“I am excited to join Petco at a pivotal time as we reposition the business for a stronger future,” Anderson said in a press release.

Petco ranks No. 86 in Digital Commerce 360’s Top 1000 Database of the largest North American e-retailers by online sales. It is classified as a Specialty retailer in the database. Digital Commerce 360 projects Petco’s total web sales in 2024 will reach $1.25 billion.

Pet web sales by year

Petco’s selection of Anderson as new CEO

Joel D. Anderson, incoming CEO at Petco | Image credit: Petco

“Over the course of his impressive career he has demonstrated the ability to build and lead great teams while creating significant shareholder value,” said Glenn Murphy, executive chairman of Petco’s board of directors. “I look forward to working closely with him as he leads Petco’s initiatives to improve operating and financial results.”

Petco’s first-quarter sales, reported in May, fell 1.7% year over year. The company lost $45 million, compared with a $1.9 million loss during the comparable period in 2023. In response to the losses, the company is implementing a new store operating model to increase productivity. The earnings report highlighted a review of the pricing and assortment strategy underway to improve inventory management. Petco aims for $150 in cost savings by the end of fiscal 2025.

Anderson comes to Petco after leading a turnaround at value retailer Five Below. That followed seven years at Walmart.com, where he became CEO. He will replace Petco’s interim CEO, R. Michael Mohan, as Mohan leaves the role on July 29. Mohan will then chair a new committee for Petco’s board, focusing on value creation.

Mohan took over the interim executive role after former Petco CEO Ron Coughlin resigned in March.

“On behalf of the Board of Directors, I extend our deepest gratitude to Mike for his dedication and leadership,” Murphy stated. “He has made a meaningful impact as our interim CEO over the past few months, effectively stabilizing our operations and setting us on the path for continued improvements in performance.”

Anderson’s retail leadership experience

“Joel’s breadth of experience across stores and ecommerce and the interplay between the two makes him a strong leader for Petco,” Michele Roney, executive president at Mars United Commerce, a global retail and trend consulting company, told Digital Commerce 360. “His proven ability to rapidly scale revenues in complex and niche environments will help the retailer navigate an ever-changing consumer environment.”

Petco has more than 1,500 physical stores in the United States. Still, it has to compete against online giants like Amazon and Walmart.com. In that context, Anderson brings experience in both, Roney explained. She said she believes Anderson can also use Petco’s niche in the pet market to differentiate itself from others.

“The benefits of being a niche retailer in today’s market is the space and permission to be different in what has become a relatively commoditized shopping experience — especially concerning the pet category,” Roney noted, adding that Anderson’s experience should allow him to navigate Petco’s challenges.

“Joel brings a renewed focus and outside perspective on the uniqueness of Petco and can work to improve the relationship between the retailer, its supplier base, and their customers,” she said.

Roney says Petco’s emphasis on brick-and-mortar stores gives it plenty of room to grow. One path may include focusing on a more robust online presence.

“With more consumers shopping online and new revenue models — like retail media — supplementing core retail activities, retail continues to evolve in unforeseen ways,” Roney said.

She expects the challenge for Anderson will be not to get a “fragmented focus” with the physical stores and growing its online business, as they are different entities. One way she sees him having an impact may be through bringing in his own talent pool to help Petco focus on growing its online footprint while freshening up its physical stores.

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

This week’s ecommerce earnings takeaways

• MillerKnoll Inc. reported an 11.2% drop in net sales for its 2024 fiscal year from fiscal 2023.
• Conn’s Inc. did not report earnings as scheduled for its fiscal first quarter of 2024, as it is reportedly exploring bankruptcy.

Conn’s Inc. (No. 568)

Q1 2024 earnings: Conn’s, Inc. announced on June 26 that it received a delinquency notification from Nasdaq regarding its failure to file Form 10-Q for the results from its first fiscal quarter of 2024, which ended April 30. Amid filing delays, the furniture retailer was seeking refinancing and considering bankruptcy, Bloomberg reported July 1.

Indigo Books & Music Inc. (No. 416)

No longer public: Toronto-based retail Indigo Books & Music Inc. went private, resulting in the company being delisted from the Toronto Stock Exchange on June 4. It did not report Q4 and fiscal 2024 results.

MillerKnoll Inc. (No. 211)

Q4 2024 earnings: MillerKnoll Inc. reported that net sales fell 7.1% year over year to $888.9 million in its fourth fiscal quarter of 2024, which ended June 1. The furniture company, known for its Herman Miller and Knoll brands, also reported that sales for its full fiscal 2024 were down 11.2% to $3.6 billion from a year earlier.

Results accounted for the closure of MillerKnoll’s Hay ecommerce channel in North America, as well as the shuttering of its Fully business.

“Turning to retail, we delivered organic order growth of 1% year over year despite the tough macroeconomic conditions our industry still faces,” MillerKnoll CEO Andi Owen said during the company’s earnings call. “We’re continuing to do the work to drive orders in the short term while optimizing our retail engine for significant long-term sales growth.”

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.

H&M Group (No. 14 in Europe database)

Q2 2024 earnings: H&M Group said net sales were up 3% to $5.6 billion (59.6 billion Swedish crowns) in its second fiscal quarter of 2024, which ended May 31. The apparel retailer also noted that 30% of its sales were online during the first half of its current fiscal year.

