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FINANCE

  • Canadian c-store giant buying up more U.S. stores

    On the heels of the biggest deal in its history, Canada’s Alimentation Couche-Tard Inc. has entered into yet another deal to expand its U.S. footprint.   The retailer has signed an agreement to buy 53 stores in Louisiana, primarily in the Baton Rouge market, from American General Investments and North American Financial Group for an undisclosed price.    

  • Big Lots profit tops Street; raises forecast

    Big Lots Inc. isn’t letting soft sales in the second quarter damper its outlook. Instead, the retailer raised its profit forecast for the year.   The discounter on Friday reported fiscal second-quarter net income of $22.7 million, which surpassed analysts’ expectations, from $17.64 million in the year-ago period.   Revenue totaled $1.2 billion in the period, which missed Street forecasts. Same-store sales inched up 0.3%.  

  • Arts and crafts giant cuts sales outlook

    Michaels Cos. said increased spending cut into its bottom line in the second quarter. The chain lowered its same-stores outlook for the rest of the year, citing a “choppy” retail environment.    For the quarter ended July 30, the company posted a profit of $35.6 million, compared with $35.7 million in the year-ago period, amid spending to integrate recently-acquired arts and craft wholesaler Lamrite West and the timing of distribution expenses.  

  • Dollar General Q2 sales fall short

    Dollar General Corp. reported lower-than-expected revenue for the second quarter amid increasing competition and reduced food stamp coverage.   The company’s net income was $306.52 million, or $1.08 per share, in the quarter, compared to net income of $282.35 million, or $0.95 per share, in the year-ago period.   Net sales increased 5.8% to $5.39 billion, compared to $5.10 billion last year.   

  • Unexpected drop for Signet Jewelers

    Signet Jewelers Ltd. reported its first drop in same-store sales in six years in its second quarter as the company continues to deal with rumors that it swapped expensive diamonds for cheaper stones.   Signet, whose banners include Zale, Kay Jewelers and Jared, posted a 2.3% drop in same-store sales in the quarter ended July 30. Wall Street analysts had expected a slight increase.   Net sales fell 2.6% to $1.37 billion.  

  • Sears’ losses mount in Q2; accepts loan from Eddie Lampert

    Sears Holdings Corp. swung to a loss amid declining sales in the second quarter, and chairman and CEO Eddie Lampert stepped in with more financing for his embattled company.   Sears said it had accepted a $300 million debt-financing offer from Lampert’s hedge fund, ESL Investments Inc. The loan is secured by a junior lien against Sears's inventory, receivables and other working capital.  

  • Dollar Tree Q2 sales disappoint

    A little over one year since it acquired rival Family Dollar, Dollar Tree reported revenue that missed Wall Street expectations amid lower customer traffic.     Dollar Tree and other discounters are also feeling the impact of a recent change by some states regarding the criteria for the Supplemental Nutrition Assistance Program (SNAP), which has made thousands of households ineligible for benefits.      

  • Ulta beats Street — again; Q2 sales jump 30%

    Ulta Beauty on Thursday posted another spectacular quarter amid surging sales. It was the ninth consecutive quarter that the beauty retailer topped expectations.    Ulta reported net income for the quarter, ended July 30, rose 21.3% to $90.0 million compared to $74.2 million in the year ago period.    Net sales increased 21.9% to $1.07 billion from $877.0 million in the year-ago quarter.   
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