Finance & Capital Management

Costco Wholesale Corp. came roaring back in its third quarter as it topped analysts' earnings and sales expectations amid strong U.S. sales.   

Staples Inc. has rejected a buyout offer.   The company turned down a takeover offer from Cerberus Capital Management, saying it was too low, Bloomberg reported. However, another private equity firm, Sycamore Partners, is still in the running to acquire Staples.      The bid from Cerberus valued the retailer at more than its current market value of about $5.8 billion, according to Bloomberg.   

As the International Council of Shopping Centers shut the doors on its RECon show in Las Vegas this week, Chain Store Age asked top brokers and third-party managers for their take on the temperature of physical retail. Not quite sick, not quite well, but certainly out of rehab and hard at work on recovery, was the general diagnosis.  

There was a glimmer of good news in Sears Holdings Corp.'s first quarter earnings report.    

Dollar Tree's profit declined in the first quarter amid an impairment charge related to its divesture to Dollar Express.   

Demand for gaming and mobile products boosted Best Buy’s first-quarter comparable sales, as the retailer beat the Street on profit and sales.   Best Buy revenues rose 1% to $8.53 billion for the period ended April 29, 2017, beating analysts’ estimates of $8.28 billion, from $8.44 billion in the year-ago period. Net income fell to $188 million, or 60 cents a share, easily beating the Street and down from $229 million, or 70 cents per share a year earlier when it benefitted from some settlement proceeds.   

A strong performance by Hollister helped Abercrombie & Fitch Co. beat first quarter sales and earnings expectations even as its namesake brand continues to struggle.    The teen apparel retailer's better than expected quarterly showing comes as speculation about its future heats up. Abercrombie previously confirmed it is in preliminary discussions with several parties regarding a sale of the company. 

As many mall-based specialty retailers continue to struggle, off-pricers continue to flourish and expand. And Burlington Stores is no exception.   Burlington's net income in the quarter, ended April 29, increased to $52.4 million, or $.73 per diluted share, which beat Wall Street expectations of 70 cents. In the year-ago period, the retailer reported net income of $37.5 million.   

The retail industry's two major organizations are applauding reports that the House will drop efforts to repeal debit card swipe reform.   

Amid slumping first quarter sales, Signet Jewelers on Thursday announced the first phase of the strategic outsourcing of its in-house credit program, in partnerships with Alliance Data and Progressive Leasing, a subsidiary of Aaron's.