Staples Q2 profit up 36%
Framingham, Mass. — Staples reported Wednesday that profit for the quarter ended July 30 rose 36% to $176.4 million, compared with $129.8 million in the year-ago period. The quarter included the first weeks of the back-to-school shopping season.
Revenue rose 5% to $5.82 billion, beating Wall Street’s expected $5.64 billion. Same-store sales were flat.
Target profit rises better-than-expected 3.7%
Minneapolis — Target Corp. reported Wednesday that earnings for the second quarter rose 3.7%, boosted by same-store sales growth and beating Wall Street expectations.
The retailer posted a profit of $704 million for the quarter ended July 30, compared with $679 million in the year-ago period. Revenue rose 4.6% to $16.24 billion, besting analysts’ expected $16.17 billion. Same-store sales rose 3.9%.
Target has benefited from fewer problems in its credit card business, but still is cautionary about waning purchases by lower-income shoppers squeezed by the economy.
The retailer is readying for its Canadian debut in 2013.
eBay completes buyout of open source e-commerce platform
SAN JOSE, Calif. — eBay announced that it has completed its previously announced acquisition of Magento Inc., the creators of Magento, a leading open source e-commerce platform. The deal follows eBay’s acquisition of a minority stake in the company in 2010. eBay now owns 100% of the outstanding shares of Magento. Terms of the deal were not disclosed.
The Magento platform serves tens of thousands of merchants worldwide and is supported by a global community of solution partners and third-party developers. Magento is a feature-rich, open-source, enterprise-class commerce solution that offers merchants a high degree of flexibility and control over the user experience, catalog, content and functionality of their online stores. Magento Go, the company’s hosted software-as-a-service solution, provides small and growing merchants with the tools to help them succeed online – from payments to inventory management.
Magento will be a part of X.commerce, eBay Inc.’s integrated open commerce platform group, focused on leveraging the company’s assets and partner technologies to build a strong, robust developer community as a resource for merchants and retailers of all sizes. More details will be shared with developers during the X.commerce Innovate Developer Conference, October 12-13 in San Francisco.