Companies and Subjects discussed in this morning's report include: GameStop reports weak 2Q26 sales, turns its derivative investment in EBAY into direct ownership, store opening announcements continue to outpace closings, upcoming fashion IPOs could include Alo, SKIMS and Quince, rhode to launch in Europe...
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DoR Consumer Research
Investor Oriented | Retail & Consumer
Monday, August 31, 2026 | Published Daily by ~11:30 AM ET
GameStop's Weak Sales and Nearly 10% Direct EBAY ownership, Our Store Openings/Closings...
THIS WEEK'S CALENDAR
UPDATED EACH MORNING
All Times Are Eastern
Monday (8/31)
- DoRCR publishes its proprietary weekly Store Opening/Closing Analysis
Tuesday (9/1)
- Haverty Furniture during a virtual investor meeting, hosted by KeyBanc
- Sportsman's Warehouse reports 2Q26, call 5:00 pm, Street at comps/EPS of flat/($0.12)
Wednesday (9/2)
- DoRCR publishes its monthly M&A + Capital Markets Analysis
- Somnigroup hosting a Business Update Call at 8:00 am, will be webcast
- Kontoor Brands hosts a Helly Hansen Investor Day, starts at 8:00 am, will be webcast
- ADP Employment for August at 8:15 am, Street at +46.5K vs. prior +44K
- Ollie's reports 2Q26, call 8:30 am, Street at comps down 0.7%, EPS of $1.12
- G-III Apparel reports 2Q27, call 8:30 am, Street at sales/EPS of $570.4M/$0.23
- PVH reports 2Q26 after the close, Street at sales/EPS of $2.09B/$3.08
- Costco reports August sales at 4:15 pm
- Petco reports 2Q26, call 4:15 pm, Street at comps up 0.7%, EPS of $0.07
- Five Below reports 2Q26, call 4:30 pm, Street at comps up 10.3%, EPS of $1.40
- Tilly's reports 2Q26, call 4:30 pm, Street at comps up 6.0%, EPS of $0.17
Thursday (9/3)
- Buckle reports August sales before the open
- Jobless Claims for the week ended 8/29/26 at 8:30 am, Street at 207.5K vs. prior 203K
- Victoria's Secret reports 2Q26, call 8:30 am, Street at comps up 8.8%, EPS of $0.77
- Genesco reports 2Q27, call 8:30 am, Street comps up 0.4%, EPS of ($1.37)
- Lands' End reports 2Q26, call 8:30 am, Street at sales of $300.7M, EPS of $0.09
- PVH 2Q26 call at 9:00 am
- Duluth Trading reports 2Q26, call 9:30 am, Street at sales/EPS of $119.9M/($0.01)
- Lululemon reports 2Q26, call 4:30 pm, Street at comps down 4.6%, EPS of $1.79
- Oxford Industries reports 2Q26, call 4:30 pm, Street at sales/EPS of $394.6M/$1.31
- Torrid reports 2Q26, call 4:30 pm, Street at comps down 2.4%, EPS of ($0.03)
Friday (9/4)
- DoRCR publishes its proprietary Next Week's Calendar
- Nonfarm Payrolls for August at 8:30 am, Street at +65K vs. prior (23K), Unemployment is expected at 4.2% vs. prior 4.1%, Avg Hourly Earnings at +0.3% m/m vs. prior +0.1%
**Colors Indicate Directional Change from First Time Shown in Our Calendar**
TODAY'S EARLY TRADING
The S&P Retail ETF (XRT) is down 0.4% as of ~10:50 am vs. a 0.4% decline in the S&P 500.
- Weaker retail stocks include VNCE, which is down 10%, also MNSO (down 9%, analyst downgrades after results), PRPL (down 5%), BURL (down 5%) and REAL (down 5%).
- Stronger retail stocks: BRLT, up 5%, ULTA (up 4%), BBW (up 4%), ELF (up 4%, announces rhode Europe date) and GME (up 4%, prelim results, takes direct EBAY ownership).
