International Business

The holiday season started strong at Costco where U.S. same store sales advanced 7 percent during the company’s first quarter ended Nov. 23.

Total company sales during the period increased 7 percent to nearly $26.3 billion from $24.5 billion. Membership income grew slightly slower, advancing 6 percent to $582 million. Same stores sales excluding the effects of the strengthening U.S. dollar and fuel price deflation were 7 percent and U.S. and international locations.

BENTONVILLE, Ark. — Walmart Stores on Wednesday announced that Judith McKenna has been promoted to COO for Walmart U.S. McKenna succeeds Gisel Ruiz, who has been appointed EVP of Walmart’s International People Division.    McKenna will assume her responsibilities immediately and will continue to report directly to Walmart U.S. president and CEO, Greg Foran. Ruiz will also assume her responsibilities immediately and will report to Walmart International president and CEO, David Cheesewright.   

DEERFIELD, Ill. - Walgreens president and CEO Greg Wasson informed the company’s board of directors that he will retire shortly after the completion of the merger between Walgreens and Alliance Boots, of which shareholders are scheduled to vote on Dec. 29, 2014.    

Bentonville, Ark. - Wal-Mart Stores has promoted Judith McKenna to COO for Walmart U.S., effective immediately.  She succeeds Gisel Ruiz, who has been appointed executive VP of Walmart’s International People Division, effective immediately.    McKenna  will continue to report directly to Walmart U.S. president and CEO, Greg Foran. Ruiz will report to Walmart International president and CEO, David Cheesewright. 
  

Chicago - Nearly half of CFOs expect the U.S. economy to improve during the next six months and only 9% expect it to worsen, according to the Grant Thornton LLP 2014 Fall CFO Survey. The biannual survey reflects the insights of more than 1,000 CFOs and other senior financial executives across the United States.  

New York - In an abrupt move, Michael Jefferies, the longtime and often controversial chief of Abercrombie & Fitch, has retired as CEO and stepped down from the company’s board, effective immediately. His retirement caught the industry by surprise, particularly since it comes in the middle of the crucial holiday selling season.    

The nation’s leading automotive retailer credited investments in inventory and favorable weather with helping it achieve its 33rd consecutive quarter of double digit earnings growth.

The company said sales for its first quarter ended Nov. 22 increased 8 percent to $2.3 billion while same store sales increased 4.5 percent. Profits for the period increased 9.3 percent to $238.3 million while earnings per share advanced 15.6 percent to $7.27 and were aided by the company’s repurchase of 571,000 shares.

New York  - New York, Chicago, Las Vegas, Miami and San Francisco rank at the top of the list, reporting the highest luxury sales in per square foot,  according to JLL’s “The New World of Retail Report.”  But while core metro areas ranked at the top of the list of preferred locations, several emerging retail markets like Dallas, Houston and Orlando possess the attributes for longer term success driven by ongoing population and income growth.