FINANCE

Sherwin-Williams Q2 profit dips 1%

BY Staff Writer

Cleveland — Sherwin Williams Co. reported Thursday that profit for the second quarter fell 1% to $179.1 million, compared with $181.7 million in the year-ago period.

The paint company cited higher raw material costs and increased expenses for the performance slip.

Revenue rose 10% to $2.35 billion from $2.14 billion, missing Wall Street expectations of $2.41 billion. Same-store sales increased 4%.

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OPERATIONS

DemandTec and Farmacias Ahumada extend agreement

BY Staff Writer

Mexico City, Mexico — DemandTec said Thursday that Latin America’s largest drugstore retailer Farmacias Ahumada S.A. (FASA) has extended its agreement to use DemandTec’s advanced pricing analytics to drive profit and customer loyalty.

The chain extended its subscription to DemandTec’s Everyday Price Optimization software service on the network for its retail stores in Chile.

FASA began working with DemandTec in 2007 and currently uses Everyday Price Optimization in Mexico and Peru. With the extension into Chile, FASA will use the service to strategically price items across all 1,200 retail stores. FASA leverages DemandTec to enable more shopper-centric pricing, manage competitive changes, and quickly react to market dynamics with price adjustments. Using DemandTec’s advanced analytical capabilities, FASA evaluates multiple pricing scenarios across store banners and geographies, and forecasts the results of their pricing strategy before executing prices at the store level.

“DemandTec’s science-based analytical platform helps us gain a better understanding of how our customers respond to pricing changes,” said Roberto Montalva, manager of pricing and market studies at FASA. “These insights allow us to quickly and strategically analyze different price points across all our geographical locations including Chile, Mexico and Peru.”

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FINANCE

Borders gets court OK to liquidate; seeks approval to sell 30-35 stores to Books-a-Million

BY Marianne Wilson

Ann Arbor, Mich. — Borders Group on Thursday won court approval to liquidate its remaining 399 stores, even as it negotiates to sell up to 35 stores to Books-a-Million.

"This is a bittersweet day," said U.S. Bankruptcy Judge Martin Glenn before a packed courtroom. "There are a lot of sad people around the country, a lot of sad people in the corporate headquarters. But there has been a late-breaking development."

Borders had alluded to an interested buyer earlier, and it court on Thursday it identified the possible suitor as Books-a-Million in court. Based in Birmingham, Ala., Books-a-Million wants to buy the leases and assets of 30 to 35 Borders stores.

The judge told Borders to get the offer from Books-a-Million in writing. A scheduled hearing was put on hold so the company could have time to document terms of the last-minute offer.

A liquidation group led by Hilco Merchant Resources and Gordon Brothers Retail Partners LLC, Borders will start going-out-of-business sales Friday at nearly all the chain’s stores.

Borders will keep the rights to its brand name and leases and hold separate auction processes for those assets. Gordon Brothers’ DJM Realty will market the leases.

Borders has said it plans to close all of its stores in phases by September.

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