January 16, 2014 |
Best Buy Co. watched its stock plunge more than 27% in morning trading Thursday after announcing poor holiday results that suffered from heavy competition and deep discounting. The consumer electronics retailer said revenue for the nine weeks ended Jan. 4 slumped 2.6% to $11.45 billion from the same period a year earlier. Same store sales slipped 0.9% in the U.S., though they managed at 0.1% boost internationally. In late morning trading in New York, Best Buy stock tanked nearly 28%, or $10.45, to $27.11 a share.
January 8, 2014 |
Santa slacked off during the holidays, delivering a solidly so-so season for retailers. Shoppers were less impressed and more careful during the season compared with the previous one, doing their research before picking through shelves of uninspiring and often deeply discounted merchandise, according to a flurry of data, estimates and analyst notes released this week. Consumers spent $265.9 billion at stores during November and December, causing sales to rise 2.7% from a year earlier, according to initial results from data firm ShopperTrak.
January 8, 2014 |
In the same breath as it announced a “successful” holiday season, Macy's Inc. said it would lay off some 2,500 employees as it attempts to achieve $100 million in savings a year. In addition to the workers losing their jobs, some associates will be reassigned or transferred, the retailer said. Not all open positions will be filled. Among the positions targeted: district merchandise planners for Macy's soft home categories, whose responsibilities will be handed off to regional and national organizers.
December 25, 2013
Re "Rare type o guy," Dec. 24 I know that tragic or otherwise negative events tend to make the news more than uplifting stories. As a result, we faithful readers get a relentless reporting of stories that are sad, scary or downright depressing. This article, however, about math teacher Jim O'Connor - who spends so much time giving at Children's Hospital Los Angeles - is a welcome change. Here is someone who makes a difference in the lives of others without any expectation of notoriety.
December 23, 2013 |
Spoiler alert: There's a really good chance you'll get a gift card for Christmas. That's not a news flash from the North Pole. It comes instead from the National Retail Federation, which estimated in a recent report that more than 80% of shoppers will be including the plastic gift cards inside greeting cards this holiday season. The average person will spend about $163 on gift cards, the group's survey found. That's up 4% from last year and represents the highest average amount since the retail association began tracking such things 11 years ago. Total spending on gift cards this season will reach about $30 billion, the group said.
December 22, 2013 |
Like millions of Americans, Jessica Hamilton of Pasadena will buy her friends and family a handful of gift cards this holiday season, drawn by their convenience. Yet Hamilton, who carries reusable bags when she goes shopping, is bothered by the thought of all of that plastic ending up in landfills along with worn-out hotel key cards, credit cards and the like. In 2012, the global card industry produced 33 billion cards, according to the International Card Manufacturers Assn. Most of those cards contained polyvinyl chloride, a plastic that contains pollutants that are harmful to the environment and is slow to decompose.