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Finance & Capital Management

  • Winter Storm Jonas hurts revenue at Big Lots

    Big Lots says harsh winter weather hurt traffic counts and revenue, but the closeout retailer still posted increases in same-store sales for the fourth quarter.

    Big Lots reported income from continuing operations of $94.7 million, or $1.91 per diluted share, for the fourth quarter ended Jan. 30. Revenue dropped to $1.58 billion from $1.59 billion for the same quarter last year. Same-store sales increased 0.7%.It was the eighth consecutive quarter in which Big Lots has posted positive same-store sales.

  • Costco doing something it hasn’t done in nine years

    Costco Wholesale Corp. is raising entry-level wages for its hourly workers for the first time since 2007.

    The move comes as other major retailers have been upping the minimum wages for their entry-level workers amid a tightening job market.

    Starting this month, Costco will pay workers $1.50 more per hour in the U.S. and Canada. Workers will now earn at least $13 or $13.50 per hour, up from a minimum of $11.50 or $12 per hour.

  • Retail employment up

    A strong report on Friday from the Labor Department shows that retail employment was up 51,100 jobs in February on the heels of a gain of 52,100 in January.

    Compared with February 2015, retail jobs were up by 247,300. The numbers exclude gasoline stations, automobiles and restaurants.

  • CST Brands puts itself up for sale

    Convenience store chain CST Brands has addedtwo new independent directors to its board and announced it plans to pursue “strategic alternatives” that could include selling the company.

    The company says the strategic review process will be comprehensive and will include a fresh look at several of CST's previously announced strategic initiatives and plans.

  • Report: Nordstrom trims IT staff

    As part of a leveling of its technology spending, Nordstrom Inc. has made a reduction in its technology personnel.

    According to Geekwire, Nordstrom recently laid off 10 employees in its technology department.

  • Halstead Property names new president

    New York -- Halstead Property announced the promotion of Richard J. Grossman to president. In his new role, Grossman will work closely with Halstead CEO Diane M. Ramirez and will also continue to oversee the Village and SoHo offices together with Sara Rotter, executive director of sales for Downtown.

  • Costco prevails during holidays

    Costco’s profit fell short of analysts’ estimates at the mid-point in its fiscal year, but business trends were solid in the company’s second quarter with a 4% same store sales increase at U.S. locations.

    The company said its total revenues for the period ended Feb. 14, which included the holidays, increased 2.6% to $28.2 billion. Merchandise and service sales increased 2.6% to $27.9 billion and membership fees increased 3.6% to $603 million.

  • Barnes & Noble grows sales; eyes new format

    Barnes & Noble produced a same-store sales increase in its third quarter which, although meager, is an impressive accomplishment given intense competition from Amazon.

    Sales for the company’s third quarter ended Jan. 30 declined 1.8% to $1.4 billion, due to lower online sales and some store closure. Same-store sales increased 0.2% and if the company NOOK products are excluded the comp increase was 1.3%.

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