Skip to main content

FINANCE

  • GNC to sell 84 corporate-owned stores to a franchise powerhouse

    One of the nation’s largest franchisees will soon also be operating GNC stores.

    Moving ahead with its plan to reduce its corporate-owned store footprint, GNC announced plans to sell 84 company-owned locations to Dallas-based Sun Holdings for about $17 million. The retailer revealed the sale amid disappointing first quarter results.

  • Sports Authority to liquidate

    It’s closing time for Sports Authority, which is giving up on reorganization.

    An attorney for the sporting goods retailer told the judge in bankruptcy court on Tuesday that the company is no longer pursuing reorganization and exiting Chapter 11. Instead, it will look for buyers to purchase some or all of its remaining stores.

    “It has become apparent that the debtors will not reorganize under a plan but instead will pursue a sale,” company attorney Robert Klyman said in court.

  • Coach Q3 profit tops estimates; COO out in job reduction

    Coach on Tuesday reported its first growth in quarterly profit in three years. The retailer also announced a series of management changes and corporate job reductions resulting in a pre-tax charge of about $65 million to $80 million in the fourth quarter.

    Coach said it would cut an unspecified number of corporate jobs, and announced that president and COO Gebhard Rainer and global marketing president David Duplantis would leave the company.

  • Office Depot earnings, sales derailed by stalled Staples merger

    Office Depot put the blame for disappointing first-quarter financial results on its delayed buyout by Staples.

    "The protracted regulatory review of the pending Staples acquisition continues to have a substantial disruptive impact on our business," stated Roland Smith, chairman and CEO, Office Depot. “Our North American Business Solutions Division and International Division are more impacted by this disruption and accordingly, both failed to meet our sales and profit expectations this quarter.”

  • SuperValu beats Q4 profit; sales fall at Save-A-Lot

    SuperValu Inc. on Tuesday reported fiscal fourth-quarter profit that beat expectations. But in a setback to plans to spin-off its deep-discount banner, same-store sales fell 2.2% at Save-A-Lot.

    SuperValu earnings in the quarter increased to $52 million, or 20 cents a share, up from $39 million, or 14 cents a share, a year earlier. Excluding debt refinancing, store closures and expenses related to the potential Save-A-Lot spinoff, adjusted per-share earnings rose to 23 cents.

  • Aeropostale gets delisted from NYSE

    Troubled teen retailer Aeropostale Inc. has been dealt another blow.

    On Friday, the New York Stock Exchange suspended trading of the retailer’s stock with immediate effect, due to an "abnormally low" trading price.

    Aeropostale does not intend to appeal the delisting. It said its shares will instead be traded on the OTCQX Best Market, an over-the-counter market operated by OTC Markets Group Inc. The new ticker is "AROP".

  • Starbucks brews hot and cold in Q2

    Starbucks Corp. reported profit for the second quarter that exceeded expectations, but it disappointed on sales. The chain also offered a third-quarter earnings outlook that was shy of forecasts.

    For the quarter ended March 27, Starbucks reported $4.99 billion in sales, up 9% from $4.56 billion in the year-ago period. Although sales set a new record for a non-holiday quarter, they but still fell short of analyst estimates of $5.03 billion.

    Net income rose 18% to $575.1 million on strong U.S. sales.

  • Tractor Supply digs up profitable Q1

    Brentwood, Tennessee-based rural lifestyle chain Tractor Supply Company saw net income, net sales and same-store sales all rise in the first quarter of fiscal 2016, compared to the prior-year period.

    Net income increased 17% to $67.7 million from $58 million, despite a 10% increase in selling, general and administrative (SG&A) expenses to $386.2 million from $351.8 million. Higher gross profit and pretax income helped boost net income.

X
This ad will auto-close in 10 seconds