FINANCE

Study: Zales has highest APR for retail credit cards

BY Dan Berthiaume

Austin, Texas – Zales has the highest annual percentage rate (APR) on its private label card out of 61 U.S. retailers surveyed by CreditCards.com. According to the study, the retailers with the five highest maximum APRs are:

1. Zales, up to a 28.99% APR;
2. Office Depot Personal Credit, up to a 27.99% APR;
3. Staples Personal Account, up to a 27.99% APR;
4. My Best Buy, up to a 25.24% and 27.99% APR, depending on your credit score; and
5. My Best Buy Preferred, up to a 25.24% and 27.99% APR, depending on your credit score.

Conversely, the five retail credit cards with the lowest APR are:

1. OfficeMax Visa Signature Card: 9.99-23.99%
2. Army Air Force Exchange Military Star card: 10.24%
3. Nordstrom retail card: 10.90-22.90%
4. Nordstrom Visa Signature Card: 10.90-22.90%
5. Williams-Sonoma Visa Signature Card: 13.74-21.74%

The private label credit cards reviewed by CreditCards.com have an average APR of 23.23% (compared with an average of just 15.03% for all credit cards), which is up from 21.22% in 2010.

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HSN misses on Q2 income

BY Dan Berthiaume

St. Petersburg, Fla. – HSN Inc. (HSNi) missed Wall Street expectations for its net income in the second quarter of fiscal 2014. HSN reported net income of $40.9 million, a 5% drop from $43.3 million a year earlier.

Net sales rose 5% to $855.2 million, from $812.6 million. Mobile and digital sales growth helped drive the overall improvement in net sales. Promotions in the company’s Cornerstore business negatively impacted net income.

"Our focus during the second quarter remained on engaging our customers, emphasizing our unique content and proprietary products, and strengthening our digital platforms,” said Mindy Grossman, CEO of HSN, Inc. “HSNi sales increased 5% and digital sales grew 9% with mobile now representing 15% of our total sales.

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FINANCE

Zulily almost doubles Q2 earnings, sales

BY Dan Berthiaume

Seattle – Online specialty retailer Zulily beat Wall Street expectations by almost doubling its net earnings and sales in the second quarter of fiscal 2014, compared to the second quarter of the previous fiscal year. Net income rose 95% to $7.8 million from $4 million, while net sales increased 97% to $285 million.

Zulily attributed its overall strong performance to improved mobile sales, with mobile devices now accounting for 47% of North American sales, a growing customer base, and higher average order values.

In addition, Zulily intends to open its third distribution center somewhere on the East Coast in 2015. The company currently operates a distribution center in Nevada, due to be replaced by a new 707,000-sq.-ft. facility there in September, and one in Ohio.

Looking ahead, Zulily expects to report a net loss in the third quarter of fiscal 2014 but net income for the full year. The retailer also expects net sales growth for both the third quarter and full year.

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