar

Here’s when other ecommerce earnings are scheduled to report this quarter:

• Amazon.com Inc.: Feb. 1
• Best Buy Co Inc.: May 30
• Costco Wholesale Corp.: March 7
• The Home Depot Inc.: May 14
• Lowe’s Cos Inc.: May 21
• Target Corp.: May 22
• Walmart Inc.: May 16

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Home Depot Q1 sales declined 2.3% year over year to $36.4 billion. That was on top of declines last year, when 2023 Q1 sales were down 4.2% year over year. 

Meanwhile, Q1 comparable sales declined 2.8%, and U.S. comparable sales decreased 3.2%. Home Depot’s net earnings for the quarter were $3.6 billion, a year-over-year drop from $3.9 billion.

“The team executed at a high level in the quarter, and we continued to grow market share,” CEO Ted Decker said in a written statement. “And while the quarter was impacted by a delayed start to spring and continued softness in certain larger discretionary projects, we feel great about our store readiness, our product assortment in stores and online, and our associate engagement.”

Home Depot is No. 4 in the Top 1000, Digital Commerce 360’s database of the largest online retailers in North America. Digital Commerce 360 categorizes Home Depot as a Hardware & Home Improvement retailer.

Home Depot Q1 online sales

While overall Home Depot Q1 sales declined, online sales grew over the same period. Digital sales grew 3.3% year over year, the retailer said. Nearly half of those sales were fulfilled through stores.

Making the online shopping experience at Home Depot more convenient was a top priority in Q1.

“We are incredibly focused on removing friction for our customers to create an excellent, interconnected shopping experience,” executive vice president of merchandising Billy Bastek told investors on May 14. “We continue to work on improving our online search functionality and serving the most relevant product offerings to our customers.”

Home Depot improved its search engine by combining keywords and other customer behavior to deliver more targeted results, he said. It also added improved filtering capabilities. These advances together drove “strong results in our online business,” he said.

Home Depot also made returning online orders easier, with more than 70% of orders now eligible for self-service returns at UPS stores.

Home Depot DIY and B2B sales

The home improvement retailer serves both do-it-yourself (DIY) customers and B2B customers, whom it refers to as Pros. DIY and Pro sales performed about the same in the quarter, both declining year over year, Bastek said.

Within the DIY sector, consumers pulled back on spending on large home projects during the quarter across income groups, Home Depot said. Some consumers are waiting on big projects because they anticipate moving into a new home when interest rates come down, the retailer added.

Big-ticket projects, defined as tickets over $1,000, declined 6.5% year over year. That was also true of projects customers typically use financing on, such as kitchen and bathroom remodels.

Relying more on smaller projects could make things more difficult for Home Depot going forward.

“The danger here is that while Home Depot has a commanding position, it faces much more competition on the light-side improvement space from smaller improvement players, garden centers, and specialists like Sherwin Williams in categories like paint,” said Neil Saunders, managing director at retail analysis firm Global Data. “From our data, consumers are now shopping around more to find the best bargains and deals.”

Home Depot saw stronger sales from larger Pro customers than smaller contractors in the quarter, it said.

The retailer recently invested in acquisitions to grow its B2B market. In March, it acquired SRS Distribution for $18.25 billion.  The acquisition was both “complementary and additive” to Home Depot’s current offerings, Decker said at the time. SRS will expand Home Depot’s total addressable market by $50 billion, to about $1 trillion, Home Depot said. Prior to that, it also purchased International Designs Group LLC in late 2023.

“Pockets of softness remain, and Home Depot can no longer rely on the pro market to pull it out of the hole on the consumer side,” Saunders said. “That said, we believe that Home Depot is holding on to pros far better than Lowe’s, mainly because it is seen as being stronger on prices, service, and the depth of range it offers.”

Home Depot earnings

For its fiscal first quarter ended April 28, 2024, Home Depot reported:

• Total sales declined 2.3% year over year to $36.4 billion.
• Home Depot online sales grew 3.3%.
• Comparable sales declined 2.8%. In the U.S., they decreased 3.2%.
• Net earnings were $3.6 billion.

Percentage changes may not align exactly with dollar figures due to rounding. Check back for more earnings reports. Here’s last quarter’s comparison of Home Depot and Lowe’s online sales.

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