Retail

Bentonville, Ark. - Wal-Mart Stores announced Monday that it is buying a controlling stake in South Africa's Massmart in an approximately $2 billion deal. The investment gives the discounter a substantial presence in South Africa and paves the way for further expansion across the continent.  Wal-Mart International president and CEO Doug McMillon made clear his company is pursuing a regional strategy.

Atlanta -- For the first time ever, Home Depot will offer free shipping on 90,000 of the 100,000 items it offers online beginning on Thursday, Thanksgiving Day, and running through Monday. Eligible items will be shipped for free via standard ground shipping.

"We know shipping is a large influence on where customers shop," said Hal Lawton, president of e-commerce and The Home Depot. "We made some improvements and changes to the site over the last year and we thought this would be a great way to attract new customers to site."

Los Angeles -- Guess said its fiscal third-quarter net income rose 7.8% to $69.1 million from $64.1 million a year ago, surpassing analysts forecasts. The company lifted its full-year earnings forecast.

Revenue for the quarter ended Oct. 30 rose 17% to a record $613.9 million, also topping predictions, with a strong boost from international sales.

The company's retail stores in North America generated revenue of $253.7 million in the third quarter, up 5.9% from the same period a year ago. Same-store sales increased 1.5%.

Cincinnati -- The Kroger Co. announced that senior VP Robert "Pete" Williams plans to retire in May after 37 years with the company.

Williams, who began his Kroger career in 1977 as a management trainee, has served in his current role since 2007. Currently, he leads seven supermarket divisions. His replacement will be named.