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At a time when e-commerce is showing signs of slowing down, Walmart's digital traction appears to be picking up, Kimberly writes.

Why it matters: Walmart's performance in any metric is a big deal for the entire retail sector given the company's scale and impact across the broader economy. 

Context: The e-commerce ups are notable, but so too are the downs in Walmart's earnings on Tuesday, which disappointed Wall Street and sent the company's shares tumbling. 

The company pointed to higher costs and supply chain issues for its poor quarterly performance.  

Yes, but: When it comes to the all-important e-commerce segment, YipitData analyst Avi Danda points out that Walmart is competing closely with Amazon.

Quick take: Walmart's market share gain has accelerated since the fall mainly "due to Walmart growing their online marketplace via higher SKU counts and more international sellers on the platform," Danda says.

Of note: First-quarter earnings came in below expectations and Walmart forecast a higher sales outlook but lowered its earnings expectations.

While the quarter's e-commerce sales notched up 1% over a year earlier, it increased 38% on a two-year stack, the company reports.

1 big thing: Walmart's ups and downs

Rares, part online community, part investment platform for rare and collectible sneakers, is betting returns from sneakers can weather any kind of downturn, Kimberly writes.

Why it's the BFD: Sneakers aren’t affected by traditional conditions in the market, CEO Gerome Sapp tells Axios.

“Scarcity is the number one thing that affects sneaker value,” he says. “Sneakers will continue to do well” no matter how the market is doing.

How it works: The collectible sneakers on Sapp’s platform typically cost around $10,000 or higher. They’re “shoes that the normal person wouldn’t really have access to,” he says.

Rares allows people to own a fractional share of pricey, buzzy kicks. 

The latest: The company is currently seeking to raise $2.4 million in a seed extension round, Sapp tells Axios.

The company opened the round this month and about half of the capital is already committed, he says.

Existing investor MaC Venture Capital is leading this round. MaC led its $4 million round in October, alongside Cake Ventures, Portfolia Rising America Funds I and II, and Evolution VC.

The intrigue: The company has also brought on a new investor, Dapper Labs, which is the company behind CryptoKitties, NBA Top Shot and the Flow blockchain. Dapper has made a commitment to the current Rares round, according to Sapp.

Of note: Rares has hopped onto the NFT bandwagon. 

At the end of April, it launched the Hype Drop L Club, which allows sneaker fans who lose out on Nike’s weekly sneaker lottery to get access to an NFT that mimics the actual sneaker. 

What’s next: The company plans to create NFTs around more of its collectibles, Sapp says. There are also plans to create 3D wearables of high-end sneakers in the metaverse and to expand into vintage tees, and trading cards. 

2. The BFD: $10,000 sneakers 

US retail sales grew at a solid pace in April, reflecting broad-based gains and suggesting demand for merchandise remains resilient despite rampant inflation. — Bloomberg

Home Depot increased its full-year profit forecast on Tuesday as home improvement retailers benefit from higher prices and steady demand for tools and building materials. — Reuters

3. Retail therapy

Illustration of Sigmund Freud holding a collection of shopping bags.

• Fashinza, a Delhi-based AI-driven B2B marketplace and global supply chain platform for fashion brands and retailers, has raised a $100m Series B round co-led by Prosus Ventures and Westbridge. Also participating are existing investors Accel, Elevation and ADQ. http://axios.link/YEHn

• Flink, a German instant grocery delivery startup, raised between €60m and €70m in new funding from Carrefour. It also agreed to buy Cajoo, a French instant delivery upstart that had raised over $40m from firms like Carrefour, Frst Capital, Siparex XAnge Venture and Headline. http://axios.link/BQmP

• Good Good, a Reykjavik-based maker of no-added-sugar breakfast and brunch products, raised a $20m Series B round led by PE firm SÍA. http://axios.link/EZhT

🏀 SIQ, an LA-based maker of smart basketballs, raised $3m. KB Partners led, and was joined by Tera Ventures. http://axios.link/V9Gr

• Beauty Industry Group, a Salt Lake City-based provider of hair beauty products, has acquired Bellami Hair, a maker of hair enhancement products, for an undisclosed amount. Beauty Industry Group is a portfolio company of PE firms L Catterton and HGGC. http://axios.link/tETE

4. Retail transactions

Situational awareness: Famed New York City discounter Century 21 is reopening its Financial District flagship. 🏙

May 17, 2022

1 big thing: Walmart's ups and downs