News
Stores court careful shoppers on Black Friday
Key retail stocks fell on Monday as investors feared that deep discounts offered by U.S. stores during the year's first holiday shopping weekend could sap profits and would not save a bleak season.
Loblaw to charge for plastic shopping bags
Loblaw Co , Canada's biggest supermarket chain, said on Thursday that it will start charging customers a fee for every plastic shopping bag they use.
Tiffany slashes 2008 view on weak sales, shares fall
Upscale jeweler Tiffany & Co slashed its full-year forecast and said it plans to cut staff and trim its 2009 store growth plans, in a fresh sign that the shrinking U.S. economy is hurting affluent consumers.
Dillard's posts wider loss, shares fall
Retailer Dillard's Inc reported a wider quarterly loss on Wednesday as sales fell in the troubled U.S. economy and it marked down prices, sending its shares down more than 10 percent.
Tiffany posts lower profit
Upscale jeweler Tiffany & Co slashed its full-year forecast and said it plans to cut staff and moderate its 2009 store growth plans, in a fresh sign that the shrinking U.S. economy is hurting affluent consumers.
Car buyers drive up retail sales
Despite troubles in the auto industry, Canadians bought a lot of new cars in September, helping to push up overall retail sales in the month by an unexpectedly strong 1.1 percent from August.
Talbots, Chico's allay Wall St fears
Women's clothing retailers Talbots Inc and Chico's FAS reported quarterly results that were in line with or better than Wall Street forecasts, allaying concerns their business would perform even worse in a contracting U.S. economy.
Dollar Tree profit jumps 20 percent
Discount retailer Dollar Tree Inc said on Tuesday quarterly profit rose 20 percent as more customers came into its stores for low prices on basic items like food and cleaning supplies.
Black Friday sales intensify in downturn
Black Friday, the traditional start to the U.S. holiday shopping season, means more to retailers this year as they struggle to win over consumers with a recession looming.
Retail sales struggle in early November: MasterCard
U.S. sales of apparel, shoes and appliances fell dramatically in the first two weeks of November, as consumers worried about a recession and job losses further cut spending, MasterCard Advisors said in a report.
Wal-Mart's Scott retiring as CEO
Wal-Mart Stores Inc , which is gaining market share amid a global economic downturn, said Lee Scott will retire as chief executive early next year and will be succeeded by Mike Duke, who heads its international operations.
AnnTaylor posts loss
AnnTaylor Stores Corp reported a quarterly loss on Friday as the financial crisis exacerbated already weak sales trends, and the women's clothing retailer said it expected consumer spending to remain soft through the current fourth quarter.
Gap third-quarter net profit rises
Gap Inc posted higher quarterly net profit on Thursday, topping Wall Street expectations, helped by lower inventory and cost cutting that boosted margins and offset a decline in sales.
Barnes & Noble loss more than expected
Barnes & Noble Inc on Thursday posted a bigger-than-expected quarterly loss as the weak U.S. economy hurt demand for books and music at the largest U.S. specialty bookseller.
Limited Brands posts lower net profit, shaves view
Limited Brands , the retailer whose main chains are Victoria's Secret and Bath and Body Works, posted lower net profit on Wednesday and trimmed its full-year earnings outlook.
Best Buy shares down after credit rating cut
Best Buy Co shares fell more than 11 percent to a new year low on Wednesday, a day after Standard & Poor's cut its debt rating on the electronics retailer to the lowest investment grade.
BJ's Wholesale quarterly profit jumps 24 percent
BJ's Wholesale Club Inc posted a 24 percent rise in quarterly profit on Wednesday, helped by an increase in shoppers coming to its stores and stronger-than-expected results from its gasoline stations.
Ross profit tops view
Ross Stores Inc said quarterly profit rose a better-than-expected 18 percent on inventory management and cost-cutting, but it trimmed its holiday forecast as even bargain-hungry shoppers cut back amid a global financial meltdown.
La-Z-Boy posts wider loss, suspends forecasts
La-Z-Boy Inc , the furniture maker and retailer, reported a wider quarterly loss on Tuesday and saw a decline in sales as cash-strapped consumers curb purchases.
Mexico's Salinas could buy more of Circuit City
Mexican retail and media tycoon Ricardo Salinas Pliego owns 28 percent of Circuit City and could buy more of the troubled U.S. electronics chain, a Salinas spokesman said on Tuesday.
Home Depot posts lower profit
Home Depot Inc reported a higher-than-expected quarterly profit on Tuesday as it held down costs in the face of lower sales and a weak economy, sending its shares up 3 percent.
