News

New York -- After nearly a year of steady gains, the Deloitte Consumer Spending Index (Index) fell in November due to a slowdown in the rise of new home prices and an accelerating decline in real wages. The Index tracks consumer cash flow as an indicator of future consumer spending.
 

Woonsocket, R.I. -- CVS Caremark executives expressed optimism going into 2013 and outlined its strategic growth framework during its annual Analyst Day held on Thursday in New York City.

New York -- Star Avenue Capital announced that it has acquired a minority ownership position in It’Sugar, Deerfield Beach, Fla., a growing specialty candy and gift chain. Terms of the transaction were not disclosed.
Star Avenue is partnering with It’Sugar CEO and founder Jeff Rubin and existing investor Prentice Consumer Partners to provide the resources and strategic guidance to support the brand’s rapid expansion. The company currently has over 50 retail locations across 13 states and four international markets.

San Francisco -- Revel Systems, a provider of iPad point-of-sale solutions, announced that its cloud-based POS system has been chosen by Griffin Technology and is now live in its five United States-based MicroStores.

Revel Systems’ POS solution connects the retail locations through its cloud-based system so that data can be easily pulled in real-time, a major benefit over other server-based solutions.

Washington, D.C. -- A report released Thursday by the Commerce Department said that U.S. retail sales rose 0.3% in November from October, reflecting a bounce back after the effects of superstorm Sandy. Excluding fuel, retail sales increased a solid 0.8%. The median forecast of 81 economists surveyed by Bloomberg called for a 0.5% rise.

The 0.3% rise offsets a 0.3% dip in October from September.

New York -- A Thursday report by the Minneapolis Star Tribune said that Best Buy Co. founder Richard Schulze is expected to make a fully financed offer of $5 billion to $6 billion by the end of the week to buy the retailer.     

The newspaper cited an unnamed source for the report.

The bid would fall below Schulze’s August offer of up to $10.9 billion including debt.

Best Buy has not yet commented publicly on the report.

New York -- According to multiple reports on Thursday, Wal-Mart Stores Inc.'s India unit has received a notice from a federal government agency regarding alleged violations of the country’s foreign investment rules.
 
A spokesman for Wal-Mart said: “We will be working to provide the authorities with relevant information,” but didn’t elaborate on the contents of the notice.

Bharti Walmart Pvt. Ltd., a joint venture between Wal-Mart and India's Bharti Enterprises Ltd., operates 20 wholesale stores in the country.

Fort Worth, Texas -- Pier 1 Imports reported Thursday that net income for the third quarter rose 3% to $23.7 million, compared with $23 million in the year-ago period. Results matched Wall Street expectations.

Revenue rose 11% to $424.5 million from $382.7 million, beating analysts’ expectations of $422.2 million in revenue. Same-store sales increased 7.9%.

New York -- A Thursday report by the Financial Times said that Wal-Mart Stores Inc. is in discussions with Turkish retailer Migros Ticaret AS to acquire an 80% stake in the company from London-based private equity group BC Partners.

The Times said that Walmart held meetings with Migros managers in recent days in Turkey but it had not placed a bid for the Turkish retailer. Sources have not been identified and Wal-Mart so far has not commented.

Corte Madera, Calif. -- Restoration Hardware Holdings Inc. reported Wednesday net income for the third quarter of $1.7 million, compared with a loss of $4.8 million in the year-ago period.

Revenue rose 22% to $284.2 million and same-store sales surged 29%.

The home furnishings retailer went public in November.