BEAUMONT,
Texas -- The retailer Conn's Inc. said Thursday that its first-quarter profit climbed 8.7 percent, thanks to stronger sales of its electronics and mattresses.
The company also reaffirmed its full-year guidance.
For the three months ended April 30, the retailer earned $11.5 million, or 51 cents per share, up from $10.6 million, or 47 cents per share, a year ago.
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TEL AVIV (MarketWatch) -- Wal-Mart Stores Inc. said that this year it will create more than 22,000 jobs in the U.S. in a variety of management and line positions as it expands stores and opens new ones.
On Thursday, the day before the annual meeting, the Bentonville, Ark., the retailing giant said in a statement that as part of the plan it would create more than 1,000 jobs in each of several states: Arizona, California, Florida, Michigan, New Jersey, South Carolina, Utah and Virginia.
Last October, Wal-Mart /quotes/comstock/13*!wmt/quotes/nls/wmt (
WMT 48.32, +0.07, +0.15%) said it would open or expand 142 to 157 stores during fiscal 2010.
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Due to customer growth, Aldi looks set to open an Atlanta-area distribution centre in America. The facility will hopefully use a space of 482,000 sq ft, and will also add 299,000 sq ft in the future. Commencement of the plan depends on local government approval.
Another eighty stores are planned for America this year. The chain seeks to continue expanding through Florida and Tampa, with another ten stores opening in Florida alone. Aldi's stores are mainly in the eastern half of the country, where the chain opened its first store in Massachusetts this year. Aldi hopes to expand into Texas in 2010.
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MATTHEWS, N.C. - Discount retailer Family Dollar Stores Inc. said Thursday its same-store sales rose 6.2 percent during its fiscal third-quarter, and said based on the results it would meet or beat the high end of its earnings outlook.
The Matthews, N.C., company said net sales for the period ended May 30 rose 8.2 percent to $1.84 billion from $1.7 billion last year.
Analysts polled by Thomson Reuters expected third-quarter revenue of $1.86 billion.
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(RTTNews) - Village Super Market, Inc. (VLGEA:
News ) reported Wednesday an increase in third-quarter profit, helped by a 7.3% growth in same store sales.
For the third quarter, net income increased 27% to $6.2 million from $4.9 million in the corresponding quarter last year. Net income per Class A common stock rose to $0.47 from $0.37, while net income per Class B common stock increased to $0.37 from $0.30 in the same period last year.
Sales for the quarter increased 7.3% to $293.5 million from $273.4 million. Same store sales also grew 7.3%, due to higher sales from Franklin and Galloway stores, which were opened in fiscal 2008. In the third quarter of fiscal 2008, same store sales increased 0.4%.
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Arts and crafts retailer
Michaels Stores Inc. improved its performance for the first quarter of 2009, posting net income of $4 million, a big jump up from the company’s $20 million net loss in showed for the first quarter of 2008.
During that period in 2008, the Irving-based company faced non-deductible severance costs that negatively impacted its 2008 effective tax expense rate.
For the first quarter of 2009, total sales at Michaels Inc. reached $852 million, up from $847 million a year earlier.
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Dollar General Corp. earnings soared in its first quarter compared to the same period a year ago.
The Goodlettsville-based discount retailer, which has been privately held for two years, reported net income of $83 million in the quarter ended May 1, compared to $5.9 million in the year-ago period.
Revenue came in at $2.78 billion in the 2009 first quarter, up 15.7 percent from the previous year’s quarterly peformance of $2.4 billion. Same-store sales increased 13.3 percent for the quarter, with increased customer traffic and a higher average transaction per customer.
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There's some good news for shoppers; retail spaces left vacant by Gottschalks will be filled by some fashion favorites!
Retail giant Macy's, made the winning bid on Gottschalks locations in River Park and the Visalia Mall in an auction on Thursday as part of the bankruptcy proceedings.
Forever 21 also made a bid, landing Gottschalk's locations in the Hanford Mall as well as Fashion Fair Mall.
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Giant Food, the region's dominant grocer, said Thursday it had the highest sales growth in many years as it started to see the results of store renovations, lower prices and more people eating at home. The Landover-based grocer reported a first quarter sales increase of 3.6 percent, despite lower pharmacy sales.
The results were included in a first quarter earnings report issued by Giant's parent company, Dutch grocer Ahold. Ahold said in the release that Giant's sales in combination with the sales of its sister company, Massachusetts-based Stop & Shop, helped the company gain market share in what has become an increasingly competitive grocery market.
Operating income at the two grocers was $242 million, an increase of $40 million from a year ago.
May 28 (Reuters) - Discount-store operator Fred's Inc (
FRED.O) posted an 18 percent rise in quarterly profit as lower expenses offset a slight dip in sales, and forecast a bigger second-quarter profit.
Fred's, which sells household cleaning supplies, health and beauty aids, paper products and beverages among other items, earned $8.6 million, or 21 cents a share, compared with $7.3 million or 18 cents a share, a year earlier.
Sales for the quarter ended May 2 were $458.4 million.
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Hudson-based
Jo-Ann Stores Inc., the nation's largest fabrics and crafts retailer, reported that profits for the first quarter of fiscal 2010 soared 187 percent to $8.6 million, or 33 cents per diluted share, compared to $3.0 million, or 12 cents per diluted share, for the first quarter of fiscal 2009.
