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Report: Year-Over-Year Sales Up in Latest Week

BY CSA STAFF

Chicago ShopperTrak RCT Corp.’s National Retail Sales Estimate (NRSE) reported that retail sales for the week ending May 3 increased 2.3% as compared to the same period last year. This increase represents the third consecutive year-over-year increase retailers have experienced as consumers continue to ramp up spending as Mother’s Day weekend approaches.

On a week-over-week comparison, shoppers seemed indifferent about the ever-increasing rise in gasoline prices, as sales for the week ending May 3 increased a steady 5.0% as compared to the previous week ending April 26, the report said. But ShopperTrak warns this spending trend might not continue following Mother’s Day weekend.

“Retail sales were strong last week due to the approaching holiday and the favorable weather experienced throughout most of the country,” said Bill Martin, co-founder of ShopperTrak. “But most likely, retail performance won’t remain at this pace as we’ve typically seen a spending lull immediately following Mother’s Day through Memorial Day weekend when consumers take advantage of the three-day weekend to spend.”

Additionally, ShopperTrak’s NRSE reported year-over-year sales have increased 15 out of a possible 18 weeks so far in 2008.

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JPMorgan to invest in Target credit card business

BY CSA STAFF

MINNEAPOLIS Target has announced an agreement under which JPMorgan Chase would invest in Target’s credit card receivables. At closing Target would sell an undivided interest in its credit card receivables to JPMorgan Chase for cash proceeds of approximately $3.6 billion. This interest would represent approximately 47% of the principal amount of Target’s outstanding receivables at that time. This transaction is expected to close before the end of May.

This unique agreement accomplishes the goals set forth in the review of receivables ownership that we initiated on Sept. 12, 2007, said Doug Scovanner, evp and cfo of Target. It provides significant liquidity to Target from a single source unrelated to debt capital markets, provides an appropriate sharing of the portfolio benefits and risks between Target and JPMorgan Chase, and allows our guests to continue to benefit from the creativity and expertise of the world-class team at Target Financial Services. Most importantly, this innovative transaction marks the beginning of a long-term credit card relationship between Target and JPMorgan Chase, which we believe will create substantial financial and strategic rewards for both of us over time. 

On March 12, Target announced that it was in negotiations with an investment partner to sell an undivided interest in approximately half of Target’s credit card receivables for about $4 billion.

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Nomoto named Sunkist Global managing director

BY CSA STAFF

SHERMAN OAKS, Calif. Michael Nomoto, a veteran exporter from Southern California, has been named managing director of Sunkist’s global sourcing organization, Sunkist Global LLC. He replaces Mark Tompkins who was tapped earlier this year to lead Sunkist’s domestic fresh fruit sales network.

In his new position, Nomoto is responsible for securing production and folding it seamlessly into the Sunkist international sales and delivery network.

Nomoto is a 16-year veteran of Nishimoto Trading, whose U.S. operations are headquartered in Santa Fe Springs, California. As export manager, he procured U.S. grown produce, including citrus, vegetables and tropical fruit, for the Japanese and Chinese markets.

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