FINANCE

Walgreens Boots Alliance reported climbing sales and profits in a generally successful third quarter of fiscal 2016.  

Dick’s Sporting Goods was the victor on Thursday at the bankruptcy auction for former rival Sports Authority Holdings.    Dick’s bid $15 million for the brand name and other intellectual property, beating British-based Sports Direct International PLC’s $13 million bid, according to the Wall Street Journal.      Dick’s also had the winning bid at the auction for 31 Sports Authority store leases, for an additional $8 million, the report said.  

Parents are increasing their back-to-school budgets, although overall spending is stagnant compared to recent years.   According to a new survey of 1,830 U.S. parents of elementary through college students by Mintel, 52% of respondents plan to spend more on back-to-school (BTS) shopping than in 2015. Only 4% plan to spend less, with 44% planning to spend the same. However, overall planned BTS spending dropped to $68 billion in 2015 after ranging from $73 - $76 billion annually from 2010-2014.  

Home décor retailer Pier 1 Imports swung to a loss in its first quarter amid heavy promotions caused by weak sales.   The chain reported a loss of $6 million for the quarter ended May 28, compared to net income of $6.9 million in the year-ago period.   Revenue fell 4.2% to $418.4 million in the quarter, also less than expected. Same-store sales were down 2.5%.  

Restructuring costs helped increase fourth quarter net loss at Barnes & Noble Education Inc. to $2.8 million from $300,000 in the fourth quarter of fiscal 2015.   Not all the fourth quarter fiscal news was negative, however. Total sales rose 8% to $294.8 million from $274 million, aided by a 4.5% increase in same-store sales.  

The recent vote by the United Kingdom to leave the European Union will have the biggest retail impact on companies that have high U.K. exposure, including U.S. off-price giant TJX Cos., MarketWatch reported.    Swedish fast-fashion giant H&M is also among the retailers to be most impacted. The United Kingdom is the company’s third largest market, behind Germany and the United States. 

So far, bidding on the 464 stores of bankrupt sporting goods retailer Sports Authority has been limited. According to Reuters, Dick’s Sporting Goods has placed a bid on 17 Sports Authority stores, with other bidders only attempting to purchase single locations. 

The National Retail Federation (NRF) is publicly supporting a tax reform proposal released today by House Ways and Means Committee Chairman Kevin Brady, R-Texas.  

Nordstrom  plans to shutter its location at Horton Plaza, in downtown San Diego.  The store, which opened in 1985, will remain open through August 26, 2016.   "These are always tough decisions to make, but in taking a look at the store's performance and our business needs into the future, we believe this is the best direction to take," said Jamie Nordstrom, president of stores for Nordstrom. "We look forward to serving our loyal Horton Plaza customers at our other San Diego stores.”  

J.C. Penney announced a positive development on the financial front.   The department store retailer announced it has successfully completed refinancing its $2.25 billion five-year senior secured term loans, which should generate about $24 million in interest expense savings.