Automotive Parts | Digital Commerce 360

CarParts.com’s Q2 earnings sag as CEO discusses transition

Kevin Williams — Thu, 01 Aug 2024 20:33:28 +0000

CarParts.com saw its Q2 earnings decline 18% from the same period a year ago to $144.3 million. Still, company leaders expressed confidence that the lower earnings are part of a broader transition at the company that they believe will lead it to profitability.

“In the second quarter, we made significant progress on gross margin and operating efficiencies, which reinforces our confidence that we’re on the right track,” said CarParts.com CEO David Meniane. “We expect the fiscal year 2024 to be a low watermark year as we execute on the changes we have been making.”

CarParts.com is No. 147 in the Top 1000 Database, where Digital Commerce 360 ranks the largest North American ecommerce retailers by annual online sales. There, it is classified as an Automotive Parts & Accessories retailer. Digital Commerce 360 projects that CarParts.com web sales will reach $677.51 million in 2024.

CarParts.com web sales by year

CarParts.com Q2 earnings results

Meniane said the company expects its newly realized operational efficiencies will lead to more robust earnings in 2025. Other notable numbers from the Q2 report include:

Gross profit of $48.4 million, a reduction from $60.4 million in the year-ago period, with gross margin of 33.5%.
Net loss was $8.7 million, or down $0.15 per share, compared to a net loss of $0.7 million, or $0.01 per share.
Adjusted EBITDA of $0.1 million, which is a reduction from $6.3 million the prior year.
Cash of $34.1 million and no revolver debt.
Total cumulative mobile app downloads of 450,000, more than doubled from the beginning of the year.

Importance of mobile app for CarParts.com digital sales

While CarParts.com has no physical presence — all its sales are digital — it is heavily promoting and refining its mobile app ordering capability, and that appears to be paying off.

Meniane said in the earnings call that 12 months after launching, mobile app sales accounted for 8% of total ecommerce revenue, with approximately 80% of customers shopping on mobile.

“Over time, we expect direct in-app purchases to drive savings and advertising spending by reducing our reliance on search engines and performance marketing, as well as incentivizing repeat purchases,” Meniane says.

But that doesn’t mean CarParts.com isn’t continuing to invest in more conventional channels.

“We continue to invest in our marketing channels,” Meniane told investors. “We are making strides on building brand awareness and recognition of our leading digital-first and customer-centric automotive ecommerce strategy, which is critical to capturing our target high-value customer base.”

Welcoming a new chief marketing officer

The earnings call also allowed CarParts.com to introduce Christina Thelin, who joined the company in July. Thelin brings over 20 years of experience in marketing with brands like Visa, Twitter, and Google. She replaces Houman Akhavan, who served in that role until last year.

“Christina will lead our strategic marketing initiatives as we continue to expand our market presence, drive customer engagement, and increase awareness for CarParts.com,” Meniane said.

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A Call to Streamline Product Data – 2024 Automotive Aftermarket Digital Health Report

Digital Commerce 360 Staff — Mon, 10 Jun 2024 18:31:14 +0000

Sponsor content is created on behalf of and in collaboration with Pivotree and Content Status by DigitalCommerce360. Our editorial staff is not involved in the creation of the sponsored content.

Significant improvement needed with an average digital health score of 2.5 out of 5 reported across all major automotive sites

Managing product data has become a significant bump in the road for automotive companies, and brands, to reach new markets and consumers through digital channels. Complex products, multiple attributes, and data sourced from hundreds of manufacturers often result in incomplete, inaccurate, and inconsistent product descriptions.

Pivotree, a leading provider of frictionless commerce solutions and services, in collaboration with Content Status, a digital shelf analytics solution, just released the 2024 Digital Health Report for the Automotive Aftermarket . This comprehensive study addresses the critical challenges and opportunities facing the automotive aftermarket industry in the digital age.

Key Findings from the Report Include:

Average Content Health: A modest 2.8 out of 5.0 across all sites.
Image Assets: 66% of products have four or fewer image assets.
360° Spin Assets: 82% of products do not include these crucial assets.
Video Assets: Only 18% of products are equipped with video content.

The report provides a digital health assessment of the industry, offering actionable recommendations to improve content quality and digital presence. With expert analysis, the report details how companies measure up against basic content requirements, taxonomy best practices, and other critical product content elements.

“This report sheds light on the current state of the automotive aftermarket industry in its digital commerce journey. By comparing it with companies that have decades-long experience in digital channel selling, it offers valuable insights for aftermarket businesses to strengthen their digital strategies and better adapt to evolving customer needs and expectations,” said Sam Russo, Pivotree Practice Director, Automotive & Heavy-Duty.

