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This Week in Commerce: Walmart + eBay earnings, inflation data
Check out the agenda for Feb. 20-24.
Welcome to a new week. We’ll get a firmer look at the state of the consumer in early 2023 as Walmart reports earnings and economic data provides a look at both spending and expectations. Plus, ecommerce platforms including eBay and BigCommerce provide updates following recent layoff announcements.
Grow LA: With a focus on DTC brands, the Los Angeles conference features keynotes from leaders of Liquid Death, Athletic Greens, Mid-Day Squares, Hush Blankets, Alo Yoga and more. Plus, expect small group classrooms, tactical roundtables and case studies that cover focus areas such as marketing, scaling and fulfillment. (Feb. 23)
Personal Consumption Expenditures: The U.S. Bureau of Economic Analysis releases monthly data on consumer spending, savings and income. The price index released as part of this package is the preferred inflation measure of many economists, including the Federal Reserve. (Feb. 24, 8:30 a.m.)
Consumer sentiment: The University of Michigan releases the second installment of monthly data on consumer spending plans and expectations for the economy, including on inflation. (Feb. 24, 10 a.m.)
Tuesday, Feb. 21: Walmart, The Home Depot, Hostess Brands.
Wednesday, Feb. 22: eBay, Etsy, Bausch + Lomb, TJX, Sleep Number, Fresh Del Monte, Wolverine Worldwide, Wix.
Thursday, Feb. 23: BigCommerce, Bath & Body Works, Beyond Meat, Carvana.
Trending in Economy
Kellogg's takes inspiration from employees, Latin in snacks rebrand
Kellanova is now the parent of Pringles, Cheez-Its and Pop Tarts.
Kellogg Company's snacks business is now Kellanova. Here are a few finer points about how the forthcoming parent of Cheez-Its and and Pop-Tarts arrived at the new name.
Last year, Kellogg announced plans to split its business into multiple companies.
Now, one company will have North American cereals like Frosted Flakes, Froot Loops and Rice Krispies under the WK Kellogg Co banner.
Another will have snacks like Pringles, North American frozen foods such as Eggo and plant-based brands like MorningStar Farms.
This week, Kellogg announced that the snacks business has a new name: Kellanova.
Here are the strategies that Kellogg employed that led to this name:
- Ask the employees: Kellogg Company asked employees for input on the name, and received 4,000 suggestions from 1,000 employees.
- Listen to the results: 20% of the employees suggested a variation of the W.K. Kellogg name, while other employees suggested that the name include "nova."
- Go to the root: "Nova" comes from the Latin word for new. CEO Steve Cahillane said it "signals our ambition to continuously evolve as an innovative, next generation, global snacking powerhouse."
As The Wall Street Journal reports, this is just the latest new company name to take a Latin root in recent years, as Kellanova joins GE Vernova, Mondelez and Altria. It's also among a number of spinouts being completed by corporations, joining GSK spinoff Haleon, J&J's Kenvue and a forthcoming company that will spin out of 3M.
Even with a name that emphasizes moving forward, Kellanova is keeping one element that is familiar: The logo still has the iconic cursive K. It will even get the boldly simple stock ticker symbol "K" to go along with it.
Even the WK Kellogg Co is combining the past and future. The company is seeking to position itself as a "117-year-old startup," even as it draws on the name and signature of the Kellogg's founder. There's even a more subtle hint about an unwritten chapter: The "Co" doesn't have a period.
To get to the future, you need to bring along a bit of the past.