Archive for the ‘Lowe's’ category

Weekly Retail News Recap July 30, 2010

July 30, 2010

WEEKLY RETAIL RECAP

  • 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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  • 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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  • 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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  • 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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  • 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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  • 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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  • 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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Weekly Retail Recap July 23rd, 2010

July 23, 2010

WEEKLY RETAIL RECAP

  • Menard wins Wisconsin Supreme Court appeal
    The Wisconsin State Supreme Court has sided with home-improvement retailer John Menard, who sought to overturn an arbitration decision in a wrongful termination case against his former general counsel.
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  • NPD: More digital games purchased in stores than online
    According to the PC Games Digital Downloads: Analyst Report, from The NPD Group, in 2009, 21.3 million PC Game full-game digital downloads were purchased online in the United States compared with 23.5 million physical units purchased at retail during the same period.
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  • Roundy’s to expand in Chicago
    Grocery retailer Roundy’s said it has plans to open between 12 and 18 stores in the Chicago area over the next five years under the Mariano’s Fresh Market banner, according to a report by Supermarket News.
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  • Sprouts offers high-efficiency HVAC, refrigeration solutions
    A new Sprouts Farmers Market that opened late June in Culver City, Calif., is projected to use 50% less refrigerant than the industry average, thanks to high-performance heating, ventilation, air conditioning and refrigeration solutions that meet the company’s sustainability objectives.
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Lowe’s third-quarter earnings drop 29.5%

November 21, 2009

Atlanta Business Chronicle

Monday November 16, 2009 12:03 PM

Lowe’s Companies Inc.’s third-quarter earnings fell 29.5 percent, hurt by the recession’s impact on demand for home-improvement purchases.

The Mooresville, N.C.-based rival of The Home Depot Inc. had net income of $344 million and earnings of 23 cents a share, compared with net income of $488 million and earnings of 33 cents a share in the same quarter last year.

The latest results include a one-time charge of $57 million for the carrying value of three stores in operation and the company’s decision not to open some stores.

Sales fell 3 percent to $11.4 billion from $11.7 billion a year ago.

CEO Robert Niblock cited weak consumer spending for the drop in sales.

During an earnings call Monday morning, Larry Stone, president and chief operating officer, said there are indications of improvement in some hard-hit housing markets the retailer serves.

The company’s market share also grew.

“We’re starting to see encouraging signs,” Stone said.

As of Oct. 30, Lowe’s (NYSE: LOW) operated 1,699 stores in North America.

Atlanta-based Home Depot (NYSE: HD) will report its third-quarter earnings on Nov. 17.

Lowe’s Companies Inc.’s third-quarter earnings fell 29.5 percent, hurt by the recession’s impact on demand for home-improvement purchases.

The Mooresville, N.C.-based rival of The Home Depot Inc. had net income of $344 million and earnings of 23 cents a share, compared with net income of $488 million and earnings of 33 cents a share in the same quarter last year.

The latest results include a one-time charge of $57 million for the carrying value of three stores in operation and the company’s decision not to open some stores.

Sales fell 3 percent to $11.4 billion from $11.7 billion a year ago.

CEO Robert Niblock cited weak consumer spending for the drop in sales.

During an earnings call Monday morning, Larry Stone, president and chief operating officer, said there are indications of improvement in some hard-hit housing markets the retailer serves.

The company’s market share also grew.

“We’re starting to see encouraging signs,” Stone said.

As of Oct. 30, Lowe’s (NYSE: LOW) operated 1,699 stores in North America.

Atlanta-based Home Depot (NYSE: HD) will report its third-quarter earnings on Nov. 17.