Jeff Hunt, CEO and President, Content Status, concurs, “Customer expectations are being driven by everyday shopping experiences. Automotive retailers should take note of the more robust content available on major sites like Amazon and Walmart to meet evolving consumer demands. Maximizing all available content types (images, description, bullets, specifications) is key to reducing customer frustration and increasing conversion.”

With years of industry expertise, Pivotree and Content Status are your go-to partners to reduce your time to market and boost sales. As we’ve helped hundreds of others, we can help you streamline the acquisition, classification and enrichment of product data. Working with us allows your teams to reach revenue goals, contain costs, and get to the market much faster and more efficiently.

Get your free digital health assessment here.

About Pivotree
Pivotree, a leader in frictionless commerce, strategizes, designs, builds, and manages digital Commerce, Data Management, and Supply Chain solutions for over 200 major retailers and branded manufacturers globally. With a portfolio of digital products as well as managed and professional services, Pivotree provides businesses of all sizes with true end-to-end solutions. Visit www.pivotree.com or follow us on LinkedIn.

About Content Status
Content Status provides brands and retailers with digital shelf content visibility, validation and sales velocity they can’t get elsewhere. It’s a scalable, self-service solution for those seeking to dominate the digital shelf, offering real-time visibility into competitive insights, content health, and share-of-search. The platform empowers online sellers to optimize their digital presence and drive sales by ensuring their digital content is always accurate, consistent, and engaging. Visit www.contentstatus.com or follow us on LinkedIn

Author: Jeff Hunt, CEO, Content Status

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Nissan Canada puts better digital commerce for vehicle buyers on a fast track

Mark Brohan — Thu, 30 May 2024 19:50:59 +0000

Nissan Canada, a subsidiary of vehicle maker Nissan Motor Co. Ltd., is driving toward a better ecommerce experience for consumers and dealers.

This is the first step towards an entire end-to-end experience, allowing customers to buy anytime, anywhere.

Nissan Canada supports 209 independent Nissan dealerships, including 143 electric-vehicle-certified dealers, and 39 Infiniti dealerships across Canada. It sold 92,000 vehicles in 2023.

Now, Nissan Canada is rolling out a revamped ecommerce platform to generate even more car sales — and give consumers even more options to buy and finance a vehicle online.

The new ecommerce platform enables customers to reserve their desired vehicle with a 100% refundable deposit of $500 or $1,000.

Other features let consumers:

Build and price new vehicles online.
Filter search results by categories such as budget, number of seats, and other specialized metrics.
Book a test drive for a vehicle at home or at a dealership.
Search for available inventory.
Compare pricing with similar vehicles from other competing manufacturers.

“We have observed increased interest and reservations for vehicles aimed at this demographic, particularly for the Sentra and Kicks, and it is important to mention this is the first step towards an entire end-to-end experience, allowing customers to buy anytime, anywhere,” says a Nissan Canada spokesperson.

Overall, Nissan worldwide is spending $200 million to upgrade its digital commerce infrastructure, according to a recent story in Automotive News.

Nissan USA sold 900,000 vehicles last year, including 201,747 in the fourth quarter of 2023.

But it’s unclear if or when Nissan USA will update its ecommerce platform.

“Ecommerce is part of Nissan’s global customer experience strategy, but countries have autonomy to create their own solutions that adjust to market needs,” the spokesperson says.

Nissan Canada is retooling ecommerce now because customers want more options to buy vehicles online, the spokesperson adds.

“According to Google’s research, 50% of Gen Z and Millennials are willing to buy vehicles online, and ecommerce provides our customers with 24/7 access to a Nissan showroom,” he says. “Ecommerce will also be a powerful tool for bringing electric vehicles (EVs) and their accessories to our customers as we transition to a more electrified portfolio.”

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Ecommerce earnings recap: What you missed from Petco, Williams-Sonoma and more

Mary Meisenzahl — Tue, 28 May 2024 16:07:23 +0000

New earnings results are out from retailers in Digital Commerce 360’s Top 1000 list of leading ecommerce retailers in North America. Their results show how some retailers found success growing online sales despite a challenging sales environment. Petco, Urban Outfitters and Williams-Sonoma were among the latest to report. Here’s the ecommerce earnings summary you need to know from this quarter. Read more ecommerce earnings coverage here.

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.

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.

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.

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.

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%.

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.

