Chewy, the online pet retailer, has achieved a notable 7.3% increase in net sales for the second quarter, reaching $3.3 billion. While excluding their acquisitions of SmartPak and Modern Animal, their sales still witnessed a rise of 5.7% year over year. This growth has led the company to adjust its full-year revenue projection, anticipating an increase between 6.8% and 7.7%, equating to a total of $13.46 billion to $13.57 billion in net sales.
Political Movements in Retail
Helena Foulkes, former CEO of Hudson’s Bay Company, is edging closer to a potential political role as she clinched a victory in the Democratic primary for the Rhode Island gubernatorial race. With 62.5% of the votes counted and almost 98% of precincts reporting, she surpassed incumbent Dan McKee. Foulkes, who’s also known for her decades-long career at CVS, is set to face either Aaron Guckian or Elaine Pelino from the Republican side, as the primary remains unresolved.
Business Appointments and New Ventures
Recently, Rifle Paper Co. announced Carey Ann Campbell as its CEO, taking over the role since April. Campbell brings experience in leadership from Southern Tide, an apparel brand. The stationery and home decor company, with its flagship store in Winter Park, Florida, plans to debut a second location in Tampa by autumn.
Notably, the cat treat brand Temptations will launch an engaging pop-up bodega in New York City this autumn. This initiative, scheduled from Thursday through to 19th September, aims to celebrate bodega cats, offering free cat treats and exclusive merchandise for attendees. Lukasz Wysoczanski from Mars Pet Nutrition North America highlighted the bodega as a homage to these feline icons.
Ethan Allen’s Leadership Challenges
At Ethan Allen, activist investor Doug Bergeron is advancing efforts to replace CEO Farooq Kathwari, with concerns over Kathwari’s managerial tenure. Bergeron, who holds a significant stake, has previously pushed for an overhaul of the company’s board. Kristine Miller is spearheading the CEO search, with potential candidates already being considered. Despite the challenge, Kathwari remains assertive about his leadership and physically active lifestyle.
Reporting based on coverage first published by retaildive.com.