Kohl’s blows past quarterly earnings expectations as it targets future partnerships to keep store traffic growing

kohl's
Kohl’s shares jumped 4% in premarket trading after news that the retailer beat revenue and sales expectations was released.

  • Kohl’s shares jumped as the retailer’s Q2 sales and revenue beat analyst expectations.
  • Kohl’s said growth was fueled by increasing sales, which increased by 30% from last year.
  • Kohl’s will launch new partnerships this year, similar to opening Sephora stores within Kohl’s.
  • See more stories on Insider’s business page.

Kohl’s beat second-quarter sales and revenue expectations and raised its 2021 outlook as strong sales numbers drove the company’s growth.

Digital sales increased 35% from same period in 2019, driven by the retailer’s men’s, home, footwear, and active sections.

The retailer also hinted that it would roll out new brand partnerships in the coming months, in the same vein as its recent deal to open Sephora stores within 850 Kohl’s outlets in the next two years.

“We continue to be encouraged by the traffic we’re seeing and customers returning to stores,” Kohl’s CEO Michelle Gass said during a Thursday earnings call. “We are on the eve of launching several transformational partnerships that will drive sustainable growth for years to come.”

Kohl’s revenue hit $4.45 billion, a 30% increase from the same quarter last year, and sales were up 30% compared to last year. Kohl’s earnings per share climbed to $2.48 compared to $2.22 a year ago, in part reflecting a $255 million share repurchasing program this quarter.

Both earnings and revenue beat Wall Street’s expectations of $1.22 a share and $3.99 billion, respectively.

Gass said Kohl’s stock of national brands like Nike, Levi’s, and Sonoma would boost the department chain during the back-to-school season and indicated that the school shopping season is most important for its leading children’s business.

Some analysts are encouraged by Kohl’s deal with Sephora, where the beauty giant will open locations within Kohl’s and sell Sephora personal care and makeup products on the Kohl’s website.

The store-within-a-store will replace the retailer’s existing beauty products and will eschew the beauty counters typically found at department stores. Seventy Sephora locations will open in August, and waves of openings will continue into the fall.

“We just launched our game-changing partnership with Sephora that will transform Kohl’s into a leading beauty destination,” Gass said. “We had a very successful launch of the support at Kohl’s digital experience.”

The retailer said the company plans to fuel growth in 2021 by bolstering sales in activewear and beauty, phasing out underperforming brands, and expanding into decor, kid’s bedroom, and storage products.

The company expects to expand sales in active and outdoor to 30% of sales, and the share of active and outdoor is already up 4% from 2019.

“Our performance in the second quarter marked another important step in further establishing Kohl’s as the leading destination for the active and casual lifestyle,” Gass said.

During the pandemic, Kohl’s took less of a hit in monthly foot traffic compared to 2019 levels than other department store chains like Macy’s. Retail stocks have performed well in 2021, with the SPDR S&P Retail ETF up around 50% since the start of the year.

“We are really pleased with our second-quarter results and the progress we are making with our strategies. Our efforts are gaining traction and we enter the back half of the year with key transformational partnerships that will drive sustainable growth for years to come,” Kohl’s CFO Jill Timm said.

Read the original article on Business Insider

Walmart, Target, and Best Buy are offering rival sales during Amazon Prime Day. Here’s all the info, plus what deals we love so far.

If you buy through our links, we may earn money from affiliate partners. Learn more.

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  • Amazon Prime Day, which will fall on June 21 and June 22, has become another Black Friday.
  • As a result of Prime Day’s success, many retailers offer their own competing sales.
  • Below, you can check out sales from competing retailers, including Best Buy, Target, and Walmart.

Table of Contents: Masthead Sticky

Amazon Prime Day celebrates its seventh year in 2021. What started as a one-day shopping event in July 2015 is now a multi-day affair that sees a wide range of stores hosting competing sales.

