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Wal-Mart Stores’ profit falls 4.2%, but U.S. sales on the rise
Bentonville, Ark. -- Wal-Mart Stores Inc.'s fiscal fourth-quarter profit dropped 4.2% on higher costs, but its U.S. business continued to draw in more shoppers.
Net income was $5.16 billion in the three months ended Jan. 31, compared with $6.05 billion in the year ago period. Net sales, excluding membership fees from its Sam's Club division, rose 5.8% to $122.3 billion.
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Report: Belk investing in store remodels
New York City -- Belk plans to remodel almost 30 stores this year as the department store company focuses on upgrading its existing space, the Charlotteobserver.com reported.
Last year, Belk spent about $70 million on store remodels and renovations. In 2012, the chain plans to increase that slightly, to $75 million, and then spend up to $130 million a year in 2013 and 2014, according to the report.