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Hurricane Sandy reduces retail sales by nearly 20%
New York -- Hurricane Sandy is being held responsible for reducing U.S. retail sales in the Mid-Atlantic and Northeast region by about $4 billion last week, according to MasterCard Advisors SpendingPulse.
According to the report, the region, which accounts for about 24% of retail sales nationwide, typically generates $18.7 billion in sales for that particular week ended Saturday, the Associated Press reported. But revenue came in at about $15 billion. (The figures exclude auto sales.)
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Office Depot swings to loss in Q3, but results beat Street
Boca Raton, Fla. -- Office Depot Inc. reported Tuesday a loss of $61.9 million for the third quarter, compared with net income of $100.9 million in the same period last year. Results still edged analysts’ expectations.
Revenue dropped 5.1% to $2.69 billion, missing Wall Street’s expected $2.89 billion revenue mark.
Revenue for the office supply chain has fallen for the past three quarters.