That $8.6 million includes a $700,000 after-tax gain, or 3 cents per share, from the company's purchase of senior subordinated notes. Without that gain, profit for the quarter would have been $7.9 million, or 30 cents per diluted share.
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Consumer confidence jumped in May to its highest level since September. The Conference Board Consumer Confidence Index now stands at 54.9, up from 40.8 in April.
The index is based on a representative sample of 5,000 U.S. households.
“Looking ahead, consumers are considerably less pessimistic than they were earlier this year, and expectations are that business conditions, the labor market and incomes will improve in the coming months,” said Lynn Franco, director of the
Conference Board Consumer Research Center. “While confidence is still weak by historical standards, as far as consumers are concerned, the worst is now behind us."
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Discount retail chain Ross Stores, Inc. (
ROST) said Thursday that its first quarter profit rose substantially year-over-year, as cost-conscious consumers hunted for bargains amid the economic recession.
The Pleasanton, California-based company reported first quarter net income of $91.4 million, or 72 cents per
share, compared with $79.5 million, or 60 cents per share, in the year-ago period. Overall revenue jumped 9% to $1.69 billion from $1.56 billion in the same period last year.
On average, Wall Street analysts expected matching profits of 72 cents per share, on lower revenue of $1.66 billion.
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JACKSONVILLE, Fla. - Department store operator Stein Mart Inc. said Thursday that its profit more than doubled in the first quarter as it significantly reduced expenses.
Earnings soared to $16.1 million, or 38 cents per share, for the three months ended May 2 compared with $7 million, or 17 cents per share, a year ago.
The company slashed its selling, general and administrative expenses to $79.9 million from $91.5 million.
Sales dropped 9 percent to $319.6 million from $352.1 million in the prior year.
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Pet supplies retailer PetSmart Inc. said Wednesday its first-quarter profit rose 12 percent on higher merchandise and service sales.
The company earned $46.3 million, or 37 cents per share, compared with profit of $41.2 million, or 32 cents per share, during the same period a year prior. Revenue increased 9 percent to $1.33 billion from $1.21 billion. The fiscal 2009 first-quarter ended May 3 and the full year ends in January.
Analysts polled by Thomson Reuters expected profit of 30 cents per share on revenue of $1.35 billion.
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Discount clothing and home goods retailer The TJX Companies, Inc. (
TJX) said Tuesday that its first quarter profit climed 8% from last year’s levels, as consumers in the current economic recession frequented its discount stores looking for bargains.
The Framingham, Massachusetts-based company reported first quarter net income of $209.2 million, or 49 cents per share, compared with $193.8 million, or 43 cents per share, in the year-ago period.
Overall sales for the company, which operates TJ Maxx, Marshalls, and HomeGoods stores, rose 1% in the period to $4.35 billion.
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CHICAGO -
Lowe’s Cos. Inc. said shoppers buying paints, plants and replacement parts in the first quarter helped the home-improvement chain beat Wall Street forecasts and prompted it to boost its full-year outlook.
The results sent the company’s shares higher Monday as the company said business was “less bad” in all regions of the country and that economic conditions may – slowly – be improving.
“In recent weeks we have seen consumer confidence improve, housing turnover show signs of a bottom in certain markets, and home prices slow their decline,” Chairman and Chief Executive Robert Niblock said in a statement.
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The Home Depot Inc. did better than expected in the first quarter, posting net income growth of 44.4 percent.
The Atlanta-based home improvement retailer had net income of $514 million and earnings of 30 cents a share, compared with net income of $356 million and earnings of 21 cents a share in the same period of 2008.
Analysts were projecting earnings of 28 cents a share for the first quarter of 2009.
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Dollar stores are becoming increasingly popular with middle- and upper-class consumers as the recession drags on, according to new analysis from The Nielsen Company. Nielsen research shows that dollar stores are outpacing other CPG retail channels among shoppers of all income levels.
According to the analysis, 18% of high income shoppers spent more at dollar stores during the second half of 2008 than they did during the second half of 2007. This growth surpassed the 6% of middle-income shoppers who increased their dollar store spending and even the 8% of low-income shoppers who spent more at dollar stores during the second half of 2008,
writes Retailer Daily.
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Winn-Dixie Stores Inc. on Monday reported a 10 percent gain in profit for the fiscal third quarter and raised its adjusted guidance for the year.
The grocery store operator said after the market closed that it earned $16.6 million, or 30 cents per share, for the quarter ended April 1. That's up from $15 million, or 28 cents per share, in the year-earlier quarter.
Total sales grew slightly to $1.73 billion for the quarter from $1.72 billion.
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Discount retailer Dollar Tree Inc. said Thursday its same-store sales and total sales were stronger than expected in the first quarter as customer traffic increased.
Dollar Tree said same-store sales, or sales at locations open at least one year, grew 9.2 percent in the fiscal first quarter. Its total sales rose 14 percent, to $1.2 billion from $1.05 billion. In February, the company said same-store sales would grow in the low- to mid-single digits, and total sales would be between $1.13 billion to $1.16 billion.
