Finance & Capital Management

Bentonville, Ark. -- Wal-Mart Stores Inc. on Tuesday posted the first quarterly revenue gain in its U.S. namesake business in more than two years, but the discounter's profit was down 2.9%. Profit for the quarter ended Oct. 31 was $3.33 billion, missing Wall Street expectations.

Framingham, Mass. -- TJX Cos. reported Tuesday that profit for the quarter ended Oct. 29 rose 15% to $406.5 million, from $372.3 million a year earlier.

Sales increased 5% to $5.79 billion from $5.53 billion, but missed analysts’ expected $5.84 billion. Same-store sales rose 3%.

During the quarter, the retailer increased its store count by a net of 52 stores and increased square footage by 1% over the same period last year.
 

Washington, D.C. -- Retail sales rose more than projected in October, according to figures released Tuesday by the Commerce Department. The report showed that retail sales were up 0.5% in October following a 1.1% increase in September.

Excluding automobile sales, retail sales rose 0.6% in October — the best showing since March. And when excluding autos and sales at gasoline stations, sales rose 0.7%, also the biggest increase since March.

Framingham, Mass. -- Staples Inc. reported Tuesday that profit for the third quarter climbed 13% to $326.4 million, from $288.7 million a year earlier. Earnings met Wall Street expectations.

Revenue rose 1% to $6.57 billion from $6.54 billion, missing analysts’ expected $6.71 billion. North American retail unit revenue was flat at $2.7 billion, with same-store sales down 1%. International revenue slid 7% on a local currency basis to $1.3 billion, leading the retailer to adjust its full-year forecast downward.

Atlanta -- Home Depot Inc. reported Tuesday that net income in the third quarter rose 12% to $934 million, compared with $834 million in the year-ago period. Storm-related repairs and spending on home projects gave the home-improvement retailer a third-quarter boost.

Revenue rose 4% to $17.33 billion from $16.6 billion last year, beating Wall Street’s expected $17.11 billion in revenue.

Same-store sales rose 4.2% globally and 3.8% in the United States.

New York City -- Saks Inc. reported Tuesday that profit for the quarter ended Oct. 29 slid to $17.8 million from $36.3 million a year earlier, still beating Wall Street expectations. Last year’s results were boosted by a large tax reserve-related gain.

Revenue rose 5% to $692.3 million from $658.8 million, surpassing analysts’ predictions of $690.6 million. Results were boosted by more full-price selling and fewer promotions.
 

HONOLULU — Walmart is firming its commitment to Asia Pacific economies, the company announced at the annual Asia Pacific Economic Cooperation (APEC) CEO Summit in Honolulu, Hawaii, Nov. 11 to 14. 

BOCA RATON, Fla. — Office Depot announced that Steve Schmidt has been named president international. Schmidt, who previously served as EVP corporate strategy and new business development, will continue to report to Neil Austrian, chairman and CEO of Office Depot.

Schmidt will oversee Office Depot’s multichannel (contract, direct and retail) international business that sells to customers directly or through affiliates in 56 countries outside of the U.S. and Canada.

PLANO, Texas — JCPenney, which reported sales and income decreases for the third quarter, has brought on two new executives to join fellow Apple alumnus, CEO, Ron Johnson. 

SECAUCUS, N.J. — The Children's Place Retail Stores has announced the appointment of Lori Tauber Marcus as SVP chief marketing officer, effective Nov. 16. She will be responsible for brand strategy, e-commerce, CRM, creative services, public relations, social media and visual merchandising. She will report directly to Jane Elfers, president and CEO.