FINANCE

  • Sales slowdown at Best Buy to continue?

    Softness in the mobile phone category continues to hinder growth at Best Buy Co., which reported a drop in same-store sales in the fourth quarter and continued online strength.

    For the fiscal quarter ended Jan. 30, the electronics retailer reported a decline in same-store sales of 1.7%. Specifically, sales of mobile devices and computing devices fell 6.8% in the United States. The category accounts for 43% of the company's total U.S. revenue.

  • Victoria's Secret lifts L Brands

    The parent company of Victoria's Secret and Bath & Body Works credited the strength of its brands with helping it to buck the financial doldrums affecting many other retailers in the fourth quarter.

    For the period ended Jan. 30, L Brands earned $636 million, or $2.15 a share, up from $564.8 million, or $1.89 a share, a year earlier. Net income increased 13% to $636.0 million, compared to $564.8 million last year. Net sales were $4.395 billion, an increase of 8%. Same-store sales increased 6%.

  • Record results for Ace Hardware
    Ace CEO John Venhuizen

    Even with one less week in the calendar year, Ace Hardware Corp. ran up its wholesale sales to a record $5.0 billion. Along the way, the Oak Brook, Illinois-based co-op delivered a pre-tax return on equity of 33%.

    “I'm honored to report the third consecutive year of record financial performance for the company," said John Venhuizen, president and CEO.

  • '60 Minutes' expose sends Lumber Liquidators shares tumbling

    New York -- The "60 Minutes" episode alluded to in last week's Lumber Liquidators earnings conference call was apparently more damning than some analysts expected.

    As a result, the company's shares tumbled Monday morning, with pending news prompting a pause in trading that resumed again after the stock price fell more than 24%.

  • Facebook soars in Q2
    A jump in mobile ads and daily users contributed to another strong quarter for Facebook — one that also beat analyst expectations.   For the second quarter ended June 30, total revenue rose 45% to $9.32 billion. This is a significant jump from $6.436 billion for the same period in 2016.    Revenues for the quarter also beat analyst forecasts of $9.20 billion, according to Thomson Reuters. This is the ninth straight quarter that Facebook has exceeded analyst expectations.  

  • Chico’s misses as Q2 profit falls 18.4%

    Fort Myers, Fla. -- Chico’s FAS reported an 18.4% decline in second quarter net profit, after increased promotional activity took a toll on same-store sales. 

    Chico’s net income totaled $43.6 million from $53.4 million in the year-ago period.

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