Daily Retail Industry News

Peter Matthiessen Wins National Book Award

Nov 21, 2008

The economy hung like a cloud over the 59th annual National Book Awards. Barack Obama was the silver lining.

Cost-cutting boosts Gap profits

Nov 21, 2008

Gap Inc. reported Thursday that its third-quarter profit rose 3.4 percent as cost-cutting efforts offset a sales slump.

Stores may see disappointing Black Friday sales

Nov 21, 2008

After pushing steep discounts throughout November that are usually reserved for the day after Thanksgiving, retailers from Kohl's to Toys 'R' Us are offering even bigger cuts and promotions for Black Friday in a frantic bid to pull in shoppers.

But the bargain hunters showing up for the early morning specials on toys and TVs are not expected to buy with the same gusto as a year ago, as they fret about tightening credit, massive layoffs and shrinking retirement funds.

Not to mention that consumers are already jaded by all those '60 percent off' signs plastered on storefronts. Analysts say shoppers may stick to smaller gifts like cosmetics rather than $1,000 flat-panel TVs in a holiday season expected to be the weakest in decades.

Wal-Mart buying wind power for Texas stores 8:22 Am CT

Nov 20, 2008

Wal-Mart Stores Inc. is buying enough wind power to supply 15 percent of the electricity it needs for 360 Texas stores.

Barnes & Noble swings to 3Q loss

Nov 20, 2008

Barnes & Noble says it swung to a loss in its third quarter due to slow traffic and sales at older stores.

The New York-based bookseller reported a loss on Thursday of $18.4 million, or 34 cents per share. That compares with a profit of $4.4 million, or 7 cents per share, a year earlier.

The company's loss was 21 cents per share excluding a charge.

Thomson Reuters says analysts expected a loss of 16 cents per share.

The bookseller says its revenue dipped to $1.12 billion from $1.18 billion and same-store sales fell 7.4 percent. Analysts predicted revenue of $1.17 billion.

Review: 'Twilight' takes bite out of book's fun

Nov 20, 2008

Kristen Stewart, left, and Robert Pattinson are shown in a scene from "Twilight." Teenage girls will surely squeal with delight throughout "Twilight," the feverishly awaited adaptation of the hugely selling ...

Ackman Seeks $5.1 Billion IPO of Target REIT to Raise Funds for Retailer

Nov 20, 2008

Hedge-fund manager William Ackman said selling part of a real-estate investment trust that he wants spun off of Target Corp.

Tightwad Nation: Americans start pinching pennies

Nov 20, 2008

Donna Speigel, who owns consignment shops called The Snooty Fox in the Cincinnati area, says sales were up 17 percent in October.

Woolworths plunges on news it may sell stores

Nov 20, 2008

Woolworths Group PLC's shares plunged 32 percent Wednesday after the company confirmed it is considering selling its retail business.

'The board can confirm that it is in preliminary discussions regarding a possible offer for the retail business,' the company, hit hard by a slowdown in consumer spending from the economic downturn, said in a statement.

'There can be no assurance that any offer will be forthcoming,' it added

Woolworths declined to name the possible buyer of its chain of 815 stores, which sells goods including electrical appliances, home wares and computer games.

Southwest to buy ATA slots at LaGuardia

Nov 19, 2008

Southwest Airlines Co. has agreed to pay $7.5 million for bankrupt ATA Airlines' landing slots at New York's LaGuardia Airport, a move that would raise Southwest's profile in the nation's largest air market.

Kroger expands with biggest "Fresh Fare" store

Nov 19, 2008

The Kroger Co. opened its biggest "Fresh Fare" store yet Tuesday, and plans more of the stores aimed at luring eat-at-home and natural foods shoppers.

George Weston won't drop food prices despite lower commodity prices

Nov 19, 2008

International baked goods company George Weston Ltd. says its food prices will not be going down despite a drop in commodity prices that drove them up to begin with.

Mexican mural sells for nearly $7M at NYC auction

Nov 19, 2008

This photo provided by Sotheby's New York shows Mexican artist Rufino Tamayo's 1955 mural "America", which will be offered for sale at Sotheby's auction of Latin American art Tuesday evening, Nov.

Burberry 1H net rises, shares fall on outlook

Nov 19, 2008

British luxury goods company Burberry Group PLC on Tuesday reported a 13 percent rise in first half net profit, but its shares dropped as it said second-half business was proving more difficult, particularly in the United States.

Burberry, known for its distinctive beige plaid, posted net profits of 74.8 million pounds ($112.2 million) for the six months to Sept. 30, 2008, up from 66.1 million pounds a year ago.

Revenue rose 20 percent to 539.1 million pounds ($808.6 million), boosted by demand from well-heeled tourists and sales of the company's handbags, from 449.1 million pounds.

Saks posts bigger-than-expected 3Q loss

Nov 19, 2008

Luxury retailer Saks Inc. reported a wider-than-expected loss in the third quarter in contrast to a year-ago profit, as its affluent customers slashed spending amid massive job losses on Wall Street and shrinking stock portfolios linked to the financial meltdown.

The New York-based retailer which operates Saks Fifth Avenue also issued a dour outlook Tuesday, predicting deteriorating profit margins in the fourth quarter amid heavy discounting. It also plans to cut spring inventory by 15 percent year-over-year and has reduced its capital expenditures by 40 percent for next year.

H-P news gives techs early lift

Nov 18, 2008

Nov. 18 - The world's largest PC maker pre-announced quarterly profits that beat analysts' forecasts despite an uncertain economy.

Home Depot 3Q profit falls 31 percent

Nov 18, 2008

The Home Depot Inc., the nation's largest home improvement chain, said Tuesday that its third-quarter profit sank by nearly a third as shoppers scaled back on everything from custom kitchens to lumber and ...

Carrefour ousts CEO Duran

Nov 18, 2008

Carrefour SA said Tuesday it will replace its chief executive with a former top manager at Switzerland's Nestle SA, the culmination of long-simmering tensions over the French retail giant's performance and strategy.

Carrefour's board named Swede Lars Olofsson to replace outgoing CEO Jose Luis Duran, effective Jan. 1, the latest in a string of executive ousters at the top of France's corporate world.

Speculation over Duran's future at Carrefour, the world's second largest retailer after Wal-Mart Stores Inc., has mounted since last year when the company's long-standing top shareholder ceded its position to a consortium controlled by French billionaire Bernard Arnault and a U.S. private-equity firm, Colony Capital.

Pier 1 expects 3Q same-store sales drop of 16% to 18%

Nov 18, 2008

Pier 1 Imports Inc. said Monday that it expects third-quarter, same-store sale to decline in the range of 16 percent to 18 percent, based on store traffic and a cautious view of its Thanksgiving business.

Iowa magician, hand model sues over snipped finger

Nov 18, 2008

A hand model, magician and actor blames a Martha Stewart-branded lounge chair for snipping off a bit of his livelihood.

In a lawsuit filed Monday against Kmart Corp. and Martha Stewart Living Omnimedia, Patrick Albanese said he was moving the Martha Stewart Everyday lounge chair on a deck in June when the front tubular legs collapsed, crushing his right index finger between one of the chair legs and a tubular bar on the base of the chair.

The lawsuit said the fingertip fell beneath the deck but was later retrieved by a relative. Albanese's attorney, Guy Cook, said the finger tip was reattached by a surgeon.