“During the spring, we have successfully tested an updated online store that we are launching in our larger markets during the autumn,” H&M CEO Daniel Ervér said in the earnings announcement. “The new digital experience will give our customers more inspiration, clearer recommendations on how our products can be styled and which fit is right for them.”

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.

Levi & Strauss Inc. (No. 162)

Q2 2024 earnings: Levi Strauss & Co. reported an increase in net sales of 8% to $$1.4 billion for its second fiscal quarter of 2024, which ended May 26. The apparel retailer also said ecommerce revenue was up 19% year over year on a reported and constant-currency basis for the quarter.

Read more on Levi’s earnings here.

Nike Inc. (No. 8)

Q4 2024 earnings: Nike Inc. net sales dropped 2% to $12.6 billion in its fourth fiscal quarter of 2024, which ended May 31. During the same period, Nike Digital sales fell 10% year over year.

Read more on Nike’s earnings here.

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.

Ecommerce earnings calendar

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

• Helen of Troy Limited: July 9
• Carvana Co.: July 17
• Adidas AG: July 31
• LVMH: July

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

This week’s ecommerce earnings takeaways

• Lululemon posted a 10.4% increase in net sales for the quarter, with digital sales accounting for 41% of revenue.
• GameStop shared earnings earlier than expected, detailing a 28.7% decrease in net sales from a year prior.

Bark, Inc. (No. 201)

Q4 2024 earnings: Bark reported a 3.6% year-over-year decrease in revenue to $121.5 million for its first fiscal quarter of 2024, which ended March 31. It also recorded $490.2 million in revenue for its 2023 fiscal year, which was down 8.4% from the previous year.

Read more about Bark’s earnings here.

Bath & Body Works, Inc. (No. 62)

Q1 2024 earnings: Bath & Body Works said it saw a 0.9% year-over-year decrease in net sales, which totaled $1.4 billion during its first fiscal quarter of 2024 ended May 4.

Gina Boswell, CEO at Bath & Body Words, shared during its June 4 conference call that “there has been and continues to be significant work required to bring the company’s technology systems to where we need them to be for a leading omnichannel retail business of our size.” Looking ahead, she expects to be able to share more about these efforts later in 2024.

“We remain focused on investing in the foundational tools and systems need to support future growth, and have been engaging with world-class partners to do so,” Boswell said. “We continue to evolve the digital experience for our customers, and we look forward to sharing big wins from these efforts later in the year.”

Big Lots, Inc. (No. 237)

Q1 2024 earnings: Big Lots reported a 10.2% decrease in net sales year over year to $1.0 billion for its first fiscal quarter of 2024, which ended May 4. The company cited a “challenging consumer environment” as it announced a $205.0 million loss for the period.

The retailer is in the middle of a turnaround effort. It cited improved online promotions and experience as priorities as it looks to change course.

“We’re continuing to enhance the online experience and showcasing extreme bargain deals through the weekly ad, big bargains and big buyout sections, heavily featured on the site,” said Bruce Thorn, president and CEO at Big Lots, during the company’s June 6 earnings call. “We remain focused on influencing her home shopping journey through enabling customers to browse more products online and now offer a coming-soon preview, in-store inventory and have started the ability to preorder for core big-ticket items in furniture and seasonal at the end of Q2.”

GameStop Corp. (No. 35)

Q1 2024 earnings: GameStop said its net sales were down 28.7% year over year to $881.8 million for its first fiscal quarter of 2024 that ended May 4. The same period included a net loss of $32.3 million, which was smaller than its loss of $50.5 million a year earlier.

The company did not hold an earnings call after announcing earnings days earlier than previously scheduled. In addition, it shared that it would sell 75 million shares, following the sale of 45 million shares announced in May. That initial sale brought in about $933.4 million, Reuters reported. GameStop returned to the news spotlight ahead of its earnings release as meme-stock influencer and online streamer Keith Gill, who goes by the name “Roaring Kitty,” began sharing his recent trading activity publicly.

Lululemon Athletica, Inc. (No. 25)

Q1 2024 earnings: Lululemon Athletica announced net sales increased 10.4% to $2.2 billion in its first fiscal quarter ended April 28.

“In the first quarter, we saw strong momentum in our international markets, demonstrating how our brand continues to resonate around the world,” said Calvin McDonald, chief executive officer at Lululemon. “Guests responded well to our product innovations across categories, and we are pleased by the progress we are making to optimize our U.S. product assortment.”

During the company’s June 5 earnings call, Meghan Frank, its chief financial officer, noted that Lululemon ecommerce sales were up significantly, contributing to the quarter’s results.

“In our digital channel, revenue increased 8% and contributed $906 million of top line or 41% of total revenue,” Frank stated.

Other recent ecommerce earnings results

Abercrombie & Fitch Co. (No. 48)

Q1 2024 earnings: Abercrombie & Fitch reported net sales increased 22% to $1.02 billion during its first fiscal quarter of 2024 ended May 4, compared with the same period a year prior.

“We saw improved traffic trends across both stores and digital channels, which helped show teen customers the changes we have made to the assortment,” said Fran Horowitz, CEO at Abercrombie & Fitch, discussing its Hollister stores during a company earnings call. The company credited about 60% of Abercrombie brands’ sales to digital channels in 2023, with approximately 30% of its Hollister brand’s sales coming through digital channels.

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.

