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KPMG: Retailers ready to spend on expansion, IT
New York -- Despite continuing economic uncertainty, new data from KPMG indicates retailers are ready to invest capital to spur growth this year. The 2013 KPMG Retail Outlook Survey shows that 85% of retail executives expect capital spending will increase or remain the same during the next year. When asked where they will increase spending most, executives most frequently cited geographic expansion (61%), IT (40% and advertising and marketing/branding (24%).
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Old Man Winter chills Toys’R’Us Q1 sales
WAYNE, N.J. — Lingering cold weather and soft sales in its electronics and entertainment categories caused Toys”R”Us’ net and comparable store sales for first quarter ended May 4 to dip.
The company reported net sales of $2.4 billion, a decrease of nearly 8% from $2.6 billion for the quarter a year ago. The decline in net sales for the quarter was primarily attributable to a decrease in comparable store net sales, as well as a foreign currency translation impact of $67 million.