FINANCE

Big Lots swings to loss in Q3; announces CEO retirement

BY Katherine Boccaccio

Columbus, Ohio — Big Lots Inc. reported Tuesday a loss of $6 million for the third quarter, compared with net income of $4.2 million in the year-ago period. Results, however, topped analysts’ earnings expectations.

Revenue slipped 0.4% to $1.13 billion, missing Wall Street’s forecast of $1.3 billion.

The retailer also announced that its CEO Steven Fishman will retire as chairman and CEO after 40 years in retail. Big Lots has launched a search for his successor; Fishman will stay until a new CEO is appointed.

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FINANCE

Online acquisition overshadows soft sales at Autozone

BY Mike Troy

New York — AutoZone said it acquired online automotive retailer AutoAnything.com in conjunction with the release of first quarter earnings Tuesday morning.

Profit at the nation’s largest retailer of automotive products increased 6.4% to $203.5 million during the quarter ended Nov. 17, and sales rose 3.5% to $2 billion. Same-store sales edged up 0.2%.

The sales were lower than the company expected, but AutoZone chairman, president and CEO Bill Rhodes characterized the company’s performance as solid, noting it was the 25th consecutive quarter of double-digit profit growth.

"While this past quarter’s sales results were lower than planned, they were not surprising to us. Regional sales discrepancies continued to challenge our results, however we began to see improvements in our more challenged regions late in the quarter," Rhodes said. "We believe the initiatives we have in place are correct for delivering solid financial results, as we remain excited about our opportunities for the remainder of fiscal 2013."

A noteworthy development was the acquisition of online retailer AutoAnything.com. Rhodes said he looked forward to formally welcoming the AutoAnything team to AutoZone, but he offered no additional details.

"The company’s culture and leadership is an outstanding fit with our company as we look forward to growing our e-commerce initiatives for many years to come," Rhodes said.

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C.James says:
Mar-29-2013 04:17 am

Two big companies combined,
Two big companies combined, will surely improve its market power. Also it will be capable of operating in a more efficient manner as compared to before. - Kale Flagg

C.James says:
Mar-29-2013 04:17 am

Two big companies combined, will surely improve its market power. Also it will be capable of operating in a more efficient manner as compared to before. - Kale Flagg

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OPERATIONS

Staples survey: Shoppers delay holiday mailing until last minute

BY Katherine Boccaccio

Framingham, Mass. — A survey by Staples of 1,000 American shoppers revealed that the majority tend to wait until the last minute to mail holiday gifts.

The Staples Winter Holiday Survey found that two-thirds of those polled confessed to sending holiday cards out too late and nearly half admitted to shipping gifts at the last minute.

Waiting in line to ship packages ranks as a top holiday headache, right alongside travel delays and endless holiday music. More than half of survey respondents cited waiting in line to buy stamps or ship gifts as a top holiday frustration, while 48% of survey respondents say they complete their holiday shipping in the middle of the season’s chaos or at the last possible minute.

Six-in-10 survey respondents say their holiday cards actually arrive too late.

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C.James says:
Mar-29-2013 04:23 am

There are some factors
There are some factors affecting this data. Majority of the people choose to go last minute shopping because many stores will have huge sale during this time. Others just can't get out from work or other personal circumstances. - Kale Flagg

C.James says:
Mar-29-2013 04:23 am

There are some factors affecting this data. Majority of the people choose to go last minute shopping because many stores will have huge sale during this time. Others just can't get out from work or other personal circumstances. - Kale Flagg

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

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