Last Week: The XRT declined 0.9% vs. a 0.5% gain in the S&P 500, which rose as investors shrugged off President Trump's 50% tariffs on Canadian goods and Canada's matching tariffs and focused on strong results from AI-bellwether Nvidia. Retail stocks underperformed on another round of mixed results, including a Foot Locker-driven miss at Dick's and upside from Williams-Sonoma, Abercrombie, the dollar stores and Ulta. Other retail developments included West Marine's Ch 11 exit, Somnigroup's closing of its Leggett & Platt acquisition in a deal valued at ~$2.3B, and ABG's acquisition of a majority stake in Drake's OVO premium streetwear brand. There were a few C-suite announcements, including the dismissal of Build-A-Bear's Chief Growth Officer after weak results and the appointment of former 25+ year Target exec Michael Francis as Old Navy CEO.
- Weaker retail stocks included DKS, which was also downgraded by several firms and fell 26% on the week, BBW (down 23%), DBGI (down 23%, ongoing viability concerns), PRPL (down 23%) and BURL (down 16%, underwhelming 2Q26 comps).
- Stronger retail stocks included ANF, which rose 36% on the week, also VNCE (up 21%, buying OVO's operating business), GAP (up 19%, better-than-feared results), URBN (up 9% on another strong quarter) and ODD (up 9%).
2026 Year-to-Date: The XRT is up 1.9% vs. a 12.7% gain in the S&P 500.
- Stronger retail stocks include LVLU, which is up 171%, also CURV (up 133%), TLYS (up 99%), VNCE (up 85%) and DLTH (up 77%).
- Weaker retail stocks include DBGI, which is down 99%, also PRPL (down 75%), NEGG (down 67%), ODD (down 64%) and TDUP (down 57%).
MARKET-MOVING DEVELOPMENTS
All Stock Prices as of Last Close
- Sales are expected to be $780M-$800M, down from $972.2M in last year's second quarter.
- GameStop converted a previously disclosed derivative position in eBay into a direct equity investment in the quarter and had cash/equiv and marketable securities of $5.05B-$5.07B at the end of 2Q26, down from $8.69B at the end of last year's second quarter.
- As of the beginning of August, GameStop owned 43.4M shares of EBAY, or 9.8% of outstanding EBAY shares of 445M, and said fair value was $4.95B on 8/1/26.
- The nearly 10% position makes GameStop EBAY's #1 holder, in front of TD Asset Mgmt.
- GameStop will report full results for its second quarter next Tuesday afternoon.
- DoRCR INSIGHT: The mid-point of the 2Q26 sales range implies a 19% y/y drop, which follows a 14% y/y increase in the first quarter, and the cycling of the Switch 2 launch would seem to explain much of the swing; as to eBay, the most recent speculation centers around GameStop doing some of kind of JV or partnership with eBay and dropping its $55B+ bid, and the shift to direct ownership of EBAY stock should put GameStop in a good position to make this happen.
Analyst Actions that could move retail stocks today:
- Abercrombie & Fitch (ANF, $148.42) Argus upgrades from Hold to Buy
INDUSTRY INSIGHT
Today's WWD talks about fashion IPOs following the recent offering by Reformation, which raised $210M in gross proceeds and gave the brand an initial equity valuation of ~$885M, says Tailored Brands is next on the IPO list, while ABG has also signaled plans to go public.
- Other IPO possibilities in the fashion space include Alo, SKIMS and Quince.
- The IPO market has heated up and is being driven by the strong stock market.
OTHER DEVELOPMENTS
e.l.f. Beauty will launch is rhode skin-care brand -- acquired in May 2025 in a deal valued at up to $1B -- in 19 new countries across Europe through most Sephora stores and at Sephora online on Wednesday, 9/30/26, will follow the rollout of rhode via Sephora in the US, Canada and the UK last year that catapulted the brand to #1 beauty brand in Sephora North America and the UK.
- rhode has quickly become the #1 overall skincare brand in the US by EMV per CreatorIQ.
