Some retail chains fared well in Q1, despite the tariffs. Dick’s Sporting Goods and Costco had solid quarters, but Target struggled.

Dick’s Sporting Goods’s revenue increased 5.2% YoY. Analysts expected revenue to come in around $3.12 billion, but the chain saw revenue reach $3.17 billion in Q1. Comparable sales were up 4.5%. On an earnings call, CFO Navdeep Gupta noted that the company had “no impact from tariffs in Q1.”

Of the future impacts of tariffs, he said: “We are working closely with our manufacturing and brand partners to mitigate potential impact, and we are making continued progress in diversifying our direct sourcing footprint.”

Two weeks earlier, Dick’s announced its acquisition of Foot Locker for $2.4 billion. In its own earnings report, Foot Locker said that revenue was down 4.5% YoY to $1.79 billion.

Costco slightly beat out Wall Street’s forecast, pulling in an 8% revenue increase for the quarter, for a total of $63.21 billion. The jump was fueled by higher “average ticket prices and more members joining the chain,” per the WSJ—possibly due to the crackdown on membership sharing that started last year. And the brand also saw an increase in same-store sales of almost 6%.

Click here to see how retailers are faring.—JK

Coworking is a recurring segment where we talk to CFOs and other leaders in the finance space about their experiences, their companies, and the larger economy. Let us know if you are—or you know—a CFO we should interview.

In June 2024, Life360, the company that makes those tiles for keeping track of keys, wallets, and loved ones, was listed on Nasdaq after already being listed on the Australian Stock Exchange, AXS. CFO Brew sat down with CFO Russell Burke to explore the nuances of being listed on two public exchanges and how the dual listing impacts his role at the company.

This interview has been edited for length and clarity.

Does it impact the job of the CFO because you’re listed on two exchanges?

We are trading effectively more than 12 hours a day. So that’s a little unusual. And there’s no overlap between the trading times on the two markets. They’re very distinct.

We were able to get relief from some reporting on the ASX, because we were also listed in the US, so there’s not a complete duplication of reporting requirements. It’s not overly burdensome, but we certainly need to be aware of the requirements in both.

Keep reading here.—JK

US manufacturing activity is sliding, and not the fun kind you do at playgrounds.

The purchasing managers index (PMI) fell for a third straight month in May, falling one-fifth of a percentage point from April to 48.5%, the Institute for Supply Management announced. May’s was the lowest index reading since November, and only one subindex—supplier deliveries—expanded, the ISM also noted.

“In May, US manufacturing activity slipped further into contraction after expanding only marginally in February,” Susan Spence, chair of the ISM’s manufacturing business survey committee, said in a news release. “Contraction in most of the indexes that measure demand and output have slowed, while inputs have started to weaken.”

Even so, the PMI remained above the 42.3% threshold that “generally indicates an expansion of the overall economy,” ISM noted.

Manufacturing demand was mixed, according to Spence, with customer inventories and new export orders contracting more quickly than new orders and order backlogs.

For more on manufacturing’s slide, click here.—AZ