From AP via Yahoo:
Wal-Mart Stores Inc. posted third-quarter earnings Tuesday of $2.86 billion, an 8 percent rise that beat Wall Street expectations as the world's largest retailer heads into the holiday shopping season.
The company earned 70 cents per share, up from 62 cents per share in the same period a year ago. The 70 cents includes an after-tax gain equal to 1 cent per share. Analysts surveyed by Thomson Financial had forecast earnings of 67 cents per share on revenue of $91.67 billion
Third-quarter sales at stores open at least a year, not counting fuel, were up 1.5 percent in the company's U.S. stores, same as a year ago. The company expects same-store sales for the fourth quarter to rise no more than 2 percent.
Showing posts with label Wal-Mart. Show all posts
Showing posts with label Wal-Mart. Show all posts
Tuesday, November 13, 2007
Wednesday, October 03, 2007
WAL-MART FORCED TO PAY ADDITIONAL $62 MILLION TO PENNSYLVANIA WORKERS
From USA Today:
Wal-Mart workers in Pennsylvania who previously won a $78.5 million class-action award for working off the clock will share an additional $62.3 million in damages, a judge ruled Wednesday.
About 125,000 people will receive $500 each in liquidated damages under a state law invoked when a company, without cause, withholds pay for more than 30 days.
"By this statute the legislature created significant financial incentives for employers to pay workers all the money they've earned by their hard work," Philadelphia Common Pleas Judge Mark Bernstein wrote.
"The law in its majesty applies equally to highly paid executives and minimum wage clerks," he wrote.
A Philadelphia jury last year awarded the workers the exact amount they had sought, rejecting Wal-Mart's claim that some people chose to work through breaks or that a few minutes of extra work here and there was insignificant.
Similar suits charging that Wal-Mart violated state wage laws are in play across the country.
A California trial ended with a $172 million verdict that Wal-Mart is appealing while the Bentonville, Ark.-based company settled a Colorado suit for $50 million.
A trial opened last week in Minnesota while suits are pending in New Jersey and several other states.
Wal-Mart workers in Pennsylvania who previously won a $78.5 million class-action award for working off the clock will share an additional $62.3 million in damages, a judge ruled Wednesday.
About 125,000 people will receive $500 each in liquidated damages under a state law invoked when a company, without cause, withholds pay for more than 30 days.
"By this statute the legislature created significant financial incentives for employers to pay workers all the money they've earned by their hard work," Philadelphia Common Pleas Judge Mark Bernstein wrote.
"The law in its majesty applies equally to highly paid executives and minimum wage clerks," he wrote.
A Philadelphia jury last year awarded the workers the exact amount they had sought, rejecting Wal-Mart's claim that some people chose to work through breaks or that a few minutes of extra work here and there was insignificant.
Similar suits charging that Wal-Mart violated state wage laws are in play across the country.
A California trial ended with a $172 million verdict that Wal-Mart is appealing while the Bentonville, Ark.-based company settled a Colorado suit for $50 million.
A trial opened last week in Minnesota while suits are pending in New Jersey and several other states.
Wednesday, August 22, 2007
WAL-MART PET FOOD FROM CHINA FOUND TO HAVE MELAMINE
From USA Today:
Tests of two Chinese brands of dog treats sold at Wal-Mart stores found traces of melamine, a chemical agent that led to a previous, large-scale pet food recall in March, a spokeswoman said Tuesday.
Wal-Mart Stores stopped selling Chicken Jerky Strips from Import-Pingyang Pet Product and Chicken Jerky from Shanghai Bestro Trading in July, after customers said the products sickened their pets.
No recall was announced at that time, but Wal-Mart said in a statement Tuesday that customers who bought one of the products should return it to the nearest store for a refund.
Company spokeswoman Deisha Galberth said 17 sets of tests done on the products found melamine, a contaminant that's a byproduct of several pesticides.
The Delaware County (Pa.) Daily Times reported last week that a woman claimed her 2-year-old Chihuahua died after eating some of the products.
Tests of two Chinese brands of dog treats sold at Wal-Mart stores found traces of melamine, a chemical agent that led to a previous, large-scale pet food recall in March, a spokeswoman said Tuesday.
