Companies and Subjects discussed in this morning's report include: Retail stocks fell but outperformed last week, Duluth reports an upside quarter as it reduces promos, GameStop ups econ exposure to eBay, Saks cleared for a Ch 11 exit, our latest Store Opening/Closing Analysis still shows more openings than closings...
DoRCR Reports are for Individual Paid Subscribers | Pls Do Not Share Internally or Externally
DoR Consumer Research
Investor Oriented | Retail & Consumer
Monday, June 8, 2026 | Published Daily by ~11:30 AM ET
Duluth's Upside Quarter, GameStop Still Wants eBay, Our Latest Store Openings/Closings...
THIS WEEK'S CALENDAR
UPDATED EACH MORNING
All Times Are Eastern
Monday (6/8)
- DoRCR publishes its proprietary weekly Store Opening/Closing Analysis
- Duluth Trading reports 1Q26, call 8:30 am, Street at sales/EPS of $93.7M/($0.39)
- Duluth Trading Investor Day at 11:00 am, will be webcast
Tuesday (6/9)
- Macy's at the Evercore ISI Consumer & Retail Conference
- e.l.f. Beauty at the virtual Oppenheimer Consumer Growth & E-Comm Conference
- Lands' End reports 1Q26, call 8:00 am, no Street consensus estimates
- Designer Brands reports 1Q26, call 8:30 am, Street at flat comps, EPS of $0.03
- Existing Home Sales for May at 10:00 am, Street at 4.07M SAAR vs. prior 4.02M
- Academy Sports reports 1Q26, call 10:00 am, Street at comps up 2.5%, EPS of $0.91
- FIGS at the virtual Oppenheimer Consumer Growth & E-Comm Conference at noon
- Walmart at the virtual Oppenheimer Consumer Growth & E-Comm Conference at 3:00 pm
- Casey's reports 4Q26 after the close, Street at comps up 4.9%, EPS of $3.31
- BARK reports 4Q26, call 4:30 pm, Street at sales/EPS of $96.3M/($0.35)
- Tapestry doing a dinner with investors in NYC, hosted by BTIG
Wednesday (6/10)
- Steve Madden doing investor meetings in Boston, hosted by Needham
- Chewy reports 1Q26, call 8:00 am, Street at sales/EPS of $3.35B/$0.24
- J.Jill reports 1Q26, call 8:00 am, Street at comps down 7.9%, EPS of $0.42
- Consumer Price Index for May at 8:30 am, Street at +4.2% y/y vs. prior +3.8%
- Casey's 4Q26 call at 8:30 am
- Walmart at the Evercore ISI Consumer & Retail Conference at 9:50 am
- Fossil doing a call with investors at noon, hosted by Northland
- Oxford Industries reports 1Q26, call 4:30 pm, Street at sales/EPS of $391.8M/$1.29
- Stitch Fix reports 3Q26, call 5:00 pm, Street at sales/EPS of $333.5M/($0.06)
Thursday (6/11)
- Walmart doing meetings at the D.A. Davidson Technology & Consumer Conference
- Producer Price Index for May at 8:30 am, Street at +6.4% y/y vs. prior +6.0%
- Jobless Claims for the week ended 6/6/26 at 8:30 am, Street at 216K vs. prior 225K
- Lovesac reports 1Q27, call 8:30 am, Street at sales/EPS of $136.3M/($1.05)
- Vera Bradley reports 1Q27, call 8:30 am, no Street consensus estimates
- RH reports 1Q26, call 5:00 pm, Street at sales/EPS of $792.6M/($2.09)
Friday (6/12)
- DoRCR publishes its proprietary Next Week's Calendar
- Lovesac at the virtual Oppenheimer Consumer Growth & E-Comm Conference at 9:45 am
- U. Mich. Sentiment for June (preliminary) at 10:00 am, Street at 47.8 vs. prior 44.8
**Colors Indicate Directional Change from First Time Shown in Our Calendar**
TODAY'S EARLY TRADING
The S&P Retail ETF (XRT) is up 2.0% as of ~10:30 am vs. a 0.8% gain in the S&P 500. It's a quiet morning in front of the final batch of first quarter results from the retailers.
