FINANCE

Neiman Marcus has strong third quarter

BY Staff Writer

Dallas – Neiman Marcus had a strong third quarter fiscal 2013, reporting a substantial increase in net earnings as well as growth total revenues and same store sales.

Net earnings grew 13% compared to third quarter of last year, from $62.6 million to $70.8 million from $62.6 million.

Total revenues increased 4%, from $1.06 billion to $1.1 billion.

Same store sales grew 3.6%.

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OPERATIONS

Wal-Mart launches fresh produce initiative

BY Staff Writer

Bentonville, Ark. – Wal-Mart is launching an initiative to increase the amount of fresh produce on its shelves. The effort includes buying produce directly from growers for immediate shipment to stores, performing independent weekly fresh produce checks at stores and providing fresh produce training for associates.

Wal-Mart has hired produce experts to work directly with farmers in the key growing regions where the company has produce-buying offices and is also offering a 100% money-back guarantee if produce is not fresh. The company previously promised to double its sales of locally grown produce by December 2015.

"Empowering our associates with the tools to guarantee our produce quality is a critical component to our 100% money-back guarantee," Jack Sinclair, executive vice president of the food business for Walmart U.S. "These efforts, combined with the weekly produce checks and operational changes, will ensure our customers bring home the freshest fruits and vegetables."

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OPERATIONS

Value City launches social media contest

BY Staff Writer

Columbus, Ohio — Value City Furniture and American Signature Furniture are launching a social media contest to promote their new e-commerce sites. Customers can win prizes for sharing favorite items from the retailers’ websites and sharing them on the Facebook, Twitter, Google Plus, Instagram and/or Pinterest accounts. Customers can enter through any or all of these social networks through July 1. The retailers, owned by American Signature Inc., are giving away up to $10,000 in free furniture as part of the contest.

“We’re always trying to give our customers the best experience possible," says Steve Haffer , executive VP of e-commerce for American Signature, Inc. "We believe purchasing online will make the furniture buying process a lot easier."

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