When Amazon Prime Day debuted in 2015, Walmart – Amazon’s largest competitor – held its own major sales event the same week. Since then, several other retailers joined what’s developed into the largest shopping event of the year outside of Black Friday and Cyber Monday. With over 150 million US shoppers with Prime memberships spending their money at Amazon over the course of a few days, it’s no surprise its biggest competitors wanted in on the frenzy.

This year, major retailers are once again lining up to compete with Amazon Prime Day deals. Target, Walmart, Kohl’s, and Best Buy were the first to announce their competing sales but we expect more details to be announced as we get closer to the start of Amazon Prime Day.

To help get you acquainted with what to expect, we’ve answered a few frequently asked questions regarding these competing Amazon Prime Day sales below, as well as a few of the best early deals we’ve seen so far.

Here’s a list of what to expect from competing Amazon Prime Day 2021 sales:

Walmart

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Walmart’s ‘Deals for Days’ event will run from June 20 to 23 — a day before and lasting a day longer than Amazon Prime Day. 

So far, Walmart Plus members don’t get any exclusive perks during ‘Deals for Days.’ For those unfamiliar, Walmart Plus is the retail giant’s answer to a Prime membership. It offers unlimited same-day delivery for 160,000 items and costs $98 a year, about $20 less than one year of Amazon Prime. 

What will be on sale?

For 2021, we’ll likely see steep discounts on everything from entertainment and tech to kitchen appliances and video games during the ‘Deals for Days’ event. Here are some we know of ahead of time: 

AirPods Pro (medium)
Target

target store

The ‘Target Deal Days’ event lands on June 20 and ends on June 22. That’s a day before Amazon Prime Day and a day shorter than Walmart’s ‘Deals for Days’ event.

What will be on sale?

Target’s previous event included $50 off the iRobot Roomba 695, $150 off the Dyson V8 Motorhead, and $100 off a Samsung 50-inch The Frame 4K Smart TV. 

This year, look for deep discounts on tech, smart home, gaming, and many more product categories.

Maker (medium, Preferred: Target)Navigator Lift-Away Deluxe Upright Vacuum (medium)
Best Buy

best buy

Best Buy’s ‘Bigger Deal Savings Event’ starts well before the competition — it’ll take place until June 22. This is unprecedented: Best Buy’s previous Prime Day sales started and ended with Amazon’s sale. 

Best Buy’s competing Prime Day discounts are open to all shoppers. However, My Best Buy rewards members may avail of exclusive savings or early access to deals. (Not a member? It’s free to sign up.)

What will be on sale?

Best Buy’s current ‘Bigger Deal Savings Event’ promotions include up to $250 off select gaming laptopsup to 50% off small kitchen appliances, and up to $400 off select Samsung Galaxy phones. Browse all of the event’s ongoing deals here

Basilisk Ultimate HyperSpeed Wireless Gaming Mouse with Charging Dock (medium, Preferred: Best Buy)75-Inch Class X950H (medium, Preferred: Best Buy)
Kohl’s

kohl's store

Kohl’s ‘Wow Deals’ event will be held in-stores and online for the duration of Amazon Prime Day: June 21 through 22. 

Sale shoppers can also earn $10 in Kohl’s Cash for every $50 spent during ‘WOW Deals.’ That’s free money you get to spend on future purchases. Kohl’s Card holders can also get an additional 15% off on the event’s deals and promotions. 

What will be on sale?

A sneak peek of the offers from ‘Wow Deals’ include a $150 Google Nest Hello Doorbell, $200 Shark Ion Robot Vacuum, and a $200 Shark Navigator Lift-Away Vacuum — all of which earn $30 of Kohl’s Cash. 

During its competing Prime Day sale last year, Kohl’s offered a Ninja Foodi 5-in-1 Indoor Grill for $200 — and sweetened the deal by adding $30 Kohl’s Cash. Look for notable savings on kitchen wares, bedding, furniture, and other home goods.

