Retailers in North America reported ecommerce earnings results, with consumers focused on value and looking for sales.

New earnings results are out from retailers in Digital Commerce 360’s Top 1000 list of leading ecommerce retailers in North America. Their results offer insights into where ecommerce is profitable and how growth statistics are trending. Harley-Davidson, O’Reilly Automotive and Columbia Sportswear were among the latest to report, with pressure on motor vehicle sales showing how economic challenges to consumers are impacting revenue. Here’s the ecommerce earnings summary you need to know from this quarter. Read more ecommerce earnings coverage here.

Parentheses indicate the merchant’s ranking in the Top 1000, unless otherwise stated.

More retailers in Digital Commerce 360’s Top 1000 list of leading ecommerce retailers in North America reported ecommerce earnings results for the most recent fiscal quarter.

This week’s ecommerce earnings takeaways

  • Car and motorcycle retailers are both dealing with the impact of consumers searching for value. Consumers didn’t buy as many new motorcycles from Harley-Davidson, but O’Reilly benefits from that same trend as consumers pay for maintenance to keep their vehicles running.
  • Columbia continued a trend among retailers of slowing promotional activity compared to 2023, which could depress sales.

Avery Dennison Corp. (No. 319)

Q1 2024 earnings: Avery Dennison said net sales grew 4% to $2.2 billion in the first quarter ended March 30.

“We are off to a strong start to the year. In the first quarter we delivered significant earnings growth, driven by higher volume and productivity gains,” president and CEO Deon Stander said in a written statement. “Materials Group delivered significant volume growth and margin expansion, as downstream inventory destocking subsided and volumes continued to normalize. Solutions Group delivered strong top-line growth, driven by high-value categories, despite apparel imports continuing to be below demand.”


Columbia Sportswear Co. (No. 157)

Q1 2024 earnings: Columbia reported net sales declined 6% to $770.0 million in the first quarter ended March 31. Despite the decline, that result exceeded expectations, CEO Tim Boyle said. Direct-to-consumer in-store sales grew year over year, while ecommerce sales declined. That was largely due to promotional activity in 2023 inflating ecommerce sales numbers, he said. Specifically, U.S. DTC sales declined by “mid-teens percent,” Boyle said.

“The overall e-commerce environment remains challenging,” he added.

Harley-Davidson, Inc. (No. 426)

Q1 2024 earnings: Harley-Davidson said revenue declined 3% to $1.73 billion in the first quarter ended March 31. Global motorcycle shipments decreased 7% year over year in the first quarter, in line with the auto company’s expectations, it said. Accordingly, wholesale shipments declined and sales prices were lower, leading to declining revenue. Revenue grew 12% for the financial services side of the business, despite higher-interest expenses, it said.

Keurig Dr. Pepper Inc. (No. 102)

Q1 2024 earnings: Keurig Dr. Pepper reported that net sales increased 3.4% to $3.47 billion in the first quarter ended March 31. Keurig sales continued to grow among higher-income consumers, while lower- and middle-income consumers are more pressured, the retailer said. Ready-to-drink products represent an area where it can continue growing, it said.


The beverage company also announced incoming CEO Tim Cofer took over the role on April 26 after starting the CEO succession process in September 2023.

O’Reilly Automotive, Inc. (No. 137)

Q1 2024 earnings: O’Reilly announced that sales grew 7% to $3.98 billion in the first quarter ended March 31. Same-store sales also increased 3.4%, on top of a 10.8% increase in Q1 2023, the retailer said. O’Reilly said the state of the economy plays to its advantage.

“In situations of heightened economic pressures, we believe consumers will continue to prioritize investing to maintain their vehicles, particularly given the significant cost and monthly payment burden of a new or replacement vehicle,” CEO Brad Beckham told investors. “We believe the composition of our sales results support this view of the consumer in the current environment.”

Other recent ecommerce earnings results

Adidas AG

Q1 2024 earnings: Adidas reported preliminary results for its first quarter ended March 31. Revenue grew 4% year over year to 5.46 billion euros. The latest Yeezy drop generated 150 million euros in revenue and 50 million euros in operating profit in the first quarter, Adidas said. Due to better-than-expected results, the retailer increased its 2024 guidance to expect mid to high single-digit growth.


Adidas ranks No. 16 in the Europe Database, which ranks the largest online retailers in the region. Inc. (No. 1)

Q4 2023 earnings: Amazon beat expectations with earnings for its fiscal fourth quarter ended Dec. 31, 2023. Its net sales in the quarter grew 14% year over year to $170.0 billion.

Full-year sales grew 12% to $574.8 billion in 2023, up from $514.0 billion in 2022. Read more about Amazon’s earnings here.

Chewy Inc. (No. 12)

Q4 2023 results: Chewy, Inc. reported that net sales grew in its Q4 and fiscal 2023 ended Jan. 28, 2024, even as pet adoptions declined.


Read more on Chewy earnings here.

Costco Wholesale Corp. (No. 6)

Q2 2024 earnings: Costco said net sales grew 5.7% to $57.33 billion in its second fiscal quarter of 2024 ended Feb. 18. Ecommerce comparable sales grew 18.4% in the same period.

Read more on Costco ecommerce sales here.

Home Depot (No. 4)

Q4 2023 results: Home Depot reported that online sales increased about 2% year over year in its fiscal fourth quarter ended Jan. 28. Meanwhile, total Q4 sales decreased 2.9% year over year to $34.8 billion.


Read more about Home Depot’s earnings here.


Q1 2024 results: LVMH reported that total revenue declined 2% to 20.69 billion euros in its fiscal first quarter ended March 31. The wine and spirits category recorded the greatest decline, down 16% year over year. The decline in champagne reflected a continued decrease in post-COVID demand. Meanwhile, other products achieved strong growth in 2023, making results appear weaker this year, LVMH said.

Ecommerce sales grew more slowly than physical retail, but that’s not necessarily a problem, said chief financial officer Jean-Jacques Guiony.

“If products are being sold in stores, we see no necessity to put a lot of them onto the ecommerce and vice versa,” he said. “So basically, I would view the fact that ecommerce is growing less than stores as a good sign of the health of the store channel, which is obviously by far the most important for us.”


LVMH is No. 3 in the Europe Database.

Procter & Gamble Co. (No. 512)

Q3 2024 earnings: Procter & Gamble reported net sales increased 1% to $20.2 billion in its fiscal third quarter ended March 31. The business attributed sales growth across beauty, grooming, home care and baby care segments to pricing increases.

“We expect the environment around us to continue to be volatile and challenging, from input costs to currencies to consumer, retailer and geopolitical dynamics,” chief financial officer Andre Schulten told investors in an earnings call.

Target Corp. (No. 5)

Q4 2023 results: Target revenue grew 1.7% to $31.92 billion in its fiscal fourth quarter ended Feb. 3. Online sales declined 0.7%.


Read more on Target’s earnings here.

Walmart (No. 2)

Q4 2024 results: Walmart said U.S. online sales grew 17% for its fiscal 2024 fourth quarter ended Jan. 31. Its global ecommerce sales grew 23% over the same period, while international ecommerce increased 44%. 

Read more about Walmart’s earnings here.

Ecommerce earnings calendar

Here’s when other ecommerce earnings are scheduled to report this quarter:


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