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Wal-Mart to move forward with Massmart purchase in South Africa
Johannesburg, South Africa -- A South African regulatory body gave Wal-Mart permission on Friday to move ahead with its $2.2 billion purchase of South African chain Massmart.
The Competition Appeal Court upheld a ruling last year by the Competition Tribunal, but did require a study to determine a path to protect small producers who might not be able to compete with foreign producers from whom Wal-Mart can import cheaper goods.
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Williams-Sonoma Q4 profit up 8%; announces resignation of COO/CFO
San Francisco -- Williams-Sonoma Inc.’s fiscal fourth-quarter net income rose 8%, boosted by strong performances from its Pottery Barn and West Elm brands. The company also announced that COO and CFO Sharon McCollam, 48, has retired.
Although the home-furnishings retailer’s results beat Wall Street estimates, it offered fiscal 2012 earnings guidance that was slightly below what analysts expect. Its revenue forecast for the year was above analysts' estimates.