Dollar General said during its 2Q26 (July) conference call last week online order delivery, which the company scaled to 18K of 20K+ stores last year via myDG and third-party providers DoorDash and Uber Eats, contributed 40 bps to the +3.5% comp in the quarter, and also noted digitally engaged and delivery customers are more than 2x as productive as those not digitally engaged.
- DG has seen 1M+ new customers first engaged via delivery become in-store shoppers.
SHEIN's stock fell as much as 17% in gray market trading in front of the official start of trading in Hong Kong tomorrow acc'd to Bloomberg, which notes SHEIN raised $1.7B at a market value of $26B in the IPO, down from a peak valuation of ~$100B in 2022. The drop reflects slowing sales, in part b/c of the removal of tariff exemptions for small parcels shipped to the US and Europe. Bloomberg has SHEIN's sales growing only 3% next year, to $44.3B.
COMMERCIAL REAL ESTATE
Fabletics (activewear, digital native, 125 stores) is preparing to launch in India via an exclusive, long-term partnership with Reliance Brands and plans to open its first store in New Delhi, at DLF Promenade mall, while also launching a dedicated India e-commerce site.
- Plans call for a second mono-brand store to open in Mumbai, followed by add'l stores.
On (Switzerland) has opened its 17th US store and its first in Dallas, 3K square feet, at NorthPark Center, takes Texas stores to three, including Austin (2024) and Houston (2025).
Uncle Giuseppe's Marketplace, a specialty grocery with 13 stores in NY and NJ, announced plans for two new stores, in Moorestown, NJ and King of Prussia, PA, both are expected to open in 3Q27 and follow a planned opening in Levittown, NY by the end of this year.
MANAGEMENT UPDATES
Academy Sports Chief Administrative Officer since 2024 and company exec for the past 18 years Bill Ennis has retired, effective last Friday and per a LinkedIn post.
Nike has hired Foot Locker Chief Supply Chain Officer from 2023 until April of this year and former TJX, Ulta and Target supply chain and distribution/logistics exec Kristin Bauer as Converse Chief Operating Officer, starts in mid-September and will report to Nike COO Venky Alagirisamy.
Staples (Sycamore Partners) has hired McKesson HR exec for the past 5+ years and former Beam Suntory and Kraft Foods Group exec Lora Freeman as Chief People Officer.
Trader Joe's has hired Heritage Grocers COO since September 2023, Chief Administrative Officer from 2022-2023, and former Cardenas Markets, Vallarta Supermarkets and 99 Cents Only Stores exec Prabash Coswatte as Chief Information Officer.
STORE OPENING/CLOSING ANALYSIS
Significant YTD Announcements
So far this year, US retailers have announced plans to open/close ~4,225/~3,510 stores by our analysis, which covers all sectors except auto retail and excludes opening/closing announcements that were made in 2025 and prior but will carry over into 2026 and beyond.
The numbers this time last week were ~4,195/~3,495, and this time last year we tracked ~3,725/~4,485 YTD announced openings/closings.
For all of 2025, we tracked ~5,525 announced store openings, down 20% from 2024, and ~4,820 announced store closings, down 45% from 2024.
Note that openings/closings are specific numbers that have been announced, not completed, and could extend over several years.
Also note we include select non-US retailers (e.g. ALDI, POP MART, Lululemon) in our totals and small numbers of openings/closings if it's a significant development (e.g. digitally-native brands opening their first stores, highlighted below with an asterisk*), that we don't count concessions, pop-ups, seasonal stores, pilots, JV/partner-operated stores, acquired stores, or conversions, and that our closing tally excludes closings that are part of an ongoing business plan.
Latest Store Opening/Closing Announcements: Dollar General reported a better-than-expected 2Q26 (July) last week and reaffirmed plans to open ~460 stores this year, including ~10 in Mexico, Dollar Tree reported an upside second quarter and reaffirmed plans for ~400 new stores and ~75 closings in its FY26, and Burlington reported a mixed second quarter and said it still plans to open ~115 net new stores this year after opening a record 51 stores in the quarter.
Citi Trends reported a strong 2Q26 (July) and said it now plans to open ~20 new stores this year after previously saying ~25 openings, that it still plans to open 40 new stores in FY27, and that it closed four stores so far this year.
