Budgets/Spending/Market Size

St. Louis -- Build-A-Bear Workshop Inc. reported a better-than-expected profit of $5.03 million for the first quarter, up from $13,000 a year before.

The company posted total revenue of $97.9 million, slightly below analysts expectations of $98.7 million, down from $ 104.3 million in first quarter 2013.

During the quarter, the company closed seven stores, ending the period with 316 company-owned stores.

Kellogg Company said that its first-quarter results for earnings per share were greater than the company's expectations, while results for operating profit were in-line with expectations, thanks in part to Project K — the company’s global cost-cutting initiative.

Net sales for the quarter decreased 3.1% to $3.7 billion. Internal net sales, which exclude the effects of foreign currency translation, acquisitions, dispositions and integration costs, decreased 2.4% over the same period.  

New York -- A bid to raise the federal minimum wage was rejected by Republicans in the Senate, who blocked legislation Wednesday to boost the rate to $10.10 an hour. Senators predominantly voted across party lines, which places Democratic senators in favor and Republican senators opposed.

The defeat was expected, and it is expected to serve as a rallying cry for Democrats preparing their next campaign.

Minneapolis – Tile Shop Holdings Inc. reported net income of $3.7 million in the first quarter of fiscal 2014, a substantial improvement from a net loss of $44.7 million in the same quarter a year earlier. The retailer plans to open 20 new stores during fiscal 2014.

Irving, Texas – Net income at Michael’s Stores Inc. soared 36% to $143 million in the fourth quarter of fiscal 2013 from $105 million in the same quarter the previous year. Net sales grew 2% to $1.55 billion from $1.52 billion and same-store sales rose 4.2%.

Michael’s credited a 53rd week in fiscal 2013, as well as increases in average ticket size and transactions, as driving its fourth quarter performance.

Washington, D.C. - Consumers this year will celebrate Mother’s Day keeping practicality in mind. According to NRF’s 2014 Mother’s Day Spending Survey conducted by Prosper Insights & Analytics, Americans will spend an average of $162.94 on Mother’s Day in 2014, down 3.5% from a survey high of $168.94 in 2013. Total spending is expected to reach $19.9 billion.

Dallas – The global mobile commerce market will grow from $116.1 billion in 2014 to $467.3 billion in 2019. According to a new report from MarketsandMarkets, in terms of geographies, North America and Europe are expected to be the biggest markets in terms of revenue contribution, while Asia-Pacific and Middle East-Africa are expected to experience increased market traction during the forecast period.

Atlanta – Severe weather had a negative impact on financial performance at Aaron’s Inc. during the first quarter of fiscal 2014. Compared to the same period a year earlier, Aaron’s net earnings declined 25% to $38.3 million from $51 million.

Revenues dropped 1% to $585.4 million compared to $593.0 million for the first quarter in 2013. Same-store sales shrank 2.1%.