Journalist, New York
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Jul 9, 2013

Departure of Barnes & Noble CEO may put focus on retail

NEW YORK, July 9 (Reuters) – The sudden resignation on
Monday of Barnes & Noble Inc’s (BKS.N: Quote, Profile, Research) chief executive could
indicate the struggling bookseller is closer to breaking up and
returning to basics: bookstores.

William Lynch, who became CEO in 2010 to take on Amazon.com
Inc (AMZN.O: Quote, Profile, Research) in the e-books wars, quit on Monday just two weeks
after the company reported a 34 percent drop in revenue in its
Nook business, a venture he spearheaded that has cost Barnes &
Noble hundreds of millions of dollars. His departure was
somewhat of a surprise to investors because he signed a two-year
contract renewal in March.

Jun 27, 2013

Nike profit rises, North American orders jump

By Phil Wahba

(Reuters) – Nike Inc (NKE.N: Quote, Profile, Research, Stock Buzz) on Thursday posted a higher quarterly profit and said advance orders for its clothes and shoes had jumped, particularly in North America.

Shares were up 3.2 percent to $64.30 in after-hours trading.

Orders for Nike-branded shoes and clothing scheduled for delivery between June and November 2013, a gauge of demand Nike calls “futures orders,” rose 8 percent globally.

Jun 27, 2013

U.S. fines Macy’s over treatment of immigrant workers

By Jonathan Stempel and Phil Wahba

(Reuters) – Macy’s Inc (M.N: Quote, Profile, Research, Stock Buzz) has agreed to pay a $175,000 civil fine and improve its practices to resolve a U.S. government probe that found the retailer had discriminated against immigrant employees when verifying their eligibility to continue to work.

The U.S. Department of Justice on Thursday said Macy’s had engaged in “unfair documentary practices” against some immigrant employees who had previously been authorized to work.

Jun 25, 2013

Barnes & Noble retreats from tablet wars as Nook sales plummet

By Phil Wahba

(Reuters) – Barnes & Noble Inc will stop manufacturing its own Nook tablets, marking the end of its expensive attempt to compete alone with deep-pocketed rivals Amazon.com Inc, Apple Inc and Google Inc in the tablet wars.

The top U.S. bookstore chain reported another quarter of dismal results on Tuesday, led by a 34 percent drop in sales of Nook devices and e-books business, and said it expects sales to continue to decline this fiscal year at its bookstores.

Jun 25, 2013

Barnes & Noble says Nook, retail sales plunge, more pain coming

By Phil Wahba

(Reuters) – Barnes & Noble Inc (BKS.N: Quote, Profile, Research, Stock Buzz) reported on Tuesday that its quarterly net loss more than doubled as sales of its Nook device and e-books continued to plunge, and it forecast a sharp drop in business at its bookstores.

Shares were down 7.5 percent at $17.40 in premarket trading.

Revenue of its Nook business, including e-books and devices, fell 34 percent as it sold fewer e-readers and tablets and slashed prices.

Jun 24, 2013

Neiman Marcus files for IPO as private equity owners seek exit

By Phil Wahba

(Reuters) – Neiman Marcus Inc NMRCUS.UL filed registration papers on Monday for an initial public offering as its private equity owners eye an exit for their long-held investment in the luxury department store operator.

The Dallas-based retailer has been in the hands of private equity since 2005, when TPG Capital and Warburg Pincus LLC led a group that bought the Dallas-based retailer for $5.1 billion.

Jun 12, 2013

Analysis: Raising prices easier said than done for U.S. companies

NEW YORK (Reuters) – Walt Disney Co last week hiked single-day admission prices at its U.S. theme parks by up to 9.6 percent, the fifth increase since 2009. But other U.S. companies might want to think twice before following suit.

Just ask Kohl’s Corp.

The department store chain raised prices two years ago only to see shoppers take their business elsewhere. It has been struggling to make up lost ground ever since and recently said it would ramp up advertising to lure customers back.

Jun 12, 2013

Raising prices easier said than done for U.S. companies

NEW YORK, June 12 (Reuters) – Walt Disney Co last
week hiked single-day admission prices at its U.S. theme parks
by up to 9.6 percent, the fifth increase since 2009. But other
U.S. companies might want to think twice before following suit.

Just ask Kohl’s Corp.

The department store chain raised prices two years ago only
to see shoppers take their business elsewhere. It has been
struggling to make up lost ground ever since and recently said
it would ramp up advertising to lure customers back.

Jun 10, 2013

Coty IPO set to draw investors despite blemishes

NEW YORK (Reuters) – After 109 years of selling beauty products, Coty Inc is ready for its close-up, blemishes and all.

The maker of Stetson cologne, OPI nail polish and Sally Hansen lip balm, is set to go public Wednesday on the New York Stock Exchange, with shares to trade on Thursday.

Jun 6, 2013

U.S. retailers’ sales rise in May, spending stays moderate

NEW YORK (Reuters) – Major U.S. retail chains, including Costco Wholesale Corp (COST.O: Quote, Profile, Research) and Victoria’s Secret, on Thursday reported sales increases for May that suggested consumer spending continues to improve moderately.

Costco said sales at stores open at least a year, or same-store sales, rose 5 percent last month, coming in slightly below Wall Street forecasts because of lower gasoline prices. Fresh food and tools for home repair were strong categories, Costco said.

    • 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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