FINANCE

PriceSmart same-store sales up; opens 29th club

BY Staff Writer

San Diego — PriceSmart’s same-store sales rose 17.7% in August. Total revenue for the five weeks ended Sept. 4 climbed 21.5% to $148.3 million.

PriceSmart also announced that on August 19, 2011 opened its first warehouse club in Colombia. This warehouse club, located in Barranquilla, brings to 29 the total number of warehouse clubs in operation by the company.

PriceSmart, based in San Diego, had 29 warehouse clubs at August’s end. The company runs membership warehouse clubs in Central America and the Caribbean.

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FINANCE

Men’s Wearhouse Q2 profit up 33%, looks to open 110 stores in next five years

BY Marianne Wilson

Houston — Increased sales across its brands helped drive The Men’s Wearhouse’s second-quarter net income up nearly 33%, beating estimates.

The retailer earned $57.1 million for the fiscal quarter that ended July 30, up from $43 million in the same quarter last year.

Revenue increased 22% to $655.5 million. Men’s Wearhouse said its purchase in 2010 of two British uniform and work-wear companies helped drive business.

On its quarterly conference call, the company said that, in light of its positive results over the past two years, it has reassessed its domestic store penetration and now believes an expansion of its traditional Men’s Wearhouse store base by approximately 18% from 591 stores to 700 stores is appropriate during the next 5 years.

The company also said its big and tall business is up 20% year-to-year, growing significantly faster than its regular size business, which is up 12%.

On the same call, Men’s Wearhouse said its Web sales are up 127% year-to-date, and that it is continuing to make significant investments in both systems and people to position itself for even more meaningful growth in the channel.

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News

Asda mobilizes grocery site

BY CSA STAFF

Walmart’s U.K. subsidiary Asda announced that it has mobilized its grocery site to enable shoppung from a smartphone.

According to Asda,the new mobile-optimised site offers all of the features on the main Asda.com grocery website – meaning customers can register, shop and amend an existing order or delivery slot up until 10 p.m. the day before their delivery is due.

The new mobile optimised site also includes a mobile store locator, offering maps and directions so customers can find their nearest Asda when they are out and about, the company reported.

Kate Cuthbertson, Asda’s head of mobile strategy said, “We know our customers want shopping convenience at their fingertips – so we’ve developed an easy-to-use grocery website, fully accessible from Smartphones, with the option to add or amend orders right up until the evening before delivery.

“The mobile site was an international collaboration between Asda and the Walmart mobile team based in the US. We’ll be constantly updating and improving the site over the next few months, with lots more interesting mobile developments to follow soon.”

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