Abercrombie & Fitch Q2 profit plummets 52%; to open fewer Hollisters than planned
New Albany, Ohio — Abercrombie & Fitch reported Wednesday that net income in the second quarter slid 52% to $15.5 million, compared with $32 million in the year-ago period.
Total sales rose 4% to $951.4 million, missing Wall Street’s forecast of $954.9 million, and U.S. sales fell 5%. The retailer said Wednesday it is cutting its 2012 earnings guidance and will open fewer international Hollister stores in fiscal 2012 than initially planned.
Report: Wal-Mart, Target to develop mobile payment network
New York — A Wednesday report by the Wall Street Journal said that big retailers such as Wal-Mart Stores, Target Corp. and 7-Eleven are planning to develop a mobile payment network much like the Starbucks Square initiative that was announced last week.
Citing unnamed sources, WSJ said the merchants are working to develop a Merchant Customer Exchange initiative to match similar services from Google. This type of technology allows customers to download applications to their smartphones that enable the devices to pay for purchases by tapping their phones against a reader in stores.
AutoZone achieves major milestone
Friday promises to be a big day in Wasilla, Alaska, as the town receives the distinction of being the location of the 5,000th AutoZone store.
A presentation and ribbon cutting ceremony to be held Friday afternoon will be attended by U.S. Senator Lisa Murkowski (R-Alaska), and Wasilla Mayor Verne Rupright along with the Wasilla Chamber of Commerce board of directors.
“We are thrilled to have a presence in Alaska, and to be able to provide quality automotive parts and products to the community. It is also a great honor to celebrate the opening of our 5,000th store in Wasilla, Alaska,” said Bill Rhodes, AutoZone chairman, president and CEO of customer satisfaction.
The company plans a weekend of activities beginning this Friday when the grand opening takes place. On Friday and Saturday there will be hourly raffles, free food, vendor displays and an AutoZone ball cap giveaway. On Saturday, customers can enter to win a Duralast truck cargo box valued at up to $400.
Volunteers from local organizations, My House and the Boys & Girls Club of Southcentral Alaska, will cook hamburgers and hot dogs for customers attending the grand opening. Those groups will also receive a charitable contribution from AutoZone.