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September 5, 2003 | Jeff Leeds, Times Staff Writer
Universal Music Group's top distribution executive, Jim Urie, began sketching out his plan to slash CD prices on the back of a Denny's restaurant place mat as he returned from a Palm Springs vacation last Thanksgiving. But the script for Universal -- whose decision to cut prices touched off tremors throughout the music industry this week -- may have been written well before then. Indeed, pressure has been building for industrywide price reductions since big-box retailers such as Best Buy Co.
August 8, 2003 | From Reuters
Warm weather and huge clearance sales helped major retailers post better-than-expected July sales Thursday, prompting Wal-Mart Stores Inc., Gap Inc. and others to raise their quarterly earnings forecasts. Department stores and specialty chains, including Kohl's Corp., J.C. Penney Co. and Limited Brands Inc., reported strong sales growth, helping to make up for a disappointing June and bolstering hopes for solid back-to-school demand in August. Wal-Mart, Gap, electronics retailer Best Buy Co.
January 4, 2003 | Bettijane Levine, Times Staff Writer
It's easy to understand why people on fixed incomes and tight budgets would hunt for bargains at the 99-cent stores that dot the city. But what's with all those well-dressed types who pull up in pricey cars and can be seen scouring the well-stocked aisles like archeologists on a dig -- scooping up jars of white asparagus and artichoke hearts, hand-painted china, leopard-print thong undies, bottles of wine and Pellegrino water -- each priced at under $1? "It's amazing. It's fun.
December 5, 2002 | Hanah Cho, Abigail Goldman and Nancy Cleeland, Times Staff Writers
The Inglewood City Council reversed its decision to bar Wal-Mart Stores Inc. from building a super center in the city, giving organized labor at least a temporary setback in its efforts to limit the giant retailer's expansion in California. The 3-0 vote Tuesday night came in response to a request from Inglewood's interim city attorney, who advised council members to repeal the ordinance on procedural grounds. Interim City Atty.
November 30, 2002 | Leslie Earnest, Times Staff Writer
If the opening day of the holiday shopping season is any guide, this year could end up being a "Costco Christmas." Bargain-hungry Southern Californians swarmed the region's stores Friday, guided largely by a sense of practicality that had thousands rising before sunrise to snap up the best deals on a wide array of gifts.
November 30, 2002 | Abigail Goldman, Times Staff Writer
Toy shoppers began lining up at 4:30 a.m. Friday outside the Toys R Us on La Cienega Boulevard in Los Angeles in search of one thing -- and it wasn't a must-have toy. Instead, they wanted a bargain. Claudia Santos, 33, and Rosa Bonilla, 40, came to buy a Game Boy Advance hand-held device, which for $70 included a $30-value Super Mario World game. Rosa Hernandez, 18, and nine family members came for, among other items, a Nintendo GameCube and software, advertised at $200, or about 17% off.
November 19, 2002 | From Bloomberg News
Kmart Corp. Chief Executive James Adamson said Monday that monthly sales at the discount retailer may rise for the first time in more than a year in December as shoppers buy more Martha Stewart merchandise. Sales at stores open at least a year are expected to be "neutral to slightly positive," Adamson said. Sales of Martha Stewart items are "doing better on a per-store basis" this year, he said.
November 14, 2002 | Angela Moore, Reuters
NEW YORK -- Retail giants Wal-Mart Stores Inc. and Federated Department Stores posted higher quarterly earnings Wednesday, but analysts remain worried about weaker consumer spending in the holiday season. Wal-Mart, the world's biggest retailer, said profit jumped 23% in the quarter ended Oct. 31. Federated, parent of Macy's and Bloomingdales, also posted strong earnings, helped by tighter inventories that reduced the need for markdowns. Wal-Mart said net income climbed to $1.
November 9, 2002 | Abigail Goldman, Times Staff Writer
Shares of discount merchant Factory 2-U Stores Inc. more than doubled Friday after the appointment of onetime Wal-Mart Stores Inc. Chief Executive William R. Fields as the company's chairman and CEO. Factory 2-U, which made the announcement after markets closed Thursday, saw its stock jump $2.77 to close at $4.45 on Nasdaq on Friday. The stock hit a 52-week low just a few weeks ago, closing at $1.11 on Oct. 11.
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