Companies and Subjects discussed in this morning's report include: Retail stocks outperformed slightly last week, Kohl's catches an upgrade after results, visits to grocery stores rise for fourth straight quarter, Vetir closes $5.5M Series A at a $150M valuation, Sprouts prepping a New England push, openings/closings...
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DoR Consumer Research
Investor Oriented | Retail & Consumer
Monday, June 1, 2026 | Published Daily by ~11:30 AM ET
Analyst Actions, Grocery Store Visits and our Latest Store Opening/Closing Analysis in Focus...
THIS WEEK'S CALENDAR
UPDATED EACH MORNING
All Times Are Eastern
Monday (6/1)
- DoRCR publishes its proprietary weekly Store Opening/Closing Analysis
- The RealReal doing an investor meeting at 10:30 am, hosted by BTIG
Tuesday (6/2)
- TD Cowen Annual Future of the Consumer Conference thru Weds, list of retailers here
- Baird Global Consumer, Tech and Services Conference thru Thurs, list of retailers here
- William Blair Annual Growth Stock Conference thru Thurs, list of retailers here
- Deutsche Bank Global Conference thru Thurs, list of retailers here
- Steve Madden doing investor meetings in NYC today with TAG, tomorrow with BTIG
- Victoria's Secret reports 1Q26, call 8:30 am, Street at comps up 11.4%, EPS of $0.32
- Signet Jewelers reports 1Q27, call 8:30 am, Street at comps up 1.8%, EPS of $1.38
- Yesway reports 1Q26, call 8:30 am, Street at sales/EPS of $678.3M/$0.48
- ODDITY reports 1Q26, call 8:30 am, Street at sales/EPS of $187.9M/($0.03)
- Dollar General reports 1Q26, call 9:00 am, Street at comps up 2.0%, EPS of $1.89
- Citi Trends reports 1Q26, call 9:00 am, prelim comps up 13.9%, EPS expected at $0.32
- Ulta Beauty reports 1Q26, call 4:30 pm, Street at comps up 4.7%, EPS of $6.89
- Sportsman's WH reports 1Q26, call 5:00 pm, Street at comps up 1.1%, EPS of ($0.54)
Wednesday (6/3)
- DoRCR publishes its proprietary monthly M&A + Capital Markets Analysis
- Macy's reports 1Q26, call 8:00 am, Street at comps up 1.4%, EPS of $0.03
- ADP Employment for May at 8:15 am, Street at +125K vs. prior +109K
- Ollie's reports 1Q26, call 8:30 am, Street at comps up 1.8%, EPS of $0.87
- Rent the Runway reports 1Q26, call 8:30 am, no Street estimates
- Destination XL reports 1Q26, call 9:00 am, Street at comps down 2.0%, EPS of ($0.07)
- PVH reports 1Q26 after the close, Street at sales/EPS of $2.00B/$1.82
- Costco reports May sales at 4:15 pm
- Petco reports 1Q26, call 4:15 pm, Street at flat comps, EPS of $0.01
- Five Below reports 1Q26, call 4:30 pm, Street at comps up 19.0%, EPS of $1.76
- Tilly's reports 1Q26, call 4:30 pm, Street at comps up 19.0%, EPS of ($0.33)
Thursday (6/4)
- Buckle reports May sales before the open
- Jobless Claims for the week ended 5/30/26 at 8:30 am, Street at 212K vs. prior 215K
- PVH 1Q26 conference call at 9:00 am
- Walmart Annual Shareholders' Meeting, starts at 9:30 am
- Caleres reports 1Q26, call 10:00 am, Street at flat comps, EPS of $0.34
- Lululemon reports 1Q26, call 4:30 pm, Street at comps down 0.2%, EPS of $1.68
- Torrid reports 1Q26, call 4:30 pm, Street at comps down 3.8%, EPS of ($0.01)
- Zumiez reports 1Q26, call 5:00 pm, Street at comps up 2.0%, EPS of ($0.81)
Friday (6/5)
- DoRCR publishes its proprietary Next Week's Calendar
- Nonfarm Payrolls for May at 8:30 am, Street at +100K vs. prior +115K, Unemployment expected at 4.3% vs. prior 4.3%, Avg Hourly Earnings at +0.4% m/m vs. prior +0.2%
- G-III Apparel reports 1Q27, call 8:30 am, Street at sales/EPS of $529.1M/($0.30)
**Colors Indicate Directional Change from First Time Shown in Our Calendar**
TODAY'S EARLY TRADING
The S&P Retail ETF (XRT) is down 1.2% as of ~10:25 am vs. a slight decline in the S&P 500. Retail stocks are underperforming after a good week last week and in front of the last big round of first quarter results, starting tomorrow morning with Dollar General and several other retailers.