- Stronger retail stocks include DLTH, which is up 23% after an upside 1Q26, also TLYS (up 11%, extending last week's gains), ZUMZ (up 10%, recovering some of last week's losses), BARK (up 9% in front of results tomorrow afternoon) and CAL (up 9%).
- Weaker retail stocks: LVLU, down 13% on no new news as far as we can tell, SNBR (down 9%, ongoing bankruptcy concern), OXM (down 2%), PVH (down 1%) and LUXE (down 1%).
Last Week: The XRT fell 1.6% vs. a 2.6% decline in the S&P 500, which hit an all-time high Tuesday but plunged 2.6% Friday after a much stronger-than-expected May jobs report -- and upward revisions to the prior two months -- raised concerns the Fed's next move could be a rate hike to address renewed inflation. Retail stocks outperformed as first quarter earnings neared a conclusion with good results from Dollar General, Ulta and Macy's, and blowout reports from Victoria's Secret and Five Below. Other noteworthy retail developments included Amazon's announcement of this year's Prime Day dates -- will run 6/23/26-6/26/26 -- Costco's strong May sales report, and a WSJ report saying Sleep Number is prepping a Ch 11. Also, Lululemon reported an in-line 1Q26 but cut guidance on weaker recent trends, some from negative media attention.
- Weaker retail stocks included SNBR, which fell 60%, also ZUMZ (down 29%, mixed 1Q26 and guided 2Q26 well below), ODD (down 27%, weak results, analyst downgrades), PVH (down 17%, soft 1Q26, analyst downgrade) and FIVE (down 16%, some on profit-taking).
- Stronger retail stocks included volatile nano-cap DBGI, up 78% as its CEO said he bought stock on the open market, also VSXY (up 36%), TLYS (up 15%, upside 1Q26), DBI (up 9%, analyst target hike) and KSS (up 8%, analyst upgrade).
2026 Year-to-Date: The XRT is down 3.1% vs. a 7.9% gain in the S&P 500.
- Weaker retail stocks include SNBR, which is down 94%, also DBGI (down 93%), ODD (down 76%), RENT (down 58%) and LULU (down 45%).
- Stronger retail stocks include TLYS, which is up 158%, also CURV (up 68%), LVLU (up 65%), DLTH (up 60%) and GCO (up 53%).
MARKET-MOVING DEVELOPMENTS
All Stock Prices as of Last Close
- Total sales fell 4% y/y to $98.6M vs. the Street's $93.7M estimate and incorporated a 9% decrease in DTC sales, to $57.1M, on lower web traffic and web conversion on the promotional pull-back, partially offset by a higher average order value.
- Retail store sales grew 3% y/y to $41.5M on a higher AOV and two stores opened in 3Q25.
- Adjusted EBITDA was $2.6M vs. ($3.8M) last year and the Street's ($5.4M) estimate and incorporated 540 bps of gross margin improvement on the higher AOV from reduced promos, also improved sourcing costs, partially offset by higher tariff costs.
- Ending inventories were down 25% y/y, and net liquidity was ~$100M.
- Full-year guidance still includes sales of $540M-$560M vs. $565.2M in FY25 and the Street's $544.6M estimate, while management raised the adjusted EBITDA range by $2M, now expects $28M-$32M vs. $24.9M in FY25 and the Street's $26.3M estimate.
- Duluth is holding an Investor Day today, but we don't see a slide deck available yet.
- DoRCR INSIGHT: CEO Stephanie Pugliese returned to Duluth a year ago and has been implementing a strategic shift away from driving short-term volume through promotions and toward building brand equity through enhanced product and marketing, and while sales have been negatively impacted, the trend is improving, and the model is becoming more profitable.
Analyst Actions that could move retail stocks today:
- Crocs (CROX, $119.35) Baird upgrades from Neutral to Outperform
- Kontoor Brands (KTB, $69.54) JPM initiates coverage with an Overweight rating
OTHER DEVELOPMENTS
GameStop (GME, $21.80) has increased its economic exposure to eBay (EBAY, $109.35) from 7.8% to 9.0% acc'd to an amended 13D filed last Friday, and separately, GameStop CEO Ryan Cohen told Barron's he is committed to acquiring eBay and is willing to take the matter directly to EBAY shareholders and reiterated a plan to reduce eBay's cost structure by $2B post a merger.