Bed Bath & Beyond

bed bath & beyond

Bed Bath & Beyond’s Fall Sale featured up to 60% off bedding, 30% off curtains and rugs, and 25% off fall decor. Shoppers also received $50 in My Funds Rewards (valid for 30 days) on purchases over $200.

Expect more of the same this year from Bed Bath & Beyond’s competing Prime Day sale. For extra savings, get a one-year Beyond+ membership for $29 and enjoy 20% off and free standard shipping on all orders. You may be able to effectively make that Beyond+ membership free if Bed Bath & Beyond includes a $29 bonus card with sign-up, like it did during last year’s sale.

What will be on sale?

Standout offers from last year’s sale included $25 off a Le Creuset Tea Kettle and $50 off a Zwilling 8-inch chef’s knife. This year, expect to find offers on bedding, decor, small appliances, and robot vacuums.

Home Depot

Home Depot

Home Depot’s concurrent Prime Day 2020 sale saw up to 50% off interior furniture, decor, and kitchenware. Its other main event, the Fall Appliance Sale, was also ongoing and lasted through October 21.

Since Amazon Prime Day is happening on June 21-22, it’s likely to overlap with some of Home Depot’s summertime specials. This may be a boon for anyone looking to buy indoor furniture, as mid-summer specials tend to yield the best deals for those items.

What will be on sale?

Last year’s Home Depot sale featured up to 30% off select power tools and small appliances, up to 40% off select bathroom vanities, and up to 50% off select interior furniture. Expect similar sales for 2021. 

eBay

eBay

If you don’t have a Prime membership, eBay is a great alternative to Amazon. To compete with Amazon’s member-exclusive Prime Day sales, eBay typically holds a competing sale that’s available to all shoppers.

What will be on sale?

Last year, eBay had discounts on TVs, headphones, gaming systems, cameras, vacuums, appliances, clothing, sneakers, luggage, smart home devices, and more.

Some of the most notable brands that were on sale last year include Adidas, Apple, Dyson, Canon, KitchenAid, Sony, Samsonite, and LG.

Chewy

A small cat behind a blue Chewy goody box.

Last year’s Chewy Blue Box Event ran from October 11 through October 15, alongside Amazon Prime Day. The online marketplace actually extended its sale event to continue through October 15, serving up even more discounts. 

Chewy sells pet products across all categories, including food, treats, supplies, and treatments. The previous year’s Blue Box Event offered all of that and more, meaning you should expect similar deals this time around, with savings beginning in just under two days. If you can’t wait to begin saving, Chewy also has a deals page on its website that houses the best deals of the day

What will be on sale? 

The Blue Box Event in 2020 featured 30% off pet essentials, 40% off your first Autoship order, and buy three, get one free for pet toys, apparel, and treats. Shoppers also got 25% off when they purchased two customized products.

Backcountry

Three Backcountry employees pose for the camera inside of a Backcountry store; there is clothing and outdoor gear all around them.

Outdoor gear retailer Backcountry is set to host its 48-Hour Flash Sale on June 21 and June 22. You can find deals on big and small-name brands and product categories like clothing, footwear, accessories, and more. 

Norrona, Columbia, and Salomon are just a few of the top brands included in the flash sale. You can, however, start saving early, with Backcountry giving up to 65% off on select Stoic styles, now through June 22. 

What will be on sale? 

During the flash sale, expect to save up to 65% on select gear and apparel. Top styles such as the Sorel Emelie Chelsea Boot and the Mountain Hardwear Firefall Bib Pant will have discounted price tags.

FAQs

When is Amazon Prime Day 2021?

This year, Amazon Prime Day takes place on June 21 and June 22. We expect to see several discounts last a few days after the end of Amazon Prime Day.

Are Amazon Prime Day deals worth it?

Short answer: it depends on what you’re shopping for.

To expand upon that, Amazon Prime Day is, first and foremost, an Amazon event. That means the strongest offers will be on Amazon products like its Echo smart speakers, Amazon Music Unlimited subscriptions, and Amazon-brand groceries. 

