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Store closures hurt Staples in first quarter
Store closures and weak demand for traditional office supplies and computers hurt Staples in the first quarter of fiscal 2014.
The company attributed a 44% drop in net earnings during the quarter to lower sales caused by store closures and a rise in the value of the dollar. But according to reports, the office products company and second largest internet retailer in the United States is facing stiff competition from big box retailers such as Walmart and e-commerce giants such as Amazon.
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Wal-Mart to open 30 and remodel 55 China stores; open DCs
Bentonville, Ark. – Wal-Mart Stores Inc. plans to open 30 new China-based stores and remodel 55 of its 400 existing stores there during 2014, as well as open new China distribution centers. The China activity is part of Wal-Mart’s larger three-year plan for growth in the country.
Wal-Mart will spend $93 million on the store remodeling. The activity this year will be the first major initiative from new China CEO Sean Clarke.