Warby Parker's (WRBY, $22.72) stock will join the S&P SmallCap 600 prior to the open on Monday, 6/22/26, while shares of Oxford Industries (OXM, $44.12) and Ethan Allen (ETD, $20.67) will be removed from the index, all on a quarterly rebalancing based on changes in market cap.
Bed Bath & Beyond/The Container Store is lowering prices on thousands of items in-store and online by an average of up to 25% acc'd to Bed Bath & Beyond CEO Marcus Lemonis, who says the move is "not a promotion, a temporary sale or a marketing event" but is instead aimed at "better align(ing) our prices with the value our customers deserve."
Best Buy plans to open 900 sf Meta shop-in-shops at 50+ of its 1K+ stores this summer and says the spaces, called Meta Lab @ Best Buy, will offer hands-on opportunities for customers to explore Meta's AI Glasses and VR headsets via demos/displays, smart mirrors, personalized fittings, etc.
e.l.f. Beauty's rhode skincare brand will enter its first Latin American market tomorrow as it begins shipping directly to Mexico prior to a planned European launch via Sephora in September when the brand will be available in 19 countries, including France, Germany, Italy and Spain.
Cole Haan, which is owned by private equity firm Apax Partners, plans to launch a full collection of men's tailored clothing and sportswear for spring 2027 as it moves toward being more of a lifestyle brand and plans to sell the accessible luxury collection DTC through its 600+ stores globally and its website and also through wholesale partners including Nordstrom, Dillard's and Amazon.
Saks Global's Ch 11 exit has been approved by a bankruptcy judge only five months after the official filing. On exit, the company will have reduced its funded debt from ~$3.4B to ~$1.2B and have an EV of $2.5B-$3.5B. During the Ch 11, Saks closed more than half its 30+ namesake stores, a few Neiman Marcus stores, and most of its OFF 5TH stores, and has ~50 dept stores now, skewed toward NM. Senior lenders provided $1B in new funding through the Ch 11, will provide $500M in exit financing, and will control the company.
COMMERCIAL REAL ESTATE
Seasalt Cornwall, a UK-based women's and men's apparel+ retailer, has closed all four of its US stores, in Falmouth, MA, Ardmore, PA, Portsmouth, NH and Shrewsbury, NJ, and has retreated from a plan announced in November 2023 to open as many as 20 US stores within three years as it shifts its focus to building wholesale relationships across the US and Europe.
Favorite Daughter, a Los Angeles-based contemporary lifestyle brand, has opened its third US store, in Nashville's 12South neighborhood, just south of downtown Nashville.
Whole Foods, which has 550+ stores in the US, Canada and the UK, plans to open a new store in suburban Miami in July, 43K sf at 10700 NW 41st Street in the Doral Marketplace, part of a plan announced in January 2026 to open 100+ new stores over the next few years.
MANAGEMENT UPDATES
Purple Innovation COO since mid-2022 and former longtime Ecolab supply chain exec Eric Haynor has resigned from the company, effective 6/5/26, and a successor has yet to be appointed.
STORE OPENING/CLOSING ANALYSIS
Significant YTD Announcements
So far this year, US retailers have announced plans to open/close ~3,370/~3,170 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 ~3,320/~3,150, and this time last year we tracked ~3,040/~3,815 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 first quarter last week and reaffirmed plans to open 460 new stores this year, including 10 in Mexico, Five Below reported an upside quarter and reaffirmed plans to open ~150 net new stores, which implies 8% y/y growth, and newly public gas/c-store chain Yesway reported its first results as a public company and said it will open 6-8 new stores this year as part of a previously announced plan to open 130 new stores over the next five years on a base of ~450 stores.
Ollie's Bargain Outlet reported results and reaffirmed plans to open 75 new stores this year, which implies 12% growth, Citi Trends reported a very strong first quarter and reaffirmed plans to open 25 new stores this year as part of a previously announced plan to open ~65 new stores in its FY26-FY27, and there were reports Perfumania and The Fragrance Outlet, which are owned by Obsession Holdings and have 280+ stores combined across 38 states, plan to open 43 new stores at malls and outlet centers across the country this year and in 2027 after opening 31 stores last year.