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New customer additions and recent acquisition fuel growth helped Nash Finch post a 13.5 percent first-quarter sales gain of $1.14 billion, from $1 billion in the prior-year quarter during the 12-week period ended March 28, 2009. Excluding the impact of the sales increase of $112 million attributable to the acquisition of three military distribution centers at the end of January, total company sales increased 2.4 percent relative to last year. The Minneapolis distributor said the first quarter of 2009 was negatively affected by the shift of Easter to the second quarter in 2009 from the first quarter in 2008, which created a sales variance in the first quarter of about $8.4 million, or 0.8 percent. Excluding the impact of the acquired distribution centers and the Easter shift, comparable sales increased 3.2 percent.
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Edward Jones apparently didn't get the memo that there's a recession going on and that the financial markets have tanked.
The St. Louis-based investment brokerage has big retail expansion plans for the Valley, plus further growth at its campus in Tempe. The slump hasn't derailed those efforts.
"We have identified this as a great opportunity to serve more clients," said Andrea Feeney, a department leader at the Tempe campus who is working on the Valley expansion.
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Consumer electronics chain Radioshack has reported better-than-expected figures for its first quarter, the first welcome indicators for the consumer electronics industry in recent months. For the quarter, net profit was up 11.1% to $43.1m (34 cents a share), from $38.8m (30 cents) last year. Sales were up 5.6% year-on-year to $1bn, while same-store sales rose 5% (up 6.2% on a calendar-adjusted basis).
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WASHINGTON – Demand for big-ticket manufactured goods and new home sales both were better than expected in March, raising hopes that the long slides in manufacturing and housing are slowly coming to an end.
The Commerce Department said Friday that orders for durable goods dropped 0.8 percent last month, about half the 1.5 percent decline that economists expected. A rise in orders for commercial and military aircraft helped cushion weakness elsewhere.
The small drop followed a 2.1 percent increase in orders in February. That was the first gain after six straight monthly declines.
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The Valley's new home market showed more promise last month as both sales and construction permits increased, according to the latest Phoenix Housing Market Letter by analyst RL Brown.
New home sales totaled 912 last month, up from 713 in February but still down from 1,890 in March 2008. Sales had fallen slightly from January to February.
Most of the sales were of inventory or speculative homes - those built without having a contracted buyer - helping to diminish the amount of inventory homes on the market, Brown said. Sales were up despite "really stiff" competition from bank-owned homes, he said.
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Foreclosures dropped sharply last month across the Valley as lenders backed off in anticipation of new federal loan modification and refinancing programs, according to the latest existing home sales report from Arizona State University's Realty Studies Department.
Foreclosures represented 31 percent of existing home transactions last month, down from 51 percent in February. Foreclosures will remain a primary concern in the coming months with the end of many lender hiatus programs and the weak job market, said Jay Butler, ASU realty studies director.
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The West Valley got a huge bite of spring training action this year, attracting 805,110 baseball fans, a jump from 505,134 in 2008.
More than half of the Cactus League's 1.57 million visitors attended games west of Interstate 17.
The economic punch that carries is not broken down by cities, but the league estimates the statewide economic impact at $359 million.
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In March, there were 200 more new-homes sales across the Valley than the month before. That may not sound like much, but it's significant in the current slowdown.
Last month, 912 new homes sold across
metropolitan Phoenix, a 28 percent increase from February, according to RL Brown's latest "Phoenix Housing Market Letter."
Even better for the market is that many of the recently sold new homes were built last year or the year before, either speculatively or for buyers who pulled out of deals. Depleting the inventory of built-but-unsold homes will help the area market rebound.
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Spring brings little sprouts of recovery for the Valley’s housing market. Arizona was one of the first states to feel the housing market crash and now appears to be one of the first heading toward recovery.
The
front page of Friday’s USA Today shows Arizona’s housing slump will begin to turn this year. New research from the University of Utah shows the glut of homes for sale here will sell off enough to bring back the demand for new home construction.
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Big Lots Inc. stores often operate in aged retail centers aimed at discount-minded shoppers, but its next venture will move it into a new neighborhood.
The Columbus-based closeout merchandise seller will open a 35,000-square-foot store near the Polaris Fashion Place mall, in a former
Linens ‘n Things Inc. storefront vacated last year when the home goods retailer closed.
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A spokesperson for IKEA in China said the Swedish home furnishings multinational had, like B&Q, been impacted by the economic downturn.
Linda Xu, public relations manager for the company, admitted times were difficult for the home improvement market.
"We can also see the negative impact to IKEA's business from the global financial turbulence. We see the customer is more cautious about spending money. We, however, have more visitors to our stores but less spending on average," she said.
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Discount chain 99 Cents Only Stores said its fourth-quarter sales grew 13.3 percent as consumers looked for more bargains amid the lingering recession.
Chief Executive Eric Schiffer said the chain is seeing many new customers who are looking to save money on their everyday purchases, including "perishable food and other consumable items."
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PriceSmart Inc. said Wednesday that its profit rose 34 percent in the fiscal second quarter on improved sales.
The warehouse club operator earned $12.7 million, or 43 cents per share. That compares with $9.5 million, or 33 cents per share, a year ago.
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TORONTO, April 8 (Reuters) - Forzani Group (
FGL.TO) plans to open more than 25 new stores this year as the country's biggest sporting goods retailer takes advantage of a weak economy and an increase in available property.
