Business Analytics

With only days to go in the 2016 holiday shopping season, online desktop spending continues to rise.   For the holiday season-to-date, $55.2 billion has been spent online, marking a 13% increase versus the corresponding days last year. The most recent week, Dec. 12-18, posted a strong 15% growth in online sales, marking $7.6 billion in desktop spending during the last full week before Christmas.  

Did Amazon’s website had a technical glitch on one of the biggest shoppings day of the year?   According to various reports, Amazon’s site had a glitch on  “Super Saturday”  that temporarily prevented customers from making purchases.   

Pier 1 Imports Inc. reported better-than-expected results for its third quarter amid strong online sales.   The home decor retailer said it is still looking for a CEO to succeed Alex Smith, who steps down at year-end. It appointed company chairman Terry London to fill in as interim president and CEO, effective Jan. 1.  

Stephen Tucker has been appointed as FTD Companies’ new executive VP.   Tucker will also serve as CFO, replacing Becky Sheehan, who is leaving the company to pursue other opportunities. He will take on the new role as of Jan. 1, 2017.   

Costco Wholesale Corp. a better-than-expected quarterly profit, helped partially by lower fees to credit card partner Visa.   Costco, which completed its switch to Visa from American Express during the fourth quarter, said net income rose to $545 million, or $1.24 per share, in the first quarter, ended Nov. 20, from $480 million, or $1.09 per share, in the year-ago period. (The retailer’s profit in the latest quarter included a $51 million gain from a legal settlement.)  

The Home Depot Mexico is one step closer to delivering on its promise "to provide the highest level of service, the broadest selection of products and the most competitive prices.”  

Michaels came up short in the third quarter, posting earnings and revenue that missed analysts’ forecasts.   The art and craft retailer reported third-quarter adjusted earnings of 40 cents per diluted share, missing analysts' estimates of 43 cents per share.   Net sales increased 5.0% to $1.227 billion, primarily a result of the acquisition of Lamrite West in February 2016 and sales from 19 additional stores.  

Big Lots raised its full-year guidance even as it posted a sales decline in its first quarter.   The discounter reported net income of $1.4 million amid improving profit margins, after reporting a loss in the same period a year earlier. Gross profit margin edged up by nearly a full percentage point to 40% of sales.   Revenue fell 1% to $1.11 billion, just missing Street forecasts. Same-store sales were flat.   

Kroger Co. lowered the higher end of its full-year adjusted profit forecast amid a “difficult” operating environment, marked by falling food prices and increased competition.    The nation’s largest grocery store operator reported net earnings of $391 million, or $0.41 per diluted share, and identical supermarket sales growth, without fuel, of 0.1% in the third quarter, which ended on Nov. 5. Net earnings in the same period last year were $428 million, or $0.43 per diluted share.  

It’s not a joke.   Amazon Web Services has announced a new service, called AWS Snowmobile, designed to physically get all of the data stored in a company's massive data center into Amazon's cloud, Business Insider reported.