News

Chicago -- Amid economic uncertainty and low consumer confidence levels, retail CFOs are expecting a 3% increase in total 2011 sales, according to a recent survey by BDO USA, LLP. While the number reflects the study’s most optimistic sales forecast since 2007, it is down from the 4.7% sales increase reported by the Commerce Department in 2010.

PALO ALTO, Calif. — HP announced that its board of directors has appointed Meg Whitman as president and CEO.

In addition, Ray Lane has moved from non-executive chairman to executive chairman of the board of directors, and the board intends to appoint a lead independent director promptly. These leadership appointments are effective immediately and follow the decision that Léo Apotheker step down as president and CEO and resign as a director of the company, the company reported.

CINCINNATI — Kroger announced that it has become a member of the United States Hispanic Chamber of Commerce Million Dollar Club.

According to Kroger, membership into the USHCC Million Dollar Club, is awarded to corporations who have spent between $25 million to over $500 million with Hispanic suppliers, in the previous year.

This is Kroger's second consecutive year of qualifying for membership. The company was inducted in the $250 to $500 million annual expenditure category.

Indianapolis -- The Finish Line reported Thursday that net income for the quarter ended Aug. 27 rose 24% to $20.9 million, compared with $16.8 million in the year-ago period.

Sales rose 10% to $331.5 million, beating Wall Street’s expectations of $321.9 million, and same-store sales surged 11%.

UNION, N.J. — Bed Bath & Beyond's aggressive promotional strategy appears to be paying off as the company reported another quarter of strong sales. The company reported that net sales for the fiscal second quarter of 2011 were approximately $2.314 billion, an increase of approximately 8.3% from net sales of approximately $2.137 billion reported in the fiscal second quarter of 2010. Comparable-store sales in the fiscal second quarter of 2011 increased by approximately 5.6%, compared with an increase of approximately 7.4% in last year's fiscal second quarter.

Union N.J. -- Bed Bath & Beyond reported Thursday that net income for the quarter ended Aug. 27 rose 26% to $229.4 million, amid improved sales and contained costs. Sales for the quarter rose 8.3% to $2.3 billion, and same-store sales increased 5.6%.

New York City -- American Express announced it is launching American Express Merchant Financing, a program that provides qualified merchants with quick and simple access to cash for their business needs. The launch comes as small- and medium-sized businesses (SMBs) struggle with access to capital in today’s tight credit economy.

SACRAMENTO, Calif. — Walmart is taking its commitment to renewable energy to new levels in California. The chain announced plans to install solar panels on up to 60 additional stores in the Golden State. The initiative, done in partnership with SolarCity, expands the company’s solar portfolio to more than 75% of its locations in California.