Financial/Banking

Amsterdam -- Royal Ahold NV reported Thursday that its third-quarter profit fell 4.4% to $315 million. The Dutch owner of the Stop & Shop and Giant supermarkets in the United States cited higher taxes for the performance decline.

Sales rose 11% to $9.12 billion.

U.S. same-store sales rose 1%. In the Netherlands, where Ahold operates the dominant Albert Heijn chain, same-store sales rose 4.5%.
 

Chesapeake, Va. -- Dollar Tree said Thursday that net income for the quarter ended Oct. 30 rose 37% to $93.2 million, from $68.2 million in the year-ago period.

Consolidated net sales for the third quarter were $1.43 billion, a 14.2% increase from $1.25 billion a year earlier. Same-store sales increased 8.7%.

During the third quarter, Dollar Tree opened 86 stores, expanded or relocated 27 stores, and closed two stores. The company currently operates 4,009 stores in 48 states.

Pittsburgh -- American Eagle Outfitters reported Thursday that net income for the quarter ended Oct. 30 was $33 million, compared with $59.2 million in the year-ago period. The drop was largely a result of investment losses and a prior-year tax benefit, and masked growth in sales and margins.

Total sales for the quarter increased to $752 million, compared with $736 million last year.

Same-store sales increased 1%.

Jacksonville, Fla. -- Stein Mart reported Thursday that net income for the quarter ended Oct. 30 was $4.3 million, compared with net income of $3.2 million a year earlier.

Net sales were $267.9 million, a decrease of 0.9% from $270.2 million in 2009. Same-store sales increased 0.3% for the quarter.

In the November issue of Chain Store Age (page 28), leasing specialist Bill Bosco discussed what is being called the biggest threat to retailers’ earnings: the Financial Accounting Standards Board’s (FASB) proposed new rules for lease accounting.

According to Bosco and other experts, the new rules will essentially turn operating leases into capital leases for accounting purposes, wreaking havoc on retailers’ bottom lines.

Natick, Mass. -- BJ's Wholesale Club reported third-quarter earnings Wednesday that beat Wall Street expectations on improved revenue from gas and merchandise rose. The warehouse club operator raised its earnings guidance for the year.

BJ’s net income rose to $23 million for the three months ended Oct. 30, up from $17.4 million a year ago.

Revenue rose 5% to $2.63 billion from $2.51 billion last year, just shy of the $2.64 billion expected by analysts. Same-store sales rose 2.5%, or 1.5% excluding gas sales.

San Jose, Calif. -- VeriFone Systems, a global leader in secure electronic payment solutions, and Hypercom Corp., the high-security electronic payment and digital transactions solutions provider, Wednesday announced a definitive agreement under which VeriFone will acquire Hypercom in an all-stock transaction valued at approximately $485 million, including net debt assumed by VeriFone.