With major retailers like Walmart, Kohl’s, and Target running competing sales alongside Prime Day, you have some leeway to shop around for better deals on what you need. 

Can anyone buy Amazon Prime Day deals?

Amazon Prime Day deals are for Amazon Prime members only. Fortunately, if you’re not a member yet and aren’t keen to purchase a full membership, you can take advantage of a free 30-day trial with full benefits. However, a Prime membership comes with a plethora of benefits that you can take advantage of year-round so it’s worth signing up if you shop Amazon often.

The appeal of competing Prime Day deals, however, is that they’re open to the general public. Stores like Walmart may peddle their own membership offers, but these sales are otherwise inclusive outside of Amazon Prime Day.

Read more about how the Insider Reviews team evaluates deals and why you should trust us.

Read the original article on Business Insider

Walmart, Target, Kohl’s, and other stores will offer competing sales during Amazon Prime Day – here are the ones we know about so far

If you buy through our links, we may earn money from affiliate partners. Learn more.

Walmart+ Delivery Unlimited
  • Amazon Prime Day, landing June 21 and 22, has become another Black Friday.
  • As a result of Prime Day’s success, many retailers, including Best Buy and Walmart, offer their own competing sales.

Table of Contents: Masthead Sticky

Amazon Prime Day will be celebrating its seventh year in 2021. What started as a one-day shopping event in July 2015 has now become a multi-day affair with a wide range of stores hosting competing sales.

When Amazon Prime Day debuted in 2015, Walmart – Amazon’s largest competitor – held its own major sales event the same week. Since then, many more retailers have joined in what’s developed into the largest shopping event of the year outside of Black Friday and Cyber Monday. But it makes sense, as the pressure of over 150 million US shoppers with Prime memberships spending their money at Amazon over the course of a few days has prompted competitors to host concurrent sales.

This year, major retailers are once again lining up to compete with Amazon Prime Day deals. Target, Walmart, and Kohl’s were the first to announce their competing sales, but we expect more details to be announced as we get closer to Amazon Prime Day.

We’ve answered some frequently asked questions regarding these competing Amazon Prime Day sales below.

Here’s a list of what to expect from competing Amazon Prime Day 2021 sales:

Walmart

Walmart+ Delivery Unlimited 2

Walmart’s ‘Deals for Days’ event will run from June 20 to 23 — a day before and lasting a day longer than Amazon Prime Day. 

So far, Walmart Plus members don’t get any exclusive perks during ‘Deals for Days.’ For those unfamiliar, Walmart Plus is the retail giant’s answer to a Prime membership. It offers unlimited same-day delivery for 160,000 items and costs $98 a year, about $20 less than one year of Amazon Prime. 

What will be on sale?

For 2021, we’ll likely see steep discounts on everything from entertainment and tech to kitchen appliances and video games during the ‘Deals for Days’ event. Here are some we know of ahead of time: 

AirPods Pro (medium)Roomba 670 Robot Vacuum (medium, Preferred: Walmart)
Target

target store

The ‘Target Deal Days’ event lands on June 20 and ends on June 22. That’s a day before Amazon Prime Day and a day shorter than Walmart’s ‘Deals for Days’ event.

Starting June 16-19, you can pick up a digital Target GiftCard for 5% off at Target.com. It’s an excellent chance to save a little bit more money if you plan on shopping the ‘Deal Days’ event.

What will be on sale?

Target’s previous event included $50 off the iRobot Roomba 695, $150 off the Dyson V8 Motorhead, and $100 off a Samsung 50-inch The Frame 4K Smart TV. 

This year, look for deep discounts on tech, smart home, gaming, and many more product categories.

Maker (medium, Preferred: Target)Navigator Lift-Away Deluxe Upright Vacuum (medium)
Best Buy

best buy

Best Buy’s ‘Bigger Deal Savings Event’ starts well before the competition — it’ll take place from June 15 to 22. This is unprecedented: Best Buy’s previous Prime Day sales started and ended with Amazon’s sale. 

