International Business

Whether local or global, growth has been robust for 2014’s top third-party managers

The 26th annual survey of Fastest-Growing Managers surveys new domestic and international third-party management and leasing contracts obtained during the 2014 calendar year and ranks the top performers.

Lumber Liquidators reported a first-quarter loss of $7.8 million and announced that its CFO is resigning as allegations over the quality of its flooring continues to affect the company.

In the quarter, the company swung to a loss of $7.8 million, or 29 cents per share, compared to net income of $13.7 million, or 49 cents per share, a year ago. Revenue of $260 million in the period met analysts’ forecasts. 

Beijing, China -- Wal-Mart Stores Inc. unveiled plans to countermand slowed growth in China with 115 new stores in the country by 2017 and creating some 30,000 jobs. The announcement adds about 35 new stores to the retailer’s building plans as Wal-Mart previously targeted 480 total stores in China by 2016, up from around 400 now.

CEO Doug McMillon said in a statement that "China is a key strategic market for Walmart. Over the next three years we will increase investment across our diverse business operations in China.”

While other retailers try to hone their social media and omnichannel skills, Victoria's Secret is creating excitement once again the way it knows best: by announcing a new team of crystal-decorated, 6-inch-heel wearing models.

Walmart CEO Doug McMillon was in Beijing on Wednesday, where he put a finer point on a previously announced international expansion plan that will include a blend of 115 new stores, remodels and select closures in the world’s second largest economy.

McMillon and Walmart Asia CEO Scott Price participated in a press conference in Beijing, where the emphasis was on the retailer’s physical expansion in a market where overall economic rates of growth have been decelerating with little mention of e-commerce.

Toano, Va. -- Lumber Liquidators Holdings reported a first-quarter loss of $7.8 million, swinging from a profit of $13.7 million in the year-ago period and missing Wall Street expectations. Revenue of $260 million in the period met analysts’ forecasts.

The National Retail Federation issued a statement Wednesday supporting patent reform legislation seeking to protect retailers and other businesses from overly litigious patent trolls.

The CEO of Overstock.com says the majority of its sales are coming from mobile as the Internet retailer reported a $1.2 million decrease in profit for the first quarter.