We are trimming announced openings from ~65 to ~60 and adding five closings.
Urban Outfitters reported a strong and better-than-expected second quarter last week and said it still plans to open ~54 new stores this year, including 21 Free People Movement, 12 Free People, 12 Anthropologie, and eight Urban Outfitters stores, and that it now plans to close ~18 stores after previously saying it would close ~19 stores.
Build-A-Bear reported a mixed 2Q26 (July) and reaffirmed plans to open at least 50 new "experience locations" this year, the majority through international partners, and Abercrombie & Fitch reported a better-than-expected second quarter and reaffirmed plans to open 50 new stores this year, balanced across its brands and weighted to the Americas, while closing 20 stores.
Dick's Sporting Goods reported a weaker-than-expected second quarter and said it opened five new House of Sport stores and eight new Field House stores in the quarter and that it is planning to open 14 new House of Sport and 20 new Field House stores for the year.
We previously had Dick's opening 32 new Dick's House of Sport stores over two years and are assuming that plan is unchanged, while we are now showing 20 new Field House stores after previously showing 22 new Field House Stores.
Also last week, digitally native Western boots/wear retailer Tecovas Chief Retail Officer Kim Heidt said the brand is planning to open seven new stores this year and 15 new stores in 2027, and digitally native Wayfair announced plans for a 10th store, 85K square feet on one level, at Marketplace at Altamonte in the Orlando market, expected to open in 2028.
And worth noting: Williams-Sonoma reported a strong second quarter and said it plans to keep store count essentially flat this year, then grow units by 1%-3% per year next year and beyond.
Latest Store Closing Announcements: Raley's, which has ~120 grocery stores in northern California and Nevada under several banners, plans to close three Raley's stores, in Brentwood, CA, Elko, NV and Petaluma, CA, from November 2026 through January 2027, and one Nob Hill Foods, in Los Gatos, CA, in mid-2027, will take total closings across the company to seven for 2026 and into next year.
- Dollar Gen (~460 on ~20,900 note)
- Casey's (400+ on 2,900+ note)
- Dollar Tree (~400 on 9,282)
- TJX (~360 net on 5,200+ globally)
- O'Reilly (225-235 net on 6,585 note)
- 7-Eleven NA (200+ on 13K+)
- ALDI USA (180+ on 2,600+ note)
- Five Below (~150 net on 1,921)
- Yesway (130 on ~450)
- Academy Sports (~125 on 322 note)
- Ross Stores (115 on 1,900+)
- Burlington (115 net on 1,212)
- Kroger (105-120 on ~2,800)
- Goodwill (100+ on ~3,400)
- Whole Foods (100 on 550+)
- Sheetz (100 on 830+)
- Paymore (90+ on 100+)
- Tractor Supply (85-90 on 2,395 note)
- Ollie's Bargain Outlet (75 on 645)
- SKIMS* (73 on 27)
- Boot Barn (70 on 539)
- Bath & Body Wks (60+ net on 2,500)
- CVS (~60 on ~9K note)
- Barnes & Noble (60 on 670)
- Citi Trends (~60 on 590+)
- Tailored Brands (55+ on 1K+ note)
- Urban Outfitters (54 on 784 owned)
- Levi Strauss (50-60 net on 3,400+)
- Ulta Beauty (50-60 net on 1,591)
- Build-A-Bear (50+ net on 660+ note)
- Abercrombie (50 on 829 owned)
- Warby Parker* (50 net on 323)
- Fabletics* (45 on 135+)
- Perfumania (43 on 280+)
