All USA articles – Page 36
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NewsHollister secures deals to double UK portfolio
US fashion brand Hollister has pressed on with aggressive expansion plans across the UK, adding four more stores to its portfolio, and entering talks for another four to five.
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Wal-Mart will not “accelerate” Marketside openings
Wal-Mart will not “accelerate” openings of Marketside, the store format developed in response to Tesco’s Fresh & Easy US chain.Wal-Mart Stores vice-chairman Eduardo Castro-Wright said: “The test we’ve had in Phoenix, we’re pleased with. Given the current economic conditions we are not accelerating the effort until we have better data ...
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Aggressive Ackman falls flat after failed Target coup
The latest boardroom battle that William Ackman, head of US hedge fund Pershing Square Capital Management, has waged has ended in tears – literally, according to US reports.
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AnalysisNew Wal-Mart chief Mike Duke: ‘This is our time’
Changing consumer habits create opportunities, new Wal-Mart chief Mike Duke believes – but the retailer can’t afford to be complacent. George MacDonald reports from the US
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Same-store sales in US decline
Same-store sales declined 4.6 per cent in the US in May, according to a report from Goldman Sachs and the International Council of Shopping Centers. The results were worse than a forecast 3 per cent drop.Among a slew of disappointing like-for-likes, department store group Nordstrom reported a fall of more ...
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Toys R Us acquires the FAO Schwarz toy stores
The world’s largest toy specialist Toys R Us has acquired the FAO Schwarz toy stores for an undisclosed sum.FAO Schwarz, which first opened in 1862, describes itself as the oldest toy retailer in the US. Toys R Us will operate all three FAO Schwarz stores – two in New York ...
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Target shareholders reject alternative director list
Shareholders in general merchandise retail powerhouse Target last week rejected an alternative list of directors put up by activist shareholder William Ackman.In a heated battle, Ackman, the head of Pershing Square Capital Management, sought to have his own roster of directors, including himself, replace the existing board to better compete ...
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Profits at Office Depot’s North American retail division decline
Operating profits at Office Depot’s North American retail division declined from $82m (£50m) to $81m ($49.4m) in the first quarter to March 28. Like-for-likes plummeted 17 per cent while total sales slumped 16 per cent to $1.4bn (£854.4m).The company, which includes a business solutions arm, reported a net loss of ...
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Lawson shelves plan to acquire rival
The country’s second largest convenience store chain Lawson has shelved plans to acquire rival am/pm. Lawson said it could not reach an agreement with the US-based competitor.The proposed acquisition would have cost the 9,500-store retailer ¥14.5bn (£97m). As part of the deal, am/pm wanted the majority of its 1,100 stores ...
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NewsScott Wheway to use Tesco and Boots experience after Best Buy move
US electricals retailer Best Buy will adopt the best practices of retail giants Tesco and Boots when it debuts in the UK next year.
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Sales declines hit Gap profits
Sales declines across all four of Gap’s divisions have led to a 14 per cent slump in first-quarter profits at the clothing giant.In the quarter to May 2 earnings were 15m (£135.5m), down from 49m (£156.9m) the year before. First-quarter net sales were $3.13bn (£1.97bn) compared with $3.38bn (£2.13bn) the ...
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Target experiences profit fall
General merchandise retailer Target experienced a profit fall from $602m to $522m (£379.4m to £329m) in the first quarter to May 2.Like-for-like sales in its retail arm deteriorated 3.2 per cent while total sales rose 0.4 per cent to $14.4bn (£9.08bn). It is the fifth consecutive quarter that Target’s sales ...
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Gamestop reveals profit hike
Games retailer Gamestop revealed a profit hike of 13.4 per cent to $70.4m (£44.4m) while like-for-likes fell 1.5 per cent in its first quarter to May 2.The world’s largest games specialist said the like-for-like decline was due to “sharper recessionary effects in Europe and a slowdown of new console sales”. ...
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Unexpected profit revealed by Sears
Department store group Sears posted an unexpected first-quarter profit after slashing advertising costs and payroll expenses.The retailer also extended a credit agreement to increase the amount available to $4.1bn (£2.6bn) until March 24, 2010, and $2.4bn (£1.5bn) from March 25, 2010, to June 2012.Net income in the three months to ...
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Abercrombie & Fitch report a net loss
Abercrombie & Fitch reported a net loss of $26.8m (£17.52m) in its first quarter to May 2 as like-for-like sales dived 30 per cent across the group.Sales at Ruehl shops plummeted 34 per cent on a like-for-like basis and the fashion retailer has now begun a strategic review of that ...
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Wal-Mart to end monthly sales reporting
Wal-Mart is to end its monthly sales reporting, which the retailer has been doing since 1979, to “better align investors with the retailer’s business plan and cut volatility caused by holiday shifts”, said Wal-Mart chief financial officer Tom Schoewe.Separately, Easter’s April timing helped improve US retailers’ same-store sales growth for ...
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Abercrombie & Fitch to cut jobs
Fashion retailer Abercrombie & Fitch is to cut 170 roles at its head office in Columbus, Ohio. The retailer will cut 9 per cent of its 2,000-strong positions to reduce costs.Abercrombie & Fitch has suffered from a downturn in sales as US consumers rein in spending. Chief financial officer Jonathan ...
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NewsFamily packs pay off for Fresh & Easy
Fresh & Easy’s 40- to 45-ounce family-sized prepared meals are now the six top-selling lines in the 110-product range, vindicating the grocer’s strategy of offering larger pack sizes.
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US retail needs structural changes
Structural change is still required in US retail before the sector can emerge from the downturn, the World Retail Congress heard on Wednesday afternoon.
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Forever21 eyes London store to kick-start international expansion
US fashion retailer Forever21 has revealed that it wants to open a store on London’s Oxford Street as the first step in a possible expansion into Europe.