PriceSmart sales skyrocket in July
San Diego – PriceSmart reported substantial increases in both net warehouse club sales and same-store warehouse club sales during July of this year as compared to July of last year. For the month of July 2013, net warehouse club sales increased 11.9% to $188.5 million, from $168.5 million in July a year earlier. There were 31 warehouse clubs in operation at the end of July 2013 and 29 warehouse clubs in operation at the end of July 2012.
For the four weeks ended July 28, 2013, comparable warehouse sales for the 29 warehouse clubs open at least 13 1/2 full months increased 8.9%, compared to the same four-week period last year.
Office Depot sends shareholder letter supporting director nominees
Boca Raton, Fla. – Office Depot sent its shareholders a letter this morning urging them to vote for its 10 nominees for the board of directors at its annual shareholders meeting on Aug. 21. The letter says that nominees from activist investor Starboard Value LP could disrupt progress and momentum in the ongoing OfficeMax merger and also prevent future synergies from the merger as well as make excessive cuts in critical business functions.
Officer Depot sent a similar letter to its shareholders on July 29.
Report: Wal-Mart may bid on Hong Kong grocery chain
Bentonville, Ark. – Wal-Mart is considering entering the bidding for Hong Kong-based grocery chain ParknShop, Reuters reports. Wal-Mart is currently exploring options to enter the initial bidding process for ParknShop, which closes Aug. 16.
ParknShop is owned by Hutchison Whampoa Ltd., which in turn is owned by Li Ka-shing, reputedly the wealthiest man in Asia. The chain may be valued as high as $4 billion.
Wal-Mart, which has not commented publicly, said last year it would open 100 new stores in China by 2015.