Wal-Mart de Mexico to open 445 stores in 2011
New York City — Wal-Mart de Mexico SAB (Walmex) plans to increase investment by 45% in 2011 from last year as it expands its business in Mexico and Central America, Bloomberg reported.
Capital expenditures will increase to 18.97 billion pesos ($1.56 billion) this year, CEO Scot Rank said in remarks broadcast on the company’s website.
Wal-Mart de Mexico, which now operates more than 2,000 retail stores and restaurants, plans to open 445 stores in 2011. It will open 365 of the new businesses, mainly warehouse and discount stores, in Mexico. Walmex plans to open 80 stores in Central American nations.
Target looks to top $100 billion sales mark boosted by Canada stores revenue
New York City — Target Corp. said its annual sales may top $100 billion within the next seven years, with revenue boosted by its first expansion outside the United States, Bloomberg reported.
The chain also may double earnings per share over that period, CFO Douglas Scovanner said Thursday on a conference call after fourth-quarter results. Net income in the period ended Jan. 29 rose 11% to $1.04 billion.
Target plans to open stores in Canada as of 2013. The expansion, coupled with Target’s new rewards program and the introduction of more fresh food, may help the chain overcome a “persistently weak” U.S. discount market, Scovanner said.
GNC profit leaps 56% in Q4
Pittsburgh — General Nutrition Centers reported Friday that net income for the quarter ended Dec. 31 surged 56.3% to $19.8 million, compared with $12.7 million in the year-ago period.
Revenue for the quarter rose 7.9% to $435.7 million, from $403.9 million a year earlier. Same-store sales improved 5.8% in domestic company-owned stores (including e-commerce sales).