American Eagle Outfitters Inc. (No. 40)

Q1 2024 earnings: American Eagle Outfitters recorded $1.14 billion in net sales for its first fiscal quarter of 2024 ended May 4, up 6% from a year prior. That percentage increase set a new first-quarter record for American Eagle. While in-store revenue rose 4% for the period, digital revenue grew 12%.

Best Buy (No. 8)

Q1 2025 earnings: Best Buy’s net sales of $13.41 billion were down 0.9% year over year in its first fiscal quarter of 2025 ended May 4. In the same period, online sales dropped 6.1%.

Read more on Best Buy’s earnings results here.

Costco Wholesale Corp. (No. 6)

Q3 2024 earnings: Costco net sales grew 9.1% to $57.39 billion in its third fiscal quarter of 2024 ended May 12. During the same period, ecommerce sales grew 20.7%.

Read more on Costco ecommerce sales here.

Dick’s Sporting Goods (No. 31)

Q1 2024 earnings: Dick’s Sporting Goods said net sales were up 6.22% year over year to $3.02 billion in its first fiscal quarter of 2024 ended May 4. The company raised its full-year guidance, noting that customers were spending more on apparel, athletic gear and sneakers.

Foot Locker (No. 59)

Q1 2024 earnings: Foot Locker reported net sales dropped 2.8% to $1.87 billion from a year earlier in its first fiscal quarter of 2024 ended May 4. The company is working on an ongoing turnaround plan, which CEO Mary Dillon said included “strengthening our brand partnerships, enhancing customer engagement through digital and loyalty investments.”

The Gap Inc. (No. 20)

Q1 2024 earnings: The Gap raised its guidance for the full year, announcing a 3.4% year-over-year increase in net sales of $3.4 billion for its first fiscal quarter ended on May 4. The quarter marked the first time during CEO Richard Dickson’s current campaign to turn the company around that its Athleta, Banana Republic, Gap and Old Navy brands all posted positive comparable sales increases. Dickson took over the chief executive role in August 2023.

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.

Kohl’s Corp. (No. 23)

Q1 2024 earnings: Kohl’s net sales fell 5.3% to $3.18 billion for its first fiscal quarter ended on May 4. The retailer blamed weather and excess inventory as it posted a net loss of $27 million, surprising analysts.

Nordstrom Inc. (No. 22)

Q1 2024 earnings: Nordstrom net sales increased 5.1% year over year to $3.22 billion during the company’s first fiscal quarter of 2024 ended May 4. The retailer shrank its net loss to $39 million from $205 million a year earlier as digital sales fell 0.2% during the same period. Digital sales accounted for 34% of Nordstrom’s total sales for the quarter, the company reported. It opened nine new stores in the U.S. in the first quarter, with plans to open 18 more.

Salesforce

Q1 2025 earnings: Salesforce grew revenue 11% year over year to $9.13 billion in its first fiscal quarter of 2025 ended April 30. However, the company missed expectations, with revenue from its Professional Services and Other category down 9.4% in the quarter at $548 million.

Read more about Salesforce revenue here.

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.

Ulta Beauty (No. 39)

Q1 2024 earnings: Ulta Beauty net sales rose 3.4% year over year to hit $2.73 billion in its first fiscal quarter of 2024 ended May 4. CEO Dave Kimbell said Ulta “successfully completed the final phase of our digital store transition” during the quarter “and are on track to decommission the legacy platform in the second quarter.” In addition, following the announcement of Ulta’s expanded partnership with DoorDash, Kimbell said Ulta plans to “introduce new digital buying guides that amplify search engine optimization while providing guests with educational content, beauty tips and product recommendations.”

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.

Ecommerce earnings calendar

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

• Lovesac Co.: June 13
• Signet Jewelers Ltd.: June 13
• La-Z-Boy Inc.: June 18

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Her appointment was effective as of June 3.

Bark is No. 201 in the Top 1000, Digital Commerce 360’s ranking of the largest North American online retailers. Digital Commerce 360 categorizes Bark in the Specialty category.

Bark’s new head of DTC

“On behalf of the entire team, I am thrilled to welcome Meghan Knoll back to Bark,” said Meeker in a released statement. “During her seven-year tenure with us, Meghan made significant contributions across the organization, including leading our Super Chewer product from inception to becoming our second-largest revenue generator.”

Bark’s direct-to-consumer segment was responsible for 89.0% of its $490.2 million in revenue during its last fiscal year, according to results released June 3.

“Meghan will rejoin us to drive accelerated growth of our DTC channel,” Meeker said. “Alongside Michael Black and Michael Parness, two recent leadership hires, I believe we have an exceptional commercial team poised to drive profitable, long-term revenue growth.”

Knoll’s background and roles at Bark

“I am excited to rejoin Matt and the incredible team at Bark,” Knoll said. “The team has made impressive progress within the direct-to-consumer channel in the past 18 months.”

During those 18 months, Knoll served as CEO at the subscription-based cat food company Cat Person, which had backing from Harry’s Labs. Previously, she held multiple roles at Bark over seven years. Those included general manager for Bark’s Super Chewer product and eventually senior vice president of DTC. Prior to Bark, she also held leadership positions at Nickelodeon and Viacom.

Speaking highly of Bark’s work in her absence, she noted that she will be focused on customer experience and growth looking forward.

“I am confident that we are primed to capitalize on that work and drive exceptional new customer experiences and sustainable long-term channel growth.”

