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Finance & Capital Management

  • Office Depot expands Caribbean presence

    BOCA RATON, Fla. — Office Depot announced that it is now expanding its retail store presence in the Caribbean territory as part of its franchise agreement with Benmore International.

  • August sales weather hurricane, low consumer confidence

    NEW YORK — Despite low consumer confidence, the volatile economy and a hurricane, many retailers reported better-than-expected sales in August. Hurricane Irene appeared to put a dent in the results of some retailers on the East Coast, but the storm did not appear to do as serious damage as some expected.

    Total retail sales rose 4.4%, just missing the 4.6% rise that Wall Street analysts had expected, according to Thomson Reuters. Of the 19 out of the 25 retailers that Thomson Reuters tracks, 11 beat expectations.

  • Lowe's makes hurricane-relief contribution

    MOORESVILLE, N.C. — Lowe's pledged $1 million to disaster relief and rebuilding efforts in communities affected by Hurricane Irene.

    “This has been a record-setting year for disasters across the country, and Lowe’s will continue to provide funding, supplies and volunteers whenever possible," said Robert A. Niblock, Lowe’s chairman, president and CEO.

  • Irene hits department stores in August; Macy’s still beats Street, Kohl’s and J.C. Penney fall short

    New York City -- Macy’s reported that its same-store sales rose 5% in August, beating estimates. The retailer said sales would have been higher by 1.5% points without the impact of Hurricane Irene. Industry analysts had warned that the storm would impact department stores and specialty retailers the most as consumers focused on buying generators and other emergency and recovery items versus back-to-school and discretionary products.

  • An untapped opportunity at Sam’s Club

    The leadership transition Costco announced this week was hardly unexpected considering outgoing CEO Jim Sinegal is 75, but it does underscore what arguably has been one of the greatest distinctions between Costco and Sam’s clubs for the past 25 years, namely the stability of senior leadership.

  • Seattle’s Best Coffee opens 12 stores

    Seattle -- Seattle's Best Coffee, which is owned by Starbucks, has opened 12 stores since April, bringing it to almost 100 locations in the United States and Canada. The expansion reflects the chain’s strategy to build upon the brand’s broad distribution network of franchised locations, company-operated stores, relationships with restaurant chains, and foodservice locations.

  • Walmart U.S. CEO rallies veterans to lead 'American Renewal'

    BENTONVILLE, Ark. — Walmart U.S. President and CEO Bill Simon addressed attendees at the American Legion's 93rd National Convention on Wednesday, telling fellow Americans, veterans and Legionnaires that Walmart would create jobs in the U.S. by hiring more than 15,000 people to work in about 100 new and expanded Walmart stores by fiscal year's end.

  • Lundgren named to board of Federal Reserve Bank of New York

    New York City -- Terry Lundgren, CEO of Macy’s, has been appointed to the Federal Reserve Bank of New York board of directors.

    Lundgren was appointed a class B director starting Aug. 31 for the unexpired porting of a three-year term ending Dec. 11, serving the remainder of GE CEO Jeffrey Immelt’s CEO term.
     

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