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Alibaba’s surging e-commerce sales boost June quarterly earnings
Alibaba Group’s e-commerce business’ profit increase contributed to a blockbuster quarter for China’s top online player. For the period ended June 30, China’s largest online retailer reported total revenue of 50.1 billion RMB ($7.1 billion U.S.), an increase of 56% year-over-year. This beat analysts' estimates of 47.7 billion RMB, according to Thomson Reuters. Net income was 14 billion RMB $2 billion U.S.). -
Value-apparel retailer posts Q2 loss; pulls back on expansion
The Cato Corp. swung to a loss in the second quarter amid continuing negative sales trends. The apparel retailer reported a net loss of $0.9 million, or a loss of $0.03 per diluted share, for the quarter ended July 29, compared to net income of $15.9 million, or $.57 per diluted share, for the year ago period. Sales for the second quarter fell 13% to $205.0 million, down from $236.7 million last year. Same-store sales plunged 14%.