Consumer and retail news: 10 things you need to know today
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1. McDonald's has a new alternative to the Dollar Menu.
McDonald's is offering a new promotion reminiscent of its former Dollar Menu. The "McPick 2" deal will let customers select two of the following items for $2: a McDouble, a McChicken, small fries, and mozzarella sticks. The deal is the start of a broader value platform that McDonald's is planning to roll out next year.
2. Urban Outfitters is getting into the pizza business - and it signals a huge change in the American consumer.
Urban Outfitters just bought a pizza chain and several fine-dining restaurants. The fashion company announced Monday that it had purchased the group of restaurants, including the fast-casual chain Pizzeria Vetri, from The Vetri Family, which is based in Philadelphia.
3. Home Depot reports business is great
Home Depot Inc, the world's top home improvement retailer by revenue, reported a better-than-expected rise in quarterly same-store sales, helped by strong demand from both retail customers and professional contractors and builders. The company also said it expected profit and same-store sales for the year ending January to come in at the top end of its forecasts, helping to send its shares up 2.5% in premarket trading on Tuesday.
4. Walmart earnings beat, shares rally
Walmart released its financial results for the third quarter on Tuesday morning, and it beat forecasts for profits. Traders reacted positively, and shares rose by as much as 3% in pre-market trading. Year-to-date, shares are down about 32%. It said that the reduction was due to its investment in paying higher wages, and 2017 would be the most expensive year.
5. Black Friday could be a bust this year
Seven in 10 Americans are unimpressed by Black Friday discounts, while the same number say shopping isn't as fun as it used to be. And three of five report that they would rather shop online than fight crowds and stress at stores.
6. Dick's is crashing
Shares of Dick's Sporting Goods are getting destroyed in pre-market trading on Tuesday after a disappointing third quarter earnings report and a downbeat forecast for the fourth quarter.
7. Kroger buys Roundy's Supermarkets for $800 million
Kroger announced a deal in which it will buy Roundy's Supermarket. This will bring the largest US conventional supermarket chain to Wisconsin and Chicago.
8. Under Armour CEO Kevin Plank reveals the 2 biggest misconceptions entrepreneurs have
At the CNBC and Inc. Magazine iCONIC conference, Plank discussed his career and shared lessons he's learned along the way. He said he's found that entrepreneurs have two big misconceptions about building a business, wrongly believing that: 1. Raising money at high valuations is equivalent to a successful business 2. Going public is a way for founders to cash out and ease up on intensity.
9. A Papa John's owner is going to jail
A Papa John's franchisee received a jail sentence after being charged earlier this year with not paying workers minimum wage and with falsifying documents. Abdul Jamil Khokhar, who owns nine Papa John's locations in New York City, pled guilty to failing to pay workers in compliance with the New York Labor Law, which is a misdemeanor, and to filing false business records, a felony.
10. A wine and spirits powerhouse agreed to buy craft beer company
Wine and spirits powerhouse Constellation Brands agreed to buy craft beer company Ballast Point Brewing & Spirits for about $1 billion. The deal for Ballast Point continues a flurry of activity in the space, such as Dutch brewer Heineken's purchase of a 50% stake in craft brewer Lagunitas Brewing for a reported $800 million in September.
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