Calgary-based Forzani, whose banners include Sport Chek, Sports Experts and Coast Mountain Sports, said on Wednesday it had earmarked about C$30 million to C$35 million for capital expenditures in its 2010 fiscal year, mostly for the store openings.
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Bed Bath & Beyond's fourth-quarter profit fell more than 18 percent but still topped Wall Street estimates even as same-store sales dipped, the company reported Tuesday.
The news sent shares of the home decor chain into overdrive in after-hours trading.
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If there are silver linings to the recession, they're not immediately apparent. After all, the national unemployment rate is 8.1 percent, the highest since 1983, and economists predict it will reach 9 percent by 2010. Gross domestic product is forecast to shrink more this year than at any other time since the Great Depression. And across the country, stores are closing, municipal budgets are tightening, and banks are begging for bailouts.
But a handful of industries, companies, and products are doing well—relatively speaking. They run the gamut from Quarter Pounders to contraceptives, but they share a key component: Whether they help people pivot to new careers, cut costs at home, or simply escape from all the bad news, they're poised not only to weather the economic storm but to, in some way, benefit from it. "There always is a silver lining for people who choose to look past the doom and gloom and find one," says Robyn Feldberg, president of the National Résumé Writers' Association, which represents an industry that's bucking the overall trend. "In adversity, there is always potential for innovation."
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Discount retailer Dollar General Corp. said Tuesday its fourth-quarter profit rose 48 percent on a rise in sales and cost cuts.
Dollar General and its competitors, such as Family Dollar Stores, have benefited as consumers watch every dollar they spend and seek out cheaper goods.
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Woolworths Limited (WOW) said first quarter sales were up 9.6% to $12.82 billion.
The company also maintained its full year sales outlook. Chief executive officer Michael Luscombe said it was a good start to the financial year.
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The supermarket Wm Morrison said yesterday it would open small shops for the first time as the economic downturn gave it scope to speed up its expansion.
Marc Bolland, chief executive, said the group had identified more than 100 locations for new stores and had halted a £1bn share buyback to "preserve its firepower". The recession has weighed heavily on commercial property values and
Morrisons said it wanted "maximum financial flexibility" to go shopping for stores.
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Hardware chain Clas Ohlson has reported a lower-than-expected drop in pre-tax profit for its third quarter, even as sales were up by a modest amount. For the quarter, pre-tax profit was down 8.7% to SEK240.2m (E21.3m), compared to SEK263m last year, beating analyst expectations of a profit of SEK227m. Sales meanwhile rose by 3% year-on-year to SEK1.54bn.
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SPRING HILL -
Warm weather and a stout Valentine's Day shopping crowd helped make last week a favorable one for the retail industry.
The week ending Feb. 14 was the third consecutive week-to-week improvement in the retail sector, according to the
International Council of Shopping Centers out of New York.
Some forecasters think the recent numbers are an indication an upswing is not far away.
"It is a sign that things are going to improve this year," said ICSC spokeswoman Erin Hershkowitz.
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EVEN before the economy tanked, discount stores, or dollar stores as Americans call them, were looking healthy. Now their profits are rising like helium-filled balloons. Dollar Tree, a Virginia-based chain of dollar stores, had sales of more than $1.39 billion in the fourth quarter of last year, a 6.8 % increase over the year before. For the whole of 2008, Dollar Tree, which has been in business since 1953, notched up record sales of $4.64 billion.
Family Dollar is prospering, too. The market value of this company, based in North Carolina and with more than 6,600 stores in 44 states, rose 36% last year. Other dollar-store companies have also reported big profits.
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PITTSBURGH- Despite a cutback in new-store openings, management at Dick’s Sporting Goods still sees the country supporting a total of 800 units, up from the 384 it currently operates, chairman and CEO Edward Stack said during the retailer’s fourth-quarter conference call.
"Our business has held up relatively well in this environment," he said of the recession. "We feel there is going to be consolidation in this industry."
Stack specifically pointed to the
Chapter 11 filing by Wilsonville, OR-based Joe’s Sports & Outdoor, a 30-store chain in the Northwest. That move could give Dick’s a chance to move into that region of the country, and if bankruptcies by other chains follow, there could be more opportunities, he said.
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Tuesday, grocery chain operator Kroger Co. (KR:
News ) posted higher profit in its fourth quarter, boosted by its namesake grocery brands. On a per share basis, earnings rose from last year and topped the Street view. In addition, the company issued full-year earnings forecast, below Consensus. Following the news, shares of the company are currently up more than 9%.
Q4 Results
The company's fourth-quarter net income was $349.2 million or $0.53 per share, compared to $322.9 million or $0.48 per share in the prior year quarter.
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Burlington Coat Factory Warehouse Corporation announced that net sales from continuing operations for the third quarter ended February 28, 2009 were $1.022 billion compared with $987.1 million for the comparative period ended March 1, 2008, a 3.5% increase. Comparative store sales decreased 4.3% for the quarter.
Net sales from continuing operations for the nine months ended February 28, 2009 were $2.731 billion compared with $2.612 billion for the comparative period ended March 1, 2008, a 4.5% increase. These results reflect a 2.3% comparative store sales decrease for the period.