Bark’s Q4 2024 earnings

Bark reported both its full-year and Q4 2024 earnings on June 3. The company recorded $121.5 million in revenue for the period, down 3.6% from a year earlier. It cited “fewer BarkBox and Super Chewer subscriptions” compared to the fourth quarter in 2023 as a reason.

Meanwhile, DTC revenue was also down 5.7% to $109.3 million from a year earlier, with the company citing the same issues.

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Parentheses indicate the merchant’s ranking in the Top 1000.

Amazon.com Inc. (No. 1)

Amazon beat expectations with earnings for its fiscal fourth quarter ended Dec. 31, 2023. Its net sales in the quarter grew 14% year over year to $170.0 billion.

Full-year sales grew 12% to $574.8 billion in 2023, up from $514.0 billion in 2022. Read more about Amazon’s earnings here.

Chewy Inc. (No. 12)

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)

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.

GameStop Corp. (No. 35)

GameStop reported that net sales declined to $1.80 billion in its fiscal fourth quarter ended Feb. 3. That was a decline from $2.23 billion in the year-ago period. However, net income increased to $63.1 million from $48.2 million in 2022. Net sales for the full year fell 11% to $5.27 billion. The retailer said it would cut an undisclosed number of jobs to reduce costs as the gaming industry shifts to digital media from physical media.

H&M (No. 13 in the Europe database)

H&M reported that net sales declined 2% to 52.7 billion Swedish kronor in the first quarter ended Feb. 29. Meanwhile, operating profit rose to 2.08 billion kronor, surpassing analyst expectations. Increasing sales will be the top priority going forward, CEO Daniel Ervér told investors. The Sweden-based retailer said about 30% of sales in the quarter were online.

Home Depot (No. 4)

Home Depot reported that online sales increased about 2% year over year in its fiscal fourth quarter ended Jan. 28. Meanwhile, total Q4 sales decreased 2.9% year over year to $34.8 billion.

Read more about Home Depot’s earnings here.

Target Corp. (No. 5)

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.

Walgreens Boots Alliance, Inc. (No. 15)

Walgreens reported that sales increased 6.3% to $37.1 billion in its second quarter of fiscal 2024 ended Feb. 29. The retailer recorded a net loss of $5.9 billion, compared to net income of $703 million in the year-ago period. U.S. pharmacy sales increased 8.2% due to “benefiting from higher branded drug inflation and strong execution in pharmacy services,” Walgreens said. Meanwhile, U.S. retail sales declined 4.5% because of “a challenging retail environment, channel shift, and a weaker respiratory season,” the retailer added.

Walmart (No. 2)

Walmart said U.S. online sales grew 17% for its fiscal 2024 fourth quarter ended Jan. 31. Its global ecommerce sales grew 23% over the same period, while international ecommerce increased 44%. 

Read more about Walmart’s earnings here.

So what does it mean?

• GameStop has had a tumultuous few years. The latest news of declining sales and layoffs show the market has little confidence in its ability to turn things around, as stock price declined 17% following the release.
• Walgreens grew its pharmacy business while retail sales declined, indicating consumers might be making fewer discretionary purchases during stops into the store.

Ecommerce earnings calendar

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

• Amazon.com Inc.: Feb. 1
• Best Buy Co Inc.: Feb. 29
• Costco Wholesale Corp.: March 7
• The Home Depot Inc.: Feb. 20
• Lowe’s Cos Inc.: Feb. 27
• Target Corp.: March 5
• Walmart Inc.: Feb. 20

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“I am proud of the performance the team delivered to close out a strong fourth quarter and full year,” said CEO Sumit Singh. “In 2023, we gained market share while simultaneously expanding margins and accelerating free cash flow generation. As we embark on 2024, we remain committed to further expanding our margins and generating meaningful free cash flow for our shareholders. Furthermore, we are excited about the strategic opportunities ahead and our role in continuing to drive innovation across the pet category.”

Chewy is No. 13 in the Top 1000, which is Digital Commerce 360’s database ranking North America’s largest online retailers by their annual web sales. In the Top 1000, Digital Commerce 360 categorizes Chewy as a Specialty retailer.

Chewy Q4 results

The pet retailer reported that net sales grew 4.2% to $2.83 billion in Q4. Net income grew substantially, to $31.9 million from $6.8 million in the year-ago period. 

For the full 2023 fiscal year, net sales grew 10.2% to $11.15 billion. However, net income declined to $39.6 million from $49.9 million in 2022. 

Autoship orders continued to make up the majority of sales, accounting for more than 75% of revenue in 2023, chief financial officer David Reeder said in an earnings call. They totaled $2.16 billion in Q4 sales, and $8.49 billion in 2023 sales.

Pet products and the economy

Sales of hard goods and discretionary items remain lower than other categories, he said, but consumers are also trending toward buying more premium consumables and health supplements. Non-discretionary consumables like pet food and medical supplies make up about 85% of Chewy’s sales, he said.

The pet category is “recession resilient,” Singh told analysts and investors. In general, Chewy customers do not trade down to lower-priced products in those categories.

“So that lower mix of hard goods is both a strength and an opportunity for Chewy given that it shields us from the discretionary impact that you’ve seen announced in some other places,” Singh said.

He cited Walmart as a growing competitor in the low-cost side of the pet category, too.

Pet adoptions are down

U.S. pet adoptions declined 30% year over year in Q4, Singh said. Online searches for new pets are also down, signaling that the rate will continue declining, he added. Therefore, Chewy expects below-average growth in 2024.

