Finance & Capital Management

There were no new surprises during November regarding prices at Walmart, but then that is to be expected. The everyday low price strategy to which Walmart has a newfound adherence is boring and that’s the way the company and presumably its customers like it.

Jacksonville, Fla. -- Stein Mart Inc. reported Friday that its third-quarter loss widened after correcting for a computer problem that caused an error in prior results.

The retailer posted a revised loss of $3.1 million for the quarter, instead of the $1.8 million loss previously reported. That loss compares to a profit of $4.3 million in the year-ago quarter.
 

New York — Finish Line Inc.'s third-quarter earnings rose 35% amid rising digital sales and higher demand for running and basketball gear. The chain has reported nine consecutive quarters of same-store sales growth, including a 7.7% jump in the latest period.

For the quarter ended Nov. 26, the company posted a profit of $5.5 million, up from $4.1 million a year earlier. Revenue increased 8.1% to $282 million. Digital sales jumped 61%, following similar increases in the first two quarters of the year.

RICHMOND, Va. — Amazon.com announced that it plans to open two fulfillment centers in Virginia, investing a total of $135 million. The company said it will invest $85 million and create more than 1,000 jobs in Chesterfield County, and invest $50 million in Dinwiddie County, creating more than 350 jobs.

“We look forward to opening two new Amazon facilities in the Richmond area next year, bringing tens of millions of dollars and hundreds of new jobs to the state,” said Dave Clark, VP Amazon North American Operations.
 

WHITE PLAINS, N.Y. — Heineken has announced the appointment of Stacey Tank as SVP corporate relations. She will begin her role on Jan. 3, 2012.

Tank joins Heineken USA from General Electric, where she most recently led corporate relations for “Healthymagination” – GE’s $6 billion commitment to bringing better health to more people. Additionally she led the launch of a $1 billion global cancer campaign in September 2011, which included a $100 million open innovation challenge around breast cancer diagnostics.

Last fall, Los Angeles-based mega mall owner Westfield Group announced it had partnered with tvsdesign on an innovative Web-based solution that would transform the art of common-area interior design into a more consistent and reliable science.

By Craig Johnson

Despite being only the penultimate Saturday before Christmas, 2011’s “Super Saturday” December 17 broke the all-time record for holiday spending, with an estimated $26 billion in total retail sales, according to retail consultancy Customer Growth Partners. The total was just shy of the record $27 billion spent on Black Friday.

NEW YORK — U.S. consumer confidence rose more than forecast in December, to a six-month high, amid declining unemployment and lower gas prices.  The Thomson Reuters/University of Michigan consumer sentiment index climbed to 69.9 from 64.1 at the end of November.   The metric averaged 89 points in the five years leading up to the recession.