News

NEW YORK -- Wal-Mart Stores CEO Mike Duke said rising gas prices are hurting the chain’s main customers, who are having an even harder time stretching their dollars to the next payday than they did a year ago.

"There's no doubt that rising fuel prices are having an impact on our customers," said Duke at an event that was part of The Wall Street Journal's executive breakfast series, according to the Associated Press. "There's more pressure."

Washington, D.C. -- Commercial real estate information company CoStar Group has signed a definitive agreement to acquire LoopNet, the leading online commercial real estate marketplace.

“CoStar revolutionized how the industry researches commercial real estate and LoopNet revolutionized the way the industry markets commercial real estate," said Andrew C. Florance, president and CEO, CoStar. "We expect the combination of our companies to give the $11 trillion commercial real estate market the full benefit of the Internet."

NAPERVILLE, Ill. -- OfficeMax started fiscal 2011 off with sales declines and lower earnings. The company announced that total sales were $1.8 billion in the first quarter of 2011, a decrease of 2.8% from the first quarter of 2010.  For the first quarter of 2011, OfficeMax reported net income available to OfficeMax common shareholders of $11.4 million, or 13 cents per diluted share. For the first quarter of 2010, OfficeMax reported net income of $24.8 million, or 29 cents per diluted share.

J.C. Penney has taken the wraps off its new retail concept, The Foundry Big & Tall Supply Co., opening the first location in Dallas. With the  first 10 stores due to open in the Dallas and Kansas City, Mo., markets by the end of May, J.C. Penney plans to expand concept nationwide to 100 stores by 2013, reaching a total of 300 stores over the next five years.

Averaging 5,000-sq.-ft., The Foundry offers a hip, unpretentious environment with flat-screen TVs tuned to sports, an oversized poker table and comfortable seating.

SAN JOSE, Calif. -- First quarter revenue at eBay rose 16% to $2.5 billion, compared with the same period of 2010. The company recorded first quarter net income on a GAAP basis of $475.9 million, or 36 cents per diluted share, and non-GAAP net income of $619 million, or 47 cents per diluted share, representing a 12% increase for each compared with the same period of 2010. The first quarter increase in non-GAAP earnings per diluted share was due primarily to solid top line growth and a lower effective tax rate.

Pleasanton, Calif. -- Taxes related to Safeway's effort to pay down debt reduced its first-quarter net income, but the company's adjusted results beat Wall Street's expectations as its revenue rose, the Associated Press reported.

The company earned $25.1 million for the quarter, compared with $96 million a year earlier. This includes a tax charge related to a plan to pay down its U.S. debt with part of a $1.1 billion dividend in cash and debt from its Canadian operations.

CAMP HILL, Pa. — Rite Aid’s same-store sales for April increased by 0.5%, compared with April 2010, the pharmacy retailer said Wednesday.

This included a 0.4% decrease in sales at the front end and a 1% increase in pharmacy sales, offset by 133 basis points due to new introductions of generic drugs. Prescription count at comparable stores increased by 0.7%.

Roseville, Calif. -- Revionics, Roseville, Calif., a leading provider in retail life cycle price-optimization solutions, announced that Fairway Market has selected the Revionics Price Optimization solution for base pricing.