Toys ‘R’ Us Same-Stores Sales Up in Dec.
Toys “R” Us Inc. said Thursday that same-store sales rose in December, but fell over the entire holiday period.
Same-store sales increased 1.9% in the five-week period ended Jan. 3 but fell 3.4% over the nine-week holiday season between Nov. 2 and Jan. 3.
Internationally, same-store sales declined 4.9% in December, and 5.1% over the holiday period, hurt by decreases in Japan and the United Kingdom, where a competitor liquidated.
CEO Jerry Storch also said Toys “R” Us is cutting costs and reducing capital spending to offset the weak environment.
“While we are pleased to have maintained sales momentum during these difficult economic times, we are very mindful of the profit challenges presented by the current retail climate,” Storch said in a statement.
Wal-Mart, Netflix accused of monopoly building
NEW YORK Wal-Mart Stores and Netflix have been accused of trying to build a monopoly for online DVD rentals in a consumer lawsuit filed Jan. 2 in the U.S. District Court of the Northern District of California, according to reports.
The plaintiffs claim that in 2005, Wal-Mart agreed to end its online rental business and refer customersto Netflix, which in turn agreed to promote Wal-Mart’s DVD movie sales.
Family Dollar posts 1Q earnings growth
MATTHEWS, N.C. Family Dollar Stores reported that net income per diluted share for the first quarter of fiscal 2009 increased 13.5% to 42 cents compared with 37 cents for the first quarter of fiscal 2008. Net income for the quarter increased 14.1% to $59.3 million compared with net income of $51.9 million for the first quarter of fiscal 2008.
As previously reported, sales for the first quarter of fiscal 2009 were approximately $1.754 billion, or 4.2% above sales of approximately $1.683 billion for the first quarter of fiscal 2008. Comparable-store sales increased 2.1%.
For the fiscal year ending August 29, 2009, the company expects net sales will increase 4% to 6% and expects comparable-store sales will increase 2% to 4%. Anticipating continued strong sales of consumable merchandise, the company expects earnings per share will be between $1.63 and $1.81 in fiscal 2009.