California to Investigate Wal-Mart Health Coverage
Sacramento, Calif., State legislators here plan an investigation to determine the extent to which California taxpayers pay the costs of health care for the employees of Wal-Mart Stores. An earlier report by a private group suggested that the chain was providing inadequate coverage, with the number of uninsured workers putting a heavy burden on the state.
May, Abercrombie Post 3Q Results
New Albany, Ohio, Abercrombie & Fitch Co. posted net income of $40.1 million in the third quarter, down from $50.5 million in the year-ago period. The decline came despite a 17% increase in sales to $520.7 million and same-store sales growth of 1%.
In other financial news, The May Department Stores Co. recorded net earnings of $8 million in the third quarter, down from $47 million last year. Although the retailer’s net sales were 17% higher at $3.48 billion, the merchant’s same-store sales fell 3.4%.
Ahold Plans Move to Amsterdam
Zaandam, The Netherlands, Royal Ahold will move its headquarters from Zaandam to Amsterdam, probably in the fourth quarter of 2005, the grocery giant says. The company says the move is part of an overall repositioning of Ahold’s group support office.