- Weaker retail stocks include BBWI, BOBS, GCO, BKE and CURV, all down 4%-6%.
- Stronger retail stocks include LANV, SNBR, AKA, MNSO and PRPL, all up 4%-9%.
Last Week: The XRT rose 1.8% vs. a 1.4% gain in the S&P 500, which continued to make fresh all-time highs as investors shrugged off more signs of renewed/resurgent inflation with the latest PCE data and focused on strong corporate earnings and a potential US/Iran peace agreement + reopening of the Strait of Hormuz. Retail stocks outperformed slightly as another wave of quarterly results provided some comfort recent trends have held up reasonably well to the spike in fuel prices and other consumer concerns. Other noteworthy retail developments included reports China's JD.com is considering a $2.7B bid for the UK's The Very Group, Lululemon's cooperation agreement with #1/9% shareholder and founder Chip Wilson, and Destination XL's recommendation that shareholders reject a recent $0.82 per share cash tender offer from Zodiac Partners.
- Stronger retail stocks included DBGI, which rose 35% on continued bankruptcy-concern volatility, also BBY (up 26%, upside first quarter), PLCE (up 23%, no significant news as far as we can tell), DLTR (up 23%, upside 1Q26) and BOBS (up 18%, no news).
- Weaker retail stocks included SNBR, which fell 30% on the week as its #1 shareholder registered to sell shares, AZO (down 14%, missed comp expectations), LANV (down 14%, named a new CEO), GAP (down 10%, mixed results + analyst downgrades) and KR (down 8% as Amazon and Walmart ramp up ultra-fast delivery of groceries and other items).
2026 Year-to-Date: The XRT is down 1.5% vs. a 10.7% gain in the S&P 500.
- Weaker retail stocks include DBGI, which is down 96%, also SNBR (down 86%), ODD (down 66%), RENT (down 50%) and PRPL (down 42%).
- Stronger retail stocks include TLYS, which is up 124%, also LVLU (up 80%), CURV (up 64%), DLTH (up 61%) and GCO (up 55%).
MARKET-MOVING DEVELOPMENTS
All Stock Prices as of Last Close
Analyst Actions that could move retail stocks today:
- Kohl's (KSS, $14.36) Citi upgrades from Neutral to Buy
- Costco (COST, $956.32) D.A. Davidson adds to its "Best of Breed Bison List"
- Kontoor Brands (KTB, $71.77) Goldman removes from its US Conviction List
INDUSTRY INSIGHT
Visits to US grocery stores increased 1.7% in the first quarter and have increased four quarters in a row acc'd to the latest traffic data from Placer.ai, which said the growth in visits in the quarter was driven by new store expansion, while visits per location were essentially flat.
- Fresh format grocers like Trader Joe's and Sprouts led growth in overall visits, up 5.2%, and saw 1.1% y/y traffic growth at existing stores as the segment continues to gain share.
- Value grocers like ALDI, which is aggressively expanding, also saw y/y growth in traffic, though per-location visits fell 2.8%, while trad'l grocers like Kroger grew per-location visits 1.5% y/y as they captured more short trips -- fastest-growing type of grocery visit.