- Lululemon (40-45 net owned on 811)
- Crocs (40 on ~400 owned/operated)
- Aerie and OFFLINE (~40 on 330+)
- Dick's House of Sport (32 on 35 note)
- Grocery Outlet (30-33 net on 570)
- Target (30+ on ~2K note)
- Trader Joe's (30+ on 600+)
- Advance Auto (30-35 on 4,300+)
- Vuori* (30 on ~150)
- Birkenstock Amer (30 net on ~15)
- Ernesta* (26 on 4)
- Nordstrom Rack (25+ on ~300)
- Bealls (25 on 660+)
- Fleet Feet + Marathon (~25 on 310+)
- Genesco (23 on 1,236)
- Tecovas* (23 on 60+)
- POP MART US (20+ on 60+)
- Walmart U.S. (~20 on 4,600+ note)
- Love's Travel Stops (20 on ~670)
- Williams-Sonoma (~20 on 512)
- Floor & Decor (20 on 270)
- Bob's Discount Furn (~20 on 209)
- Kendra Scott (20 on ~170 note)
- Consumer Cellular (20 on 100)
- HEYDUDE (~20 mostly outlets on 75)
- Dick's Field House (~20 on 42 note)
- Cotopaxi* (20 on 20)
- Bu-cee's (17 announced on ~55)
- Advance Mega Hub (15-20 on 33)
- Home Depot (~15 on 2,359)
- Windsor (15 on ~350)
- Golf Galaxy (~15 on 113)
- IKEA US (~15 on 54)
- UNIQLO USA (14 on 78)
- a.k.a.'s Princess Polly* (14 on 13 US)
- Aritzia (12-13 mostly US on 144 total)
- Caleres (12 on ~820)
- Shoe Carnival/Station (11-15 on 426)
- The Buckle (11-13 net on 440)
- Garage (10-12 net on 300)
- Signet Jewelers (up to 10 on 2,582)
- Publix (~10 on 1,400+)
- La-Z-Boy (10 on 380 total N America)
- Cato (up to 10 on 1,070)
- Meijer (~10 on 500+)
- Indochino* (10 on 90+)
- Vivaia* (10 on 1)
- Lovesac (8 net on 278)
- Sukoshi (8 on 9 US)
- Wayfair* (8 on 2 note)
- Salomon (7-10 on 2 US)
- BYLT* (7 on 15)
- Haverty Furniture (6 net on 129)
- Big Y (6 on 77)
- RH (6 on 75)
- Purple (6 on 55)
- Zumiez (5 US on 716 total worldwide)
- Boll & Branch* (5 on 15)
- Kurt Geiger London (5 on 5 US)
- Arhaus (4-6 on 107)
- U.S. Polo Assn. (4 on 1,200+)
- Food Lion (4 on 1,100+)
- Best Buy (4 net US on 1K+ in NA)
- Tilly's (4 on 224)
- Ocean State Job Lot (4 on 175)
- Vera Bradley Outlet (4 on 87)
- True Religion (4 on 57)
- Chair King (4 on 52)
- MUJI USA (4 on 13)
- FIGS* (4 on 5)
- Ana Luisa* (4 on 2)
- Joybird* (3-4 on 16)
- Madewell (3 on ~150)
- Albertsons' Tom Thumb (3 on ~70)
- Brilliant Earth* (3 on 42)
- Suitsupply (3 US on ~40 US)
- Johnnie-O (3 on 23)
- Beyond Yoga* (2 on 14)
- COS US (3 on 12)
- Whole Foods Mkt Daily Shop (3 on 8)
- Brochu Walker (3 on 5)
- BRUNT Workwear (3 on 0)
- Bass Pro Shops (2 on 180+)
- Bassett Furniture (2 on 86)
- YETI (2 on 25+)
- FRAME (2 on 20+)
- The RealReal* (2 on 18)
- CardVault by Tom Brady (2 on 10)
- Yellow Rose Kendra Scott* (2 on 3)
- Amazon* Big Box (2 on 0)
- Cider* (2 on 0)
- J.Jill (1-5 net on 256)
- 7th Avenue* (1 on 20+)
- Thursday Boot Company* (1 on 4)
- Revolve* (1 on 2)
- Povision* (1 on 0)
- Addison Bay* (1 on 3)
- GameStop (700+ US of 2,300+ note)
- 7-Eleven NA (645 of 13K+)
- Francesca's (450+ of 450+)
- Family Dollar (350+ of 7,450+)
- Hibbett (~175 of ~980)
- Eddie Bauer US + Can (~175 of ~175)
- Signet Jewelers (~100 of 2,582)
- Value City Furniture (79 of 79)
- Dollar Tree (~75 of 9,282)
- Genesco (75 of 1,236)
- Tractor Supply's Petsense (75 of 207)
- West Marine (59 of 200+)
- Saks OFF 5TH (57 of 69)
- Amazon Fresh (57 of 57)
- Cato (up to 40 of 1,070)
- Grocery Outlet (36 of 570)
- CVS (~35 of ~9K note)
- Zumiez (26 of 716 total worldwide)
