Tuesday Morning Q4 revenue falls 3%, lowers outlook
Dallas — Tuesday Morning Corp. reported Wednesday that revenue for the quarter ended June 30 declined 3% to $194.8 million, compared with $200.8 million in the year-ago period.
Same-store sales dropped 4.5% in the quarter.
The closeout retailer cut its guidance for the year.
For the full year, revenue dipped almost 1% to $821.3 million. Same-store sales fell 1.2%.
Walgreen OK’s $2 billion stock buyback
Deerfield, Ill. — Walgreen Co. said Wednesday its board has authorized a new $2 billion stock buyback program.
The drugstore retailer completed a previously announced $1 billion stock buyback program and now has approved a new $2 billion share repurchase program that expires Dec. 31, 2015.
NRF joins restaurant group in support of legislation to protect small businesses
WASHINGTON— The National Retail Federation has joined the National Restaurant Association in support of legislation that would require federal agencies to consider the impact on small businesses when establishing rules and regulations.
“This legislation would strengthen the protections for small businesses in the often-asphyxiating federal regulatory process,” the two organizations said in a letter to House Small Business Committee Chairman Sam Graves, R-Mo., and Ranking Member Nydia Velazquez, D-N.Y.
“The vast majority of retailers are small, Main Street merchants focused on growth and innovation,” NRF president and CEO Matthew Shay said. “This bill could provide an important boost to these small businesses that often get caught up in well-intentioned but sometimes burdensome and harmful regulations.”
H.R. 527, the Regulatory Flexibility Improvements Act of 2011, sponsored by House Judiciary Committee Chairman Lamar Smith, R-Texas, “will be paramount in defending the rights of small businesses,” the letter said. The bill would give the Small Business Administration’s Office of Advocacy more oversight authority and amend the Regulatory Flexibility Act to require federal agencies to consider the economic impact on small businesses when setting regulations.
The legislation was introduced in February after President Obama signed an executive order requiring agencies to review business regulations and streamline or eliminate them where possible. The bill was approved by the Judiciary Committee on July 7 and is scheduled for consideration by the Small Business Committee Wednesday.