Wal-Mart says gas price drop helping store traffic
Customers are coming in to Wal-Mart's stores more frequently now that gas prices have fallen, the head of its U.S. operation said on Tuesday, and the retailer is cutting prices on food to win sales ahead of the Thanksgiving holiday.
Gift card sales seen down 6 percent this holiday: NRF
Sales of once-hot gift cards are expected to fall nearly 6 percent this holiday season as shoppers try to stretch their dollars by buying discounted merchandise, according to a survey released by the National Retail Federation on Tuesday.
Target reports slightly better-than-expected Q3 EPS
Target Corp posted a nearly 24 percent drop in profit as an economic downturn curtails shoppers' ability to splurge on the discount retailer's trendy wares and make payments on its credit cards.
Lowe's reports third-quarter profit
Lowe's Cos reported higher-than-expected quarterly profit on Monday as sales of hurricane-repair and outdoor goods helped offset weakness in big-ticket projects, sending shares up 8 percent.
Retail sales in record fall, but sentiment up
Sales at U.S. retailers suffered a record decline in October as fears of recession sapped spending, but part of the drop was due to slumping gasoline prices which helped buoy consumer confidence.
Penney, Abercrombie results add to retail fears
Two major U.S. retailers said on Friday that holiday cheer may be hard to find this year as shoppers look like they will be reining in spending due to the worsening jobs picture and growing economic weakness.
J.C. Penney profit fell 53 percent
Retailer J.C. Penney Inc on Friday said quarterly profit fell nearly 53 percent and warned of worsening results for the rest of the year, just weeks before the crucial holiday shopping season begins.
Retail sales fall by record 2.8 percent in October
Sales at retailers suffered a record decline in October, government data on Friday showed, as shoppers reined in spending with home prices falling, although plunging gasoline prices also reduced outlays by consumers.
Wal-Mart profit rises
Wal-Mart Stores Inc reported a slightly better-than-expected 10 percent rise in quarterly profit on Thursday as shoppers scoured its aisles for discounts on groceries and medicine in the face of deteriorating economic conditions.
Retailers see more returns, some loosen policy
Retailers, already struggling to capture sales in the U.S. economic downturn, are now facing rising rates of returned merchandise that are not expected to abate during the holidays, according to a survey released on Wednesday.
Best Buy slashes profit outlook
Best Buy Co Inc , the No. 1 U.S. electronics chain, slashed its profit forecast on Wednesday, the latest sign that the deepening economic crisis may bring a bleak holiday season, sending the company's shares down 7 percent.
Circuit City files for bankruptcy
Circuit City Stores Inc, the No. 2 U.S. consumer electronics retailer, filed for bankruptcy on Monday just weeks before the start of the holiday shopping season, becoming the largest retailer to file for Chapter 11 since Kmart in 2002.
Stocks eye bleak retail data, Treasury pick
The grim view on consumer spending could worsen this week as investors parse a government report on retail sales and earnings from Wal-Mart Stores Inc , while waiting with bated breath for President-elect Barack Obama's pick for U.S. Treasury secretary.
Blockbuster narrows Q3 loss
Blockbuster Inc reported that its third quarter loss narrowed by more than 40 percent as the retailer posted better-than-expected results.
October retail sales disappoint as shoppers pull back
Retail chains posted the worst October sales results in more than three decades as consumers cut spending sharply, stunned by a financial crisis that has derailed the U.S. economy.
Costco same-store sales down 1 percent
(Reuters) - Costco Wholesale Corp said on Thursday its same-store sales for October were down 1 percent.
Mervyn's may pay fired workers: report
(Reuters) - Retailer Mervyn's LLC may pay accrued vacation to its fired employees if its closing-down sales raise enough cash to pay off its debt to Wachovia Corp , the Wall Street Journal reported, citing a court hearing.
Walgreen full October same-store sales up 2 percent
Walgreen Co said on Tuesday that October sales at stores open a least a year rose 2 percent, slightly less than the 2.2 percent increase it reported last week, before the month had ended.
Circuit City to close 155 stores
Circuit City Stores Inc said it would close 155 U.S. stores and was considering all options to restructure in the face of a deteriorating cash position and tighter credit terms from vendors.
Lowe's sees election wrap-up helping sentiment: report
(Reuters) - Wrapping up Tuesday's U.S. presidential elections, regardless of the outcome, will by itself help consumer sentiment, retailer Lowe's Cos President Larry Stone told the Wall Street Journal in an interview.