In a big loss for American Express, Costco Wholesale Club will no longer accept American Express cards at its U.S. stores starting on March 31, 2016, ending a 16-year-old exclusive relationship with the credit card giant.
A significant increase in selling, general and administrative expenses, as well as higher marketing expenses, helped plunge net income at pure play retailer Zulily Inc. below Wall Street expectations during the fourth quarter of fiscal 2014.
Incremental expenses related to the relocation of a distribution center in Winnipeg, Canada, as well as increased promotional and advertising spending, helped drive down Cabela’s Inc. net income 2% to $78.6 million from $80.1 million in the fourth quarter of fiscal 2014.
The $8.7 billion private equity acquisition of PetSmart Inc. that was announced in December 2014 is one step closer to fruition. Argos Merger is providing a $1.9 billion senior note unsecured offering to finance the purchase.
Retail sales fell 0.8% in January, more than forecast, amid smaller receipts at gas stations due to plummeting fuel costs and declines at apparel and sporting goods stores, according to the U.S. Commerce Department.
Whole Foods Market's value message is resonating with shoppers as the chain delivered same store sales growth of 4.5% and record first quarter profits as net income increased to $167 million from $158 million.