Finance & Capital Management

Walmart is beginning to raise wages for workers in several states as part of its employee initiative for fiscal 2015.

Camp Hill, Pa. – Rite Aid Corp. beat Wall Street expectations with soaring profit in the fourth quarter of fiscal 2014. The retailer reported net income of $1.83 billion, exponentially larger than net income of $55.4 million in the same quarter a year earlier.

A favorable tax asset valuation drove the substantial profit growth. Revenues rose 4% to $6.8 billion from $6.6 billion, mostly due to a same-store sales increase of 4.5%.

99 Cents Only Stores is accelerating its expansion plan with several new stores planned for 2015.

The retailer just opened nearly 10 new stores this week in California, and plans to open more later this year.

The company says it will celebrate its store openings this week in California by selling flat screen LCD TVs for only 99 cents to the first nine customers in line on Grand Opening Day. The next 99 customers in line on opening day may purchase an iron for only 99 cents. Other 99 cent deals will follow for additional customers.

Seattle -- Starbucks Corp. is extending its college tuition assistance plan for workers to cover the entire cost of getting an online bachelor's degree. The coffee giant launched the program with Arizona State University in June 2014. At the time, it was limited to juniors and seniors looking to complete their degrees. But in a major expansion of the benefit, Starbucks said it will now cover the full cost of the four-year online degree.

Rockaway, N.J. – Party City is joining the initial public offering (IPO) party. The retailer has filed paperwork for an IPO that could raise as much as $428 million and value the company up to $2 billion.

One of the main reasons Party City wants to take its celebration public is to support planned growth of 350 new North American stores. The retailer currently operates 900 Party City stores, as well as the Halloween City, Factory Card & Party Outlet and Party Packagers chains.

City of Commerce, Calif. – 99 Cents Only Stores is opening nine new stores in California between April 9 and April 11. The stores will be located in the communities of San Luis Obispo, Ontario, Sonora, Santee, Escondido, Tustin, San Bernardino, Cypress and South El Monte.

99 Cents Only currently operates 384 stores located in California, Texas, Arizona & Nevada.
 

Toronto -- Hudson’s Bay Company’s net profit in the fourth quarter jumped to C$111 million (USD $88.9 million) from C$37 million ,in the year-ago period, helped by strong digital sales, the successful integration of Saks Fifth Avenue and the strong U.S. dollar. The retailer said it plans to accelerate openings of Saks’ off-price Off 5th brand and strengthen its digital and omnichannel capabilities in its current fiscal year.  

Global cross-border e-commerce provider BorderFree has a new chief marketing officer.

The company announced that Jonathan Kapplow will be responsible for all marketing functions at the company, driving preference and action for both B2C and B2B constituents.