FINANCE

Nordstrom Earnings Plummet in 3Q

BY CSA STAFF

Seattle Nordstrom Inc. reported net earnings of $71 million for its third quarter ended Nov. 1.

For the same quarter last year, Nordstrom reported net earnings of $166 million.

Total sales in the third quarter were $1.81 billion, a decrease of 8.4% compared with sales of $1.97 billion during the same period in fiscal 2007. Meanwhile, same-store sales decreased 11.1%.

Results for the third quarter ended Nov. 3, 2007, included a $20.9 million gain from the sale of its Faconnable business, which closed during the third quarter of fiscal 2007.

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Wal-Mart partners with Army Reserve

BY CSA STAFF

BENTONVILLE, Ark. The U.S. Army Reserve and Wal-Mart have signed an agreement that allows both organizations to recruit, train and employ individuals interested in both serving the nation and pursuing a career in the retail industry.

The initiative provides Army Reserve Soldiers opportunities for employment with Wal-Mart after they successfully complete military occupational specialty training (MOS). The Army Reserve and Wal-Mart will work together to recruit, license and offer training reciprocity to qualified Soldier candidates. The agreement commits Wal-Mart to interviewing and considering all qualified, participating Soldiers for employment upon completion of MOS training.

“We are excited and honored to have U.S. Army Reserve Soldiers join our team,” said Lee Scott, president and ceo of Wal-Mart. “Our company has a longstanding commitment to providing employment opportunities in the community. We have also long recognized those who serve in the military, and it is a privilege to assist the troops and their Families with this new initiative.”

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From the Times of London: Tesco slows down U.S. expansion

BY CSA STAFF

NEW YORK The U.S. economy has forced Tesco to slow down expansion of its Fresh & Easy stores, the Times of London reported.

Click here to read more.

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