Weekly Retail News Recap July 30, 2010
WEEKLY RETAIL RECAP
- Story of the Week: ShopperTrak: Week-over-week sales up 1.3%
ShopperTrak’s National Retail Sales Estimate Wednesday reported that year-over-year GAFO retail sales increased 3.9% for the week ending July 24 while sales rose 1.3% versus the previous week ending July 17.
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- Panera Bread Q2 profit up 33%, plans to hire 25,000 workers
Panera Bread Co. plans to hire 25,000 workers in the coming year, company chairman Ron Shaich said in an interview Wednesday with CNBC.
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- Tractor Supply approves stock split
Tractor Supply Co. said Thursday its board has approved a two-for-one stock split of its shares.
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- Build-A-Bear loss widens in Q2
Build-A-Bear Workshop said Thursday that its second quarter loss was $8.5 million, compared with a loss of $6 million a year ago.
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- Cabela’s Q2 profit surges 98% on financial services revenues
Cabela’s reported Thursday that net income for the second quarter soared 98% to $18 million, compared with $9.1 million in the second quarter of 2009.
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- West Marine records 11.5% profit rise in Q2
West Marine reported Thursday that its profit rose 11.5% in the second quarter ended July 3 to $36 million, from $32.3 million in the year-ago period.
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- Golfsmith profit dips in Q2
Golfsmith International Holdings said Thursday that net income for the quarter ended July 3 dropped to $6.2 million, from $6.8 million a year earlier.
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- Sally Beauty posts 30% profit increased in Q3
Sally Beauty Holdings said Thursday it recorded net income of $41.1 million in the third quarter, up 30.6% from the year-ago period.
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- Best Buy forms partnership to offer broadband service
Best Buy Co. announced Thursday that its subsidiary Best Buy Connect and wireless service provider Clearwire Corp., based in Kirkland, Wash., have forged a wholesale relationship that will allow Best Buy to use Clearwire’s 4G network to offer mobile Internet service to customers under the Best Buy Connect service.
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- Winn-Dixie to cut 120 jobs, close 30 stores
Winn-Dixie Stores said Thursday it will close 30 of its underperforming stores and cut more than 120 corporate and field support jobs to cope with weak sales.
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- RadioShack’s profit up, will open kiosks in Target
RadioShack Corp. reported Thursday that it recorded a second-quarter net profit of $53 million, an 8.6% increase over its $48.8 million profit a year ago.
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- Peltz’s Trian Fund Management takes 6.6% stake in Family Dollar
Trian Fund Management, through which activist investor and billionaire financer Nelson Peltz has invested in companies ranging from Wendy’s/Arby’s Group to H. J. Heinz Co., on Wednesday reported ownership of a stake of nearly 6.6% in Family Dollar Stores.
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- Casey’s rejects updated takeover bid from Couche-Tard
Casey’s General Stores has rejected the latest takeover bid from competitor Alimentation Couche-Tard and announced a recapitalization plan to increase shareholders’ value.
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- Guess to open Manhattan flagship
Guess will open its largest U.S. store to date, a two-level, 13,000-sq.-ft. flagship on Fifth Avenue in Manhattan, in December, according to Women’s Wear Daily.
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- Destination Maternity earnings up in Q3
Destination Maternity said Wednesday it earned $8.5 million in its fiscal third quarter, exceeding projections.
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- Jones Apparel Group Q2 profit more than doubles
Jones Apparel Group said Wednesday that its second-quarter profit almost doubled to $24.5 million from $12.6 million a year earlier.
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- CVS Q2 profit falls, wins 12-year contract with Aetna
CVS Caremark’s net income fell 7% in the second quarter, slipping to $821 million from $886 million, because of contracts lost by its Caremark pharmacy services division.
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- Target CEO defends Minnesota political donations
Target Corp. CEO Gregg Steinhafel said Tuesday he stands in defense of the retailer’s political donations to a Minnesota group helping the state’s Republican candidate for governor.
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- Rite Aid agrees to pay $1 million to settle privacy disclosure allegations
Rite Aid Corp. on Tuesday agreed to pay $1 million to settle potential privacy disclosure violations.
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- Study: Many shoppers research online, shop offline
Research released Tuesday by Searchandise Commerce revealed that two-thirds of consumers launch their shopping online, and half convert offline.
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- Report: Retailers paying more for cargo space on ships
More retailers are being negatively impacted by supply-chain challenges, as they find it harder and more expensive to get product delivered from overseas this year, according to a report by the New York Times.
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- Brookstone loss widens in Q2
Brookstone reported Tuesday that it recorded a loss of $12.5 million in the quarter ended July 3, compared to a loss of $10.5 million in the year earlier period.
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- Consumer confidence in retreat on job concerns
Consumer confidence fell in July on concerns about jobs and business conditions, following a sharp decline in June, the Conference Board reported Tuesday.
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- Survey: Back-to-school spending looking up
Survey results released Tuesday by Deloitte found that 28% of shoppers say they plan to spend more this year on back-to-school items compared with last year.
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- Supervalu profits plummet 40% in Q1
Supervalu, operator of Albertsons, Jewel-Osco, Shaw’s, Save-A-Lot and Cub Foods, reported Tuesday that its first-quarter net income dropped 40%, earning $67 million in the quarter ended June 19, compared with $113 million in the year-ago period.
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- GameStop to acquire social gaming company
GameStop Corp. said Tuesday it will acquire Kongregate, a social gaming destination and community for core gamers representing the fast-growing free-to-play gaming market.
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- Office Depot reports smaller-than-expected loss amid cost cuts
Office Depot on Tuesday reported a smaller-than-expected quarterly loss on lower distribution costs and other expense controls.
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- Profit up 30% at Luxottica
Luxury eyewear company Luxottica Group SpA on Monday reported that its net income rose 30% in the second quarter as sales improved.
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- California court upholds rights of retailers to restrict union picketing
In a huge win for retailers with stores in the Golden State, the California Court of Appeal has upheld the authority of Ralphs Grocery Co. to regulate and control union picketing in storefront areas considered private property.
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- First Data: Gift card sales grow in first half of 2010
First Data Corp. on Monday announced that U.S. merchant-branded gift card sales gained traction in the first half of 2010.
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- Target takes Manhattan
Target officially opened its first-ever store in Manhattan, a 174,000-sq.-ft. outlet at East River Plaza in East Harlem.
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- Wal-Mart to use smart tags on men’s clothing
In a move to gain even closer control of its inventory, Wal-Mart Stores will deploy electronic identification tags on men’s clothing starting Aug. 1, the Associated Press reported.
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- Amazon.com Q2 profit up 45%
Amazon.com reported that net income increased 45% to $207 million in the second quarter, compared with net income of $142 million in the year-ago period.
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- Chicago mayor seeks approval for third Walmart
Mayor Richard Daley asked aldermen to support a third Walmart store in Chicago, part of Wal-Mart Stores’ much-publicized plan to open stores across the city and further penetrate urban markets.
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- OfficeMax COO lands at A&P; grocer’s losses widen in Q1
After OfficeMax announced that its COO Sam Martin had departed the company, Great Atlantic & Pacific Tea Co. said Friday that it has nabbed Martin as its new president and CEO.
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