FINANCE

  • Rough going for Macy’s

    Macy’s on Wednesday reported its fifth consecutive decline in same-store sales, and announced plans to improve its performance, from new product launches to more off-price shops. The nation’s largest department retailer also reduced its sales and earnings guidance for the year. Similar to many retailers, Macy’s is challenged by an overall retail environment marked by sluggish traffic, increased competition and cautious consumers.

  • Staples and Office Depot call off merger in wake of ruling

    The nation’s two largest office-supply chains have pulled the plug on their $6.3 billion merger.

  • Gap Q1 sales plummet; talks streamlining
    The nation’s largest U.S. apparel retailer is looking to streamline its model. Amid first quarter same-store sales declines across all its brands, Gap Inc. said it is identifying opportunities to streamline its business to be more efficient and flexible. The retailer also is evaluating its Banana Republic and Old Navy store fleets, mostly outside of North America, with an eye to sharpening its focus on geographies with the greatest potential.

  • April was unusual for L Brands

    L Brands turned in a disappointing sales performance in April, a rarity for a chain that has turned in consistently strong monthly results.

    The parent company of Victoria’s Secret reported a 1% increase in same-store sales, below Wall Street expectations of a 4.8% gain.

    Sales for the month increased to $737.5 million, up from $724.6 million in the same month last year.

    The company’s Bath & Body Works division saw a 5% increase in same-store sales while Victoria's Secret posted a 1% decrease.

  • California puts crimp in Costco in April

    Slow traffic at its California stores proved a drag for Costco Wholesale Corp. in April.

    The retailer reported flat same-store sales in April, below analysts’ estimates of a 1.2% increase.

    Total sales in April rose 3% to $8.98 billion, helped by strength in Canada.

    Excluding gasoline-price fluctuations and currency exchange rates, U.S. same-store sales rose 2%, below estimates for growth of 3.4%. Same-store sales in Canada increased 2% overall and 7% when excluding gas prices and currency.

  • Whole Foods Q2 profit tops even as sales slow; expanding rewards program

    Whole Foods Market reported better-than-expected earnings for the second quarter amid cost controls that helped lessen the impact of slowing sales.

    Net income was a better-than-expected $142 million for the quarter ended April 10.

    Sales inched up 1.3% to $3.7 billion, slightly below estimates.

  • Aeropostale files Chapter 11; store closings include exit from Canada

    In a move rumored for weeks, Aéropostale on Wednesday filed for Chapter 11 bankruptcy protection.

    The struggling teen apparel retailer said it would close 113 stores in the United States and all 41 of its stores in Canada. Store closing sales in the United States will begin this weekend (May 7-8), and in Canada during the week of May 9.

  • Iconic New York grocer files for bankruptcy

    In a not unexpected move, Fairway Group Holding Corp., operator of the Fairway Market supermarket chain, filed for Chapter 11 bankruptcy protection.

    The company filed a “prepackaged” bankruptcy restructuring under which its lenders agreed to exchange existing debt for new equity and debt in a reorganized company. Supporting lenders agreed to vote in favor of the plan and exchange their loans for common equity and $84 million of debt of the reorganized company.

  • Report: Teen retailer on brink of Chapter 11

    Aeropostale will reportedly file for bankruptcy protection this week and subsequently close more than 100 of its 800 stores, according to The Wall Street Journal.

    The struggling teen apparel retailer plans to reorganize under a Chapter 11 filing this week ahead of May rent payments, the report said. On Aeropostale has been struggling for some time. The chain has recorded three consecutive years of losses as its struggles to deal with a teen audience whose spending tastes now favor fast-fashion giants such as H&M as well as online retailers.

  • Another retailer to explore strategic alternatives

    Build-A-Bear Workshop on Tuesday said it has hired financial and legal advisers to help it explore strategic alternatives. The news came the day after General Nutrition Corp. (GNC) said it was doing the same.

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