News

Columbus, Ohio -- L Brands Inc., formerly known as Limited Brands, reported Wednesday that profit for the quarter ended May 4 surged 14% to $142.5 million, from $124.6 million last year. The Victoria’s Secret and Bath and Body Works parent increased its outlook for the year.

Quarterly sales rose 5% to $2.27 billion from $2.15 billion, edging Wall Street’s expected $2.26 billion in revenue. Same-store sales increased 3%.

SAN ANTONIO — This Memorial Day weekend, Walmart and Sam's Club will launch the company's initiative to hire 100,000 veterans throughout the next five years.  

The event will take place Saturday, May 25, from 11 a.m. to 2 p.m. at the Walmart supercenter located at 8923 W. Military Rd. Lunch and giveaways will be provided by Walmart and Sam's Club suppliers, including Johnsonville's World's Largest Grill. The event is part of the continuing Saluting Heroes Together campaign, which Walmart launched May 18 with Operation Homefront. 

FRAMINGHAM, Mass. — Staples was hurt by a stronger dollar and weak same-store sales in North America and Europe. 

The office products company reported that its first-quarter profit for the period ended May 4 was $169.9 million, down from $187.1 million in the year-ago period. Its results missed Wall Street forecasts.

Total sales fell 3.5% to $5.81 billion, also falling short of estimates. In North America, same-store sales were down 2% on weak demand for computers, software and technology accessories.

Trademark Property Company has unveiled plans to build Waterside in its home base of Fort Worth, Texas; the 63-acre, master-planned, mixed-use development is slated to open the first phase in spring 2015.

MINNEAPOLIS — Colder weather and more conservative shoppers contributed to a drop in Target's first quarter 2013 profits, but the company's underlying business remains healthy, executives said Wednesday morning in a conference call with investors.

"While we are not satisfied with this quarter's performance, we remain highly confident in our strategy," president, chairman and CEO Gregg Steinhafel said during the call.

Minneapolis -- Target Corp. reported a 26% drop in its first-quarter profit as unseasonably cool weather, the payroll tax increase and other economic pressures took a toll on sales.

Target earned $498 million the three months ended May 4, down from $697 million in the year-ago period. Sales rose 1% to $16.71 billion.

Same-store sales fell 0.6%. The number of transactions fell 1.9%.

ST. LOUIS — Anheuser-Busch is providing 2,156 cases of emergency drinking water — or 51,744 cans — for use by relief workers and residents affected by the tornado in Oklahoma City and its surrounding suburbs.

A truck loaded with emergency drinking water left Cartersville, Ga., and will be arriving in the region this week. Anheuser-Busch is working with the American Red Cross to get the water where it's most needed. Additionally, the company has made a $25,000 donation to the Red Cross to assist in their relief efforts.

Framingham, Mass. -- Staples reported that its first-quarter profit was $169.9 million, down from $187.1 million in the year-ago period, hurt by a stronger dollar and weak same-store  sales in North America and Europe. Its results missed Wall Street forecasts.

Total sales fell 3.5% to $5.81 billion, also falling short of estimates. In North America, same-store sales were down 2% on weak demand for computers, software and technology accessories.