Consumer Affairs & Relations

Credit card trends at Target hit a new high, or low, depending on one’s perspective. Either way, it’s a good thing.

WASHINGTON — The National Retail Federation is responding to a report from the Federal Reserve, which revealed that debit card swipe fees collected by the nation's largest banks have significantly dropped since reform regulations took effect last fall.

Brampton, Ontario -- Canadian grocery chain Loblaw Cos. reported Wednesday that net income for the first quarter plummeted 22% to $128 million, compared with $156 million in the year-ago period. The country’s largest food retailer was squeezed by higher costs and heightened competition as Wal-Mart Stores continues its march into Loblaw territories.

Revenues for the quarter edged up .9% to $7.02 billion. Same-store sales dipped 0.7%.

Target turned 50 this year, and chairman, president and CEO Gregg Steinhafel weighed in on the expect more, pay less (EMPL) value proposition, his 32-year career and miscellaneous other topics in a Q&A interview with the company’s online magazine known as “A Bullseye View.” To read a transcript of his comments click here.



 

Suffern, N.Y. -- The Ascena Retail Group said Wednesday it will acquire Lane Bryant parent Charming Shoppes Inc. for about $890 million.

The move gives Ascena -- which owns Dressbarn, Maurices and Justice -- entry to the large-size women's clothing market.

Retailers are in business to sell products customers want, except when they’re not, which appears to be the case with the retailer’s decision to stop selling Amazon.com’s hugely popular Kindle devices.

CHICAGO — The Network of Executive Women is honoring Michael Duke, president and CEO of Wal-Mart Stores, with its William J. Grize Diversity Hall of Fame Award, on June 28 during Women's Day at the LPGA in Rogers Ark. The award, named after the late CEO of Ahold USA, who was an early advocate of industry diversity, is bestowed upon industry leaders who have demonstrated "an enduring commitment to the advancement of women and to creating a diverse and inclusive workplace," NEW announced.

Woonsocket, R.I. -- CVS Caremark reported Wednesday that profit for the quarter ended March 31 rose 9% to $776 million, compared with $713 million in the year-ago period.

Revenues surged 20% to a record $30.8 billion boosted by rival Walgreen’s termination of its Express Scripts program, which moved Walgreen customers over to CVS. The results beat Wall Street’s expected $30.3 billion in revenue for the quarter.

Same-store sales climbed more than 8%.