By Nandita Bose and Siddharth Cavale
(Reuters) – Home Depot Inc (HD.N: Quote, Profile, Research, Stock Buzz), the world’s No. 1 home improvement chain, posted a better-than-expected rise in quarterly same-store sales on Tuesday but the company warned that a strong dollar will likely hurt 2015 earnings.
Chairman and Chief Executive Craig Menear said if the U.S. dollar stays at current levels the company expects a negative impact of $1 billion to 2015 sales growth and a hit to earnings of 6 cents a share for the year.
Oct 30 (Reuters) – A Southern California law firm has sued
Kimberly-Clark Corp for more than $500 million, alleging
that the Kleenex tissue maker committed fraud by marketing and
selling some of its surgical gowns as protection against Ebola.
Law firm Eagan Avenatti said it filed a class-action lawsuit
in a Los Angeles court on Wednesday, stating that Kimberly-Clark
had falsely represented to health regulators and healthcare
workers that its “MICROCOOL Breathable High Performance Surgical
Gowns” are impermeable and provide protection against Ebola.
By Devika Krishna Kumar and Siddharth Cavale
(Reuters) – A resurgence in spending helped by an improving U.S. economy bolstered back to school season sales for retailers in September, but stagnant wages may force more discounting in the coming months, keeping pressure on margins.
September’s results showed surprise growth for apparel retailers as parents and students rushed to malls and stores for the latest fashions as schools began reopening across the country.
(Reuters) – Wal-Mart Stores Inc, the biggest U.S. private sector employer, said on Tuesday that its 1.3 million workers would have to pay more for healthcare and it would end benefits for some part-time staff in a move that could prompt other companies to follow suit.
The world’s largest retailer said it would raise health insurance premiums for its entire U.S. workforce beginning in January. In addition, Wal-Mart will end coverage for employees who work fewer than 30 hours a week, a change that will impact 2 percent of U.S. workers, or about 30,000 people.
Sept 23 (Reuters) – Snow Glow Elsa has a big job ahead of
her – even for a princess with magical powers.
The doll, one of only four toys to feature on three major
guides of top toys for the holiday season, has the task of
reviving Jakks Pacific Inc, which has reported losses
for the last two years and declining revenue since 2009.
(Reuters) – Family Dollar Stores Inc rejected Dollar General Corp’s sweetened takeover bid, saying the offer still did not address antitrust concerns, raising the prospect that the No. 1 U.S. deep discount chain will go “hostile” with its offer.
Dollar General raised its offer for Family Dollar Stores on Tuesday by 2 percent to $9.1 billion, or $80 per share, and said it was willing to sell up to 1,500 stores to clear any antitrust review.
(Reuters) – Target Corp cut its full-year earnings forecast as it offers more discounts to attract cash-strapped customers and win over shoppers unnerved by a massive holiday-season data breach.
The third-largest U.S. retailer, however, said sales and traffic have improved in the past few weeks as the back-to-school season begins.
By Siddharth Cavale and Sruthi Ramakrishnan
(Reuters) – Weak results from the likes of Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz) and Macy’s Inc (M.N: Quote, Profile, Research, Stock Buzz) are the latest sign less affluent U.S. consumers are still pinching their pennies and the trend appears to be hurting upmarket retailers as well.
A number of large U.S. retailers who cater to low and middle income consumers reported disappointing quarterly comparable sales this week, pointing to a cutback in spending and a shift in preferences to stores nearer to home.
Aug 14 (Reuters) – Wal-Mart Stores Inc cut its
full-year profit forecast, citing higher employee healthcare
costs and increased investment in its online business, and the
company said heavy discounting was likely to continue into the
holiday shopping season.
As expected, the world’s largest retailer also reported flat
U.S. same-store sales, excluding fuel, for the second quarter -
the sixth quarter of declining or no growth.
(Reuters) – Target Corp (TGT.N: Quote, Profile, Research, Stock Buzz) cut its second-quarter profit estimate as it resorts to price cuts to attract cash-strapped consumers and win back customers unnerved by a huge holiday-season data breach.
The warning on Tuesday showed that new Chief Executive Brian Cornell, who takes over the third-largest U.S. retailer next week, has his work cut out for him.