Active customers declined slightly to 20.1 million in Q4, Chewy said. However, returning customers are spending more than ever. Net sales per active customer grew 12% to $555 in Q4.

Chewy’s competitors

Petco Health and Wellness Company, Inc. also reported growing sales in its fiscal fourth quarter ended Feb. 3. Net revenue increased 6.1% to $1.67 billion. However, comparable sales declined 0.9% year over year. The company reported a net loss of $22.6 million, compared to a loss of $32.7 million in the year-ago period.

CEO Ron Coughlin stepped down from his role in March, and interim CEO R. Michael Mohan weighed in on some of Petco’s problems.

“I recognize we have not been executing the way we need to, in a number of areas, to deliver on our full potential,” Mohan said in a call with investors and analysts. “Most critically, we have not adapted quickly enough to recent changes in consumer preferences. First, we did not anticipate the magnitude of the shift to value in both our consumables and discretionary business. And second, we did not expect customers to pull back as quickly as they have, and for this duration, when spending on discretionary items.” 

Going forward, Petco will take a different route than Chewy and focus on value over premium brands.

Chewy earnings

For the fourth quarter ended Jan. 28, Chewy reported:

• Net sales increased 4.2% to $2.83 billion.
• Net income was $31.9 million from $6.8 million in the year-ago period.
• Autoship orders made up $2.16 billion in sales.

For the fiscal year ended Jan. 28, Chewy reported:

• Net revenue grew 10.2% to $11.15 billion. 
• Net income declined to $39.6 million from $49.9 million in 2022. 
• Autoship orders accounted for $8.49 billion in sales.

Percentage changes may not align exactly with dollar figures due to rounding. Check back for more earnings reports. 

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Parentheses indicate the merchant’s ranking in the Top 1000.

Allbirds (No. 344)

Allbirds reported net revenue declined 14.5% to $72.0 million in the fourth quarter ended Dec. 31. It also announced a new CEO following the disappointing quarter.

Read more on Allbirds earnings here.

Amazon.com Inc. (No. 1)

Amazon beat expectations with earnings for its fiscal fourth quarter ended Dec. 31, 2023. Its net sales in the quarter grew 14% year over year to $170.0 billion.

Full-year sales grew 12% to $574.8 billion in 2023, up from $514.0 billion in 2022. Read more about Amazon’s earnings here.

Build-a-Bear Workshop Inc. (No. 703)

Build-a-Bear total revenue increased 2.9% to $149.3 million in its fiscal fourth quarter ended Feb. 3, 2024. In the same period, consolidated ecommerce demand declined 8.8%. That refers to online orders fulfilled through retail stores or the company’s warehouse. In the full fiscal year, total revenue grew 3.9% to $486.1 million while consolidated ecommerce demand decreased 4.9%. Build-a-Bear replatformed and upgraded its website in 2023, and online sales have tripled since 2018 even with some softening in 2023, it said.

Costco Wholesale Corp. (No. 6)

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.

Dick’s Sporting Goods (No. 32)

Dick’s said net sales grew 7.8% to $3.88 billion in its fiscal fourth quarter ended Feb. 3. Comparable sales grew 2.8%. Net sales increased 5.0% to $12.98 billion in the full fiscal year.

“Digital business remains really strong, but we’re not going to get into more details on that,” CEO Lauren Hobart told analysts in an earnings call. She also said stores fulfilled over 80% of online orders in 2023.

Dollar Tree, Inc. (No. 189)

Dollar Tree reported that consolidated net sales grew 11.9% to $8.63 billion in its fiscal fourth quarter ended Feb. 3. 2023. Net sales increased 8.0% to $30.6 billion.

“Persistent inflation and reduced government benefits continued to pressure the lower-income consumers that comprise a sizable portion of Family Dollar’s customer base,” CEO Rick Dreiling told investors. The retailer plans to close 970 underperforming Family Dollar stores, with 600 closures planned in the first half of fiscal 2024.

Fossil Group Inc. (No. 190)

Fossil reported net sales declined 16% to $421 million in its fiscal fourth quarter ended Dec. 30. Full-year net sales also declined 16%, to $1.41 billion. The retailer reported a full-year operating loss of $143 million, compared to $1 million in 2022. Fossil plans to close around 50 underperforming locations in 2024, it said. It will also completely exit the smartwatch market to focus on traditional watches and jewelry.

Home Depot (No. 4)

Home Depot reported that online sales increased about 2% year over year in its fiscal fourth quarter ended Jan. 28. Meanwhile, total Q4 sales decreased 2.9% year over year to $34.8 billion.

Read more about Home Depot’s earnings here.

Kohl’s Corp. (No. 23)

Kohl’s reported net sales declined in both its fourth quarter and fiscal 2023 ended Feb. 3, 2024. In addition, the retailer previewed plans to expand baby product offerings through new Babies R Us stores, which are scheduled to open within some Kohl’s locations.

Read more on Kohl’s earnings here.

Petco Health and Wellness Company, Inc. (No. 92)

Petco reported that net revenue increased 6.1% to $1.67 billion in its fiscal fourth quarter ended Feb. 3, 2024. CEO Ron Coughlin also stepped down from his role.

Read more on Petco earnings here.

