News

Retail sales rose 0.3% in November

BY Katherine Boccaccio

Washington, D.C. — A report released Thursday by the Commerce Department said that U.S. retail sales rose 0.3% in November from October, reflecting a bounce back after the effects of superstorm Sandy. Excluding fuel, retail sales increased a solid 0.8%. The median forecast of 81 economists surveyed by Bloomberg called for a 0.5% rise.

The 0.3% rise offsets a 0.3% dip in October from September.

Among the various retail categories, home improvement stores increased 1.6% in November, as Sandy victims retrenched and rebuilt. Auto sales leaped 1.5% on post-Sandy vehicle replacements.

Sandy wasn’t the only contributor to the November strength. Many Americans started their holiday shopping in November, leveraging early retail promotions. Electronic and appliance sales rose 2.5%, furnishings rose 1% and e-commerce surged a healthy 3%; apparel rose 0.9% in the month.

There were some losers in November, however. Department stores sales dropped 0.8%, and general merchandise stores fell 0.9%.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...
News

Sears Holdings goes far afield for new board member

BY CSA STAFF

HOFFMAN ESTATES, Ill. — New York Mets baseball executive Paul DePodesta is the newest member of the Sears Holdings board.

Although his qualifications are somewhat unconventional, DePodesta was elected to the board because his experience as VP of player development and amateur scouting for the Mets is believe to help Sears Holdings in the area of personnel development.

"We are pleased to add the strong analytical skills and talent assessment acumen of Paul DePodesta to our board of directors. As Sears Holdings continues the work of transforming and strengthening our company, we look forward to his leadership and contributions," said Sears Holdings chairman Edward S. Lampert. "Mr. DePodesta’s ability to scrutinize data and use it to assess talent and drive execution makes him ideally suited to join our board."

Prior to joining the Mets, DePodesta was the EVP of the San Diego Padres, and the EVP and GM of the Los Angeles Dodgers, where he became the third-youngest person to be named GM in Major League history. Previously, he served as the assistant GM of the Oakland Athletics and began his baseball career with the Cleveland Indians.

DePodesta graduated cum laude from Harvard University with a degree in economics. His election to the board increases the number of Sears Holdings’ directors to eight.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...
News

Report: Best Buy founder to make $5 billion to $6 billion buy-back bid

BY Katherine Boccaccio

New York — A Thursday report by the Minneapolis Star Tribune said that Best Buy Co. founder Richard Schulze is expected to make a fully financed offer of $5 billion to $6 billion by the end of the week to buy the retailer.

The newspaper cited an unnamed source for the report.

The bid would fall below Schulze’s August offer of up to $10.9 billion including debt.

Best Buy has not yet commented publicly on the report.

Schulze will meet with his top advisers, including Brad Anderson, a former Best Buy CEO, and Al Lenzmeier, a former president, in Minnesota on Thursday and Friday, the Star Tribune reported.

Schulze has said he would fund any deal through a combination of private equity and debt financing, as well as the reinvestment of some of his own equity in the company. He is Best Buy’s biggest shareholder, with 20% ownership.

keyboard_arrow_downCOMMENTS

Leave a Reply

S.Andrew says:
Apr-05-2013 01:52 pm

Wholesalers also provide small retailers access to goods they may not have been able to acquire had they tried to go direct, opening up new market opportunities. This is because wholesalers already have working relationships with suppliers, making it easier for them to acquire new products. research papers for sale

S.Andrew says:
Apr-05-2013 01:52 pm

Wholesalers also provide small retailers access to goods they may not have been able to acquire had they tried to go direct, opening up new market opportunities. This is because wholesalers already have working relationships with suppliers, making it easier for them to acquire new products. research papers for sale

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...