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Finance & Capital Management

  • Lowe's produces high Q1 profits

    In a quarter of strong home improvement demand, Mooresville, North Carolina-based Lowe’s reported net earnings of $884 million for the quarter ended April 29, a 31.4% increase over the same quarter lat year. Sales for the quarter increased 7.8% to $15.2 billion. Comp-store sales increased 7.3% overall, and increased 7.5% for the U.S. business.

  • Retail association calls new overtime laws a “career killer”

    The nation’s two leading retail associations issued critical statements in response the release of the overtime rule by the U.S. Department of Labor. Under the new regulation, issued by the Labor Department on Wednesday, most salaried workers earning up to $47,476 a year must receive time-and-a-half overtime pay when they work more than 40 hours during a week. The previous cutoff for overtime pay, set back in 2004, was $23,660.

  • C-Suite: Steve Tanger on the outlook for outlet centers

    Tanger Factory Outlet Centers operates, owns or has an ownership interest in 42 shopping centers nationwide that encompass 14.3 million square feet. The company’s centers are home to more than 3,000 stores operated by 470 different retailers, which affords Tanger President and CEO Steve Tanger a unique vantage point on the retail industry. He spoke recently with Chain Store Age about the outlet shopping industry his father pioneered 35 years ago.

  • Index: Promotional intensity causing Q1 profit pressures

    Retailers’ margins could be under pressure during the first quarter as a new index tracking promotional selling shows full price sales have declined and promotional activity has increased.

    Retailers are relying heavily on discounts and promotions so for this year, continuing the trend from the 2015 holiday season of pulling the promotional lever far too often, according an analysis of $5 billion in consumer transactions from January through March conducted by DynamicAction.

  • McKesson, Walmart team on generics sourcing, extend distribution agreement

    McKesson and Walmart on Monday announced a new generics sourcing agreement Monday alongside and extended distribution contract between the two companies. In a move aimed at improving value and scale for both parties, the agreement will see Walmart and McKesson jointly sourcing generics for their U.S. operations. 

  • Tiffany on hunt for new CFO

    The chief financial officer of Tiffany & Co. is stepping down. The high-end jeweler disclosed in a regulatary filing that CFO Ralph Nicolette is resigning, effective May 20, 2016. Nicolette, who was appointed to the position In April 2014, is leaving to become CFO of consumer products company Newell Brands Inc. (Newell was formerly known as Newell Rubbermaid.) Prior to Tiffany, Nicolette was CFO of Cigna Corp., and Alberto Culver.

  • Mixed bag for Penney: Sales fall, but profit tops forecasts

    J.C. Penney continued a pattern set by Macy’s, Kohl’s and Nordstrom and reported dismal first quarter sales as traffic declined. Penney’s sales for the quarter fell to 1.6% to $2.81 billion, below analysts’ forecasts of $2.92 billion, from $2.86 billion in the year-ago quarter, as traffic declined and cool weather dampened demand for apparel. Same-store sales slipped 0.4%.

  • Trump: Amazon has “huge” antitrust problem

    Presumptive Republican presidential nominee Donald Trump is no fan of Amazon, its founder and CEO Jeff Bezos, and The Washington Post, which Bezos also owns. Trump told Fox News personality Sean Hannity that "Amazon is getting away with murder, tax-wise. He's using The Washington Post for power so that the politicians in Washington don't tax Amazon like they should be taxed.”
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