Source: Placer.ai
OTHER DEVELOPMENTS
Gap said during its first quarter call last week it will roll out beauty products to all Old Navy stores by the end of this year after a successful pilot program at 150 Old Navy stores.
AI-powered fashion platform Vetir recently closed a Series A funding round led by a group of investors, including Laidlaw & Company, and raised $5.5M at a $150M valuation. The company plans to direct the new financing to further development of its personalization tech, international expansion, and further integration with luxury retail partners. Vetir was founded by former fashion editor Kate Davidson Hudson in 2023 and is based in NYC.
COMMERCIAL REAL ESTATE
Sprouts Farmers Market, which has 480+ stores in 25 states, is planning to open its first store in Massachusetts in 2028, a 22K sf store in Weymouth, and then plans to open 30-40 stores across southern New England in the next few years acc'd to the Boston Business Journal.
Topologie, a Hong Kong-based accessories brand inspired by rock climbing gear, has 30 stores in Asia, Europe and North America, has opened two stores in L.A., a 1,100 sf store on Larchmont Blvd, and a 1,600 sf store at Westfield Century City, and plans to have 10+ US stores by 2027.
MANAGEMENT UPDATES
Ollie's Bargain Outlet has hired Children's Place Chief Administrative Officer, General Counsel and Corporate Secretary since September 2024, General Counsel since 2018, and former Tapestry Corporate Counsel Jared Shure as SVP, General Counsel and Corporate Secretary.
Target has hired Kimberly-Clark General Counsel since early-2025 and Kimberly-Clark legal exec from 2015-2022 Grant McGee as EVP and Chief Legal and Compliance Officer.
STORE OPENING/CLOSING ANALYSIS
Significant YTD Announcements
So far this year, US retailers have announced plans to open/close ~3,320/~3,150 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 ~3,315/~3,160, and this time last year we tracked ~2,960/~3,305 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 Tree reported an upside first quarter last week and reaffirmed plans to open ~400 new stores this year while closing ~75 stores, which nets out to ~325 openings and implies 3.5% y/y growth, and Burlington reported an upside first quarter and said it now plans to open 115 net new stores for the year, which is up from a prior 110 net new stores and implies 9%-10% y/y growth in units.
Burlington also said it plans to have 1,500+ stores by the end of FY28 vs. 1,240+ currently.
Build-A-Bear reported a mixed first quarter and reaffirmed plans to open at least 50 new "experience locations," and Abercrombie & Fitch reported a mixed first quarter and said it now plans to open a net ~30 new stores this year, including 50 openings -- balanced across its brands and skewed to the Americas -- and 20 closings after previously saying 55 openings and 25 closings.
American Eagle reported a strong overall but mixed first quarter vs. expectations and said it now plans to open ~40 Aerie and OFFLINE stores after previously saying 35-40, while closing 20-25 American Eagle stores after previously saying 25-30 closings, and The Buckle reported a strong first quarter and reaffirmed plans to open 15 new stores this year while closing a few.
Boll & Branch, a digitally native luxury home textiles brand, recently opened two stores, in Skokie, IL (Chicago) and Chestnut Hill, MA (Boston), plans to open another three stores this summer, in Troy, MI (Detroit), Ardmore, PA (Philadelphia) and Brookfield, WI (Milwaukee), and expects to have 20 total stores by year-end.
We previously has Boll & Branch opening three stores on a base of 15 and are now showing five openings on a base of 15, which will put year-end store count at 20 stores.
AutoZone reported 3Q26 (ended 5/9/26) results last week and reaffirmed plans to open 355-365 stores in its current fiscal year, but these stores were first announced last year and reflected in our 2025 totals, and Costco reported its 3Q26 (ended mid-May) and said it now plans to open 26 net new clubs in its FY26 after previously saying 28, though here too, these stores were announced last year and reflected in our 2025 totals, so we are not including them in 2026.
