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Mass Merchant

  • RetailMeNot survey: Most shoppers plan to spend same or more on Black Friday

    Austin, Texas -- Online coupon site RetailMeNot.com on Friday released its second annual Black Friday edition of the Shoppers Trend Report, which showed that 71% of holiday shoppers plan to spend “about the same” or “more” than they spent last year versus 63% who said "about the same" or "more" in 2011.

  • Wal-Mart foreign bribery investigation expands

    New York -- Wal-Mart Stores reported in a regulatory filing that its investigation into violations of the Foreign Corrupt Practices Act, a federal antibribery law, has extended beyond Mexico to China, India and Brazil.  

  • Work more, save more – Walmart extends worker discounts

    Walmart has taken heat for violating some unwritten retail rule about not opening on Thanksgiving, but on Thursday it extended a benefit that many employees will find appealing.

    Walmart has long offered employees a 10% discount on general merchandise, which is pretty hefty considering prices are already low. That discount is in place all year and then in December employees could also save 10% on food.

  • Report: Wal-Mart files unfair U.S. labor practice charge against union

    Bentonville, Ark. -- Wal-Mart Stores Inc. on Thursday filed an unfair labor practice charge against the United Food and Commercial Workers International Union, requesting that the National Labor Relations Board halt alleged unlawful attempts to disrupt Wal-Mart’s business.

    Wal-Mart spokesman David Tovar told Reuters that the retailer cannot allow the UFCW to “continue to intentionally seek to create an environment that could directly and adversely impact our customers and associates. If they do, they will be held accountable,” he said.

  • Hot Topic profit jumps in Q3

    City of Industry, Calif. -- Hot Topic Inc. reported Wednesday that profit for the third quarter jumped 38% to $4.3 million, from $3.1 million in the year-ago quarter.

    Revenue edged up 2% to $179.4 million from $175.8 million, missing Wall Street’s expected $182.9 million in revenue.

    Same-store sales rose a slight 0.2%.

  • Target well-positioned for holidays too

    A 2.9% third quarter same store sales increase and the sale of its credit card business pushed Target’s third quarter profit up 17.6% to 96 cents a share.

    Total sales increased 3.4% to $16.6 billion in third quarter due to the 2.9% comp increase and the benefit of a net increase of 18 stores compared to the prior year. Target ended the period with 1,781 stores and was up against a challenging prior year comparison when comps advanced 4.3%.

  • Walmart Q3 sales miss Street, profit rises year-over-year

    Bentonville, Ark. -- Wal-Mart Stores Inc. reported Thursday net income of $3.64 billion for the quarter ended Oct. 31, up from $3.34 billion in the year-ago period.

    Sales rose 3.4% to $113.20 billion, as U.S. sales beat internal expectations but overall missed Wall Street’s expected $114.96 in revenue.

    Wal-Mart U.S. saw same-store sales rise 1.5%, marking the fifth consecutive quarter of same-store sales growth after nine straight quarterly declines. At Sam’s Club, same-store sales rose 2.7%, excluding fuel.

  • Sears loss widens

    Hoffman Estates,Ill. -- Sears Holdings Corp.'s third-quarter loss widened amid declining sales and higher tax expenses.

    For the quarter ended Oct. 27, Sears reported a loss of $498 million, compared with a year-earlier loss of $421 million.

    Revenue slipped 5.8%, to $8.86 billion, primarily due to the effect of having fewer Kmart and Sears stores in operation and lower domestic comparable store sales for the quarter.

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