June 9 (Reuters) – Target Corp took down a release
from its website on Tuesday that said the company would raise
its share buyback program by $5 billion and boost its quarterly
dividend by 7.7 percent to 56 cents per share.
A person familiar with the matter said the document was one
of several prepared ahead of a board meeting scheduled for
Tuesday evening and that it was published inadvertently. The
board is due to discuss dividend and buyback policy and has not
voted on a plan yet, the person said, describing the document as
FAYETTEVILLE, Arkansas (Reuters) – Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz) named Vice Chairman Greg Penner as its new chairman on Friday, replacing his father-in-law Rob Walton and cementing the founding family’s influence over the retailer’s board.
Penner, 45, has been on the retailer’s board since 2008 and was named vice chairman last June, in a move widely seen as setting the stage for him to succeed Walton, the 70-year old son of founder Sam Walton and chairman for the past 23 years.
BENTONVILLE, Arkansas/BOSTON, June 4 (Reuters) – Even as
Wal-Mart Stores Inc showed unusual openness to
outsiders’ complaints by taking steps including raising wages,
it has been trying to slam the door on a shareholder proposal
that could weaken the founding Walton family’s power over its
The investors are pushing hard for changes in how the
world’s No. 1 retailer governs itself, seeking to install an
independent chairman. Many also support a measure that would
require wider disclosure of when it has “clawed back”
compensation from executives linked to ethical missteps.
CHICAGO (Reuters) – Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz) is pressing meat, seafood, dairy and egg suppliers to reduce the use of antibiotics, becoming the first large retailer to take such a public stand against the excessive use of drugs in raising farm animals.
The voluntary guidelines announced on Friday would limit suppliers to using antibiotics to treat and prevent disease, and not for promoting growth, a controversial practice by livestock producers. The move comes as concern is growing that over-use of antibiotics in animals can spawn drug-resistant superbugs, endangering human health.
By Nathan Layne
(Reuters) – Target Corp (TGT.N: Quote, Profile, Research, Stock Buzz) on Wednesday reported a larger-than-expected rise in quarterly profit, citing robust online sales and strong demand for products at the center of its growth plan.
The fourth-largest U.S. retailer raised the low end of its fiscal-year outlook and said it repurchased $562 million worth of its shares in the quarter. This resumption of buybacks after nearly two years is the latest sign it had rebounded from a crippling data breach in late 2013.
By Nathan Layne
(Reuters) – Wal-Mart Stores Inc said that it would take a different approach to online growth than Amazon.com Inc by using its large network of stores as distribution points.
But if the world’s largest bricks-and-mortar retailer is serious about competing more directly with Amazon – as it has suggested by testing a free shipping club – then it may have to spend well beyond a previously announced investment target on big distribution centers and other costs for its plan.
By Nathan Layne and Sruthi Ramakrishnan
(Reuters) – Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz) on Tuesday became the latest U.S. retailer to report weaker-than-expected quarterly sales, saying consumers were pocketing tax refunds and savings from cheaper gasoline rather than buying unnecessary items.
Shares of the world’s largest retailer, whose earnings just missed analysts’ estimates and whose forecast range for the current quarter was largely below expectations, were down 4.2 percent at $76.56 in morning trading.
By Nathan Layne
(Reuters) – Weeks after Wal-Mart Stores Inc was accused of shuttering a California store to stop workers from organizing, the company said it would seek permits to rip up floors and replace plumbing lines as part of significant repairs at five stores the retailer said justified their abrupt closure.
Wal-Mart’s move last month to temporarily close the stores triggered a union-backed complaint to the National Labor Relations Board that is still pending. The company says it plans to re-open the stores within six months.
By Nathan Layne
(Reuters) – J.C. Penney Co Inc (JCP.N: Quote, Profile, Research, Stock Buzz) reported a smaller-than-expected quarterly loss on the back of solid demand for apparel and women’s handbags, and lifted its annual margin target in a sign the department store chain is getting a better grip on costs.
The company also said it would start selling Sephora beauty products online this month in an expansion of that partnership. J.C. Penney currently has more than 500 Sephora outlets within its stores and plans to add more.
May 13 (Reuters) – J.C. Penney Co Inc reported a
smaller-than-expected quarterly loss on the back of solid demand
for apparel and women’s handbags, and lifted its annual margin
target in a sign the department store chain is getting a better
grip on costs.
The company also said it would start selling Sephora beauty
products online this month in an expansion of that partnership.
J.C. Penney currently has more than 500 Sephora outlets within
its stores and plans to add more.