News

Starbucks snubs Uber in loyalty partnership
Seattle – Starbucks Corp. is snubbing Uber in new extension of its loyalty program. Starbucks is partnering with rival online transportation service Lyft to offer Lyft drivers and passengers the chance to earn points in its loyalty program.
Gadgets, services propel Apple in Q3
Cupertino, Calif. – Sales of gadgets such as iPhone, iMac and the new Apple Watch, as well as services, helped propel Apple’s strong performance during the third quarter of fiscal 2015. Net income soared 39% to $10.7 billion from $7.7 billion the same quarter the prior year, aided by costs and taxes that did not increase as fast as sales. Revenue increased 33% to $49.6 billion, from $37.4 billion.

Cabela’s misfires on Q2 profit and revenue; will open seven stores

Sidney, Neb. – Specialty outdoor retailer Cabela’s Inc. missed the target Wall Street set for profit and revenue during the second quarter of fiscal 2015. Cabela’s reported net income of $40.5 million, down 8% from $43.5 million the same quarter the prior year. Growing cost of revenue helped drive down profit. Total revenue grew 10% to $836.28 million, from $761.2 million. Consolidated same-store sales dropped 0.9% due to Canadian currency fluctuations, although same-store sales in the U.S. increased 0.8%.
Tractor Supply drives big growth in Q2

The CEO of Tractor Supply Company credited strong marketing and merchandising initiatives with a significant increase in same store sales in the second quarter.
Dollar General thinks digital for back-to-school

Dollar General is taking a decidedly modern approach to the age-old tradition of back-to-school shopping.
Smart & Final plans new Extra! stores

Smart & Final says it's focused on growth and expansion of its new Extra! format as the retailer posts another quarter of impressive same store sales.

For the second quarter ended June 14, Smart & Final said net sales increased 9.3% to $905.1 million. Same store sales incraesed 3.5%. The company had net income of $11.0 million, or $0.14 per diluted share. And adjusted EBITDA increased 6.7% to $50.7 million.
Target does back-to-school very differently

Target is always trying to appeal to a younger, hipper crowd, and its 2015 back-to-school marketing strategy is no exception.

The retailer has launched a new digital tool, Target Made For U College Styler, that allows the digitally inclined college crowd to design and shop for their dorm rooms and apartments.
Cabela's aims to drive growth with smaller stores

On the heels of a disappointing financial quarter, the CEO of outdoor retailer Cabela’s says the company plans to stick to opening smaller-format stores.
Walmart acclerates omnichannel agenda in China

Walmart wants to advance its long-term growth prospects in China and has acquired full ownership of an e-commerce company in which it already held a majority stake to further that objective.
Canada's largest grocer closing stores

Canada's biggest food retailer Loblaw announced it plans to close 52 unprofitable stores over the next year at the same time the company reported lackluster second quarter financial results.

Loblaw Companies has more than 2,300 stores, including Loblaws, Provigo, and Extra Foods. It also owns Shoppers Drug Mart.
Southeastern Grocers sells 29 stores to K-VA-T

Regional grocery chain Southeastern Grocers has agreed to sell 29 BI-LO stores to another regional grocery chain: K-VA-T Food Stores.

K-VA-T says it intends to continue to operate all of these stores under the Food City banner and hire the vast majority of their store associates, retaining their years of service.
Amazon.com produces 2Q profit

Shares of Amazon.com surged past the $500 mark after the company reported a second quarter profit and revealed more details about a phenomenally successful Prime day promotion that fell in the third quarter.