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BUSINESS
August 16, 2008 | From Times Wire Services
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.
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BUSINESS
May 13, 2010 | By Andrea Chang, Los Angeles Times
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.
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BUSINESS
August 14, 2009 | Andrea Chang
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...
BUSINESS
August 14, 2009 | Andrea Chang
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...
BUSINESS
August 14, 2008 | From Times Wire Services
Macy's Inc. posted lower second-quarter profit Wednesday and warned that its full-year earnings would be below expectations. Macy's earned $73 million, or 17 cents a share, in the quarter that ended Aug. 2, compared with $74 million, or 16 cents, a year earlier. Excluding two one-time items, Macy's earned 29 cents a share from continuing operations. Analysts surveyed by Thomson Reuters had expected earnings of 19 cents a share on revenue of $5.75 billion. Revenue fell 3% to $5.7 billion, while same-store sales, or sales at stores open at least a year, dropped 2.1%.
BUSINESS
February 12, 2009 | Jerry Hirsch
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."
BUSINESS
November 21, 2008 | Times Wire Services
Apparel chain Gap Inc. reported that its fiscal third-quarter profit rose 3.4% as cost-cutting efforts like inventory control offset a sales slump. The company also affirmed its profit guidance for the full year. The San Francisco company said after the markets closed that it earned $246 million, or 35 cents a share, in the three months ended Nov. 1. That compares with $238 million, or 30 cents, a year earlier. Sales fell 7.6% to $3.56 billion. Analysts surveyed by Thomson Reuters had expected earnings of 34 cents a share on revenue of $3.57 billion.
BUSINESS
May 22, 2009 | Times Wire Reports
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.
BUSINESS
May 13, 2010 | By Andrea Chang, Los Angeles Times
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.
BUSINESS
August 27, 2013 | By Tiffany Hsu
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.
BUSINESS
May 22, 2009 | Times Wire Reports
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.
BUSINESS
February 12, 2009 | Jerry Hirsch
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."
BUSINESS
November 21, 2008 | Times Wire Services
Apparel chain Gap Inc. reported that its fiscal third-quarter profit rose 3.4% as cost-cutting efforts like inventory control offset a sales slump. The company also affirmed its profit guidance for the full year. The San Francisco company said after the markets closed that it earned $246 million, or 35 cents a share, in the three months ended Nov. 1. That compares with $238 million, or 30 cents, a year earlier. Sales fell 7.6% to $3.56 billion. Analysts surveyed by Thomson Reuters had expected earnings of 34 cents a share on revenue of $3.57 billion.
BUSINESS
August 16, 2008 | From Times Wire Services
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.
BUSINESS
August 14, 2008 | From Times Wire Services
Macy's Inc. posted lower second-quarter profit Wednesday and warned that its full-year earnings would be below expectations. Macy's earned $73 million, or 17 cents a share, in the quarter that ended Aug. 2, compared with $74 million, or 16 cents, a year earlier. Excluding two one-time items, Macy's earned 29 cents a share from continuing operations. Analysts surveyed by Thomson Reuters had expected earnings of 19 cents a share on revenue of $5.75 billion. Revenue fell 3% to $5.7 billion, while same-store sales, or sales at stores open at least a year, dropped 2.1%.
NEWS
January 5, 2012 | By Andrea Chang
Wrapping up a good but not outstanding holiday season, the nation's retailers reported a 3.4% year-over-year December sales increase, roughly in line with expectations. Nearly two-thirds of retailers beat expectations, according to the tally of 22 major chains by Thomson Reuters released Thursday. Among the month's best performers were teen retail chain Zumiez Inc., which reported a sales bump of 10%, off-price retailer Ross Stores Inc., where sales rose 9%, and upscale department store Nordstrom Inc., up 8.7%.
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