International Business

New York -- GE Capital, Corporate Finance announced it is administrative agent for a $70 million asset-based credit facility for Le Château, a leading Canadian specialty retailer and apparel manufacturer. The loan will be used to refinance existing debt and support working capital needs.

First quarter sales at Amazon.com surged 34% to $13.2 billion during the first quarter ended March 31, but profits declined 35% to $130 million due to rising expenses related to growth initiatives.

Seattle -- Starbucks Corp.’s net income surged a better-than-expected 18% in its fiscal second quarter, as its store traffic increased in most parts of the world. The coffee giant also raised its forecast for the year on the results and said it was accelerating its growth.

For the three months ended April 1, the company earned $309.9 million, compared with a profit of $261.6 million in the year-ago quarter. Revenue rose to $3.2 billion, up from $2.79 billion a year ago. Same-store sales increased 7%.

HUNTINGTON BEACH, Calif. — Quiksilver, the manufacturer of outdoor sports apparel, has appointed Richard Shields as CFO, effective May 11. Shields will be responsible for all areas of the company’s finance and accounting on a global basis.

New York -- VF Corp. said Friday that its first-quarter profit rose 9%, helped by last year’s acquisition of Timberland and global demand for its brands from North Face to Vans.

Net income rose to $215.2 million, from $200.7 million a year earlier. Revenue was up 31% to $2.56 billion.
 

First quarter sales at the leading online retailer surged 34% to $13.2 billion during the first quarter ended March 31, as the company continues to enjoy a huge competitive advantage by allowing customers to avoid paying sales tax.

Despite surging sales, net income at the company declined 35% to $130 million or 28 cents a share, compared with $201 million or 44 cents a share the prior years. Operating income also declined considerably, dropping to $192 million in the first quarter compared with $322 million in first quarter 2011.

With all sorts of media outlets riding the coattails of the New York Times investigative reporting on Walmart’s alleged bribery of Mexican officials and subsequent cover up, Forbes asked the logical question of whether paying money to government officials to get things done in Mexico is even illegal under the U.S. Foreign Corrupt Practices Act. Read more.



 

By now anyone who receives this weekly newsletter has heard or read something about Walmart’s alleged Mexican bribery scandal and cover up.