Finance & Capital Management

Retail sales generally improved in June, helped by good weather and big discounts as retailers look to clear inventory for the back-to-school season.
 
Costco Wholesale Corp. reported a 6% increase in June same-store sales, helped by higher fuel prices. Its results topped Wall Street estimates.

Excluding the impact of foreign exchange rates and gasoline prices, Costco’s same-store sales increased 6% for the five-week period ended July 6. The metric rose 5% in the United States and 7% overseas.  

Bentonville, Ark. – Wal-Mart Stores Inc. is reportedly seeking to keep files regarding an internal probe of possible bribes paid to Mexican officials to aid real estate deals out of the hands of investors. According to Bloomberg, Wal-Mart is arguing in a case before the Delaware Supreme Court that the files in question are protected by attorney-client privilege.

Just a month after activist investor Carl Icahn became Family Dollar’s largest shareholder prompting concerns of a hostile takeover, the company reported its third straight quarterly decline in same-store sales.

Same-store sales for the third quarter ended May 31 decreased 1.8% because of fewer customer transactions, partially offset by an increase in the average customer transaction value. Sales in the third quarter of fiscal 2014 were strongest in the consumables category, driven primarily by strong growth in refrigerated/frozen food and tobacco.

New York -- Retail sales generally improved in June, helped by good weather and big discounts as retailers look to clear inventory for the back-to-school season.
 
Costco Wholesale Corp. reported a 6% increase in June same-store sales, helped by higher fuel prices. Its results topped Wall Street estimates.

Excluding the impact of foreign exchange rates and gasoline prices, Costco’s same-store sales increased 6% for the five-week period ended July 6. The metric rose 5% in the United States and 7% overseas.  

New York -- American Apparel Inc. has reached an agreement with its largest shareholders that will bolster its financial situation, remake its board, and keep the retailer’s manufacturing in the United States.

ShopAtHome.com, one of the largest coupon search engines connecting shoppers to exclusive deals and cash-back savings, has expanded its product offering to include ShopGold Rewards, a new program that offers free gift cards from major retailers to consumers.

The company said that ShopGold Reward’s launch has positioned it as the “most extreme savings hub anywhere,” and the only site offering coupons, cash back and free gift card rewards in an integrated way through its site and apps.

Toano, Va. – Lumber Liquidators reported a 7.1% decline in same-store sales and reduced its outlook for new store openings and earnings in a business update for the second quarter of fiscal 2014. Net sales for the quarter grew 2.3% to $263.1 million, from $257.1 million in the second quarter of 2013, well below Wall Street estimates of $303 million.

Steve Mahurin has left Orchard Supply Hardware, where the veteran home improvement merchant and retail industry executive held the title chief retail officer.

According to the San Jose, Calif.-based retailer, Mahurin’s position was eliminated as the company transitions to a focus on operations and expansion.