Budgets/Spending/Market Size

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.

Camp Hill, Pa. – Total drugstore sales at Rite Aid grew 4.9% to $1.99 billion in April 2014 from $1.9 billion the same month in the previous year. Same-stores sales for the month increased 5%.

Rite Aid cited the shift in Easter from March in 2013 to April in 2014 as helping to boost same-store front-end sales.

Despite what president and CEO Ajay Banga called a “mixed global economy,” MasterCard Incorporated kicked off the year with a strong quarter.

The company reported net income of $870 million, up 14%, and earnings per diluted share of $0.73, up 18%, in each case versus the year-ago period.

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.

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.

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.

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%.