News

New York -- Walgreens fiscal first-quarter earnings dropped nearly 26% as costs tied to a couple big deals and Hurricane Sandy helped put a bigger-than-expected dent in the chain's performance.

Walgreens earned $413 in the quarter million, compared with net income of $554 million in the year-ago period. Sales fell 4.6% to $17.32 billion, with same-store sales down 8%.

Mohawk Industries plans to acquire leading ceramic tile manufacturer The Marazzi Group.

The $1.5 billion acquisition will make Mohawk, a flooring industry leader best known for carpeting, the world leader in ceramic tile, according to the company. The Marazzi Group is said to be the leading manufacturer and marketer of ceramic tile in all its major geographies, including Russia, the United States, Italy, France and Spain, with 2011 revenues of nearly $1.2 billion. The deal is expected to close in the first quarter of 2013.

Online sales are expected to reach record levels this holiday season, but traffic to Walmart.com was down in November compared to the same period the prior year.

ISELIN, N.J. — Domino Sugar has donated $50,000 to the American Red Cross for relief and rebuilding efforts in the Northeast following Hurricane Sandy.

By Adam Stern, [email protected]
 

Online sales have continue to break new records this holiday season even though traffic to top retail sites during November was down compared to the same month the prior year.

Framingham, Mass. -- The TJX Cos. said Friday it has acquired Sierra Trading Post, an off-price Internet retailer based in Cheyenne, Wyoming, for approximately $200 million in cash.

The purchase was financed from TJX’s existing cash balances.

Wal-Mart Stores, Inc., president and CEO Mike Duke claims to love working for a company where success and size have resulted in high expectations, but that love affair may be ending in 2013.