retail news in context, analysis with attitude

•  The Wall Street Journal reports this morning that "DoorDash Inc.’s revenue rose in the latest quarter, as consumers stuck to ordering food and household essentials despite restaurant and store reopenings … DoorDash’s revenue in the three months through June grew 30% to $1.6 billion from a year earlier … Total orders grew 23% to 426 million, also beating Wall Street’s forecast of 419 million orders. DoorDash said that its order volume would have been even stronger “in a healthier discretionary spending environment … The company’s second-quarter loss widened to $263 million from a loss of $102 million a year earlier; analysts on average were expecting a loss of $149 million.

According to the Journal, "While DoorDash remains unprofitable, executives have been heartened by solid performance based on another measure of operational health, known as adjusted earnings before interest, taxes, depreciation and amortization. That metric strips out certain expenses such as stock-based compensation that executives consider to be outside core operations. DoorDash has had positive earnings on that basis for more than a year, including in the latest quarter."



•  The Puget Sound Business Journal reports that Amazon has closed one of its Amazon Go stores in Seattle because of concerns about the safety of its "store employees, customers, third-party vendors."

The store, near Fourth Avenue and Pike Street, will be reopened if conditions improve, the company said.  The story notes that "crime and safety have been top concerns for downtown businesses, including for retailers in the Pike-Pine corridor, where vacancies remain after businesses shuttered during the pandemic … The move comes less than five months after Amazon said it would temporarily pull workers out of its nearby offices at the former Macy's building at 300 Pine St., citing public safety. The 1,800 employees at the Macy's building had been working remotely since the onset of the pandemic, but were moved to South Lake Union for any in-person work."

Employees at the closed store have been offered work at nearby Amazon Go locations.