As of last month, about 30% of U.S. shoppers were buying whatever brand was on promotion.
Shoppers at the Westfield Valley Fair shopping mall in Santa Clara, California, US, on Aug. 23, 2023.August 27, 2023 2:15 PM EDT
“With sales softer than anticipated, we are taking more aggressive actions on promotions to drive demand and manage our inventory to ensure we are best positioned for the upcoming holiday season,” Foot Locker Chief Financial Officer Mike Baughn told analysts and investors last week. That could bring a measure of relief to penny-pinching shoppers. In the eyes of investors, however, stepped-up promotional activity is adding to the earnings headwinds at retailers, many of which are already contending with declining unit volumes and high levels of. One example of the strain on shareholders: Macy’s Inc. posted its biggest weekly share decline in three years after its results suffered from markdowns to clear inventory.
Abercrombie & Fitch Co. lifted its annual sales outlook for the second straight quarter last week and crowed that “we didn’t chase any volume with promotions.” Dick’s Sporting Goods Inc., under pressure after cutting its profit forecast, took pains to emphasize that recent discounts were “surgical” and not a sign of systematically weaker pricing.
Ulta Beauty Inc. said promotions are ticking back up after two years of strong consumer demand, although they’re expected to remain well below 2019 levels. “The promotional environment in 2021 and 2022 was unsustainably low,” Ulta CEO Dave Kimbell told analysts on an earnings call on Aug. 24., senior vice president of client partnerships at Ibotta, which works with the likes of Walmart Inc., Aldi and Neutrogena to offer cash back and other discounts.
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