Wal-Mart Stores stopped selling Chicken Jerky Strips from Import-Pingyang Pet Product and Chicken Jerky from Shanghai Bestro Trading in July, after customers said the products sickened their pets.
No recall was announced at that time, but Wal-Mart said in a statement Tuesday that customers who bought one of the products should return it to the nearest store for a refund.
Company spokeswoman Deisha Galberth said 17 sets of tests done on the products found melamine, a contaminant that's a byproduct of several pesticides.
The Delaware County (Pa.) Daily Times reported last week that a woman claimed her 2-year-old Chihuahua died after eating some of the products.
Friday, April 13, 2007
MARCH SAME-STORE SALES REPORT
Same-store sales results are in for March and the results are mixed. Same-store sales are calculated only for stores that have been in business for more than one year. Here is a breakdown of some popular retailers.
March 2007
Nordstrom +15%
Target +12%
J.C. Penney +10.6%
Saks +10.1%
Limited +8%
Abercrombie & Fitch +7%
Costco +6%
Wal-Mart +4%
The Wal-Mart sales increase was better than expected, but the company has cautioned that April will likely be flat and that quarterly results may not meet expectations.
March 2007
Nordstrom +15%
Target +12%
J.C. Penney +10.6%
Saks +10.1%
Limited +8%
Abercrombie & Fitch +7%
Costco +6%
Wal-Mart +4%
The Wal-Mart sales increase was better than expected, but the company has cautioned that April will likely be flat and that quarterly results may not meet expectations.
Friday, March 09, 2007
WAL-MART SAME-STORE SALES DISAPPOINTING
On Thursday Wal-Mart reported weak same-store sales for February, continuing its sales slump that began last year.Also Thursday, Wal-Mart's board approved a 31% increase in the company's dividend, bringing the annual payout to 88 cents a share from 67 cents a share. The world's largest retailer said it plans to return more than $3.6 billion to its shareholders in the form of dividends during fiscal 2008, based on the expected dividend increase.
Same-Store Sales February 2007
Wal-Mart +0.4%
Sam's Club +3.9%
Target +5.7%
Costco +4.0%
Wal-Mart +0.4%
Sam's Club +3.9%
Target +5.7%
Costco +4.0%
Wednesday, January 31, 2007
MICROSOFT HAS BEST REPUTATION WITH CONSUMERS
The eighth annual survey to determine the U.S. corporations with the best and worst reputations showed that Microsoft jumped from number seven in 2005 to number one in 2006. While there is much to take away from the survey, it is interesting to note the Wal-Mart fell from 29th in 2005 to 40th in 2006.
WSJ.com
WSJ.com
Friday, December 01, 2006
MIXED RETAIL SAME-STORE SALES RESULTS FOR NOVEMBER
Retailers have reported mixed same-store sales results for the important pre-holiday shopping month of November. Overall, same-store sales rose 2.1%, the weakest increase since March. Comparisons of same-store sales are made only for stores open more than one year and compare November of 2006 to November of 2005.
Losers
Wal-Mart -0.1%
Ann Taylor -4.3%
Abercrombie & Fitch -5.0%
Gap -8.0%
Pier One Imports -15.3%
Winners
Kohl's +3.7%
Costco +5.0%
Nordstrom +5.4%
Target +5.9%
CVS +8.4%
Federated Department Stores +8.5%
Limited Brands +12.0%
MSN Money
BusinessWeek
MarketWatch
Trading Markets
Losers
Wal-Mart -0.1%
Ann Taylor -4.3%
Abercrombie & Fitch -5.0%
Gap -8.0%
Pier One Imports -15.3%
Winners
Kohl's +3.7%
Costco +5.0%
Nordstrom +5.4%
Target +5.9%
CVS +8.4%
Federated Department Stores +8.5%
Limited Brands +12.0%
MSN Money
BusinessWeek
MarketWatch
Trading Markets
Wednesday, November 29, 2006
SAN DIEGO CITY COUNCIL VOTES TO BAN SUPERCENTERS
The San Diego City Council voted to ban any retail store with more than 90,000 square feet with at least 10% of that space devoted to selling groceries and other merchandise that is not subject to sales tax. The average Wal-Mart Supercenter is 185,000 square feet and sells groceries. The vote was 5-3 for the ban. Mayor Jerry Sanders has vowed to veto the ban, but the City Council can override a veto with five votes.
