BENTONVILLE, Ark.—Walmart is slashing prices on thousands of goods to counteract the retailer’s slowing sales in the United States, according to a report in the Wall Street Journal. Prices will be cut on approximately 10,000 items, mostly food and other staples, according to the report. The size of the price cuts was not specified. The … More »
NEW YORK–Thanks to an economic recovery that is gaining momentum, and the early-April timing of Easter, major U.S. retailers reported strong same-store sales results for March. The department-store channel as a whole had a very healthy March, topped by Kohl’s with a powerful 22.5 percent gain in comparable-store sales. Macy’s same-store sales increased by 10.8 … More »
UNION, N.J.–Net income for Bed Bath & Beyond in the fourth quarter totaled $226 million, up 60 percent over the fourth quarter of last year. The company accomplished this bottom-line boost on a 16.7 percent gain in net sales for the quarter, which reached $2.2 billion. In addition, Bed Bath firmed its gross margin by … More »
FORT WORTH, Texas–Pier 1 Imports finished fiscal year 2010 with net income of $34.5 million for the fourth quarter and $86.8 million for the year, reversing losses of $29.4 million and $129.3 million, respectively, for the fourth quarter and fiscal year of 2009. The specialty retailer managed this turnaround through a combination of increases in … More »
MATTHEWS, N.C.–Net income for Family Dollar reached $112.2 million in the second quarter, 33 percent ahead of last year’s second quarter. Gains in sales and gross margin, along with a reduction in expenses as a percentage of sales, helped bolster the retailer’s bottom line in the quarter. Net sales rose 4.9 percent to $2.1 billion, … More »
BENTONVILLE, Ark.–Well-known retail executive Allen Questrom will not seek reelection to Walmart’s board of directors, according to a report in Women’s Wear Daily. Questrom, who has done chief executive stints at J.C. Penney, Neiman Marcus and Barneys, joined Walmart’s board in 2007. Walmart’s board members must seek reelection annually.
NEW YORK–Three of Hearst Magazines’ key publications have new editors as the company announced several switches at the top of its editorial ranks. Stephen Drucker, who has been editor of House Beautiful and helped lead the magazine to a revival the past five years, is moving over to Town&Country as editor-in-chief. Succeeding him at House … More »
WASHINGTON–The National Retail Federation has unveiled its Mobile Retail Initiative, which will offer best practices and learning opportunities for retailers interested in m-commerce, as more consumers use their handheld devices from phone calls to Web surfing. Led by retailers, the initiative will bring together the collaborative strengths of three of its units—the IT standards division … More »