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:

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Ecommerce earnings recap: What you missed from Tapestry, Revolve and more

Mary Meisenzahl — Mon, 13 May 2024 17:35:23 +0000

New earnings results are out from retailers in Digital Commerce 360’s Top 1000 list of leading ecommerce retailers in North America. Their results offer insights into how consumer buying patterns are changing and what strategies are working in response. Tapestry, Revolve and Brilliant Earth were among the latest to report. Here’s the ecommerce earnings summary you need to know from this quarter. Read more ecommerce earnings coverage here.

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

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

This week’s ecommerce earnings takeaways

Secondhand retailers, including ThredUp and The RealReal, continue to benefit from consumers searching for deals and increasingly being willing to buy used apparel and accessories.
Hims & Hers recorded massive year-over-year growth with the payoff from a successful marketing campaign that could influence other retailers looking to emulate its success.

Allbirds Inc. (No. 395)

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

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

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

Arhaus Inc. (No. 331)

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

The retailer did not share specific ecommerce results.

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

Beyond Inc. (No. 63)

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

Brilliant Earth Group, Inc. (No. 200)

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

CarParts.com, Inc. (No. 146)

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

Figs Inc. (No.163)

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

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

Fossil Group, Inc. (No. 188)

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

Hanesbrands Inc. (No. 277)

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

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

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

Hims & Hers Health Inc. (No. 115)

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

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

The retailer ended the quarter with 1.7 million subscribers.

The Honest Company Inc. (No. 823)

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

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

iRobot Corp. (No. 422)

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

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

Qurate Retail Inc. (No. 18)

Q1 2024: Qurate said revenue declined 4% to $2.64 billion in its fiscal first quarter ended March 31.

The RealReal Inc. (No. 714)

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

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

Revolve Group Inc. (No. 87)

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

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

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

Sally Beauty Holdings, Inc. (No. 399)

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

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

Tapestry Inc. (No. 43)

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

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

Tempur Sealy International Inc. (155)

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

ThredUp Inc. (No. 589)

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

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

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

Warby Parker Inc. (No. 351)

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

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

Yeti Holdings, Inc. (No. 129)

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

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

Other recent ecommerce earnings results

Adidas AG

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

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

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.

Read more on Amazon’s earnings results here.

Aritzia, Inc. (No. 154)

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

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

Avery Dennison Corp. (No. 319)

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

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

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.

Columbia Sportswear Co. (No. 157)

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

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

Costco Wholesale Corp. (No. 6)

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

Read more on Costco ecommerce sales here.

EBay Inc.

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

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

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

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

Etsy Inc.

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

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

Read more on Etsy’s earnings results here.

Harley-Davidson, Inc. (No. 426)

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

Home Depot (No. 4)

Q4 2023 results: 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.

Keurig Dr. Pepper Inc. (No. 102)

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

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

LVMH

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

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

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

LVMH is No. 3 in the Europe Database.

O’Reilly Automotive, Inc. (No. 137)

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

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

Procter & Gamble Co. (No. 512)

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

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

Peloton Interactive, Inc. (No. 49)

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

Target Corp. (No. 5)

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

Walmart (No. 2)

Q4 2024 results: 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%.

Wayfair Inc. (No. 10)

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

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Ecommerce earnings recap: What you missed from Columbia, Harley-Davidson and more

Mary Meisenzahl — Tue, 30 Apr 2024 17:59:45 +0000

New earnings results are out from retailers in Digital Commerce 360’s Top 1000 list of leading ecommerce retailers in North America. Their results offer insights into where ecommerce is profitable and how growth statistics are trending. Harley-Davidson, O’Reilly Automotive and Columbia Sportswear were among the latest to report, with pressure on motor vehicle sales showing how economic challenges to consumers are impacting revenue. Here’s the ecommerce earnings summary you need to know from this quarter. Read more ecommerce earnings coverage here.

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

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

This week’s ecommerce earnings takeaways

Car and motorcycle retailers are both dealing with the impact of consumers searching for value. Consumers didn’t buy as many new motorcycles from Harley-Davidson, but O’Reilly benefits from that same trend as consumers pay for maintenance to keep their vehicles running.
Columbia continued a trend among retailers of slowing promotional activity compared to 2023, which could depress sales.

Avery Dennison Corp. (No. 319)

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

Columbia Sportswear Co. (No. 157)

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

Harley-Davidson, Inc. (No. 426)

Keurig Dr. Pepper Inc. (No. 102)

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

O’Reilly Automotive, Inc. (No. 137)

Other recent ecommerce earnings results

Adidas AG

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

Amazon.com Inc. (No. 1)

Q4 2023 earnings: 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)

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.

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.

Home Depot (No. 4)

LVMH

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

LVMH is No. 3 in the Europe Database.

