Financial/Banking

Washington, D.C. -- Household purchases unexpectedly fell 0.1% in July, after rising 0.4% the prior month, according to figures released by the Commerce Department. It was the first drop in six months. On a more positive note, confidence among households hit a seven-year high in August, according to the Thomson Reuters/University of Michigan's consumer sentiment index.

The Woodlands, Texas - Conn’s Inc. missed Wall Street expectations for profits in the second quarter of fiscal 2015, as net income dropped 8% to $17.65 million from $19.16 million. In addition to charges related to facility closures, a significant increase in delinquent customer debt in the company’s credit segment negatively impacted net income results.

Meanwhile, total revenues soared 30% to $352.96 million from $270.69 million. Same-store sales rose 11.7%.

The strategy at Conn’s to grow sales of its most profitable product lines have proved successful for the specialty retailer, which marked its 12th consecutive quarter of increasing same-store sales. But overall results were unsatisfactory, because provisions for credit losses were higher than expected, resulting in portfolio performance deterioration.

Goodlettsville, Tenn. -- The battle for Family Dollar moved into higher gear on Tuesday with Dollar General raising its bid for Family Dollar to $9.1 billion, or $80 per share, up from $78.50 per share in its previous offer. Dollar General also warned that it would attempt a hostile bid if Family Dollar refused to enter into talks regarding the new offer.

New York – A Credit Suisse analyst is reportedly recommending that Staples and Office Depot, itself recently merged with Office Max, merge. According to Investors Business Daily, Credit Suisse analyst Gary Balter made the suggestion in a note sent to clients on Tuesday, Sept. 2.

The Family Dollar board is under new pressure to walk away from a deal with Dollar Tree after Dollar General further increased an already more generous counter offer.

Early Monday Dollar General increased its all cash offer to $80 a share from $78.50 a share and increased the number of stores it said it would be willing to divest to 1,500 from 700. The company also said it would be willing to pay Family Dollar a $500 million reverse break-up if the deal failed to secure antitrust clearance.

Cincinnati -- Mid-America Real Estate Corporation’s Investment Sales team recently brokered the sale of Buttermilk Towne Center in Crescent Springs (Cincinnati MSA), Kentucky. The 277,533-sq.-ft. center was purchased by Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust for $42 million.

Atlanta – The Home Depot Inc. is the latest retail chain to investigate a possible credit card data breach.  

“I can confirm we are looking into some unusual activity and we are working with our banking partners and law enforcement to investigate,” said Home Depot spokesperson Paula Drake in a prepared statement.