Customers using points from the retailer's rewards program accounted for $49 million of the revenue decline.
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The points now are counted toward the revenue decline because the company has to use a different accounting method now for SYW, gift cards and returns. In their old method, the spin on these things was a positive for them (no surprise there) but now they have to account for these items in the standard manner. It's in the SEC filing from the other day. Toward the beginning of the document.
Seeking Alpha uploaded it so it's easy to read.
Ours was doing college student discounts...
Oh wait, it was at a thrift store that resides in an old Sears.
Yeah but did you ever think about how many member were WOW'ed by the rewards program? The good outweighs the cost in this situation.
Those points are the only reason members shop at S/K in the first place. Why else waste time with the limited selection of what's left in stock, the long checkout lines, unknown prices with broken price checkers, and the looming bankruptcy voiding warranties.
What did they expect? Spend $50, get $50. And a nightmare at registers.
15% for employees. 10% for military and veterans (like HD and Lowes). Straight 1% back on SYW, 2% silver, 3% Gold, 4% Platinum.
Get rid of the xtra spins and other stupid stuff.
Promos with no exceptions.
Done and done.
They should revert the Employee Discount back to the flat 10% off rather than 15/20% back... it’s unbelievable how much free stuff I get from this