FINANCE

Mobile commerce drives eBay growth in Q3

BY Gail Hoffer

San Jose, Calif. — eBay, which reported income and revenue growth for its third quarter, is seeing increased strength in its mobile business as more customers are turning to their smartphones to shop.

eBay reported that revenue for the third quarter ended Sept. 30 increased 32% to $3 billion, compared with the same period of 2010. The company reported third-quarter net income on a GAAP basis of $490.5 million, up from $432 million in the year-ago period.

“Our company reported another strong quarter, with eBay, PayPal and GSI each performing well," said eBay president and CEO John Donahoe. "Mobile commerce continues to accelerate as consumers change the way they shop and pay. We expect eBay mobile commerce to generate almost $5 billion in merchandise volume this year and PayPal mobile to exceed $3.5 billion in payment volume. Mobile is one way online and offline shopping are blending into a single commerce environment. We are focused on enabling commerce, helping consumers shop anytime, anywhere, and being the commerce partner of choice for retailers of all sizes."

PayPal ended the quarter with 103.0 million active registered accounts, a 14% increase year-over-year, eBay reported. PayPal revenue increased 32% year-over-year driven primarily by increased penetration on eBay as well as continued merchant and consumer adoption. PayPal’s net total payment volume grew 31% to $29.3 billion in third quarter 2011 compared with the same period of last year.

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REAL ESTATE

Canadian Tire rolls out new auto store

BY Staff Writer

Montreal — A Thursday report in the Montreal Gazette said that Canadian Tire Corp. unveiled a new prototype on Wednesday in Bowmanville, Ontario, east of Toronto.

The new store is 40% larger than a typical in-store automotive department and features a service area with a drive-in reception, a new auto detailing bay and a sound booth for customers to test in-car audio entertainment systems, GPS and car safety electronics.

The test store is one of three opening in Ontario this year.

Canadian Tire, which recently closed its purchase acquired sporting goods chain Forzani Group Ltd., is prepping for Target’s arrival into Canada in 2013, which stands to give competition in categories such as small appliances, home decor and accessories, according to the report.

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News

Lee Scott talks beer and has Las Vegas buzzing

BY CSA STAFF

Former Walmart president and CEO Lee Scott was a keynote speaker earlier this week at the National Beer Wholesalers Association’s 74th annual convention and trade show at Ceasar’s Palace in Las Vegas.

Promotional materials billed his appearance as an exciting opportunity to hear about the leadership, innovation and business strategies that led Walmart to be such a successful retailer and noted that Scott would also participate in a candid question and answer forum where distributors would have the opportunity to ask some tough questions.

Walmart News Now didn’t attend the event, but an article in Ad Age recounted some comments Scott made about craft beers, Walmart’s assortment and 26 year old buyers.

To read the Ad Age article click here.

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