Target Corp. (No. 5)

Target revenue grew 1.7% to $31.92 billion in the fourth quarter ended Feb. 3. Online sales declined 0.7%.

Read more on Target’s earnings here.

Ulta Beauty Inc. (No. 46)

Ulta net sales increased 10.2% to $10.6 billion in its fiscal fourth quarter ended Feb. 3. The retailer said strong sales were due to comparable sales growth and good performance from new stores. 2023 net sales grew 9.8% to $11.2 billion. Online sales had “high single-digit growth” in the quarter, the retailer said. Ulta also said it increased member use of its mobile ecommerce app by 30% in Q4.

Vera Bradley Inc. (No. 278)

Vera Bradley revenue declined 6.1% to $93.0 million in the fourth quarter ended Feb. 3. Net revenue fell to $470.8 million for the fiscal year.

“Customers responded to some of our latest product collaborations and to our newer product offerings like leather, but overall, they continued to be more discriminating with their discretionary spending in light of the macroeconomic environment,” CEO Jacqueline Ardrey said in a written statement. Vera Bradley is focused on growing its digital presence in 2024, she said.

Walmart (No. 2)

Walmart said U.S. online sales grew 17% for its fiscal 2024 fourth quarter ended Jan. 31. Its global ecommerce sales grew 23% over the same period, while international ecommerce increased 44%. 

Read more about Walmart’s earnings here.

Williams-Sonoma Inc. (No. 22)

Williams-Sonoma said comparable brand revenue declined 6.8% to $2.28 billion in the fourth quarter ended Jan. 28. Comparable brand revenue declined 9.9% for the fiscal year to $7.75 billion. The retailer did not share specific information about online sales. However, it continues to invest in its ecommerce experience and artificial intelligence tools, Williams-Sonoma said.

Zumiez Inc. (No. 454)

Net sales increased 0.6% to $281.8 million in its fiscal fourth quarter ended Feb. 3, Zumiez said. The quarter ended with a net loss of $33.5 million, compared to net income of $11.4 million in the year-ago period. Full-year net sales declined 8.6% to $875.5 million. Net loss was $62.6 million. 

“As was the case throughout fiscal 2023, we faced headwinds in the fourth quarter, including highly promotional activity across the soft lines retail sector and an increasingly selective consumer pressured by the multiyear inflationary impact on discretionary income,” CEO Rick Brooks told investors.

So what does it mean?

• Dollar stores have been winners as inflation pushed consumers to tighten budgets and search for deals. Now, Dollar Tree is also feeling the pinch of pickier consumers and planning to close hundreds of stores.
• Struggling retailers are willing to oust CEOs to try to turn things around, as evidenced by Petco and Allbirds in the last week.

Ecommerce earnings calendar

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

• Amazon.com Inc.: Feb. 1
• Best Buy Co Inc.: Feb. 29
• Costco Wholesale Corp.: March 7
• The Home Depot Inc.: Feb. 20
• Lowe’s Cos Inc.: Feb. 27
• Target Corp.: March 5
• Walmart Inc.: Feb. 20

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Petco tapped a global executive search firm to help find a new CEO, the retailer said March 13. In the meantime, R. Michael Mohan will serve as interim CEO. Mohan joined Petco’s Board of Directors in March 2021 and took on the role of Lead Independent Director in July 2021. He was previously president and chief operating officer of Best Buy.

“Petco is a powerful brand with an unparalleled offering that meets every need for pets, providing necessary products and services for these family members each day to support their health and wellness,” Mohan said in a written statement. “I have a deep belief in our purpose, and I look forward to working with the leadership team and our partners to continue strengthening our business, driving profitability through operational discipline and execution that will improve growth, drive margin and generate cash to create shareholder value. My focus will be on our people, our operations and our customer experience, working together to advance our strategy.”    

Coughlin will step down from the board and serve as an advisor during the leadership transition. Mohan will step down from his Lead Independent Director role and his position on the audit committee.

Petco is No. 92 in the Top 1000, which is Digital Commerce 360’s database ranking North America’s largest online retailers by their annual web sales. In the Top 1000, Digital Commerce 360 categorizes Petco as a Specialty retailer.

Petco Q4 results

Petco reported that net revenue increased 6.1% to $1.67 billion in its fiscal fourth quarter ended Feb. 3, 2024. However, comparable sales declined 0.9% year over year. The company reported a net loss of $22.6 million, compared to a loss of $32.7 million in the year-ago period.

For the full fiscal year, net revenue grew 3.6% to $6.26 billion. Comparable sales also increased, up 1.8%. Meanwhile, Petco reported a net loss of $1.28 billion for 2023. That compares to net income of $89.9 million in fiscal 2022. 

Petco’s interim CEO outlines problems

“I recognize we have not been executing the way we need to, in a number of areas, to deliver on our full potential,” Mohan said in a call with investors and analysts. “Most critically, we have not adapted quickly enough to recent changes in consumer preferences. First, we did not anticipate the magnitude of the shift to value in both our consumables and discretionary business. And second, we did not expect customers to pull back as quickly as they have, and for this duration, when spending on discretionary items.”

These factors led Petco customers to look for alternative options at its competitors, causing Petco to lose market share. That then impacted profitability, leading to a net loss in 2023 after posting positive results in 2022, Mohan said. 

“Our work here has already begun, with the reintroduction of value brands, in our consumable business, and adjusting our discretionary offering to provide more balanced price points,” Mohan said. He added that Petco will also focus on improving retail and online customer experiences and creating more effective marketing.