Procter & Gamble Co. (No. 512)

Target Corp. (No. 5)

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

Walmart (No. 2)

Ecommerce earnings calendar

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How Turn 14 Distribution revs up its ecommerce channel

Paul Demery — Wed, 24 Apr 2024 21:12:14 +0000

Turn 14 Distribution is a company riding a fast growth curve in the automotive parts industry.

Our aftermarket dealers can thrive with our robust distribution services and proprietary technologies within their X-Cart website.

Dan Ziegler, business partner integration manager

Turn 14 Distribution

Dan Ziegler, Business Partner Integration Manager, Turn 14 Distribution

In March, Horsham, Pennsylvania-based Turn 14 Distribution opened in Indiana its fourth and largest distribution center, enabling it to promise 1-day shipping to 60% of the U.S. population and 2-day service to 100%. It also ships globally.

The company — whose name comes from the fourteenth and last turn on the 4.05-mile Road America racetrack in Elkhart Lake, Wisconsin, where professional and amateur drivers push their driving skills and high-performance motor vehicles to their limits — is focused on expediting fulfillment and deliveries to online and physical retailers.

To keep Turn 14 Distribution’s growing network of merchant clients fed with the most recent product data and images for its 580,000 available products from more than 400 suppliers, the distributor has integrated its product catalog and related applications with merchants’ ecommerce software platforms. In addition to auto parts and accessories, Turn 14 also handles parts for powersports vehicles including all-terrain vehicles and motorcycles.

Last fall, the distributor integrated its technology with X-Cart, an ecommerce platform that caters to the automotive parts aftermarket. The X-Cart integration provides Turn 14 Distribution’s client merchants with product pricing automation, inventory updates, drop-shipping services and product catalogs.

Up-to-the-minute inventory feeds

“We’re excited to bring on more ecommerce platforms, especially those committed to the aftermarket industry like X-Cart, to be directly and fully integrated with Turn 14 Distribution,” says Dan Ziegler, Turn 14 Distribution’s Business Partner Integration manager. “With up-to-the-minute inventory feeds, real-time order processing, live shipping rates, and 7-day-a-week operations, our aftermarket dealers can thrive with our robust distribution services and proprietary technologies within their X-Cart website.”

Jordan Checketts, chief operating officer of X-Cart, said the integration with Turn 14 Distribution is a key part of the ecommerce technology company’s strategy of supporting merchants with the product information and images they need to attract buyers, boost conversion rates and grow sales.

“We are providing automotive businesses with a comprehensive ecommerce solution, so having Turn 14 Distribution as a reliable parts distributor will empower our customers to thrive in the competitive market,” Checketts says. “This integration allows us to provide a full cycle, complete infrastructure of synched automotive services on our platform that will ultimately help increase distribution.”

More online upgrades to come

Ziegler says Turn 14 Distribution will continue to upgrade its internet connections to merchants “so that it’s easier for them to find the products they need and have the data they need to able to sell our products because it’s mutually beneficial.”

He adds that when the merchants’ customers buy through an ecommerce platform like X-Cart that’s integrated with Turn 14 Distribution, “they’re more likely to come back and buy more.”

X-Cart notes the integration with Turn 14 Distribution provides auto parts merchants with “precise order-routing and comprehensive product information” that enhances supply chain processes to improve customers’ online purchasing experience and grow ecommerce sales.

X-Cart recently integrated its ecommerce technology with Amazon.com, letting online sellers extend their X-Cart product listings to an Amazon storefront. X-Cart also integrates with industry data organizations.

Last year, the ecommerce software vendor integrated its technology with SEMA Data automotive industry catalogs, which are produced by SEMA, the Specialty Equipment Market Association.

At last fall’s SEMA Show, the association’s annual automotive industry conference and exhibition, X-Cart announced that it had also integrated its technology with the ASAP Network and AutoSync Corp.

The ASAP Network is an automotive aftermarket products organization that works with manufacturers, distributors and dealers to distribute “ecommerce-optimized” product load sheets that comply with the Auto Care Association’s data standards for distributors and dealers selling online. ASAP stands for Advanced Solutions for Aftermarket Products.

AutoSync provides automotive industry product images and a “visualizer” tool to let online buyers view images of vehicles from multiple angles and with added items like special wheels or window film.

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

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A digital manufacturer IDs ‘need for speed’ in product development

Paul Demery — Wed, 17 Apr 2024 16:00:45 +0000

In a competitive business environment largely freed from the supply chain shortages of recent years, many manufacturers find they must strive harder to develop products quickly.

While 53% of respondents said they’re developing products faster than ever, more than 80% are looking for ways to be even faster.

That’s among the findings of a recent survey of over 700 product engineers, designers and developers by digital manufacturer Proto Labs Inc.

