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Report – Wal-Mart to eliminate 250 China jobs, open nine new stores in China
Bentonville, Ark. – Wal-Mart reportedly plans to improve efficiency in its China operation by eliminating 250 jobs, and also open nine new stores and a new distribution center in China by the end of 2014. According to Bloomberg, the positions that will be cut are mostly marketing and merchandising roles, along with some cuts in departments including tax and asset protection.
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Ascena Retail Group profit tops estimate; online sales surge
Mahwah, New Jersey - Ascena Retail Group’s first quarter profit topped estimates as strong online growth helped make up for falling same-store sales. The company, which operates the Lane Bryant, Cacique, Maurices, Dressbarn, Catherines, Justice and Brothers brands, reported net income of $53.5 million, compared to $52.6 million in the year-ago period.
Net sales of $1.2 billion for the first quarter were flat compared to the year-ago period. Same-store sales fell 4% while online sales surged 16%.

