Journalist, New York
Phil's Feed
Nov 26, 2013

Tiffany raises profit outlook; Asia fuels quarterly sales

Nov 26 (Reuters) – Tiffany & Co on Tuesday reported
a higher quarterly profit after far stronger-than-expected sales
in Asia mitigated continued softness in the United States, and
the jeweler again raised its full-year earnings forecast.

The retailer’s shares rose 6.4 percent to $86.15 in trading
before the market opened.

Nov 25, 2013

Wal-Mart veteran McMillon to replace Duke as CEO next year

By Phil Wahba

(Reuters) – Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz) has named company veteran Doug McMillon to be its next chief executive, in a bet that his experience running its international unit will bolster growth at the retailer, the world’s largest.

He will take the reins at a time sales growth in the United States is tepid and the company is trying to improve profitability at its international stores.

Nov 25, 2013

Wal-Mart names McMillon to replace Duke as CEO

By Aditi Shrivastava and Phil Wahba

(Reuters) – Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz) named the head of its international division, Doug McMillon, to replace Chief Executive Mike Duke, who will retire on January 31 after five years at the helm of the world’s largest retailer.

McMillon, a 47-year-old Wal-Mart veteran, will take charge after the holiday shopping season at a time when the company is facing intense competition from dollar stores and other discounters, such as Target Corp (TGT.N: Quote, Profile, Research, Stock Buzz).

Nov 21, 2013

Target profit pinched by weak U.S. sales, Canadian expansion

By Phil Wahba

(Reuters) – Discount chain Target Corp (TGT.N: Quote, Profile, Research, Stock Buzz) on Thursday blamed what it called “constrained” U.S. consumer spending for a tepid rise in quarterly comparable sales, and lowered its full-year profit forecast as a Canadian expansion proved costlier than expected.

Shares fell 3.7 percent to $64 in premarket trading.

Target competes most directly with Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz) and other discount retailers, which have all ramped up their promotions to win over reluctant U.S. shoppers.

Nov 20, 2013

J.C. Penney sees holiday quarter comparable sales improving

Nov 20 (Reuters) – J.C. Penney Co Inc on Wednesday
said it was encouraged by sales so far in November and stuck to
its forecast for more than $2 billion in liquidity at fiscal
year-end.

The company’s shares were up 5.5 percent to $9.19 in
premarket trading.

The struggling retailer reported a deeper net loss for the
fiscal third quarter as heavy promotions aimed at winning back
shoppers and clearing out unsold merchandise hurt gross profit
margin. But Wall Street was more focused on the company’s
comments regarding the progress of its turnaround.

Nov 20, 2013

U.S. retailers brace for margin hit from holiday discounts

By Lisa Baertlein and Phil Wahba

(Reuters) – Shoppers like stay-at-home mom Susan Sterling are American retailers’ worst nightmare this holiday season.

The 52-year-old from Mountain Home, Idaho expects to spend only about $200 (£124.02) on holiday gifts, $100 less than last year, and plans to buy only what’s on sale or clearance.

Nov 20, 2013

Analysis: U.S. retailers brace for margin hit from holiday discounts

By Lisa Baertlein and Phil Wahba

(Reuters) – Shoppers like stay-at-home mom Susan Sterling are American retailers’ worst nightmare this holiday season.

The 52-year-old from Mountain Home, Idaho expects to spend only about $200 on holiday gifts, $100 less than last year, and plans to buy only what’s on sale or clearance.

Nov 14, 2013

Wal-Mart’s U.S. sales miss mark as shoppers visit less

Nov 14 (Reuters) – Wal-Mart Stores Inc on Thursday
reported its third straight quarterly decline in U.S. comparable
sales, hurt by a drop in shopper visits, and the world’s largest
retailer gave a disappointing profit forecast for the holiday
season.

The company said comparable sales at its U.S. stores, its
biggest unit, fell 0.3 percent in the third quarter ended on
Oct. 31 in part because of disappointing toy sales and price
reductions on televisions.

Nov 13, 2013

Macy’s sales turnaround adds to holiday sales hopes

By Phil Wahba

(Reuters) – Sales at Macy’s Inc (M.N: Quote, Profile, Research) rebounded in the latest quarter, joining signs at other retailers that consumers will spend this holiday season if the price is right.

Wednesday’s earnings report reassured investors that Macy’s was back on track after a disappointing prior quarter, when it said it had not offered enough lower-priced merchandise in a difficult economy. Shares of the retailer closed up 9.4 percent at $50.68 (31.59 pounds).

Nov 13, 2013

Macy’s sales rise more than expected, helped by promotions

By Phil Wahba

(Reuters) – Macy’s Inc (M.N: Quote, Profile, Research) on Wednesday reported a rebound in sales, helped by more promotions, and the U.S. department store chain said business was improving as the holiday season nears.

The news reassured investors that the retailer was back on track after a disappointing prior quarter, when it said it had not offered enough lower-priced merchandise in a difficult economy. Shares of Macy’s rose 9.5 percent to $50.74 (31.67 pounds) in midday trading.

    • About Phil

      "Phil Wahba joined Reuters in 2008 and has covered the exchanges, equity capital markets (IPOs), corporate bankruptcies and now covers retailers such as department stores and booksellers."
      Hometown:
      Montreal
      Joined Reuters:
      2008
      Languages:
      English, French, Spanish, German and Danish.
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