August 16, 2008 |
J.C. Penney Co. reported a 36% drop in second-quarter profit and issued a downbeat outlook for the current quarter as shoppers cut back on clothing spending in a tough economy. The Plano, Texas-based department store chain said it earned $117 million, or 52 cents a share, compared with $182 million, or 81 cents, a year earlier. Sales fell 2.5% to $4.28 billion. Same-store sales, or sales at stores opened at least a year, fell 4.3%. Same-store sales are considered a key indicator of a retailer's health.
May 22, 2009 |
Gap Inc. reported that its first-quarter profit fell almost 14% as the clothing chain faced sluggish consumer demand during the recession, but the results narrowly beat Wall Street estimates. The San Francisco-based retailer, which operates Banana Republic and Old Navy stores as well as the Gap, said Thursday that it earned $215 million, or 31 cents a share, for the three months that ended May 2. In the same period a year earlier it earned $249 million, or 34 cents. Revenue dropped 8% to $3.13 billion.
February 12, 2009 |
Limiting price increases hurt earnings at supermarket company Stater Bros. Holdings Inc. The San Bernardino grocery company, the largest independent supermarket chain in Southern California, said earnings fell 68% to $3.5 million in its first quarter ended Dec. 28. Sales rose 2% to $959 million compared with the same period a year earlier. Same-store sales, an important measure of a retailer's health, rose 1.4%. "Our plan is to assist our customers during these very tough economic times," said Jack Brown, chief executive of the 165-store chain, "and the plan is working."
May 13, 2010 |
Department store giant Macy's Inc. said Wednesday that it swung to a better-than-expected profit in its first quarter thanks to strong sales in stores and online, better inventory control and an overhaul of its merchandise strategy. For the three months ended May 1, the Cincinnati chain reported profit of $23 million, or 5 cents a share, compared with a loss of $88 million, or 16 cents, in the year-earlier period. In the rapidly growing online sector, sales at Macys.com and Bloomingdales.
August 14, 2009 |
Three major retailers reported quarterly earnings Thursday, with mixed results that underscored the continued problems plaguing the economy. Discount giant Wal-Mart Stores Inc. said its second-quarter profit beat expectations but also reported that sales fell; trendy clothing company American Apparel Inc. said earnings plummeted 34% compared with a year earlier; and upscale department-store chain Nordstrom Inc. reported that its profit fell...
August 27, 2013 |
Wal-Mart Stores Inc., the largest private employer in the country, plans to start offering health coverage next year to domestic partners of full-time employees - including those in same-sex relationships. The extension, outlined in a postcard sent to workers this week, follows a series of recent court rulings in favor of gay marriage around the country. Though spokesman Randy Hargrove said it's unclear many people may sign up for the program, he said that more than half of the company's 1.3 million U.S. associates are covered by the retailer's health insurance plan.