- Dollar Gen (~450 on ~20,900 note)
- Dollar Tree (~400 on 9,282)
- O'Reilly (225-235 net on 6,585 note)
- 7-Eleven NA (200+ on 13K+)
- ALDI U.S. (180+ on 2,600+ note)
- Five Below (~150 net on 1,921)
- TJX (146 net on 5,200+ globally)
- Yesway (130 on ~450)
- Academy Sports (~125 on 322 note)
- Burlington (115 net on 1,212)
- Ross Stores (110 on 1,900+)
- Kroger (105-120 on ~2,800)
- Goodwill (100+ on ~3,400)
- Whole Foods (100 on 550+)
- Tractor Supply (~100 on ~2,400 note)
- Sheetz (100 on 830+)
- Paymore (90+ on 100+)
- Ollie's Bargain Outlet (75 on 645)
- Boot Barn (70 on 539)
- Citi Trends (~65 on 590+)
- Bath & Body Wks (60+ net on 2,500)
- CVS (~60 on ~9K note)
- Barnes & Noble (60 on 670)
- 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 on 323)
- Advance Auto (40-45 on 4,300+)
- Lululemon (40-45 net owned on 811)
- Aerie and OFFLINE (~40 on 330+)
- Fabletics* (40 on 120)
- 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+)
- Birkenstock Amer (30 net on ~15)
- Ernesta* (26 on 4)
- Fleet Feet + Marathon (~25 on 310+)
- Genesco (23 on 1,236)
- Nordstrom Rack (23 in 2026 on ~300)
- Dick's Field House (22 on 42 note)
- POP MART (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)
- HEYDUDE (~20 mostly outlets on 75)
- Cotopaxi* (20 on 20)
- Home Depot (~15 on 2,359)
- Windsor (15 on ~350)
- Golf Galaxy (~15 on 113)
- UNIQLO USA (14 on 78)
- Aritzia (12-13 mostly US on 144 total)
- Shoe Carnival/Station (11-15 on 426)
- The Buckle (11-13 net on 440)
- Advance Mega Hub (10-15 on 33)
- Garage (10-12 net on 300)
- Signet Jewelers (up to 10 on 2,582)
- Publix (~10 on 1,400+)
- Cato (up to 10 on 1,070)
- IKEA US (10 on 54)
- Vivaia* (10 on 1)
- Lovesac (8 net on 278)
- a.k.a.'s Princess Polly* (8 on 13 US)
- Salomon (7-10 on 2 US)
- Purple (7 on 55)
- BYLT* (7 on 15)
- Haverty Furniture (6 net on 129)
- Big Y (6 on 77)
- RH (6 on 75)
- Zumiez (5 US on 716 total worldwide)
- J.Jill (5 net on 256)
- Boll & Branch* (5 on 15)
- Whole Foods Daily Market (5 on 5)
- Kurt Geiger London (5 on 5 US)
- Wayfair* (5 on 2 note)
- Tilly's (4-6 on 224)
- 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)
- Ocean State Job Lot (4 on 175)
- Chair King (4 on 52)
- FIGS* (4 on 5)
- Ana Luisa* (4 on 2)
- Meijer (3 on 500+)
- Madewell (3 on ~150)
- Bassett Furniture (3 on 86)
- Albertsons' Tom Thumb (3 on ~70)
- Brilliant Earth* (3 on 42)
- Suitsupply (3 US on ~40 US)
- Whole Foods Mkt Daily Shop (3 on 8)
- Brochu Walker (3 on 5)
- BRUNT Workwear (3 on 0)
- CardVault by Tom Brady (2 on 10)
- Yellow Rose Kendra Scott* (2 on 3)
- Amazon* Big Box (2 on 0)
- Cider* (2 on 0)
- Thursday Boot Company* (1 on 4)
- Revolve* (1 on 2)
- Povision* (1 on 0)
- GameStop (700+ US of 2,300+ note)
- 7-Eleven NA (645 of 13K+)
- Francesca's (450+ of 450+)
- Family Dollar (350+ of 7,450+)
- 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)
- 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 (25 of 716 total worldwide)
- 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)
- Urban Outfitters (19 of 784 owned)
- Shoe Carnival/Station (18-24 of 426)
- Saks Fifth Avenue full-line (18 of 33)
- Petco (15-20 net of 1,382)
- Fossil (15 of 199)
- Amazon Go (15 of 15)
- Albertsons (14 net of 2,200+)
- Ross Stores (10-15 of 1,900+)
- Amer. Signature Furniture (10 of 10)
- Sportsman's Warehouse (5 of ~150)
- Neiman Marcus Last Call (5 of 5)
- Tilly's (4 of 224)
- Apple US retail (3 of ~270)
- Vince (3 net of 60)
- Neiman Marcus full-line (3 of 36)
- Nordstrom (2 of ~90 full-line)
MACRO/CONSUMER INSIGHT
Out Thursday, New Home Sales for April were weaker than expected and fell 6% m/m to an annualized 622K, well below the Street's 675K, while New Home Sales fell 11% from April 2025; the median selling price of a new home sold in April was $422,500, up 2% year-over-year.
