|
Retail News Breaks Archives Sears Holdings Corp. slashed its second-quarter loss by more than half but the improvement fell short of analysts’ expectations as weak consumer spending hampered sales. According to the San Francisco Chronicle, Tesco PLC’s Fresh & Easy Neighborhood Market chain will enter the northern California market by opening seven stores in the Bay Area early next year. Second-quarter profits rose 37.1% to $78 million on a 12.7% rise in net sales to $1.38 billion at Dollar Tree Inc., as consumers looking for low prices drove same-store sales up a robust 6.7%. Persistent high unemployment and wary consumers added up to sluggish second-quarter sales at three major mass market retailers, although their expectations for the rest of the year vary widely. A&P has filed a federal lawsuit claiming that Ahold's Stop & Shop chain is lying to consumers about having lower prices. Delhaize Group has cut its operating profit forecast and store opening plans for 2010 after the lingering economic malaise and high unemployment in the Southeastern United States hammered second-quarter sales results at its Food Lion unit. A&P has announced plans to close 25 stores in five states. Affected outlets include those that are underperforming, as well as locations near other company stores, and those facing real estate and cost issues.
|