- Fossil (21 of 199)
- American Eagle (20-25 AE of 805 AE)
- Abercrombie (20 of 829 owned)
- Williams-Sonoma (~20 of 512)
- Allbirds* US full-price (~20 of ~20)
- Shoe Carnival/Station (18-24 of 426)
- Urban Outfitters (18 of 784 owned)
- Saks Fifth Avenue full-line (18 of 33)
- Petco (15-20 net of 1,382)
- Caleres (15 of ~820)
- Amazon Go (15 of 15)
- Nike Well Collective (15 of 15)
- Albertsons (14 net of 2,200+)
- Amer. Signature Furniture (10 of 10)
- Raley's (7 of ~120)
- Tilly's (6 of 224)
- Ross Stores (5-10 of 1,900+)
- Citi Trends (~5 of 590+)
- Sportsman's Warehouse (5 of ~150)
- Johnny Was (5 of 78)
- Neiman Marcus Last Call (5 of 5)
- Neiman Marcus full-line (4 of 36)
- Apple US retail (3 of ~270)
- Vince (3 net of 60)
- Nordstrom (2 of ~90 full-line)
MACRO/CONSUMER INSIGHT
Out Friday, U. Mich. Sentiment for August (final) was a bit better than expected at 51.7 vs. the Street's 50.8 estimate, though it was down 6% from July and down 11% from August 2025 as consumer anxiety around gas prices and persistent inflation continues to be an overhang.
- Expectations for inflation over the next 12 months decreased slightly, to +4.0%.
- DoRCR INSIGHT: Sentiment and spending have not correlated at all in recent quarters, but fragile consumer psychology, along with a low savings rate, could make for a much tougher retail dynamic if we get another month or two of negative Nonfarm Payrolls.
Out Thursday, Jobless Claims for the week ended 8/22/26 were lower than expected at 203K vs. the Street's 210K estimate and down 4K from a revised 207K the prior week, while Continuing Claims, which are reported with a week's lag, decreased by 18K, to 1.78M.
- DoRCR INSIGHT: Reassuring to see yet another low Jobless Claims number after the weak Nonfarm Payrolls for July report -- down 23K -- supports the "low-hire, low-fire" narrative around the labor mkt, and with Unemployment at 4.1%, is positive for consumer spending.
Out last Wednesday, Personal Income for July was stronger than expected and increased +0.4% m/m vs. the Street's +0.2% estimate, while Personal Spending was right in line at +0.2% and a slight deceleration from an upwardly revised +0.4% m/m increase in June.
- The core PCE price index, which is the Fed's preferred inflation metric, rose 3.3% y/y, while inflation-adjusted consumer spending was essentially flat in July.
- Also of note, disposable income rose 0.4% m/m, most since January, and the savings rate rose to a four-month high of 3% but remained low vs. historical averages.
- DoRCR INSIGHT: Wages and income are growing at a solid clip, supported by the "low-hire, low-fire" labor market, and consumers continue to spend, though with increasing caution/concern and some pockets of weakness, e.g. the mass athletic footwear and apparel space.
Source: University of Michigan and Bloomberg (for chart)
SELECT ANALYST ACTIONS
Abercrombie & Fitch (ANF, $148.42) Argus upgrades from Hold to Buy and establishes a $162 target after last week's 2Q26 (July) results, makes positive comments about the quarter and says it was looking for signs of improving sales and margin trends to get more constructive.
Search Select Analyst Actions for the past 12 months here
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