2Q Profit Up at Williams-Sonoma
Bentonville, Ark., Williams-Sonoma said quarterly profit rose nearly 12% on strong demand at its Pottery Barn and Pottery Barn Kids stores. Net revenues for the second quarter ended July 31, 2005, increased 12.6% over the second quarter of fiscal year 2004 to $776.2 million. Earnings rose to $30.8 million, or 26? a share, for the quarter, up from $27.6 million, or 23? a share, a year earlier.
Wal-Mart Turns to Staten Island
New York City, After an unsuccessful first attempt at opening a store in New York City, Wal-Mart is hoping to build a store on Staten Island. In the past month, Wal-Mart has been putting ads in 70 community newspapers and using radio spots to win over New Yorkers on the idea. The giant retailer, however, has come across the not-in-my-backyard problem due to concerns about traffic and pollution.
According to government officials and developers, the store on Staten Island would be at the former Lucent Technologies factory site in Richmond Valley. Wal-Mart officials said the company wants a store in the nation’s largest city to add to its 3,762 stores nationwide. It hopes the ads will help its endeavor and that Wal-Mart soon will be available in one of the five boroughs.
On-line Shopping Sees Largest Rise in Three Years
Washington, D.C., The Commerce Department said on-line retail sales rose 7.2% for the second quarter of 2005, marking the largest rise in three years. From April to June, sales made over the Internet, via e-mail or through other electronic networks were $21.15 billion. E-commerce sales made up 2.2% of total sales, matching the record high of the previous quarter. Total retail sales for the second quarter rose 2.6% to $940.75 billion.
The increase in on-line sales can be attributed to Americans’ growing trust of the Internet with regard to sharing information and also to retailers’ Internet-only deals and shipping discounts.