business

Jamie Wilde6/21/24

Winnebago is an unhappy camper

RV sales surged during the pandemic as #VanLife trended and remote employees grabbed a wi-fi hot spot and hit the road. But with people clocking in IRL and air travel roaring back, Winnebago’s most recent quarterly earnings (reported yesterday) look clunky. The RV-maker’s income fell $59 million from the same time last year to $29 million.

Motorhomes were especially unpopular. Winnebago’s motorhome sales dropped 20% annually. Similarly, Airstream-maker Thor’s motorhome sales in the most recent quarter fell 19% compared to the year-ago period, and its overall revenue dipped 4%. Both companies’ shares are down more than 20% this year.

But there is a bright spot on the dash: towable RVs that are hitched to the back of cars. Sales of travel trailers ticked up 1% at Winnebago. They still fell at Thor, but by a much smaller margin (5%) than motorhomes.

These companies could be heading for a U-turn back in the right direction: industry-wide, experts predict RV shipments to pick up this year, mostly jacked up by travel trailers. If that plays out, it could be a sign of consumer confidence: motorhome sales are seen as a leading economic indicator, since, y’know, people are more likely to buy a $150K camper van when they’re feeling financially secure and optimistic.

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business

Nia Warfield10h

Starbucks issues apology after viral “Bearista” cup meltdown

Holiday cheer turned into chaos this week for Starbucks after the coffee giant’s new “Bearista” holiday cup sent fans into a frenzy.

Dropped alongside its 2025 holiday menu, the $30 beanie-wearing glass bear tumbler sparked long lines, sellouts, and even in-store scuffles before Starbucks stepped in with an apology.

“The excitement for our merchandise exceeded even our biggest expectations,” the company said in a statement to People. “Despite shipping more Bearista cups to our coffeehouses than almost any other item this holiday season, the Bearista cup and some other items sold out fast.”

Within hours of launch, frustrated fans flooded Starbucks’ social media pages and even store hotlines. Some customers waited in line before dawn and others said their stores received only a handful of cups. In one Houston location, the craze even turned physical, with police reportedly called to break up a brawl. Meanwhile, the cup is already reselling on sites like eBay, with listings topping $600.

“We understand many customers were excited about the Bearista cup and apologize for the disappointment this may have caused,” Starbucks said. While in-store customers may be upset, investors seem happy about the viral hit, as the stock has risen over 3% on Friday.

If you’re still hoping for a Bearista at market price, that may not be on order: the chain didn’t disclose how many cups were made or whether a restock is planned.

business

Target tells workers to smile, wave, and greet shoppers if they come within 10 feet of them

Target just rolled out a new rule for store employees: “smile, make eye contact, and greet or wave” when a shopper comes within 10 feet — and if they get closer, within four feet, “ask whether they need help or how their day is going,” according to a new Bloomberg report.

Dubbed the “10-4 program” internally, the rule mirrors rival Walmart’s own 10-foot policy, formalizing behavior Target had previously only encouraged.

Target Mandates Worker Smiles, Friendliness to Boost Sales

Target Mandates Worker Smiles, Friendliness to Boost Sales

LIMITED LIFE COMPANY

Half of new US companies disappear within 5 years — and only 1 in 3 makes it to year 10

Survival depends on more than luck, from where it starts, to what it does, to when it’s born.

Seedling on dry dirt.

business

Millie Giles13h

Monster surges on energy drink buzz, while Celsius sinks on distribution concerns

Shares of Monster Beverage climbed 5% after the bell on Thursday, and held most of those gains into early trading on Friday, following strong Q3 results.

The energy drink giant topped market expectations, with quarterly sales up 17% year over year to $2.2 billion and adjusted net profits growing 41% to $524.5 million — 11% ahead of Wall Street’s estimates. In the report, Monster highlighted its zero-sugar line and new product launches, with a stack of novel flavors already released this year, as bright spots.

During a call with analysts, Chief Executive Hilton Schlosberg said that the global energy drink category “remains healthy with robust growth,” The Wall Street Journal reported, adding that demand for more affordable caffeinated drinks is rising as coffee has become “really expensive.”

Meanwhile, rival beverage business Celsius saw shares fall as much as 23% on its Q3 results yesterday — despite beating expectations, with revenue jumping 173% — largely due to concerns about a change in the company’s distribution channel, as its newly acquired Alani Nu brand joins the PepsiCo distribution network.

Tinder taps AI that can analyze your camera roll to find better matches

As Tinder’s paid subscriber count dwindles, Match Group wants to fight “swipe fatigue” with new features.

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