- DoRCR INSIGHT: The housing market is still in a tough place overall and being held back by high mortgage rates, high prices, and limited supply as those with lower rates opt to remain in place to keep their rates, and this all continues to be an overhang for home-oriented retail.
Also out Thursday, Jobless Claims for the week ended 5/23/26 were close to expectations at a low 215K vs. the Street's 213K estimate and rose 5K from a revised 210K the prior week, while Continuing Claims, which are reported with a week's lag, rose slightly, to 1.79M.
- DoRCR INSIGHT: The labor market slowed significantly last year but appears to be in recovery mode despite AI, geopolitical instability/uncertainty, the spike in fuel prices, etc., and this is good for consumer spending, though higher fuel prices do erode discretionary spending power.
And also out Thursday, Personal Income for April was flat m/m and below the Street's +0.4%, while Personal Spending was stronger than expected at +0.5% vs. the Street's +0.3%, and the Personal Savings rate fell to 2.6%, the lowest level since June 2022.
- DoRCR INSIGHT: The big focus in this data series is the core PCE price index, which is the Fed's preferred inflation gauge, and it was up 3.3% y/y in April, the highest core inflation reading since fall 2023 and well above the Fed's +2% target as it considers interest rate hikes/easing.
Out last Wednesday and acc'd to the U.S. Energy Information Administration, a gallon of regular Unleaded Gasoline cost $4.48 on average across the US for the week ended 5/25/26, down a penny from the prior week but up $1.32 per gallon from the same week last year.
- A gallon of diesel cost $5.52, down $0.08 on the week but up $2.04 from last year.
- Fuel prices are being driven up by supply constraints related to the war in Iran.
- DoRCR INSIGHT: Gas prices are running well above the psychologically (and otherwise) important $4 per-gallon level, and this will likely have a meaningful impact on consumer discretionary spending, especially by those in lower-income brackets, while diesel at $5.50+ per gallon is a significant headwind to retailers' transportation costs and margins.
Source: Labor Dept and Bloomberg (for chart)
SELECT ANALYST ACTIONS
Costco (COST, $956.32) D.A. Davidson maintains its Neutral rating and $1K target but adds COST to its "Best of Breed Bison List" after last week's quarterly results, says Costco maintains strong differentiation with its quality private label assortment, a strong general merchandise assortment, and ancillary businesses including pharmacy, optical and gasoline, all of which drive traffic.
Kohl's (KSS, $14.36) Citi upgrades from Neutral to Buy and raises its target from $14 to $22 after last week's 1Q26 results, says the stock's low valuation does not reflect Kohl's ability to generate strong free cash flow and thinks the market's view of Kohl's debt is "misguided," though the firm also says Kohl's is facing operational challenges and a tough competitive backdrop.
Kontoor Brands (KTB, $71.77) Goldman removes the stock from its US Conviction List...
Search Select Analyst Actions for the past 12 months here
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