Canadian Tire 2Q net earnings drop 20.3%
TORONTO Canadian Tire posted second-quarter net earnings of $93 million, or $1.14 a basic share, from $116.7 million, or $1.43 a share, in the same period a year earlier.
The company said it expects earnings per share for 2008 to be in the range of $4.52 to $4.81, falling below earlier estimates of $4.90 to $5.14.
The company said retail sales at its core Canadian Tire and PartSource stores rose 1.5% to $2.01 billion, while same0store sales were down 0.5%.
According to the company, retail sales across all categories were hurt by the sluggish economy, while seasonal leisure items were particularly soft due to cold, wet weather in May and June.
($1 = $1.05 Canadian)
Best Buy to open at Mall of America
MINNEAPOLIS Best Buy will open its doors on Aug. 7 at the nation’s largest mall, the Mall of America, in Bloomington, Minn.
.“Mall of America is one of the world’s premiere shopping and tourist destinations. Becoming part of the Mall of America community means that we are able to give people from around the globe the opportunity to interact with our great employees and experience Best Buy,” said Brian Dunn, president and coo of Best Buy. “We are excited to bring the latest in technology and services to this popular venue. Our new 45,000 square-foot store gives us a prominent presence within the mall, which is only a short distance from our U.S.-based headquarters. We also look forward to hosting a number of special events at the Mall that will provide our customers with amazing and inspiring entertainment experiences.”
Best Buy completes mobile store rollout
MINNEAPOLIS Best Buy announced that it has completed the nationwide rollout of Best Buy Mobile. According to the company, the conversion of 965 U.S. stores to Best Buy Mobile was finished three months ahead of schedule.
“Customers let us know quickly that they dreaded shopping for a mobile phone anywhere in the United States, whether with us or anyone else. Wireless customers are asking for more choice and more attention to their individual needs, and our new concept provides that,” said Shawn Score, president of Best Buy Mobile. “Where the new experience has been available, our customer satisfaction scores are through the roof – a direct result of the dedication and cooperation of thousands of employees in our stores and our corporate office to develop this unique and exciting set of customer choices and experiences.”
Best Buy Mobile was created as a joint venture with leading U.K. mobile retailer CarPhone Warehouse (CPW); the chain-wide conversion began in October 2006 and was completed this week, including more than 250,000 hours of intensive employee training, based largely on CPW’s industry-leading training programs in the United Kingdom.
In May 2008, Best Buy and CPW agreed to form a new venture to expand the CPW and Best Buy brands throughout Europe, with Best Buy acquiring a 50 percent stake in CPW’s European retail operations.