FINANCE

Men outspend women on Valentine’s Day gift-giving

BY Katherine Boccaccio

Austin, Texas — Online coupon site RetailMeNot.com reported Thursday that men outspend women by more than $120 on Valentine’s Day gift giving.

According to the just-released results of the Valentine edition of RetailMeNot.com’s Shoppers Trend Report, the average person in a relationship plans to spend $226 for Valentine’s Day this year; the break-out is dominated by men, however, as they plan to spend $287 versus women at $164.

Conducted by The Omnibus Co., the survey results came as no surprise. “Similar to last year, men and women just can’t seem to get on the same page when it comes to equity in how much they will spend on their significant other for Valentine’s Day,” said Trae Bodge, senior editor for RetailMeNot’s blog.

Other statistics from this month’s Shoppers Trend Report:

  • More men than women would like to receive a meal (28% vs. 13%) or tickets to something (19% versus 7%) from their partners this Feb. 14; and
  • More women than men would opt for jewelry (24% versus 15%), a trip (18% versus 12%), or flowers (14% versus 6%).
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FINANCE

99 Cents Only sales and profits increase in Q3; six stores on tap

BY Katherine Boccaccio

City of Commerce, Calif. — 99 Cents Only Stores reported Thursday that profit for the quarter ended Dec. 29 rose 6.5% to $51 million, compared with $47.9 million in the year-ago period.

Total sales increased 8.8% to $35.6 million, from $403.9 million last year. Same-store sales rose 4.3%.

The company said it plans to open six stores during the fourth quarter, with most slated to open in California.

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OPERATIONS

Verizon Communications elects Walgreens chief Greg Wasson to board

BY Michael Johnsen

New York — Verizon Communications on Thursday elected Greg Wasson, Walgreens president and CEO, to the Verizon board of directors, effective March 1.

"Greg Wasson brings to Verizon an in-depth knowledge of the retail and healthcare industries," said Lowell McAdam, Verizon

chairman and CEO. "He offers a unique perspective as the leader of a successful Fortune 50 company focused on innovation,

traditional and nontraditional growth, operational and technical excellence, and multichannel integration.”

Wasson will bring Verizon’s total board membership to 13.

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