News

Seattle — Starbucks Corp. reported strong results for third quarter fiscal 2013, with net revenues, same-store sales and operating income all increasing substantially from the same quarter a year earlier.

Net earnings grew 25%, from $333.1 million to $417.8 million.

Net revenues totaled about $3.7 billion, up 13% from $3.3 billion. Same-store sales increased 8% globally, driven by 9% growth in U.S. stores.

Walmart knows it isn’t going to win any supermarket industry prizes for store experience, not when operators such as Whole Foods and Publix are involved, but not leading the pack on price is a different matter.

Canton, Mass. — Dunkin’ Brands Group, parent of Dunkin’ Donuts, beat Wall Street expectations by more than doubling its second-quarter profit. The company reported a profit of $40.8 million for the period ended June 29, up from $18.5 million a year ago. The year-earlier period included a $20.7 million increase in a litigation reserve.

Revenue increased 5.9% to $182.5 million from $172.4 million. U.S. same-store sales rose 4% at Dunkin' Donuts shops and improved 1.6% at Baskin-Robbins shops.

Last week it was veteran retail analyst Walter Loeb bemoaning what he viewed as Walmart’s deteriorating store standards. This week Ad Age took aim at the company’s brand image.
 
In a piece by Simon Dumenco, he recounts how early shopping experiences at Walmart stores were an eagerly anticipated experienced. However, like Loeb Dumenco took a shot at the store experience and then when a step further.

New York — Nearly 70% (68%) of consumers plan to spend up to $500 this back-to-school shopping season compared with 63% in 2012 and 48% in 2011, according to a new spending forecast from e-commerce platform provider PriceGrabber.  Additionally, 17% of respondents plan to spend between $500 and $1,000, and 15% of shoppers said they have no back-to-school shopping budget this year. Conducted from June 17 to July 8, 2013, the survey includes responses from 2,191 U.S. online shopping consumers.

Driven by strength in its baby and parenting and tools business units, Newell-Rubbermaid grew second quarter sales 3.5% to $1.47 billion, but profits fell slightly to $109.8 million, or 37 cents a share, compared with $111.8 million, or 38 cents a share, the prior year.

Earnings per share surged to 50 cents a share if restructuring and restructuring related costs and discontinued operations are removed from the profit picture.

CIT Group Inc., a leading provider of financing and advisory services to small businesses and middle market companies, has appointed Randall Chesler as president of CIT Bank, its U.S. commercial bank subsidiary.

He will be based in Salt Lake City, Utah, and report to CIT Bank’s board of directors. Chesler is currently vice chairman of CIT Bank and previously served as president of consumer finance and small business lending at CIT. He succeeds John Taylor who is leaving the company to pursue other opportunities and will assist in the transition.

MONTVALE, N.J. — The Wall Street Journal reported that grocer A&P, which emerged from bankruptcy about a year ago, is up for sale, according to an internal memo the publication obtained.

The WSJ reports that the memo, sent by chairman Gregory Mays and circulating to employees, outlines several options for the company to fund its growth, including raising capital and refinancing. The memo also states that a sale of the company is possible.