Best Buy’s competing Prime Day discounts are open to all shoppers. However, My Best Buy rewards members may avail of exclusive savings or early access to deals. (Not a member? It’s free to sign up.)

What will be on sale?

Best Buy’s current ‘Bigger Deal Savings Event’ promotions include up to $250 off select gaming laptopsup to 50% off small kitchen appliances, and up to $400 off select Samsung Galaxy phones. Browse all of the event’s ongoing deals here

Basilisk Ultimate HyperSpeed Wireless Gaming Mouse with Charging Dock (medium, Preferred: Best Buy)75-Inch Class X950H (medium, Preferred: Best Buy)
Kohl’s

kohl's store

Kohl’s ‘Wow Deals’ event will be held in-stores and online for the duration of Amazon Prime Day: June 21 through 22. 

Sale shoppers can also earn $10 in Kohl’s Cash for every $50 spent during ‘WOW Deals.’ That’s free money you get to spend on future purchases. Kohl’s Card holders can also get an additional 15% off on the event’s deals and promotions. 

What will be on sale?

A sneak peek of the offers from ‘Wow Deals’ include a $150 Google Nest Hello Doorbell, $200 Shark Ion Robot Vacuum, and a $200 Shark Navigator Lift-Away Vacuum — all of which earn $30 of Kohl’s Cash. 

During its competing Prime Day sale last year, Kohl’s offered a Ninja Foodi 5-in-1 Indoor Grill for $200 — and sweetened the deal by adding $30 Kohl’s Cash. Look for notable savings on kitchen wares, bedding, furniture, and other home goods.

Bed Bath & Beyond

bed bath & beyond

Bed Bath & Beyond’s Fall Sale featured up to 60% off bedding, 30% off curtains and rugs, and 25% off fall decor. Shoppers also received $50 in My Funds Rewards (valid for 30 days) on purchases over $200.

Expect more of the same this year from Bed Bath & Beyond’s competing Prime Day sale. For extra savings, get a one-year Beyond+ membership for $29 and enjoy 20% off and free standard shipping on all orders. You may be able to effectively make that Beyond+ membership free if Bed Bath & Beyond includes a $29 bonus card with sign-up, like it did during last year’s sale.

What will be on sale?

Standout offers from last year’s sale included $25 off a Le Creuset Tea Kettle and $50 off a Zwilling 8-inch chef’s knife. This year, expect to find offers on bedding, decor, small appliances, and robot vacuums.

Home Depot

Home Depot

Home Depot’s concurrent Prime Day 2020 sale saw up to 50% off interior furniture, decor, and kitchenware. Its other main event, the Fall Appliance Sale, was also ongoing and lasted through October 21.

Since Amazon Prime Day is expected to return this summer, it’s likely to overlap with some of Home Depot’s summertime specials. This may be a boon for anyone looking to buy indoor furniture, as mid-summer specials tend to yield the best deals for those items.

What will be on sale?

Last year’s Home Depot sale featured up to 30% off select power tools and small appliances, up to 40% off select bathroom vanities, and up to 50% off select interior furniture. Expect similar sales for 2021. 

FAQs

When is Amazon Prime Day 2021?

Amazon Prime Day has been hinted to make a return in June or July. It usually falls in the middle of July, but the pandemic pushed last year’s Prime Day to mid-October — right before the launch of Black Friday specials.

Are Amazon Prime Day deals worth it?

Short answer: it depends on what you’re shopping for.

To expand upon that, Amazon Prime Day is, first and foremost, an Amazon event. That means the strongest offers will be on Amazon products like its Echo smart speakers, Amazon Music Unlimited subscriptions, and Amazon-brand groceries. 

With major retailers like Walmart, Kohl’s and Target running competing sales alongside Prime Day, you have some leeway to shop around for better deals on what you need. 

Can anyone buy Amazon Prime Day deals?

