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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HVAC equipment distributor Parts Town launched this week a visual search feature on its mobile app designed to quicken how contractors identify and purchase the exact parts required for a particular unit of HVAC equipment.

Jeff Audette, senior vice president, HVAC, Parts Town

Rather than looking up an HVAC unit’s details and calling them in to a parts center, contractors can now use the new HVAC Data Plate Scanner in the Parts Town app to scan the manufacturer’s data plate attached to the HVAC unit they’re servicing.

The scanner identifies criteria such as the unit’s model and serial numbers, circuit ampacity, and circuit break size. The app’s scanner supports the scanning process by using optical character recognition (OCR) technology.

The app then directs users to a product landing page on PartsTown.com that displays information on the OEM (original equipment manufacturer) parts and service manuals available for the identified unit. Contractors have the option to place an online order through the app or contact a Parts Town rep.

“Technicians are the backbone of our industry,” says Jeff Audette, senior vice president of HVAC at Parts Town. “Our mission at Parts Town is to equip our customers with the tools they need to work efficiently and effectively.”

Parts Town is still beta-testing the data plate scanner to gather customer feedback for making ongoing improvements, Parts Town says. The scanner’s initial launch supports products from the Trane and YORK brands, but Parts Town, which distributes HVAC parts from dozens of companies, says it will expand it to include “a wider range of manufacturers in the near future.”

Paul Hancox, senior vice president, ecommerce, Parts Town

Parts Town Unlimited also distributes parts for food-service equipment parts and residential appliances. The privately held company reported a 25% increase in 2023 revenue to $2.3 billion, crediting continued growth in B2B ecommerce from new features. It has said ecommerce accounts for about 70% of its total sales.

Paul Hancox, Parts Town’s senior vice president of ecommerce, will speak on B2B ecommerce growth strategies at the EnvisionB2B Forum in Chicago on Sept. 12.

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

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Jordan Boggi, executive vice president of customer experience, president of online, The Home Depot Inc.

For a company known for ushering in a new customer experience the home improvement industry, The Home Depot Inc. isn’t skipping a beat in how it manages CX both online and in its cavernous stores.

The retail chain said Jordan Boggi, president of online, will also take on the role of executive vice president of customer experience across all channels.

Ted Decker, chairman, president and CEO, said, “In his role as president of our online business, [Boggi] brought data-driven innovation and value to the millions of customers and suppliers who use our website and mobile app. I look forward to his leadership and expertise as we continue to remove friction from our customers’ interconnected experience.”

Home Depot, which sells online and in stores to professional contractors as well as consumers, is No. 4 in the Top 1000, Digital Commerce 360’s database of the largest online retailers in North America.

Anne-Marie Campbell, senior executive vice president for outside Pro sales, The Home Depot.

In another senior executive change, Home Depot named Ann-Marie Campbell as senior executive vice president for outside Pro sales efforts as well as the retailer’s installation services business, the company said in its 2024 Proxy Statement. She will also continue to oversee Home Depot’s U.S. stores and operations and its Canada and Mexico business units.

Home Depot has also established a base for growth in building supplies by closing recently its $18.25 billion acquisition of roofing supplies company SRS Distribution, which operates an ecommerce site at RoofHub.pro. The home improvement retailer says SRS will expand its total addressable market by to approximately $1 trillion, an increase of $50 billion.

“SRS is an excellent fit for The Home Depot – it’s both complementary and additive to our growth,” Decker said in a statement announcing the acquisition.

Getting beyond sales declines

For Home Depot, the changes come at a crucial time. For its most recent financial quarter, the fiscal first quarter ended April 28, the company reported a 2.3% year-over-year drop in net sales to $36.42 billion. For the fiscal year ended Jan. 28, 2024, it said revenue 3% to $152.7 billion.

In the role of executive vice president of customer experience, Boggi will be responsible for “leading the vision, design, and development of new and innovative solutions to drive a seamless experience for the millions of customers who turn to The Home Depot for their home improvement projects – in stores, online, or on mobile devices,” the company says.  Boggi will retain leadership of the company’s ecommerce business as president of online, overseeing online operations, merchandising strategy and customer experience for the retailer’s digital properties.

Boggi has also served as senior vice president of finance, where he was the primary finance partner to the company’s U.S. business and was responsible for planning, forecasting and guiding execution of the company’s P&L and capital plan.

In addition, he held roles across merchandising finance, supply chain finance, financial planning and analysis and strategic business development. Prior to joining the company, Broggi held various positions in finance and strategy at LexisNexis and Bain & Co.

How Matt Carey transformed Home Depot

Matt Carey, who was most recently executive vice president of customer experience, will retire from the company on December 31, after 16 years with the company. Until then, he will continue to serve as an executive vice president in an advisory capacity.

Matt Carey, former executive vice president, customer experience, who will serve as an EVP in an advisory role until he retires on Dec. 31.

In announcing his planned retirement, Home Depot said Carey “led the transformational efforts to re-imagine all aspects of The Home Depot’s IT infrastructure and approach to software development. Under his leadership, The Home Depot successfully built the technology infrastructure of an advanced retailer including store mobility, price management, auto-replenishment, global sourcing, interconnected retail, advanced analytics and much more.”

Decker added: “Matt leaves a legacy of exceptional accomplishments that have helped The Home Depot evolve to meet the changing needs of our customers. Since he joined the company in 2008, he has spearheaded an enormous technology transformation across our stores, supply chain, merchandising and digital presence.

“Today, The Home Depot is one of the largest truly interconnected retailers in the world. The Home Depot is a better company because of Matt’s tremendous contributions.”

Home Depot, which sells online and in stores to professional contractors as well as consumers, is No. 4 in the Top 1000, Digital Commerce 360’s database of the largest online retailers in North America.

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

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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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