AP at Yahoo!
AP at Yahoo!
Tuesday, November 28, 2006
ONLINE SALES TRAFFIC INCREASES
The Monday after Thanksgiving, when workers return to their offices and speedy Internet connections, has become a big day for online retailers. Traffic this year was up 19% according to Akamai Technologies, a company that helps other companies send content over the Web. At 1:00 p.m. Central, traffic reached 2,145,558 visitors per minute and was still over 2 million at 8:00 p.m. last night.
The online shopping season has been very good, but some companies were not prepared. Wal-Mart's site was down for at least two hours on Black Friday. Wal-Mart said traffic was up 700% when the servers crashed and the company had only expected a 200% increase. Macy's site was down for an hour the same day, but the company claimed it was due to a bad server, not too much traffic.
USA Today
WSJ.com
The online shopping season has been very good, but some companies were not prepared. Wal-Mart's site was down for at least two hours on Black Friday. Wal-Mart said traffic was up 700% when the servers crashed and the company had only expected a 200% increase. Macy's site was down for an hour the same day, but the company claimed it was due to a bad server, not too much traffic.
USA Today
WSJ.com
Monday, November 27, 2006
WAL-MART GAINS ACCESS TO INDIA THROUGH JOINT VENTURE
Wal-mart has signed a pact with Bharti Enterprises Ltd. to create a 50:50 joint venture aiming to open retail stores in the rapidly growing Indian market. In India, foreign companies are not allowed to open retail stores that stock more than one brand, so Wal-Mart will handle the technology, logistics, and wholesale operation, while Bharti runs the retail stores using a franchisee model. Bharti is exploring the possibility of opening hypermarkets (giant retail stores that sell consumer goods and food), supermarkets, and even smaller stores to gain a piece of the $300 billion Indian retail sector. The goal is to have the first store open in August of 2007.
The Times of India
WSJ.com
The Times of India
WSJ.com
Saturday, November 25, 2006
WAL-MART PREDICTS SAME-STORE SALES DECLINE FOR NOVEMBER
After lowering expectations for November in late October with an estimate of flat same-store sales, Wal-Mart Stores Inc. reported Saturday that a same-store sales decline of 0.1% for November is likely. Same-store sales measure sales at retail locations open more than one year (comparing November 2006 to November 2005) and are a favorite Wall Street metric. The company will release an official detailed breakdown of sales on Thursday, November 30.
If sales do decline, either the company's Sam's Club or flagship Wal-Mart Stores will have experienced a decrease in same-store sales. If there is a decline in sales at Wal-Mart Stores, the traditional U.S. Wal-Mart retail stores, it will be the first since the company began reporting sales data in 1979.
Wal-Mart has struggled to produce good results in same-store sales this year and November could prove troubling as the company slashed prices on electronics and toys earlier and much deeper than usual. For example, a 42" Panasonic plasma television that retailed for around $1,700-$1,800 at Wal-Mart was cut to $1,294 on November 3. A similar Panasonic television sold for $1,708.99 on Best Buy's Web site the same day. In addition, the company has now rolled out its highly publicized $4 generic prescription plan in 38 states in an effort to lure customers in to the stores to purchase other items. Yet, despite these efforts, it appears as though Wal-Mart sales are heading south.
WSJ.com
Reuters
Wal-Mart Press Release
If sales do decline, either the company's Sam's Club or flagship Wal-Mart Stores will have experienced a decrease in same-store sales. If there is a decline in sales at Wal-Mart Stores, the traditional U.S. Wal-Mart retail stores, it will be the first since the company began reporting sales data in 1979.
Wal-Mart has struggled to produce good results in same-store sales this year and November could prove troubling as the company slashed prices on electronics and toys earlier and much deeper than usual. For example, a 42" Panasonic plasma television that retailed for around $1,700-$1,800 at Wal-Mart was cut to $1,294 on November 3. A similar Panasonic television sold for $1,708.99 on Best Buy's Web site the same day. In addition, the company has now rolled out its highly publicized $4 generic prescription plan in 38 states in an effort to lure customers in to the stores to purchase other items. Yet, despite these efforts, it appears as though Wal-Mart sales are heading south.
WSJ.com
Reuters
Wal-Mart Press Release
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