Amazon Prime Day deals are for Amazon Prime members only. Fortunately, if you’re not a member yet and aren’t keen to purchase a full membership, you can take advantage of a free 30-day trial with full benefits. However, a Prime membership comes with a plethora of benefits that you can take advantage of year-round so it’s worth signing up if you shop Amazon often.

The appeal of competing Prime Day deals, however, is that they’re open to the general public. Stores like Walmart may peddle its own membership offers, but outside of Amazon Prime Day these sales are otherwise inclusive.

Read more about how the Insider Reviews team evaluates deals and why you should trust us.

Read the original article on Business Insider

Americans are expected to spend their third stimulus checks on clothes, home improvement, and dining out – and it could boost stores like Kohl’s and Home Depot

coronavirus stimulus checks memes
Getty Images

  • Outdoor dining and home improvement stores will benefit from Americans spending stimulus checks.
  • Value retailers like Walmart and Dollar General will also benefit, as in the past, Jefferies said.
  • Past stimulus checks have provided a crucial boost to the economy amid the COVID-19 pandemic.
  • Visit the Business section of Insider for more stories.

Retailers and restaurants are poised to see a boost in Americans buying goods if President Joe Biden signs the $1.9 trillion stimulus package, as expected.

Apparel, home improvement, outdoor dining, and travel companies are set to benefit from Americans who receive the extra $1,400 in their bank accounts, analysts at Jefferies said in a Monday note.

After the last stimulus checks in January, retail sales that month saw an 8.9% bump, indicating consumers want to spend the extra dollars, Jefferies said. This time around, the checks, which in most cases are more than twice the amount of January’s, could boost sales once again.

Read more: Buy these 14 stocks set to go into overdrive as consumers’ stimulus checks arrive in March, Cowen says

Some retailers who didn’t see much of a lift in the last stimulus round because of the “dead of winter” will likely benefit this time because of the spring season. With the nice weather, home-improvement projects and outdoor dining will be on the rise, so Home Depot, Lowe’s, Olive Garden-owner Darden Restaurants, and Outback Steakhouse-owner Bloomin’ Brands are poised to benefit. Apparel stores such as Ross and Burlington Coat Factory also will see a bump, per the report.

The January spending bill increased Americans’ year-over-year spending 20%, according to Bank of America research. Those who received the checks also spent 30% more on their credit cards than people who didn’t. Value-based retailers, like Walmart, Kohl’s, Dollar Tree, and Dollar General, saw an increase from the January checks, and they’ll “see outsized benefits” this time around, too, Jefferies said.

Companies most affected by shutdowns caused by the COVID-19 pandemic a year ago were department, clothing, and shoe stores, along with restaurants and furniture stores, Jefferies said. Those same companies are now likely to “generate the most opportunistic areas for spring 2021 stimulus benefit,” the note said.

One survey, however, wasn’t as optimistic that spending would ensue from the next round of stimulus checks. The survey, conducted by Morning Consult and commissioned by Bloomberg, found that 34% of Americans, many of whom lived in wealthier households, planned on putting the $1,400 into savings.

In April last year, many Americans received the first round of stimulus checks, worth $1,200. Most people used the money to buy the basics: groceries and medicine. Many also used the cash to buy takeout meals and even streaming and gaming services as they hunkered down at home. Big box retailers like Walmart and Target posted blowout sales for that quarter last year, saying stimulus checks were largely to thank.

At the time, the checks gave the economy a crucial boost, according to experts. Now, on the third round of government spending as the federal debt increases, President Joe Biden has said, “now is the time to go big,” adding that the government can’t spend too much to help the economy.

Read the original article on Business Insider

Kohl’s fourth-quarter earnings topped analysts’ estimates, as customers turned to online shopping during the pandemic

Kohl's
Kohl’s store in the US.

Kohl’s Corp topped estimates for holiday-quarter net sales on Tuesday, as people staying at home due to the COVID-19 pandemic bought more from the department store chain’s online store.