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CHICAGO -- Video game retailer GameStop Corp. on Thursday raised its fourth-quarter earnings per share outlook to a range of $1.33 to $1.34 from its previous projection of $1.31 to $1.34. The company also said it now sees full year 2008 earnings in the range of $2.39 to $2.40 a share. GameStop added that it expects to "outperform the retail sector again" in 2009 "despite the current global recession." It expects earnings per share to rise by 18-22%, with sales at stores open at least a year rising 4-6%. "We are energized by the fact that video gaming has gone mainstream, with recent industry data showing that nearly half of new gamers are over 35 years old and 40% are female," said Dan DeMatteo, chief executive of GameStop, in a statement.
ATLANTA (Reuters) – CVS Caremark Corp (CVS.N) posted a higher quarterly profit on Thursday, helped by growth in its pharmacy services and retail drugstore units, and said it expected more market share gains, sending its shares up 7 percent.
The company stood by its profit forecasts for the current first quarter and full-year 2009.
Chief Financial Officer Dave Rickard will retire at the end of this year, and CVS will start a search for his successor, the company added.
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Who’s still opening retail locations in this difficult economy? Once again following Apple’s example, Microsoft Corp., for one, has decided to open a chain of retail locations.
Interestingly, the software behemoth has hired an exec from Wal-Mart, the retail behemoth, David Porter, to oversee its entrance into the retail biz. How will the Microsoft stores be different? Details are few so far, but instead of genius bars, there will be guru zones (or something) in the store. Instead of an Apple logo and ultra-stylish decor, there will be... a pomegranate and cinder blocks? Time will tell.
Buffalo Wild Wings is also planning expansion in 2009, a rarity in the chain-restaurant world these days. Last year, the company opened 67 restaurants, bringing the total to 567 in 39 states. During 2009, the company is planning on increasing its number of restaurants by about 15 percent, or maybe about 85 locations.
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Turkish low-cost retailer BIM - known in the trade as “the Turkish Aldi” - aims to open forty stores in Morocco this year and invest 110 million lira (£55 million) as part of its current aggressive expansion. This is largely on the back of predictions that hard discounters will ultimately fare well in the global economic downturn. BIM has added that lower raw material costs would help maintain a “normal, acceptable” fourth quarter profit margin after a drop in the third quarter which concerned analysts.
At Is Invest, analysts said that higher operating and financial expense due to foreign exchange loss and interest expenses caused the lower bottom line in 4Q08 and 4Q07, adding that low prices make BIM the firm least affected in Turkey during the financial crisis.
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Empire Co, owner of the Sobeys supermarket chain, has seen its third-quarter net profit rise by a better-than-expected 27% to C$48.6m. Excluding capital losses and other items, the company earned 99 Canadian cents per share. Revenue for the quarter was up 9% to C$3.8bn. At Sobeys, overall sales were up 8.8% to C$3.74bn, while same-store sales rose by 7.6%.
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The Delhaize group has seen its fourth-quarter net profit jump a better-than-expected 30.5% to E149m, from E114m in the previous year, helped by growing demand for its own-brand products and the effects of a stronger US dollar. Operating profit was up 18.8% year-on-year to E288.7m, and it had earlier announced that sales rose by 15.8% to E5.4bn.
The company, which earns over two-thirds of its revenue in the US, has been one of the few multi-national chains to benefit from the strength of the US dollar, which helped boosts its figures. Delhaize noted that it also benefitted from an extra reporting week in the fourth quarter this year. The results beat the company's guidance range, and CEO Pierre-Olivier Beckers said this was due to "increased private brand sales, continued efficiencies and disciplined cost management".
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Save-A-Lot Food Stores said Thursday it is opening three new stores in New Orleans this week.
Save-A-Lot, which touted its involvement in the rebuilding of New Orleans in the aftermath of Hurricane Katrina, said the three stores would create 100 new jobs for residents.
Save-A-Lot said it is able to expand because it specializes in offering “extreme-value,” or cheaper groceries.
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The Super de Boer supermarket group booked net profit of €29m in 2008, almost three times the year-earlier figure.
But analysts in the Financieele Dagblad pointed out that the earnings were influenced by one-offs. Operating profit rose from €21m in 2007 to €25m.
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Minneapolis (March 3, 2009) Target Corp. announced Tuesday the opening of 27 stores, including its first two locations in the state of Hawaii.
The new stores, which include 21 general-merchandise locations and six SuperTargets, will hold a grand opening on Sunday, March 8.
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Memphis, Tenn. (March 3, 2009) AutoZone reported on Tuesday net sales of $1.4 billion for its second quarter ended Feb. 14, an increase of 8.1% from fiscal second quarter 2008.
Domestic same-store sales increased 6% for the quarter.
Net income for the quarter increased $9.2 million, or 8.6%, over the same period last year to $115.9 million.
"At the end of the second quarter, our balance sheet was in excellent condition, and we remain committed to our disciplined approach of growing operating earnings while utilizing our capital effectively," said Bill Rhodes, chairman, president and CEO.
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Natick, Mass. (March 4, 2009) BJ's Wholesale Club Inc. on Wednesday reported better-than-expected results with the news that its fiscal fourth-quarter profit rose 5% partly on favorable state income tax audit settlements.
