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Financial News

  • Sears Holdings denies Sears Canada sell-off rumors

    HOFFMAN ESTATES, Ill. — A report in the New York Post that Sears Holdings is looking to sell its Canadian division is false, the retailer said.

    The Post reported that Sears Holdings chairman and CEO Eddie Lampert was talking with investment bankers at the possibility of selling Sears Canada.

  • Increased traffic drives up Dollar Tree's Q3 results

    Increased customer traffic helped drive Dollar Tree’s third-quarter results. The retailer cited growth in consumer basics, as well as seasonal and variety merchandise, and said its higher-margin variety categories are growing at a faster pace.

    The company reported consolidated net sales for the quarter of $1.9 billion, a 9.5% increase from $1.72 billion for the year-ago quarter. Comparable store sales increased 3.1%.

  • Target Q3 earnings decline as Canadian segment sees lower-than-expected results, but U.S. segment shows strength

    MINNEAPOLIS — Target Corp. posted sales of $17.3 billion in third-quarter 2013, a 4% increase over the same period last year, and a $341 million profit, down by 46.4% from a year ago, the mass merchandise retailer said Thursday.

    The results from the quarter reflected a earnings-per-share dilution of 29 cents related to the chain's new Canadian segment. Same-store sales in the U.S. segment grew by 0.9%, near the low end of the company's fiscal 2013 guidance, while total sales were $16.9 billion, up 2% from third-quarter 2012's $16.6 billion.

  • Sears Holdings' losses expand as total, same-store sales slump

    HOFFMAN ESTATES, Ill. — Sears Holdings had sales of $8.3 billion in third quarter 2013, down $585 million compared with third quarter 2012, the parent company of the Kmart and Sears chains said Thursday.

  • Spartan Stores, Nash Finch finalize merger

    GRAND RAPIDS, Mich. — Spartan Stores and Nash Finch Company on Tuesday announced the completion of their merger. Spartan Stores will use the corporate name of SpartanNash Company, with the official name change to SpartanNash expected to become effective at the annual shareholders meeting in May 2014. 

    The combined company will continue to conduct business as Spartan Stores, Nash Finch and MDV in their respective markets. 

  • Senate passes Drug Quality and Security Act

    NEW YORK — A bill that would implement federal tracking and tracing of drugs and strengthen federal regulations on pharmacy compounding has passed in the Senate and will go to President Barack Obama for his signature.

  • PL Developments expands product offering into store brand liquids with Aaron Industries acquisition

    WESTBURY, N.Y. — PL Developments on Monday signed a definitive agreement to acquire Aaron Industries, manufacturer and distributor of liquid-dose private-label over-the-counter, pharmaceutical and consumer healthcare products for the retail and packaged goods industry.  

    Terms of the deal were not disclosed. The agreement is subject to government approval under the Hart-Scott-Rodino Act. It is anticipated the deal will close in late November.

  • Reports: Tops Friendly Markets management buys chain from Morgan Stanley Capital Partners

    NEW YORK — The management team of Tops Friendly Markets has purchased the chain from the private equity firm that owned it, according to published reports.

    The Rochester, N.Y., Democrat & Chronicle reported Friday that Tops CEO Frank Curci and five other executives were buying the chain from Morgan Stanley Capital Partners, which has owned the chain since 2007. Tops operates 155 stores in upstate New York, western Vermont and northern Pennsylvania under the Tops, Grand Union and Bryant's banners.

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