Petco earnings

For the fourth quarter ended Feb. 3, Petco reported:

• Net revenue increased 6.1% to $1.67 billion.
• Net loss was $22.6 million, compared to a loss of $32.7 million in the year-ago period.
• Comparable sales declined 0.9%.

For the fiscal year ended Feb. 3, Petco reported:

• Net revenue grew 3.6% to $6.26 billion. 
• Net loss was $1.28 billion, compared to net income of $89.9 million in fiscal 2022. 
• Comparable sales increased 1.8%.

Percentage changes may not align exactly with dollar figures due to rounding. Check back for more earnings reports. 

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The direct-to-consumer luggage brand is undergoing a larger restructuring that also includes “the elimination of a traditional executive team structure,” according to a statement shared with Retail Dive. 

Staffing changes were made because “the team recognizes the need for a more nimble approach amidst the changing consumer landscape,” according to the statement. 

“We’re reconfiguring the traditional exec team structure in order to promote better decision-making,” CEO Jen Rubio told Inc. “What I think this is doing is setting us up to be able to grow the right teams to work on the right projects.”

“Disruption has always been at the core of our company’s DNA,” the spokesperson said in a statement. “Away is dedicated to delivering the highest-quality travel products and experiences to our customers, and we believe that these steps will better position us to continue to be an innovative leader in the category.”

Away is No. 391 in the Top 1000, Digital Commerce 360’s ranking of North America’s leading retailers by online sales.

Changes at Away

Away held an earlier round of layoffs in May 2023. At the time, it cut 22 employees, including chief commercial officer Laura Willensky.

In 2023, the retailer also expanded its executive team. It hired Carissa Barrett as vice president of retail. She previously worked at Byredo, Saint Laurent, and Prada (No. 187 in Digital Commerce 360’s Europe Database). At the same time, Away hired Amanda Brody as vice president of brand. Brody previously worked at L’Oreal (No. 17 in Europe) and Charlotte Tilbury. 

In January 2023, Away brought on Carla Dunham as chief marketing officer with a mandate to increase marketing spending and capitalize on post-pandemic travel.

Away may have grown its executive team too quickly, Rubio told Inc.

“I was really proud that Away was able to attract people with such impressive accolades and such great experience,” she said. “Maybe I was in a little bit of a rush to have the company grow up so quickly, and in the midst of that, we lost a little bit of the magic that got us here.”

Away’s possible sale

Away was exploring a potential sale in 2023, Bloomberg reported.

Rubio told Inc. that’s not the plan for 2024. However, “there has to be some plan on the horizon” for an IPO or acquisition eventually, she said.

This year, Away will focus on increasing the number of product launches and working with retailers on wholesale, according to Rubio.

Other online retail and ecommerce layoffs

Away joins other retailers and marketplaces in announcing recent layoffs. EBay plans to lay off 1,000 workers, 9% of its total workforce. EBay ranks No. 6 in Digital Commerce 360’s Global Online Marketplaces database. The database ranks the 100 largest such marketplaces by third-party GMV.

Macy’s, Amazon, and Wayfair also all cut their workforces in the first month of 2024. In addition, REI announced that it would lay off 357 employees, about 2.2% of the retailer’s total workforce, The Seattle Times reported.

Macy’s ranks No. 17 in the 2023 Digital Commerce 360 Top 1000. Amazon ranks No. 1, Wayfair ranks No. 10, and REI ranks No. 67.

Levi Strauss (No. 191) also said it would lay off 10% to 15% of its corporate workforce, and Estee Lauder (No. 43) will lay off 3% to 5%.

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Parentheses indicate the merchant’s ranking in the Top 1000.

Amazon.com Inc. (No. 1)

Amazon beat expectations with earnings for its fiscal fourth quarter ended Dec. 31, 2023. Its net sales in the quarter grew 14% year over year to $170.0 billion.

Full-year sales grew 12% to $574.8 billion in 2023, up from $514.0 billion in 2022.

Read more about Amazon’s earnings here.

Alibaba Group 

Alibaba’s revenue grew 5% to $36.67 billion in its third quarter ended Dec. 31.

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 GMV. Tmall ranks No. 2. Taobao and Tmall grew their combined revenue 1% to $17.43 billion.

Read more about Alibaba’s earnings here.

Bark (No. 186)

Bark reported revenue declined 6.9% to $125.1 million in its fiscal third quarter ended Dec. 31. Results were at the high end of Bark’s expectations. The retailer attributed the sales decline to fewer total orders due to a decrease in subscribers. Direct-to-consumer (DTC) sales, which make up the bulk of revenue, declined 7.6%. However, improvements to Bark’s website are driving increases in traffic and conversion, the retailer said.

Canada Goose (No. 218)

Canada Goose said total revenue grew 6% to $609.9 million in its fiscal third quarter ended Dec. 31. DTC revenue grew 14% due to growing in-store retail sales, partially offset by a decline in ecommerce. Wholesale sales, meanwhile, declined 28%. Canada Goose is evaluating its online product assortment to potentially make room for new categories going forward, said Jonathan Sinclair, chief financial officer.

The Container Store (No. 347)

The Container Store net sales declined 14.8% to $214.9 million in its fiscal third quarter ended Dec. 30. Online sales declined even more drastically, down 26.3% year over year. Website-generated sales, which include those designated for curbside pickup, declined 15.8%, accounting for 21.8% of net sales in the quarter. That’s flat with Q3 last year, the retailer said.

