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International Business

  • J.C. Penney completes new $1.25 billion credit facility

    Plano, Texas -- J. C. Penney Corp. has completed a new five-year $1.25 billion bank credit facility.

    The new facility replaces a $750 million credit facility that was scheduled to mature in April 2012 and provides further strength to the company's liquidity position. The facility may be used for general corporate purposes and will mature in April 2016.
     

  • OfficeMax Q1 profit falls 53%

    Naperville, Ill. -- OfficeMax said Thursday that its net income dropped 53% in the first quarter.

    Net income fell to $11.9 million from $25.4 million. Revenue fell 2.8% to $1.86 billion, though it beat analysts' estimates

    The company blamed bad weather, store discounts and "an unfavorable product sales mix shift" in the technology department. Revenue from direct sales to business customers fell more steeply than revenue in stores.

  • Safeway Q1 profit falls on tax charge

    Pleasanton, Calif. -- Taxes related to Safeway's effort to pay down debt reduced its first-quarter net income, but the company's adjusted results beat Wall Street's expectations as its revenue rose, the Associated Press reported.

    The company earned $25.1 million for the quarter, compared with $96 million a year earlier. This includes a tax charge related to a plan to pay down its U.S. debt with part of a $1.1 billion dividend in cash and debt from its Canadian operations.

  • Zale’s Canadian division signs agreement with Alliance Data

    Dallas -- Alliance Data Systems Corp., a provider of loyalty and marketing solutions derived from transaction-rich data, and Zale Corp., announced a national agreement between Alliance Data's Canadian coalition loyalty business and Zale Canada. The agreement provides for Zale's Canadian brands, Peoples Jewellers and Mappins Jewellers, to participate as the exclusive sponsors in the fine jewelry category in the Canadian Air Miles Reward Program.

  • Lots of talk, but where’s the action?

    Mike Duke presented at the Barclay’s conference Tuesday, and, as we predicted in last week’s WNN, he did not speak about first-quarter sales, which the company will report on May 17. Instead Duke focused on such broad goals as growth, leverage, but offered little detail on how the company plans to achieve them.

  • Wal-Mart CEO sees progress in turning around U.S. sales

    New York City -- Wal-Mart Stores is making progress bringing items and shoppers back to its U.S. stores, president and CEO Mike Duke said Tuesday at the Barclays Capital analyst conference in New York City. 

    Duke noted that improving the chain’s U.S. same-store sales remains its top priority. He said the chain is on its way to having the right assortment.

  • Coach Q3 profit boosted by strong sales in North America

    New York City -- Coach's third-quarter net income increased 18% amid higher demand in North America, which helped offset an estimated $20 million hit to its revenue from Japan's tsunami and earthquake. Same-store sales in North America rose 10.3%. Analysts said Coach’s results offered further proof that spending by affluent shoppers is back on track and rising faster than other segments.

    Net income rose to $186 million for the three months that ended April 2, up from $157.6 million a year earlier. Revenue rose nearly 15% to $950.7 million.

  • Mango to open in Manhattan

    New York City -- Spain’s fast-fashion Mango will open a store in Manhattan’s Herald Square vicinity in May.

    The retailer is taking over a 5,500-sq.-ft. space from Lane Bryant at 7 West 34th Street.
     

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