Earnings for the quarter ended Feb. 2 climbed to $52.7 million, from $50.2 million in the same quarter a year ago.
Revenue grew 3% to $2.56 billion from $2.48 billion. Same-store sales increased 1.7%. Excluding gas, same-club sales rose 6.4%.
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Phoenix (March 4, 2009) PetSmart reported net income of $78.4 million for the fourth quarter of 2008, compared with $75.4 million for same period from the year before, which included a fourteenth week, as fiscal 2007 was a 53-week year.
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San Francisco (March 4, 2009) Hot Topic said on Wednesday that its same-store sales rose 10.8% in February.
Meanwhile, the company also reported that its total net sales for the four weeks ended Feb. 28 increased 13.7% to $57.3 million
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New York City (March 5, 2009) Americans remained focused on groceries and other necessities in February, resulting in another month of sales declines for many merchants. But the results were not as steep as Wall Street expected.
Wal-Mart Stores led the discount store category. The chain’s February same-store sales jumped 5.1%, excluding fuel sales. Analysts surveyed by Thomson Reuters, on average, expected a rise of 2.4%.
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Dallas (March 5, 2009) Blockbuster said its U.S. same-store sales rose 4.4% in the fiscal fourth quarter and that full-year earnings exceeded August's raised expectations.
The same-store sales gain was driven by a 37% surge at the retail end on increased sales of games, game merchandise and consumer electronics.
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New York City (March 5, 2009) Most apparel retailers continued to struggle in February, with some notable exceptions. The Buckle posted a 21% increase in February same-store sales, far above the 9% gain expected. Hot Topic reported Wednesday that its same-store sales rose 10.8%, more than double what analysts estimated. At Aeropostale, February same-store sales rose 11%, beating analyst expectations, as shoppers purchased spring merchandise.
Although most other apparel retailers remained in a funk in February, the results, in most cases, were not as bad as Wall Street predictions. One of the hardest hit retailers was Abercrombie & Fitch Co., whose same-store sales plunged 30% in February due to much weaker results at all its chains.
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SPRINGFIELD, N.J. (AP) - Village Super Market Inc., which runs ShopRites in New Jersey and eastern Pennsylvania, said Thursday its fiscal second-quarter profit grew 25 percent on increased sales and reduced operating expenses.
The company noted that shoppers are continuing to watch how they spending their money due to economic concerns, and have been trading down and buying more items on sale.
Net income rose to $8 million, or 60 cents per Class A share, compared with $6.4 million, or 49 cents per Class A share, a year earlier.
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Says one happy worker: 'We're fortunate to have great bosses'
DENVER - Eleven-year FreeWave Technologies Inc. employee Melanie Duran says the wireless data radio maker is a great place to work. But you can judge for yourself.
The Boulder-based company says it has had profits every month since it hired its first employee in 1995. There have been no layoffs. Employees get company-funded retirement plans and bonuses based on profits and growth.
And there's more: As part of a $113 million private-equity investment deal in 2007, FreeWave is sharing $9 million of investors' money with its fewer than 100 employees as a reward for the company's success. Shares are divvied up based on individual performance. FreeWave refused to disclose individual payments.
NBC anchor says request for positive stories has hit ‘incredible nerve’
NEW YORK - Between the drumbeat of bad economic stories, two wars and a winter that won't quit, NBC's Brian Williams knows he's been anchoring a depressing "Nightly News" for a depressed audience.
Still, even he was shocked at the thousands of responses he has received in less than two days after asking viewers to suggest some good news to report.
By Caleb Hellerman
CNN Medical Producer
Mark Wooten, 41, was devastated when his supervisor told him in November that he was being laid off from his job as a forklift operator in Norfolk, Virginia. It was the first time in his adult life he'd been out work; just a month earlier, he and his wife Caprice had moved into a new apartment with their two 15-year-old daughters.
"It's hard," Mark said. "We've made tremendous cutbacks."
When the Wootens sat down to plan a survival strategy, they agreed to make big changes. But there was one unconventional change: They hit the gym with a vengeance.
Caprice, 40, a hospital technician, had been struggling to stick with an exercise routine. With time to spare, Mark told her he would lend a hand; he needed to work off his own stress.
"Me being out of work and trying to file for
unemployment, going through hard times and tribulations -- I told [Caprice], 'You can be my inspiration, and I can be yours. We'll keep each other motivated, even on days we don't want nothing to do with the gym,' " Mark said.
SAN FRANCISCO (Reuters) - Whole Foods Market Inc(
WFMI.O) posted a quarterly profit that beat Wall Street estimates and forecast 2009 earnings ahead of analyst estimates, sending its shares up nearly 8 percent after-hours.
The grocery chain, which specializes in organic, natural and gourmet foods, said it was finding ways to cut costs and as shoppers pare more expensive items from their lists.
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TORONTO - Shoppers Drug Mart Corp. (TSX:SC) reported a fourth-quarter profit boost of 14.4 per cent as sales revenue increased on the expansion of its store network and robust pharmacy sales.
Sales for the quarter ended Dec. 31 amounted to $173 million or 80 cents per share, versus $151 million or 70 cents per share in the year-earlier period. Overall sales rose 15.1 per cent to $2.5 billion while sales at stores open at least a year were up 3.6 per cent.