Costco Wholesale Corp. (No. 6)

Costco said net sales grew 6.1% to $56.72 billion in its first fiscal quarter of 2024 ended Nov. 26, 2023. Ecommerce comparable sales grew 6.3% in the same period. E-gift cards, snacks and pet items were all strong in the ecommerce channel, the retailer said.

Read more on Costco’s earnings here.

E.l.f. Cosmetics Inc. (No. 951)

E.l.f. Reported it grew net sales 85% to $270.9 million in its fiscal third quarter ended Dec. 31. Online sales made up 24% of total revenue, compared to 18% in the year-ago period. Loyalty members are a driving force behind online sales growth, the retailer said, accounting for nearly 80% of online sales. The Beauty Squad loyalty program has 4.5 million members, and grew 30% year over year, e.l.f. said.

Estee Lauder (No. 43)

Estee Lauder reported net sales declined 7% to $4.28 billion in its second fiscal quarter ended Dec. 31. The retailer attributed much of the sales decline to waning demand in China. It will lay off 3% to 5% of its workforce in 2024.

Read more about Estee Lauder’s earnings here.

Mattel (No. 205)

Mattel reported net sales grew 16% to $1.6 billion in its fiscal fourth quarter ended Dec. 31, while sales were flat for the year. Dolls, vehicles, games and building sets were the most successful categories, the retailer said.

“We expect the toy industry to decline in 2024, although at a lesser rate than 2023. The anticipated decline is due to a lighter toy theatrical film slate and the impact of the shift in consumer spending patterns towards experiences and services, which we believe will moderate over the year,” CEO Ynon Kreiz told investors.

PetMed Express Inc. (No. 354)

PetMed Express reported net sales for its fiscal third quarter ended Dec. 31 grew 11% year over year to $65.3 million. Recurring orders through the AutoShip & Save and PetPlus programs made up the majority of sales, accounting for 52.2% of revenue. That’s an increase from 42.3% of revenue in the year-ago period.

The retailer noted that pet food is a small but fast-growing part of the business. PetMed Express recently added the brand Hill’s Science Diet and has plans to pursue more premium pet food partnerships in the future.

Ralph Lauren (No. 78)

Ralph Lauren said revenue grew 6% to $1.9 billion in its fiscal third quarter ended Dec. 30. Global direct-to-consumer (DTC) same-store sales grew 9% over the same period. Gross profit was $1.3 billion, the retailer said.

Read more about Ralph Lauren’s earnings here.

Tapestry (No. 44)

Tapestry reported a 3% increase in net sales to $2.08 billion in its fiscal second quarter ended Dec. 30. Online sales grew in the single digits, the retailer said, making up one-third of total revenue. Direct-to-consumer revenue grew 4% over the period. Tapestry also opened a new fulfillment center in Las Vegas as part of a plan to grow omnichannel capabilities, the retailer said.

Target Corp. (No. 5)

Third-quarter sales declined 4.9% for the mass merchant, to $25 billion from $26.12 billion in its fiscal third quarter ended Oct. 28. Meanwhile, Target online sales decreased 6% year over year. Moreover, Target’s online sales declined 6.7% year over year for the first nine months of its fiscal year.

Read more about Target’s earnings here.

Under Armour Inc. (No. 97)

Under Armour reported 2% growth in ecommerce revenue during its fiscal 2024 third quarter, which ended Dec. 31, 2023. Total revenue declined 6% to $1.5 billion.

Read more about Under Armour’s earnings here.

Walmart Inc. (No. 2)

Walmart reported that U.S. online sales grew 24% for its fiscal 2024 third quarter ended Oct. 27. Global ecommerce sales grew 15% over the same period, while international ecommerce declined 3%.

U.S. comparable sales grew 4.9%, and total revenue grew 5.2% to $160.8 billion.

Read more about Walmart’s earnings here.

The Walt Disney Company Ltd. (No. 100)

Disney said revenue for its fiscal first quarter ended Dec. 30 was flat from the year-ago period at $23.5 billion. DTC revenue, which includes the company’s streaming channels, grew 15% to $5.5 billion in the quarter. The DTC segment led to an operating loss of $138 million, but that’s a decrease of 86% from the loss in Q1 of 2023. The company said it projects streaming to become profitable in fiscal 2024.

So what does it mean?

• The pet industry is subject to the same troubles facing other retailers. PetMed Express reported success with the same strategy that’s been successful for Chewy based on food and medications. Meanwhile, Bark felt a pullback in more discretionary pet items.
• e.l.f.’s 85% sales growth on top of the 49% it grew in Q3 2023 shows that the cosmetics retailer isn’t slowing down as it gains name recognition and expands on social media platforms.

Ecommerce earnings calendar

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

• Amazon.com Inc.: Feb. 1
• Best Buy Co Inc.: Feb. 29.
• Costco Wholesale Corp.: Dec. 14
• The Home Depot Inc.: Feb. 20
• Lowe’s Cos Inc.: Feb. 27
• Target Corp.: March 5
• Walmart Inc.: Feb. 20

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Submit your data and we’ll see where you fit in our next ranking update.

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The post Ecommerce earnings recap: What you missed from Canada Goose, PetMed Express and more appeared first on Digital Commerce 360.