News

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.
Lowe's CEO: Our transformation is gaining momentum
Lowe’s 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.

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.
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.
HGTV paints to launch at Lowe's

The paint competition will heat up in March as Lowe’s rolls out HGTV HOME by Sherwin-Williams.

The HGTV HOME by Sherwin-Williams product line will feature what both companies describe as “a new and improved interior and exterior paint program.” The line will be available at both Sherwin-Williams' company stores and Lowe's stores nationwide, as well as exclusive line extensions available at Lowe's.
Lululemon Q3 earnings fall on costs; raises concerns for fourth quarter

Vancouver, Canada – Net earnings at Lululemon Athletica Inc. fell 8% to $60.45 million in the third quarter of fiscal 2014 from $66.11 million a year earlier to increases in selling, general and administrative (SG&A) expenses and cost of goods sold. Net revenue fared better, rising 10% to $419.4 million from $379.9 million. Same-store sales fell 3% but total comparable sales, including direct-to-consumer revenue, climbed 3%.
Walmart finance exec writes U a big check

University of Arkansas alumni Ann and Gene Bordelon have contributed $100,000 to establish the Faculty Innovation Endowed Fund for the benefit of the Sam M. Walton College of Business.
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.
McKenna joins Foran to drive Walmart’s U.S. growth

The globalization of Walmart’s domestic operations continued this week with the appointment of Judith McKenna to the role of chief operating office for Walmart U.S.
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.