RadioShack Buys Back $500 Million in Stock
Chicago, RadioShack Corp. bought back 20 million of its shares for about $500 million. The company said it used $300 million in short-term borrowing and $200 million in cash to pay for the stock, which it bought from an unnamed financial institution.
RadioShack forecasts its full-year profit will be between $1.80 and $1.90 per share. Analysts, on average, forecast a full-year profit of $1.83 per share.
Harris Teeter Sales Increase
Charlotte, N.C., Ruddick Corp. reported that for the third quarter ended July 3, Harris Teeter sales rose 6.1% to $663.3 million from $625.3 million in the comparable 2004 period. For the 39 weeks ended July 3, 2005, sales rose 4.9% to $1.97 billion from $1.88 billion in the same period of fiscal 2004. The increase in sales was attributable to new store activity and comparable-store-sales increases that were 2.89% for the quarter and 3.32% for the 39-week period.
Report: Wal-Mart Seeks Brazilian Stores
Sao Paulo, Brazil, Wal-Mart Stores is close to buying the Portuguese Sonae’s retail chain in Brazil, according to a report from Sao Paulo-based consulting firm Gouvea de Souza. Sonae operates about 150 supermarkets and hypermarkets in the southern region of the country. Wal-Mart offered 800 million euros for the chain, according to local reports.