News

Report: Wal-Mart China hid real performance, inflated sales
New York - Wal-Mart Stores Inc. has reportedly discovered discrepancies in accounting practices its China business was using that made performance look better than it really was. According to Bloomberg, shifty accounting practices included making unauthorized bulk sales to other retailers and even booking non-existent sales.
Lowe’s strategic priorities included expanded focus on omnichannel
by Gina Acosta Mooresville, N.C. - Lowe’s Companies’ CEO Robert Niblock cited the recovering U.S. economy as among the reasons why the company plans to focus more on market differentiation and omnichannel retailing. The company said it will outline these and other strategic priorities in a meeting with investors on Dec. 11 in North Carolina.

Posiflex to display new mobile tablet POS at NRF

Hayward, Calif. - Posiflex USA, long known for its fixed POS terminals, is the latest addition to the mobile generation. Posiflex will reveal the MT4008, a new mobile eight-inch tablet POS system to complement its touchscreen POS terminal portfolio, at NRF 2015, booth #2969
Report - Starboard Value increases stake in Staples

New York – Activist investor fund Starboard Value has reportedly purchased a 6% stake in Staples Inc. and upped its ownership of Office Depot from 8.6% to 10%. According to the Wall Street Journal, Starboard Value may be positioning itself to pressure the two office supply retailers to merge.
Epicor looks to expand omnichannel capabilities with acquisition of ShopVisible

Austin, Texas - Business software solution provider Epicor Software Corp. has agreed to acquire Atlanta-based ShopVisible LLC, a provider of cloud retail order management and digital commerce solutions. The acquisition of ShopVisible, expected to close by the end of the year, will expand Epicor’s position as a provider of extended omni-channel solutions for midsize and large retail chains.
99 Cents Only Stores posts Q3 loss

City of Commerce, Calif. - 99 Cents Only Stores reported a loss loss and a decline in same store sales in the third quarter. The company reported a loss of $3.8 million in the third quarter, ended Oct. 31, compared to income of $1 million in the prior year quarter. Net sales increased by 5.0% to $478.3 million. Same store sales decreased 0.7% compared with the prior year quarter.
RadioShack looks to slash costs as as Q3 loss widens and sales keep falling

Fort Worth, Texas - There’s no quick turnaround in sight for RadioShack. On Thursday the struggling chain reported a wider-than-expected third-quarter loss and detailed cost costs that include staff reductions and more store closings to boost earnings by some $400 million annually.
NRF: November retail sales rise 0.6%

Washington, D.C. – Retail sales showed slow but steady growth during November 2014. According to the National Retail Federation, retail sales, not including automobiles, gasoline stations or restaurants, increased 0.6% seasonally-adjusted from October and 3.2% unadjusted from November 2013. The increases were in line with NRF’s holiday sales forecast, which anticipates an increase of 4.1% from 2013.
MasterCard Advisors: Cheaper gas means more presents

Purchase, N.Y. – A decline in the price of gasoline may be leading to a larger haul for many many people on Christmas morning. According to the latest MasterCard Advisors SpendingPulse, total retail sales without the automotive and gasoline sectors were up 3.6% in November 2014, reinforcing the dramatic decline in gasoline prices.
Men’s Wearhouse Q3 profit plunges 82% on Jos. A. Bank costs

Fremont, Calif. – Men's Wearhouse Inc.'s third-quarter profit plunged 82%, mainly on expenses related to its June 2014 acquisition of rival Jos. A. Bank Clothiers Inc. The retailer reported a profit $6.8 million in the third quarter of fiscal 2014, from $38.2 million in the year-ago-period and below Wall Street projections.
Casey’s beats Street with Q2 profit gain, plans 72-108 new stores

Ankenny, Iowa – Casey’s General Stores Inc. beat Wall Street expectations with net income of $49.89 million in the second quarter of fiscal 2015, up 21% from $39.43 million the same period the prior year. Growth of cost of goods sold did not keep pace with growth of sales, aiding the retailer’s profit.
Wet Seal considers bankruptcy as Q3 loss widens; closing 60 stores as leases expire

Foothill Ranch, Calif. - The troubles keep mounting for teen retailer Wet Seal Inc., which reported a wider loss for the third quarter amid lower revenues and fees related to its exit from its former Arden B business. The retailer posted a loss of $35.9 million in the quarter emded Nov.1, up from a loss of $12.5 million the previous fiscal year.