News

The strong customer traffic and sales trends retailers’ experienced Thanksgiving weekend extended into Cyber Monday when shoppers maintained their record pace of spending and propelled online sales to new heights.

New York City -- Lee Scott, the former CEO of Wal-Mart Stores, sold 100,000 shares in the company on Friday, reducing his direct stake in the company by about 14%, according to a filing released late on Tuesday, Barrons reported.

Scott sold the shares for $57.17 each on average. He still owns about 607,000 shares directly, not including any options he may still have, the report said. Scott had not sold shares since March 2010, when he also sold about $5.7 million worth, according to InsiderScore.com.
 

HOFFMAN ESTATES, Ill. — Sears announced that it is offering free delivery of fresh cut Christmas trees to customers when they order them via Sears.com. Through Dec. 15, customers can go to Sears.com to order their own Fraser fir from the North Carolina Blue Ridge Mountains and have it delivered for free directly to their home, apartment or office. 

New York City -- comScore reported that Cyber Monday sales totaled $1.25 billion, up 22% from last year, making it the heaviest online spending day in history. Overall, 10 million people bought online on Cyber Monday, representing the first time on record that threshold has been reached in a single day. The average online buyer conducted 1.9 online transactions on Cyber Monday for a total of nearly $125 in spending.

WASHINGTON — Internet retailers have an unfair advantage over Main Street merchants when it comes to sales tax, and legislation may be the solution to help level the playing field, according to the National Retail Federation.

Washington, D.C. -- The National Retail Federation urged the House Judiciary Committee to support legislation that would require Internet retailers to collect sales tax the same as local merchants, saying online sellers have a price advantage that is “stifling” Main Street stores’ ability to compete.

ALBANY, N.Y. — Trans World Entertainment has named Tom Seaver CFO, effective immediately. Seaver, a Certified Public Accountant, brings more than 20 years of experience with Albany International, a global company that develops and manufactures advanced textiles and materials.  Most recently, he held the position of VP strategic planning and previously held the position of VP finance Global PMC.

Pittsburgh -- American Eagle Outfitters Inc. reported that its third-quarter net income increased 59%, helped by a year-ago charge. The chain posted fourth-quarter guidance that was above Wall Street expectations.

For the August-October quarter, the company said net income was $52.4 million, compared with $33 million in the same period last year. Analysts expected 26 cents per share.

Revenue rose 11% to $831.8 million, from $751.5 million last year. Analysts expected $820.3 million. Same-store sales rose 5%, as did online revenue.