Shoppers chief executive Jurgen Schreiber said the company was pleased to "deliver sector-leading growth in these challenging times."
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NEW YORK, Feb 10 (Reuters) - Discount retailer Dollar General Corp said on Tuesday fourth-quarter sales at stores open at least a year rose 9.4 percent, and it plans to accelerate the opening of new locations.
The retailer also said total sales for its fiscal fourth quarter, ended Jan. 30, were $2.85 billion, up 11.2 percent from a year earlier.
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Ross Stores Inc.’s same-store sales in January fell 1 percent year over year while overall sales were up 4 percent.
Pleasanton-based Ross (NASDAQ: ROST) on Thursday reported sales of $365 million for the four weeks ending Jan. 31, compared with sales of $350 million in the comparable period of 2008.
Ross put its sales for the fourth quarter ending Jan. 31 at $1.73 billion, up 5 percent compared with $1.65 billion for the comparable period last year. Same-store sales for the fourth quarter were down 1 percent versus a year ago.
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Feb. 5 (Bloomberg) --
Wal-Mart Stores Inc., the world’s largest retailer, reported January sales that exceeded its projection and said it will stop giving a monthly forecast, citing difficulty in predicting consumer behavior.
Revenue from U.S. stores open at least a year advanced 2.1 percent last month as discounted groceries and $4 medicines brought in more customers, the Bentonville, Arkansas-based company said today in a statement. That beat Wal-Mart’s forecast for no change to a 2 percent increase.
The company said it is switching to quarterly forecasts and anticipates comparable-store sales in the U.S. will rise 1 percent to 3 percent in the period from Jan. 31 through May 1. Last month, Wal-Mart reduced prices on hamburger buns, Hormel Foods Corp. chili with beans and Sony Corp. flat-panel televisions to grab customers eating and entertaining more at home.
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Produce sales at Fresh & Easy Neighborhood Market stores have increased more than 11 percent since its January introduction of 98-cent Produce Packs, according to the Tesco banner.
Designed to appeal to customers looking for fresh fruits and vegetables on a budget, the 98-cent Produce Packs are delivered fresh daily to stores and currently include grape tomatoes, yellow onions, green bell peppers, pears, lemons and oranges. Customers can always choose from six fruits and vegetables that will rotate depending on seasonality and availability.
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Jan 27, 2009By: Paul Rosta, Senior Associate Editor
Word of new development plans is uncommon in the industrial sector these days, as it is for most commercial property types. Nevertheless, the supermarket chain Harris Teeter Inc. is bucking the trend. Making one of the largest commitments to an industrial facility so far this year, Harris Teeter intends to build a $101 million distribution center in King George County, Va.
Virginia edged out North Carolina and Maryland in its bid for the distribution center, which will serve stores in Maryland and Delaware as well as in Virginia. The project’s size and construction schedule were not disclosed in the announcement last Thursday by the office of Gov. Tim Kaine that Virginia had prevailed. However, Harris Teeter vice president of distribution Larry Cooper said in the statement that location, work force and highway access helped tip the balance toward King George County.
The distribution center is apparently part of Harris Teeter’s aggressive plan to expand a footprint that included 176 stores in eight states and the District of Columbia at the end of last September. Harris Teeter’s operating plan calls for capital expenditures of $241 million during fiscal 2009. As of last fall, Harris Teeter was planning to open 17 new stores and complete the remodeling of four others during its current fiscal year.
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TORONTO, Jan 27 (Reuters) - Metro Inc, Canada's third-largest grocer, said on Tuesday quarterly profit rose, helped by strong sales in Quebec and an improved performance in Ontario, where it united its stores under the Metro banner.
The company said it earned C$81.1 million ($65.9 million), or 73 Canadian cents a share, up from C$73.8 million, or 64 Canadian cents a share for the comparable period.
Excluding some items including an
income tax expense, earnings came in at C$84.1 million, or 76 Canadian cents a share, up from C$62.4 million, or 54 Canadian cents a share.
Sales rose to C$2.6 billion from C$2.51 billion.
Analysts on average had expected earnings of 64 Canadian cents a share and revenue of C$2.58 billion, according to Reuters Estimates.
'They have rebounded from a tough quarter a year ago, both from the internal issue and perspective and from a competitive perspective,' said David Hartley, an analyst at BMO Capital Markets.
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Kroger Co. plans to invest $75 million in "a massive economic development initiative" that will create "several hundred" jobs in the Fort Wayne area.
Details were announced 10 a.m. Thursday at a news conference. Bob Moeder, president of Kroger's central division, and Mayor Tom Henry met with members of the media at the Greater Fort Wayne Chamber of Commerce downtown headquarters.
The initial announcement said the company will:
*Add three stores. Two of the new stores will have a unique format that
does not now exist in Indiana.
*Close three stores.
*Significantly expand two stores.
*Remodel three stores.
*Build 10 more fuel centers in the region
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Bloomberg
Yoshinoya Holdings Co., Japan's largest chain of beef-bowl restaurants, plans to add a record 100 outlets in its home market next fiscal year as demand for budget meals increases from recession-hit consumers.
