Google searches for greater role in retail
RADNOR, Pa. — Search giant Google has agreed to buy Channel Intelligence for $125 million, allowing to expand its role in the retail space.
A division of ICG Group, Channel Intelligence claims to count Target, Best Buy and other large retailers and brands that rely on its marketing services to drive sales.
ICG is expected to realize approximately $60.5 million in connection with the transaction. A portion of ICG’s proceeds will be held in escrow and will be subject to potential identification claims. ICG does not expect to owe any income taxes in connection with the transaction.
"Building upon the perseverance and strong foundation laid by CI’s founder Rob Wight, I am extremely proud of the work we accomplished at CI," said Doug Alexander, CEO of CI and president of ICG. "With the talent and hard work of the entire CI team, we successfully navigated a very complex marketplace, ending a record year that culminated in this very exciting acquisition."
99 Cents Only Stores posts Q3 sales growth
CITY OF COMMERCE, Calif. — 99 Cents Only Stores reported that net sales for the third quarter increased $35.6 million, or 8.8%, to $439.5 million for the third quarter of fiscal 2013 compared to $403.9 million for the third quarter of fiscal 2012. Same-store sales increased 4.3%.
During the third quarter of fiscal 2013, the company opened seven stores, four in California, one in Nevada, two in Texas, and closed one store in California upon the expiration of a lease. As of the end of the third quarter of fiscal 2013, the company operated 309 stores, an increase of 5.8% in store count over last year.
The company believes that revenue growth in the remainder of fiscal 2013 will primarily result from increases in same-store sales and new store openings. The company currently plans to open approximately six additional stores during the fourth quarter of fiscal 2013 with the majority of new stores expected to be opened in California.
NPD: Consumers typically put off Valentine’s Day to last week
Chicago — Seventy-eight percent of those who celebrate Valentine’s Day plan to shop a week or less before the actual day, and still many wait until Feb. 13 or Feb. 14 to purchase, finds recent by The NPD Group.
Women do not begin their Valentine’s Day shopping much earlier than men; one-in-three female buyers (32%) wraps up her shopping Feb. 13-14, and 47% of men made their final Valentine’s Day purchase on Feb. 13 or 14, according to NPD’s SnackTrack Holidays Valentine’s Day Profile.
According to the report, the most common gift was candy, given by 38% of adults and 47% of teen gifters. Supermarkets and discount stores are the primary channels for Valentine’s Day purchases. Consumers say that they choose these channels for convenience purposes.