Finance & Capital Management

Consumer confidence increased in August to the second highest level since late 2000.    The Conference Board's Consumer Confidence Index rose to 122.9 in August, up from 120 in the prior month. Economists had expected the index to rise to 122.5 in August.    The Present Situation Index increased from 145.4 to 151.2. The Expectations Index rose marginally from 103.0 last month to 104.0.  

Best Buy reported better-than-expected profit and sales for its second quarter amid growth for smartphones, connected home and wearable devices. But the retailer added a slight caveat going forward.   Best Buy's same-store sales rose 5.2% in the quarter ended July 29, easily topping analysts’ estimates for a 2.1% gain. But on the chain's quarterly call with analysts, CEO Hubert Joly said that he did not think that the mid-single-digit rise in comparable sales would continue, and that it did not represent a "new normal."

The nation's largest discount retailer of perfumes and specialty celebrity and designer fragrances has filed for bankruptcy protection with a goal of moving its business forward — and closing more stores.    

The Finish Line's board on Monday adopted a shareholders right plan as the retailer warned of a grim second quarter and a steep decline in sales and profits for the year.    

Hurricane Harvey, the first Category 4 Hurricane to make U.S. landfall since Charley in 2004, is poised to have the same, if not larger, economic impact.  

Abercrombie & Fitch Co. is entering a new market in the Middle East.    The teen retailer announced that, in partnership with Dubai-based Majid Al Futtaim, it will open the first Abercrombie & Fitch store in Saudi Arabia, at the Red Sea Mall in Jeddah. The store is part of the previously announced franchise agreement between Majid Al Futtaim Fashion and Abercrombie.  

The Randall Park Mall outside of Cleveland was part of retail history in the mid-70’s when it debuted as “The World’s Biggest Mall.” Now the site becomes woven into the retail narrative of the 21st Century.  

A wellness retailer is making is easier for its Chinese shoppers to make online purchases.   By partnering with Alipay, GNC Holdings is enabling all registered users of the payment platform in China to purchase vitamins, supplements, minerals, herbs, sports nutrition, diet, and energy products on its e-commerce site. Besides being a leading online payment provider in China, Alipay has 520 million registered users that access the platform to make online and mobile payments.