The Tokyo-based company aims to increase restaurants in Japan to at least 1,194 by February 2010 and accelerate an expansion in China, adding 60 outlets to the 185 already open there, President Shuji Abe said.
"The market is harsh but conditions for investing and opening new stores are positive," Abe said in an interview broadcast Thursday on Bloomberg Television.'
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There are four days until the Inauguration, and the country is alight with excitement, not just about the arrival of Barack Obama in the White House but also for the beginning of a new era of civic engagement.
We’ve tapped into this energy with our
Ideas for Change in America, and today we held a press event at the National Press Club in Washington DC to announce the winners of the competition. The 10 winning ideas reflect the diverse interests of the millions of people calling for change across the country, and include ideas for securing universal heath care, LGBT rights, and sustainable green energy. All winning ideas can be viewed at
www.change.org/ideas.
The winning ideas were accepted on behalf of the Presidential Transition Team by Macon Phillips, the Director of New Media and the person who oversees our second-favorite website, Change.gov. Macon then addressed the attendees of the event, which included nonprofit leaders and grassroots activists, and spoke about the importance the administration will place on citizen-driven efforts like Ideas for Change.
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Jan. 16 (Bloomberg) -- President-elect
Barack Obama is likely to back a bank-rescue effort that combines fresh capital injections with steps to deal with toxic assets clogging lenders’ balance sheets, according to people familiar with the matter.
Obama’s economic team will use another portion of the $350 billion remaining from the Troubled Asset Relief Program to help homeowners avoid foreclosure. It may also assist cash-strapped cities and states that are having trouble selling bonds, the people said.
This week’s sell-off in financial stocks and the continuing decline of the U.S. economy put pressure on Treasury Secretary- designate
Timothy Geithner and Obama’s economics chief
Lawrence Summers to unveil a comprehensive program. Without a radical new effort, soaring credit losses could prolong and deepen a
recession that is now more than a year old.
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JPMorgan Chase posts surprise profit
Analysts expected the bank to break even. But earnings fell sharply from a year ago, while CEO Jamie Dimon warns of "very difficult business climate."
NEW YORK (CNNMoney.com) -- JPMorgan Chase reported a surprise quarterly profit Thursday, even as the company suffered a hit in its investment banking business and was forced to set aside a chunk of cash for looming loan losses.
The New York City-based bank said net income fell 76% to $702 million, or 7 cents a share during the fourth quarter, from $2.97 billion, or 86 cents a share, during the same period a year ago.
The results beat expectations, however, as analysts were forecasting that the company would break even for the quarter, according to Thomson Reuters.
How much good news is there on the news these days?
Few.
Bad news clearly receives a lot more attention than the good stuff. But good things do happen all the time and they must be encouraged.
So when something positive has happened to you, when someone has been exceptionally helpful or when something has changed your life positively, why not say Thank You!
Thanks-O-Meter is a site that collects all the nice things people do and experience. The site is public access and no membership is required to express your own gratitude. Stories can be searched for by keywords.
Banking giant gives nod to legislation that would allow judges to alter mortgages for homeowners who have filed for bankruptcy.
NEW YORK (CNNMoney.com) -- Citigroup reached an agreement with Democratic lawmakers Thursday on legislation that would allow judges to reduce mortgage debt for individuals who have filed for bankruptcy.
Sen. Dick Durbin of Illinois, the bill's architect, said he hoped the participation of Citigroup would entice other mortgage lenders to sign onto the program.
"I hope other institutions will follow suit," he said. Durbin appeared at a press conference along with fellow sponsors of the bill, Sen. Christopher Dodd of Connecticut and Sen. Charles Schumer of New York.
Until recently, members of the banking industry, including Citigroup (C (
C,
Fortune 500), Fortune 500), as well as other housing-related groups like the National Association of Realtors, have criticized the notion of allowing the courts to have a say over their mortgage portfolios.
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When Will This Recession Finally End?
There's really just one question that matters this new year. When will the recession end?
OK, I lied. There's another question that matters even more. Will the recession
ever end?
I have a lot of institutional clients who take very seriously the idea that this recession could be permanent. In their minds, it could turn out to be more like a depression. Even when we pull out of the worst of it, we'll be stuck with year after year of slow growth.
Pretty much no one thinks this recession could possibly already be over. And only a few brave souls dare to consider that it might only take another quarter or so to hit bottom. So it's just a matter of, how bad is it really?
Call me crazy, but I actually think we could all end up being pretty pleasantly surprised. I admit I was one of the last people on earth to agree we were in recession in the first place. So let me make up for that mistake: I'll be the first person to say it's over.
I don't mean to get carried away on wings of optimism here. But there really are some hopeful signs. Some of the same symptoms that, earlier this year, gave us an early warning that recession was lurking are now pointing in a more hopeful direction.
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Though 2008 was wrought with layoffs and economic struggles, the New Year means rejuvenated hope for job seekers.
While several companies continue to make mass layoffs, other companies are shifting their focus to hire aggressively in the beginning of 2009.
"This is a difficult economy, no doubt," says Andrea Hough, vice president of talent acquisition for ServiceMaster, a lawn care and landscape maintenance company. "However, I would caution job seekers to be thoughtful about whom they are going to work for and not act out of desperation. There are some very strong companies with solid ethics in need of employees eager to be a part of a thriving organization."
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