Shares of the mid-priced chain rose 2% as it reinstated a quarterly dividend and said it would buy back shares worth between $200 million and $300 million.

Department stores, including Kohl’s, have been doubling down on cookware, kitchen electrics, beauty products, athleisure apparel, and activewear, as they look to beat lower demand for dresses and formal clothing from consumers working from home.

Kohl’s, which started selling Lands’ End Inc’s comfy clothes last year, now plans to launch its own athleisure brand FLX as it looks to increase store space allotted for activewear.

Net sales fell to $5.88 billion in the fourth quarter from $6.54 billion a year earlier. The market expectation was $5.86 billion, according to IBES data from Refinitiv.

The mid-priced chain said it expects earnings per share to be between $2.45 and $2.95 for 2021, excluding certain charges. It is largely in line with expectation of $2.67 per share.

Read the original article on Business Insider

Kohl’s, Bed Bath & Beyond, and other companies’ decision to end partnerships with MyPillow spell ‘pain’ for the controversial pillow brand

my pillow mike lindell
MyPillow CEO Mike Lindell waits outside the White House on January 15.

  • Bed Bath & Beyond, Kohl’s, and other companies are ending partnerships with MyPillow. 
  • MyPillow CEO says companies cut ties because he is spreading baseless voter fraud theories.
  • Industry experts said this will hurt MyPillow and put pressure on its direct sales business.
  • Visit Business Insider’s homepage for more stories.

Companies’ decisions to cut ties with MyPillow are shaping up to be a significant blow to the controversial pillow company. 

Bed Bath & Beyond and Kohl’s confirmed this week that they are cutting ties with MyPillow. Fintech startup Affirm told Insider it had also cut ties.

According to MyPillow CEO Mike Lindell, numerous other stores including H-E-B, Kroger, and BJ’s have told him they will no longer sell MyPillow products. (These brands did not respond to Insider’s request for comment.) 

In statements, Bed Bath & Beyond and Kohl’s said that they would no longer sell MyPillow products because of poor sales. Affirm did not provide an explanation for ending the business relationship. 

“As previously announced, we have been rationalizing our assortment to discontinue a number of underperforming items and brands. This includes the My Pillow product line,” a Bed Bath & Beyond spokesperson said in an email. “Our decisions are data-driven, customer-inspired, and are delivering substantial growth in our key destination categories.”

Lindell, however, said that he was skeptical of companies’ decisions to cut ties soon after news broke he is facing a legal threat from voting-technology company Dominion, linked to his propagation of baseless voter fraud theories. 

Read more: The MyPillow guy says God helped him beat a crack addiction to build a multimillion-dollar empire. Now his religious devotion to Trump threatens to bring it all crashing down.

“It’s 100% cancel culture,” Lindell, a vocal supporter of former President Donald Trump, told Insider in an interview.

“They were afraid of being boycotted by customers because they live in fear of all these attack groups,” Lindell added. “And they’re not their customers. What’s going to happen to them now is that all the real customers are going to be very upset.”

Compachartnies cutting ties ‘will cause some pain’ 

my pillow
While Bed Bath & Beyond said it is ending its partnership with My Pillow, a store in Crofton, Maryland still had pillows in stock this week.

Chris Alleri, the founder of brand consultancy Mulberry & Astor, told Insider that he also believes companies are cutting ties because of Lindell’s insistence on spreading baseless theories that President Joe Biden “stole” the election. However, unlike Lindell, he believes these companies are making the right decision. 

“Lindell is being dropped right and left by legitimate retailers, not because he’s friends with Trump, not because he’s some victim, because he has a big mouth that has been spewing lies,” Alleri said in an email to Insider. “No brand wants to associate with a dumpster fire like that. Advancing a false narrative of a stolen election has consequences.” 

These consequences could have a sizable impact on My Pillows business. Neil Saunders, managing director of analytics firm GlobalData, said sales through retail partnerships have become a “much more significant element of MyPillow’s business.” 

