International Business

It took a heightened level of promotional activity to drive marginally better than expected third quarter same store sales growth at Target’s U.S. stores while losses in Canada were less severe than the prior year.

Minneapolis — Target Corp. gained some momentum going into the holiday season with a third quarter that beat both Wall Street and internal expectations as sales as its U.S. stores exceeded estimates and its troubled Canadian division showed signs of improvement. Its results were also driven by increased promotional activity. This was Target’s first quarter under the leadership of CEO Brian Cornell, who replaced Gregg Steinhafel in August.   

Same stores sales declined again at Staples North American retail stores in the third quarter, but chairman and CEO Ron Sargent contends the company is gaining momentum on a reinvention strategy.

Sargent is being generous with his usage of the word momentum to describe the performance of the nation’s leading office supplies retailer. The third quarter revealed persistent weakness in retail operations and the international business offset by modest growth in the commercial business.

Mooresville, N.C. - Ross W. (Bill) McCanless will be joining Lowe’s Companies Inc. as general counsel, secretary and chief compliance officer, effective Jan. 12, 2015. McCanless will replace Gaither M. Keener, who announced plans to retire from the company following 30 years of service.

Brentwood, Tenn. - Tractor Supply Company plans to build a new distribution center in Casa Grande, Arizona. Located in the Central Arizona Commerce Park, the facility is expected to begin operating in the fourth quarter of 2015 and will be approximately 650,000-sq.-ft., with the potential to create more than 250 local jobs.
Tractor Supply Company's new distribution center will have the potential to service approximately 250 stores in the Southwest region. Currently, the company operates more than 1,360 stores in 49 states across the country.

The IKEA Group has made its largest investment ever in renewable energy by buying a 165-megawatt wind farm in Cameron County, Tex.

Plano, Texas – J.C. Penney Company Inc. has provided an equity inducement award of 2.07 million restricted stock units (RSUs) to Marvin Ellison, the company’s president and CEO-designee, in connection with his employment. Penney previously disclosed this award in connection with the announcement of Ellison`s appointment in October.

New York, N.Y. - Perceptions about private label are overwhelmingly favorable. Almost three-quarters of global respondents (71%) say store-brand quality has improved over time, according to a new study by Nielsen.
Price is a primary driver of purchase intent among 70% of global respondents, but quality is important, too. Two-thirds (67%) believe private labels offer extremely good value for money.