MasterCard Advisors report: Small retailers’ sales growth slows in July
Purchase, N.Y. — A SpendingPulse report Tuesday by MasterCard Advisors, in partnership with Wells Fargo, found that July spending at small retailers slowed to 6% year over year.
This was lower than June’s small retailer growth rate of 8%. The July report also found that with or without food service and gasoline sales, July’s small business growth was the lowest for the past 12 months.
Michael McNamara, global solutions leader, MasterCard SpendingPulse, noted that, “While this is a notable slowdown in the category’s year-over-year growth, from prior months and from the first quarter’s very robust 9.1% growth, we’re still seeing small retailers outperforming total U.S. retail.”
In the United States, small retailers account for over $100 billion in retail sales excluding automobiles per month.
Michael Kors profit more than doubles in 1Q, revenue rises 71%
New York CIty — Michael Kors Holdings Ltd. reported Tuesday that first-quarter profit more than doubled to $68.6 million, from $24.1 million in the year-ago period.
Revenue surged 71% to $414.9 million, after the company opened 76 new stores and grew same-store sales by 37%. Wall Street forecast revenue of $368.3 million.
Couche-Tard Acquires 29 Stores in Orlando
Laval, Quebec — Alimentation Couche-Tard Inc. said Tuesday its subsidiary Circle K Stores will acquire 29 stores in Orlando, Fla., from Florida Oil Holdings.
The transaction is expected to close at the end of August.
The BP-branded stores will be operated by Couche-Tard’s Florida Division under the Circle K brand.
"This is a great opportunity for the Florida Division to strengthen our market share in the Orlando market,” said David Morgan, VP operations, Florida.