All North America articles – Page 38
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News
Grocery retailer Target looks for future growth
Grocery retailer Target is to look to urban formats, international expansion and ecommerce for future growth with the aim to reach $100bn (£60.72bn) in annual sales by 2017.Chief executive Greg Steinhafel told investors in New York that Target has identified “hundreds” of potential trade areas for its new CityTarget format, ...
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Walmart launches new double-decker store
Walmart has launched a new double-decker store concept in Dallas, Texas, featuring a Walmart store on the top floor and Sam’s Club below. The store has been designed to save Walmart money by maximising the use of the land being used, while offering customers the convenience of a one-stop shop. ...
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Sears reports total revenue decrease
Sears has reported a decrease in total revenue of $125m (£75.9m) to $10.3bn (£6.25bn) for the second quarter ended July 30. The decline was primarily a result of a 0.7% fall in domestic like-for-like sales and the effect of having fewer Kmart and Sears full-line stores in operation.However, it was ...
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Dollar Tree reports second quarter results
Discount chain Dollar Tree has reported its results for the second quarter ended July 30. Consolidated net sales increased 11.9% to $1.54bn (£935m) compared with the previous year, while like-for-like sales increased 4.7%. Based on estimated comparable sales growth, Dollar Tree anticipated third quarter sales to range between $1.56bn (£947m) ...
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AnalysisWalgreens launches Nice! range to boost profitability
This week saw US drugstore retailer Walgreens launch Nice! – a range of private label food and drink items – to replace its long-standing Deerfield Farms offering and other category brands.
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News
Couche-Tard signs agreement to acquire 33 stores
Retailer Couche-Tard has signed an agreement through its Circle K subsidiary to acquire 33 stores in southern Louisiana from ExxonMobil’s On the Run banner. The deal is likely to close in December. Sites will be converted to the Circle K brand while continuing to sell Mobil-branded fuel. Jason Broussard, vice-president ...
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7-Eleven expands its network of stores
Seven & I-owned convenience chain 7-Eleven is expanding its network of stores by acquiring 51 ExxonMobil Corp stores in Dallas, Texas. Financial terms of the deal are not available, though the transaction is expected to close towards the year end.Under the conditions of the pending deal, the stores will continue ...
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Sales increase for department store Macy’s
Department store operator Macy’s has said sales in the second quarter ended July 30 rose 7.3% to $5.94bn (£3.7bn) and 6.4% on a like-for-like basis. Online sales (Macys.com and Bloomingdales.com) were up 40.2%. Operating income climbed 37% to $506m (£313m).Macy’s chairman, president and chief executive Terry Lundgren said: “All of ...
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Walmart to reorganise its ecommerce business
Walmart is to reorganise its ecommerce business in several key markets. It has disclosed the departure of two senior online executives as part of a strategy to better integrate online retailing with local bricks and mortar operations.Raul Vazquez, who was in charge of ecommerce initiatives in developed markets, including the ...
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News
Amazon launches cloud-based version of Kindle
Amazon has launched a cloud-based version of its Kindle e-reader, allowing users to buy and read Kindle e-books from any device from within a web browser. Based on HTML5, the reader requires no download or installation and automatically stores books locally for offline reading.The move comes just two weeks after ...
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News
Grocer Publix reported sales increase
Grocer Publix reported sales rose 5.8% in the second quarter, up to $6.6bn (£4bn), and like-for-like sales up 4.2%. Net earnings rose 9.7% from the previous year to $382.4m (£233.9m).Chief executive Ed Crenshaw said: “I’m proud our good operating performance resulted in another increase in our stock price.I congratulate our ...
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Pharmacy retailer CVS reports group net revenue increase
Pharmacy retailer CVS has reported group net revenues for the second quarter ended June 30 increased 10.8% to $26.6bn (£16.3bn).Revenues in the pharmacy services and retail pharmacy segments rocketed 23.2% to $14.6bn (£8.9bn) and 3.6% to $14.8bn (£9bn), respectively. Like-for-like sales increased 2% with pharmacy and front store like-for-likes up ...
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News
Discounter Big Lots reveals revenue fall
Discounter Big Lots has revealed that its second-quarter revenue for stores open at least two years fell 1.5% compared with the prior year. Total for the period rose 1.8% to $1.15bn (£703.4m) not including the acquisition of Liquidation World, made by the retailer last month. Big Lots chief executive Steve ...
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Neiman Marcus announces impressive preliminary results
Upmarket department store chain Neiman Marcus has announced impressive preliminary results for its fourth quarter and full year for 2011. Net sales at the retailer rocketed 11.3% in the fourth quarter to $920m (£564.4m). In the same period, Neiman Marcus Direct revenues were 11% above last year.Like-for-like sales for the ...
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AnalysisWilliams-Sonoma
The US homewares group has a strong reputation and is eyeing the UK market. But where would it sit in this struggling sector and what is its point of difference?
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Borders Group US lives on
Borders Group US is preparing for a sale that could see its brand live on despite liquidators clearing books from its shelves and shutting its stores. Executives plan to auction off the company’s intellectual property, including the Borders.com website, on September 14. The move follows other now-defunct retailers such as ...
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Borders Group to liquidate the chain
Borders Group is to liquidate the chain after failing to receive any offers to save it. The book chain said liquidation of its remaining 399 shops could start as soon as this week, and it is expected to go out of business for good by the end of September.Borders filed ...
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News
Sales increase for 99¢ Only Stores’
99¢ Only Stores’ total sales increased 6.3% in its financial first quarter ended July 2, aided by like-for-like growth of 5.9%. The retailer said total sales reached $368m (£228m), a 6.3% increase from the same quarter last year. The Easter selling season provided a key boost.The retailer plans to open ...
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AnalysisAhold restructures and aims for the top league
Ahold chief executive Dick Boer commented last week that the company was waiting for the right time and opportunity for an acquisition.
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News
Duane Reade to open flagship store on Wall Street
Drugstore chain Duane Reade is to open a new 22,000 sq ft flagship store on Wall Street with a more upmarket focus. The location will be the store’s first pharmacy linked to Walgreens’ pharmacy system, which means that customers can have their Walgreens pharmacy information available at Duane Reade’s new ...