Discounters Fare Well on Consumable Sales
Discount retailers fared well during the third quarter, despite a slowdown in consumer spending and elevated gas prices that crimped sales for many companies, including department stores, according to the Associated Press.
The best performer on the eight-stock Dow Jones U.S. Broadline Retailers Index was Family Dollar Stores Inc., whose shares soared 26.1% during the quarter.
Strong demand for consumables benefited the retailer during the period, especially in August when same-store sales rose 3.6% and topped Wall Street expectations. Same-store sales is an important industry metric that measures sales at stores open at least one year.
Wal-Mart Stores’ stock also advanced during the period, rising 4%. Sales of consumables also helped the world’s largest retailer, along with demand for back-to-school items. Shares of rival Target Corp. gained 1.9% during the period.
Stanton carpet names new execs
SYOSSET, N.Y. Stanton Carpet has named Barbara Skelly as director of marketing and Frank Boucek as Midwestern regional vp.
Skelly was previously at Designtex. She also held positions at F. Schumacher & Co., Imperial Home Decor Group and Maharam Textiles.
Previously at Beaulieu of America, where he was regional/territory manager for the past eight years, Boucek has also worked at Mohawk Industries, Image Carpet Mills and Galaxy Carpet Mills.
Wal-Mart continues charity with $100K for Haitian hurricane victims
BENTONVILLE, Ark. Wal-Mart announced a donation of $100,000 to the American Red Cross to support disaster relief for Haitians that have been impacted by Hurricanes Gustav and Ike in further efforts to provide aid to neighborhoods and people affected by the latest wave of destructive hurricanes.
“Because we touch communities throughout the Americas, we can help people in times of need in so many ways,” said Craig Herkert, president and ceo of the Americas for Wal-Mart Stores.
Wal-Mart Puerto Rico also made its own $7,000 donation to the Red Cross and a $3,000 donation to the Caribbean Haitian Committee. Several Walmart stores in Florida also held supply drives last week to collect hurricane relief supplies for victims.
“Wal-Mart is committed to helping these devastated communities,” said Joaquin Gonzalez Varela, Wal-Mart’s regional vp. “We know many of our Wal-Mart and Sam’s Club associates, especially in Florida, have family and friends in these areas.”
Wal-Mart has long been recognized as a corporate leader in the area of disaster relief. Responding to the impact of Hurricanes Ike and Gustav in Louisiana and Texas, Wal-Mart recently committed $2.5 million to assist with relief efforts. The company in 2005 helped the victims of Hurricane Katrina by donating more than $32 million in cash to aid emergency relief efforts. Earlier this year, Wal-Mart donated $3 million for disaster relief and reconstruction following the earthquakes in China.