The company’s market research team surveyed product development professionals across such manufacturing industries as aerospace and defense, automotive, medical equipment and devices, industrial equipment and consumer electronics.

“Respondents made clear today’s product development process is driven by a need for speed,” Protolabs says in the report, “Product Development Outlook 2024: Innovation challenges of today and the future.”

Protolabs provides digital manufacturing services, including 3D printing, injection molding, CNC machining and sheet metal fabrication. Its customers use its services for work ranging from product prototyping to production.

“As a manufacturer serving customers from prototyping to production, we have a front-row seat to watch companies bring products to market faster than ever,” says Luca Mazzei, strategic growth officer.

For now, little help expected from AI

Among the report’s findings:

While 53% of respondents said they’re developing products “faster than ever,” more than 80% are “looking for ways to be even faster.”
65% cite market competition as the primary motivating force behind expediting product development.

The report identified marked improvements in supply chain expectations and the availability of production materials:

33% of respondents predicted they would have to deal with materials shortages this year, down sharply from 70% a year earlier.
44% predicted material shortages would impact their product development operations over the next five years, down from 74% a year earlier.

The report also revealed how product development professionals expect other trends, including skilled labor shortages and AI, will impact their workload and operations:

78% of respondents said the biggest pressure for developing products will come from customers expecting rapid product iteration and modernization.
65% cited as a significant challenge a shortage of skilled workers.
66% said they expect AI to have “little or no impact” on product development over the next five years before it matures as a technology.
63% said they expect sustainability and environmental impact trends will have “little or no effect” on product development.

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

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Genuine Parts Co. promotes a chief digital officer to president of Motion Industries

Mark Brohan — Tue, 09 Apr 2024 17:08:56 +0000

Genuine Parts Co. (GPC), which distributes automotive replacement parts, accessories and service items throughout North America, Europe and Australia, has a new head of its industrial products group.

The new president of the Motion Industries group, James Howe, comes to the job with a key background in ecommerce.

Howe’s tenure at Genuine Parts

James Howe, president, Motion Industries group

Genuine Parts, operator of NAPA, promoted Howe from his previous position as Motion executive vice president/chief commercial and technology officer. “His leadership in overseeing ecommerce, strategic pricing, sales excellence, corporate accounts, and human resources has been instrumental in driving the company’s success,” Genuine Parts said.

Howe will continue to report to Randy Breaux, Group President, GPC North America.

He joined Motion in 2002 and for several years has overseen Motion’s digital and ecommerce strategy.

What Motion Industries does

Motion Industries is an industrial parts distributor for products including bearings; mechanical power transmission; electrical and industrial automation; hose, belting, and gaskets; hydraulic and pneumatics; process pumps; hydraulic and industrial hose; material handling; seals and accessories; and industrial/safety. The company has an inventory of 19 million items and sells to more than 150,000 customers.

Motion last redesigned its ecommerce site in March 2022 with better features including faster search and more product content and technical information.

In 2023, Motion Industries generated sales of $8.8 billion.

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A veteran ecommerce leader is out as GM’s chief digital officer

Mark Brohan — Mon, 01 Apr 2024 21:36:49 +0000

After four years on the job, the chief digital officer of General Motors Corp. is out.

Edward Kummer, the former president of Nordstrom Rack and an experienced online retail leader, is no longer the chief digital officer, a GM media spokesperson has confirmed for Digital Commerce 360.

“We wish Edward Kummer well and thank him for his years of contribution to GM. We have reorganized some of our teams supporting digital services and experiences to ensure the business continues to run efficiently,” the spokesperson says. GM declined to share any further details.

General Motors has yet to name a replacement or disclose a timetable for securing a new chief digital officer.

Kummer’s tenure as chief digital officer at General Motors

Kummer was named chief digital officer in October 2021. He was charged with leading a newly formed digital business team and accelerating software investments that would redefine consumer expectations, General Motors said at the time. Before General Motors, Kummer was president of Nordstrom Rack’s online business and Nordstrom’s HauteLook brand, where he led an integrated online site and executed an omnichannel strategy.

Nordstrom ranks No. 22 in the Top 1000, Digital Commerce 360’s database of North America’s online retailers by web sales.

Kummer spent 18 years of his career at the Walt Disney Co. in multiple strategic leadership roles, generating profitable results. After Disney, he led digital and ecommerce strategies for a variety of companies, including Victoria’s Secret and Luxottica, and served as chief marketing and digital officer for Oakley. Before joining Nordstrom, he was a managing director and chief marketing officer at Goldman Sachs.

Disney ranks No. 92 in the Top 1000, and Victoria’s Secret ranks No. 42.

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