Economy

The Week Ahead: Earnings from Clorox, Kellogg, Wayfair; jobs report

Check out all of the happenings we're following in ecommerce and the economy for August 1-5.

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Photo by Kelly Sikkema on Unsplash

Welcome to a new week, and a new month. August has arrived, and with it comes a lull in the ecommerce events calendar. it's a good time to catch up with contacts one-on-one. Still, there are still plenty of opportunities to learn about where this economy is heading, and how public companies are adapting. Let’s get to this week's happenings:

Economic indicators

After last week's fresh dose of data on consumer behavior and the latest move by the Fed to hike interest rates to combat inflation, the focus turns to jobs this week. This will be important data on two levels. For one, the labor market is a key piece of the equation that measures the economy’s current strength at a time when many are mulling whether the US is in a recession. Plus, layoffs are continuing to pile up, as most prominently shown by Shopify’s decision to let go of 10% of its workforce last week. Here is the jobs data due from the US Labor Department this week:

  • JOLT job openings, which shows data on job openings, hires and quits for July, will be released Wednesday, August 3.
  • The monthly jobs report, which shows the unemployment rate and how many jobs employers added or subtracted in July, will be out Friday, August 5.

The following economic data is also due:

  • S&P Global’s PMI data for July, which measures manufacturing and services activity in the economy, will be released in its final form on Wednesday, August 3. The month’s initial report signaled a slowdown for the first time since 2020.
  • US factory orders for July will be reported on Wednesday, August 3.
  • Trade: Imports, exports and the balance of trade will be released for July on Thursday, August 4.

Earnings

Second quarter earnings season rolls on. Here are the companies in ecommerce, retail and consumer goods that are set to report results this week:

  • Monday, August 1: Pinterest
  • Tuesday, August 2: Uber, Paypal, Sprout Social
  • Wednesday, August 3: Clorox, Mckesson, Under Armour, elf Beauty, eBay, Tupperware, Hostess Brands, CVS
  • Thursday, August 4: The Kellogg Co., Wayfair, Bigcommerce, Edgewell Personal Care, Lightspeed Commerce, Yeti, Beyond Meat, Restaurant Brands International, The Franchise Group, Funko

Stories we’re following:

Inventory: The inventory glut that resulted from supply chain-delayed items arriving too late to match consumer demand is moving firmly into focus. Walmart’s warning of lower profits ahead last week showed the pressure it is putting on retailers, while a New York Times story over the weekend showed how the merchandise pileup was creating a boon for liquidators. A couple of questions going forward: Are these issues filtering down to retailers beyond the Walmarts and Targets of the world? Is this a boost for resale?

Consumer healthcare: Amazon’s recent acquisition of One Medical and a pair of spinoffs from GSK and Johnson & Johnson are putting consumer health in focus. As these deals close and teams settle in, we’ll be watching the following: Where is there room to profitably innovate the healthcare experience, and what new products can be developed? Moreover, what principles from building ecommerce businesses will be applied to meeting consumers where they are in their health journeys?

Back-to-school: The slower weeks of summer are also a time to start getting prepared for fall. As back-to-school season moves into full gear, we’ll be monitoring the shopping trends that emerge online, and look to gauge how brands and retailers are faring during a normally busy time.

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