News

Columbus, Ohio – Expenses related to exiting its Canadian operations substantially reduced net earnings for Big Lots Inc. in the first quarter of fiscal 2014. Compared to the first quarter of fiscal 2013, net income fell 90% to $3.35 million from $32.33 million.

Net sales rose 1% to $1.28 billion, from $1.27 billion. Same-store sales rose 0.9%. Big Lots forecasts same-store sales growth of 1%-3% in the second quarter of fiscal 2014, and 1%-2% in the full fiscal year.

Exiting Canada may have taken a bite out of Big Lots’ profits in the first quarter, but the company still saw net and comparable-store sales increase.

Net sales for the quarter increased 1.1% to $1.28 billion, compared to net sales from continuing U.S. operations of $1.26 billion for the same period last year. Comparable-store sales for stores open at least 15 months increased 0.9% for the quarter.

New York -- Fast Retailing Co.’s Comptoir des Cotonniers division, a French fashion brand, has launched a new service, “Fast Shopping,” which allows European shoppers to purchase items in 20 seconds on their mobile devices via an application from Powa Technologies, London. Shoppers using the PowaTag app can scan items they see on ads in various places to make the purchase and with one click, complete the transaction and have the goods delivered to their home within 48 hours.

Thought-provoking presentations and forward-looking exchanges dominated the annual gathering of the Global Retail Marketing Association’s (GMRA) Executive Leadership Forum at the Don Cesar resort on St. Petersburg Beach, Fla.
 

New York -- The Federal Trade Commission on Friday determined that the merger between Men’s Wearhouse and Jos. A. Bank does not violate antitrust laws. The commission had been conducting a detailed review of the proposed $1.8 billion deal.

The Men’s Wearhouse expects to close on its acquisition for Jos. A. Bank in the next 30 days after Men's Wearhouse agreed to pay $65 a share for Jos. A. Bank earlier this year in a deal valued at $1.8 billion that will create a company with more than 1,700 stores and pro forma annual sales of $3.5 billion.

Pure Leaf Iced Tea, a product from the Pepsi Lipton Tea partnership, is expanding its partnership with television personality Gail Simmons to support the brand's "Share the Love of Leaves" program.

Fans of the beverage can pitch in to make a difference in their communities, and up to $150,000 will be donated to Wholesome Wave, a nonprofit that focuses on making fresh and healthy food affordable and accessible to all people.

Washington, D.C. – U.S. consumer spending fell by $8.1 billion, or 0.1%, in April 2014. It was the first monthly decline in consumer spending since April 2013 and followed a 1% increase of $117.6 billion the previous month.

Same-store sales declined again last year at Fairway Market and the company reported a record loss, but a new same-day delivery initiative with Google Express in Manhattan offers potential for omnichannel growth.