“The loss of these selling channels will cause some pain and will put more pressure on the direct-to-consumer business,” Saunders said. “It’s also the case that distributing through retailers widened the audience for MyPillow beyond the consumers who digest infomercials, so the company will now need to find other ways of reaching these potential customers.”

MyPillow CEO says he is not worried about partnerships ending

mike lindell donald trump
Lindell is a vocal supporter of Trump.

Not all companies are cutting ties. 

Costco said this week it plans to continue to sell MyPillow products. A representative told told SFGate on Thursday that the company has “contractual commitments to MyPillow that we intend to honor, as we seek to do with all of our suppliers. 

Walmart continues to sell a range of MyPillow products, despite the fact that some pillows are being flooded with one-star reviews. 

“If you sleep with this pillow, you might wake up at a fascist like the CEO,” reads one such review. 

Walmart did not respond to Insider’s request for comment. 

Lindell told Insider that he expects companies that continue to stock MyPillow to see a rise in sales. Further, he said, he anticipates MyPillow’s direct sales to grow in the aftermath of backlash. 

“We’re going to get very busy,” Lindell said. “And those stores are going to lose out because they don’t have the products that people want. It’s sad for them that they bowed down to these left-wing groups that – all they do is attack.” 

Alleri is skeptical of Lindell’s confidence. 

“Maybe some of Trump’s deranged diehards might want to buy his products, that’s not enough to build a legitimate brand with staying power,” Alleri said. 

Read the original article on Business Insider

Bed Bath & Beyond and Kohl’s will drop My Pillow products from stores after its CEO spread election conspiracy theories

mike lindell donald trump
President Donald Trump shakes hands with Mike Lindell (L), founder of My Pillow, during an event at the White House July 19, 2017.

Bed Bath & Beyond has cut ties with My Pillow, the pillow manufacturing company founded by Trump supporter Mike Lindell, the retailer confirmed to Insider.

Lindell first reported the retailer axing his products, telling a Fox News affiliate and right-wing media outlet RSBN about stores dropping the brand. In the interviews, Lindell attributed the retailer’s decision to social media pressure led by “leftist groups.”

“They’re trying to cancel companies now,” he told RSBN. 

Bed Bath & Beyond said it’s getting rid of the pillow brand because it’s not selling well.

“As previously announced, we have been rationalizing our assortment to discontinue a number of underperforming items and brands. This includes the My Pillow product line,” a Bed Bath & Beyond spokesperson told Insider in an email. “Our decisions are data-driven, customer-inspired, and are delivering substantial growth in our key destination categories.”

Bed Bath & Beyond was one of the largest national retailers stocking My Pillow products.

Read more: The judge who presided over JCPenney’s and Neiman Marcus’ bankruptcies predicts more trouble for retail in 2021. Here’s who he thinks is most vulnerable.

On RSBN, Lindell claimed that other retailers were also dropping the brand, including H-E-B and Kohl’s. H-E-B did not respond to a request for comment.

Kohl’s said in a statement to CNBC in a statement that it will sell through its current inventory and not order additional product due to “decreased customer demand.”

My Pillow did not respond to a request for comment from Insider.

Lindell has been a vocal proponent of the baseless claim that voting machines switched votes to secure President-elect Joe Biden’s victory, a theory that he may have taken to the president in person on Friday

Voting technology company Dominion – whose machines are central to the conspiracy theory Lindell has been spreading – threatened “imminent” legal action on January 8, calling the claims “false and conspiratorial.”

Read more: A top Aerie marketing exec reveals how the brand leveraged a viral TikTok video to sellout leggings and drive record traffic to its e-commerce site

That legal threat came two days after protesters were encouraged by Trump to march on the Capitol, in events that spiralled into a deadly riot. Lindell has continued to support the president following these events, offering a MyPillow discount code “FightForTrump” for customers ordering directly.

bed bath & beyond

If you have worked at My Pillow or with Mike Lindell, and have a story to share, email ktaylor@businessinsider.com.

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