By Phil Wahba
(Reuters) – Gap Inc (GPS.N: Quote, Profile, Research, Stock Buzz) expects its sales in China to triple in the next three years to $1 billion, making the country its second largest market, the retailer said on Wednesday.
Last year, Gap opened 34 namesake stores in China, bringing its total there to 81. It will open about another 30 this year. The company recently opened its first Old Navy store in China.
April 10 (Reuters) – Family Dollar Stores Inc,
seeking to reverse declining sales and profit, said on Thursday
it is slashing prices to win shoppers, cutting jobs, and
shutting hundreds of weak performing stores.
The discount retailer, which caters to lower income
shoppers, many living paycheck to paycheck, reported sales at
stores open at least a year fell 3.8 percent in the quarter
ended March 1. It expects sales to decline this quarter, too.
NEW YORK (Reuters) – Activist investor Carl Icahn has dropped his call for eBay Inc to split off its fast-growing PayPal payments unit but has suggested he would keep pressure on the e-commerce company.
EBay said on Thursday that it had settled its proxy fight with the billionaire, who also withdrew his two nominees for the eBay board ahead of the company’s annual shareholder meeting next month.
NEW YORK (Reuters) – EBay Inc and Carl Icahn ended their proxy fight on Thursday as the activist investor dropped his proposal that the e-commerce company split off its PayPal payments unit and withdrew his two nominees for the eBay board.
Icahn in January called for the company to hive off its fast-growing PayPal business, arguing the unit is undervalued as part of eBay.
By Phil Wahba
(Reuters) – Procter & Gamble Co is selling the bulk of its pet food business to Mars Inc for $2.9 billion to focus more on its personal care and cleaning brands, the companies said on Wednesday.
In an all-cash deal, privately held Mars will buy the Iams brand, as well as Eukanuba and Natura, in the Americas and other selected countries, which account for 80 percent of P&G Pet Care’s global sales.
(Reuters) – John Malone’s Liberty Media Corp said on Thursday it has sold almost all of its stake in Barnes & Noble Inc, ending a nearly three-year bet that the struggling retailer would emerge as a dominant seller of e-books.
The sale of Liberty’s shares, expected to close April 8, means the departure of one of the bookseller’s biggest investors, as well as the exit of Liberty Media Chief Executive Greg Maffei, a respected dealmaker, from Barnes & Noble’s board.
NEW YORK (Reuters) – Macy’s Inc (M.N: Quote, Profile, Research, Stock Buzz) on Monday said it promoted its chief merchandising officer, Jeffrey Gennette, to president of the company, in a move that potentially positions him to become chief executive.
In addition to continuing to serve as the department store operator’s chief merchant, Gennette will take on marketing and e-commerce at Macy’s namesake chain, as well as manage Macy’s in-house brands, such as INC, which generate 20 percent of company revenue.
NEW YORK, March 31 (Reuters) – Americans cut back on
drinking carbonated soft drinks again last year with soda sales
reaching their lowest levels in nearly two decades, according to
a leading beverage industry newsletter.
Total sales volume fell 3 percent in 2013 to 8.9 billion
cases, the ninth straight year of decline and the lowest since
1995, according to Beverage Digest. Soda sales fell 1.2 percent
in 2012 and 1 percent in 2011. Each case is equal to 192 liquid
NEW YORK (Reuters) – The market for vintage guitars is tuning up again after years of hitting flat notes.
Its comeback will be tested next week, when California-based collector Hank Risan puts 265 of his 700 guitars on the block in the biggest such auction in recent memory.
By Phil Wahba
(Reuters) – Wal-Mart Stores Inc this week sued Visa Inc for $5 billion, accusing the credit and debit card network of excessively high card swipe fees, several months after the retailer opted out of a class action settlement between merchants and Visa and MasterCard Inc.
Visa declined to comment on the suit, filed Tuesday in the U.S. District Court for the Western District of Arkansas, where Wal-Mart is headquartered.