Lululemon reported an in-line first quarter and said it now expects net new company-owned store openings to be close to the low-end of a prior 40-45 range, Caleres reported results and said it plans to open 12 new stores and close 15 stores -- we weren't showing any openings or closings previously -- and Signet Jewelers reported first quarter results and reaffirmed plans to close ~100 stores and reduce square footage by a low-single-digit % this year.
Signet Jewelers previously said it will open up to 10 stores in its FY27 (January 2027), so we are keeping those stores are in totals.
Zumiez reported first quarter results and reaffirmed plans to open five new stores in its FY26, all in the US, and said it now plans to close 26 stores, including 20 in North America and six internationally, after previously saying 25 closings, and Tilly's reported results and said it now plans to open four stores this year after previously saying 4-6 openings, while closing six stores after previously saying four closings.
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.
We are going to hold off on including these stores in our totals until we get more clarity, but we note Sprouts said last year it planned to open 75+ stores over two years on a base of 440 stores, and these openings were included in our 2025 totals.
Latest Store Closing Announcements: Petco reported first quarter results last week and reaffirmed plans to close 15-20 net stores this year, and Saks Global said it now plans to close close its historic Neiman Marcus flagship store in downtown Dallas at the end of September after local efforts to keep the store going failed to change the company's prior decision, which it says reflects a preference by Dallas customers to shop Neiman's NorthPark store.
This takes total announced Neiman Marcus full-line store closings to four of 36 total stores.
- 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)
- Perfumania (43 on 280+)
- 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)
- Caleres (12 on ~820)
- 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)
- 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)
- 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 (26 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)
- Caleres (15 of ~820)
- 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)
- Tilly's (6 of 224)
- Sportsman's Warehouse (5 of ~150)
- 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, Nonfarm Payrolls for May were much stronger than expected at +172K vs. the Street's +105K estimate and follow an upwardly-revised (by a significant amount) +179K in April, while Unemployment was unchanged in May at 4.3%, as expected, and Avg Hourly Earnings grew 3.4% y/y, down from +3.6% in April and reflecting a continued slower y/y growth trend.
- 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.
Out Thursday, Jobless Claims for the week ended 5/30/26 were higher than expected at 225K vs. the Street's 211K and up from a revised 212K the prior week but are still on the low side historically, while Continuing Claims, reported with a week's lag, decreased slightly, to 1.78M.
- 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.
Out last Wednesday, ADP Employment for May was slightly better than expected at +122K vs. the Street's +120K estimate and accelerated modestly from a revised +105K in April on more broad-based hiring than in the last few years, while pay for "job stayers" was unchanged at +4.4% y/y.
- 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.
Source: BLS and Bloomberg (for chart)
SELECT ANALYST ACTIONS
Crocs (CROX, $119.35) Baird upgrades from Neutral to Outperform and raises its target from $115 to $150, says it is more confident now that positive inflections for Crocs North American biz and HEYDUDE are sustainable and expects a return to positive low-single-digit % revenue growth in 2H26, also sees upside potential to Street expectations and a good risk/reward.
Kontoor Brands (KTB, $69.54) JPM initiates coverage with an Overweight rating and $90 target, thinks the portfolio is at an inflection point toward accelerating growth into next year with its narrowed focus on Wrangler and Helly Hansen following the announced sale of Lee to Authentic Brands and expects annual sales growth of 4% through FY28.
Search Select Analyst Actions for the past 12 months here
This material is for paid subscribers only
Full Terms of Use are available here
UNAUTHORIZED USE OR DISTRIBUTION IS UNLAWFUL
Disclaimer: DoR Consumer Research publishes a financial report of general and regular circulation which does not offer individualized investment advice attuned to any specific portfolio or any person’s particular needs. No mention of a particular security in our reports constitutes a recommendation to buy, sell, or hold any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.
Any reliance you place on such information is strictly at your own risk.
BEFORE SELLING OR BUYING ANY STOCK OR OTHER INVESTMENT YOU SHOULD CONSULT WITH A QUALIFIED BROKER OR OTHER FINANCIAL PROFESSIONAL TO VERIFY PRICING INFORMATION AND TO SOLICIT ADVICE AS TO THE APPROPRIATENESS OF A GIVEN TRANSACTION OR INVESTMENT.