Walmart’s sales are growing at the fastest pace in eight years as it continues to rack up big gains in online sales. The retailer saw online revenues increase 50 percent in the third quarter and still managed to post improved earnings per share in the process.
Stitch Fix has set its share price at $15 for its initial public offering. The personal shopping subscription site is looking to raise $120 million in its IPO.
Gap Inc.’s overall same-store sales increased three percent during the third quarter as Old Navy gained four percent and the retailer’s namesake banner grew one percent. The retailer’s Banana Republic chain saw its same-store number decline one percent during the quarter.
Michael Ward, chief of Harrods, told CNBC that department stores in the U.S. have struggled in recent years as they have failed to continually introduce new concepts that attract shoppers. “I think the American graveyard is really them self-committing suicide,” said Mr. Ward.
Amazon.com will sell exclusive underwear and jeans from Calvin Klein. While the two companies have worked together in the past, this is the first time the designer has created pieces exclusively for Amazon.
Bon-Ton Stores, Inc. announced plans to close 40 stores in 2018. The parent company of its namesake department store as well as Boston Store, Younkers and others have failed to turn a profit in six straight years.
Procter & Gamble initially declared victory in a proxy battle with Nelson Peltz, who was seeking a seat on the company’s board. A recount found that Mr. Peltz came out ahead by less than 1/600th of one percent of the votes cast. P&G has said that the vote total has not been finalized and will…
Brewers and roasters are finding that developing their own beer and coffee lines can help them own “both sides of the clock.”
Same-store sales at Walmart increased 2.7 percent in the third quarter, higher than analysts’ expectations of a 1.7 percent gain. The retailer, which has seen its same-store sales improve for three straight years, received a boost from online sales and purchases related to hurricanes that hit the U.S. mainland, Puerto Rico and the Virgin Islands.
Best Buy’s same-store sales increased 4.5 percent in the third quarter and its profits improved 23 percent year-over-year for the period. The company said its profits were somewhat negatively affected by hurricanes in Florida, Puerto Rico and Texas.