Mon, Apr. 13, 4:16 PM
Sun, Mar. 29, 4:18 AM
- Best Buy (NYSE:BBY) plans to close some stores and consolidate its operations in Canada, in a move that will hurt its earnings by $0.10-$0.20 this year.
- Costing about $200M-$280M in restructuring charges, Best Buy said it will close 66 of its Future Shop stores in Canada and convert 65 of them into Best Buy outlets.
- The retailer also announced plans to spend $160M to improve its Canadian online operations, increase staffing at its remaining stores, and launch a range of home appliances.
Tue, Mar. 17, 11:24 AM
- Best Buy (BBY -0.5%) saw a large volume spike today off of a rumor on a Carl Icahn stake in the company.
- Shares brought themselves into positive territory before settling back.
- Though the reports of Icahn interest in the retailer are unconfirmed, the buzz was enough to take Best Buy to a 52-week high.
- Some retail analysts have noted the bankruptcy of RadioShack and focus by Conn's on furniture and mattresses could give Best Buy some incremental traffic this quarter.
Wed, Mar. 4, 11:26 AM
- Target (TGT +0.1%) trades higher as investors digest the information the company unveiled at its investor meeting late yesterday.
- Though the headline items were the thousands of job cuts announced and FY16 EPS guidance, it's Target's shift in philosophy which may emerge as the biggest pullaway for investors.
- "We recognize that we are talking about a significant cultural change, but it's driven by what the consumers want and expect from Target," said CEO Brian Cornell at the event.
- Just 7 weeks after announcing a full exit from Canada, Target now calls digital its top priority in the U.S.
- Janney Capital Markets thinks the +40% growth target for Target's digital business is a reach.
- Piper Jaffray boosted its price target on TGT to $86.
- Morgan Stanley sticks with a Positive stance on the company.
- Some analysts think Target's digital scale is formidable enough to put some pricing pressure on Best Buy (NYSE:BBY), Amazon (NASDAQ:AMZN), Staples (NASDAQ:SPLS), and Wal-Mart (NYSE:WMT).
Tue, Mar. 3, 7:34 AM
- Best Buy (NYSE:BBY) reports revenue in its domestic segment increased 3.2% to $12.697B during Q4.
- Comps were up over 2% with demand for TVs a positive factor.
- International segment sales -12.4% to $1.512B.
- Sales of tablets and revenue from services were lower during the quarter.
- Domestic online revenue +9.7% to $1.72B - a deceleration from previous quarters.
- Domestic gross profit rate +120 bps to 21.2%.
- International gross profit rate flat at 21.7%.
- Operating income rate +250 bps to 5.7%.
- Previously: Best Buy set capital allocation plans
- Previously: Best Buy beats by $0.13, misses on revenue
- BBY +4.22% premarket.
Tue, Mar. 3, 7:14 AM
Tue, Mar. 3, 7:10 AM
Tue, Mar. 3, 7:03 AM
Mon, Mar. 2, 5:30 PM
Thu, Feb. 26, 9:30 AM
Tue, Feb. 24, 7:15 AM| Comment!
Tue, Feb. 3, 12:17 PM
- Retail space continues to open up as more companies look to trim their store counts or reposition themselves in front of mergers or bankruptcies.
- In some cases, the transition is based on repositioning assets to online fulfillment centers.
- A quick scan indicates Sears Holdings (NASDAQ:SHLD), J.C. Penney (NYSE:JCP), RadioShack (NYSE:RSH), Dollar Tree (NASDAQ:DLTR), Wet Seal (NASDAQ:WTSL), Macy's (NYSE:M), Haverty Furniture (NYSE:HVT), Bon-Ton Stores (NASDAQ:BONT), Aeropostale (NYSE:ARO), Rent-A-Center (NASDAQ:RCII), and Wolverine Worldwide (NYSE:WWW) are unloading properties.
- Analysts have warned the flooded market could lead to some disappointing transaction prices or lease rates for the companies involved.
- What to watch: A merger between Staples (NASDAQ:SPLS) and Office Depot (NASDAQ:ODP) or a major retooling from Best Buy (NYSE:BBY) this year could add to the tally.
Tue, Jan. 20, 10:56 AM
- The Supreme Court passes on hearing a case over the level of swipe fees charged by banks to retailers.
- The cap on swipe fees will stand at $0.21-$0.24 following the high court decision.
- Intense lobbying from the financial services industry prompted the Fed to move off its original recommendation for a $0.12 cap.
- The National Retail Federation and other consumer groups have vowed to keep the fight going.
- Related stocks: V, MA, WMT, TGT, BBY, CVS, WBA, COST, HD, LOW, GPS, M.
Thu, Jan. 15, 12:45 PM
Thu, Jan. 15, 10:33 AM
- Target's exit from Canada has retail analysts re-evaluating the plans of a number of chains with operations in the region.
- The list below includes companies just entering Canada with a light store count and some well-established chains which have already been trimming.
- Specialty: Chico's FAS (NYSE:CHS), DSW (NYSE:DSW), Hennes & Mauritz (OTCPK:HMRZF), Jimmy Choo, TJX Companies (NYSE:TJX), Moncler, Aeropostale (NYSE:ARO), Versace, Nordstrom.
- Big-box: Best Buy (NYSE:BBY), Wal-Mart (NYSE:WMT), Staples (NASDAQ:SPLS), Sears Canada (NASDAQ:SHLD).
- Previously: Nervous feet for Nordstrom over Canada? (Jan. 15 2015)
- Previously: Full exit from Canada for Target (Jan. 15 2015)
Thu, Jan. 15, 9:16 AM
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