News

The country's second largest home center chain posted sales of $12.2 billion in its first quarter ended April 29. That's down 1.6% as the one-two punch of bad weather and weak economy took its toll.

The company's earnings also declined -- down 5.7% to to $461 million. Comparable store sales were down 3.3%.

New York City -- Wal-Mart Stores may give up its quest to buy a controlling stake in South Africa’s Massmart Holdings Ltd., if South Africa forces local procurement conditions on the retailers, the companies said, the Associated Press reported.

PHILADELPHIA — Urban Outfitters announced net income of $39 million, or earnings per diluted share of 23 cents for the first quarter ended April 30, compared with net income of $53 million, or earnings per diluted share of 31 cents.

Total company net sales rose by 9% over the same quarter last year to $524 million. Comparable retail segment net sales, which includes direct-to-consumer channels, decreased 1% for the quarter while comparable store net sales decreased 5% for the quarter. 

I’m not sure if you’ve noticed, but it seems like you can’t pick up a paper or click a mouse lately without reading about some big box retailer rolling out its smaller store format. Target has its new 60,000-square-foot CityTarget concept, while Walmart has Walmart Neighborhood Market and Walmart Express stores. It seems like everyone is downsizing.

Target is among the key sponsors of a Kids in Need Foundation event slated for this fall in Minneapolis. The company, along with fellow Minneapolis-based supplier 3M, is supporting the organization’s annual cocktail reception and fundraising dinner to be held September 21 at The Depot from 6:30 p.m. to 10:30 p.m. The guest speaker at the event is former OfficeMax chairman and CEO Sam Duncan.

New York City -- Falling real wages and rising jobless claims in April contributed to largest single month drop in the Deloitte Consumer Spending Index since November 2007. The Index, which tracks consumer cash flow as an indicator of future consumer spending, fell to 3.16% from an upwardly revised gain of 3.78% a month ago.

ST. PETERSBURG, Fla. — Samantha Brown, the popular Travel Channel host, has partnered with HSN to launch Samantha Brown Luggage, her first-ever exclusive collection of travel gear. 

"I want to help travelers simplify their lives as they experience the world with luggage that's functional and fashionable at accessible price points," said Brown.

HERSHEY, Pa. — Kevin Walling has joined confectioner Hershey's team as its SVP and chief people officer, effective June 1.

In his new role, Walling will serve as the chief architect for Hershey’s human resources, talent retention, development and recruitment, as well as total rewards strategies.

Walling, who joins Hershey from global technology and manufacturing company Kennametal, will report to Hershey president and CEO David West.