US: Best Buy reports net loss
ChainStoreAge.com - May 22nd, 10:19
Minneapolis – Best Buy reported a net loss of almost 10% for first quarter fiscal 2014, seeing its revenue drop from roughly $10.34 billion the prior year to $9.38 billion. Increased price competition and the closure of 49 large-format stores contributed to the electronics retailer’s decline in revenue. A shift in the Super Bowl, which typically drives TV sales, to the prior quarter and reduced non-core sales also impacted revenue.
Best Buy CEO Hubert Joly said that the retailer is already seeing benefits from its “Renew Blue” restructuring program, which eliminated $175 million during the most recent quarter in annualized costs through efficiency improvements and removal of management layers. Renew Blue has reduced annualized costs by a total of $350 million since its implementation last year, and Joly expects the savings to continue.
“Looking ahead, we remain focused on making progress on our Renew Blue priorities announced last November and reiterated in March,” said Joly. “During the second quarter, we will, in particular, complete the deployment of the Samsung Experience Shops and make significant progress in our efforts to optimise the allocation of our retail floor space to more attractive product categories, so as to increase revenue and operating profit per square foot.”
Walmart accelerating U.S. small store growth; upping tech investments
17/10/2013 - 11:18
Bentonville, Ark. - Wal-Mart Stores detailed a number of moves, including opening smaller stores in the United States, cutting back on overseas growth and increasing its investments in technology and e-commerce, on the occasion of the company’s 20th annual investor meeting.
IBM revenue hit by emerging market sales
17/10/2013 - 11:14
IBM reported a 4 percent drop in third-quarter revenue, worse than expected by Wall Street, amid a decline in hardware and emerging markets even as it beat earnings estimates.
East Africa Breweries Limited posts 6% annual sales increase
10/10/2013 - 11:27
East African Breweries Limited (EABL) in August said it posted “good results” in the year to June despite tough operating conditions in markets such as Uganda and Tanzania.
PMI dips to eight-month low
02/10/2013 - 12:29
Johannesburg - The purchasing managers' index (PMI) fell to an eight-month low in September as a strike in the auto sector hurt new sales orders, suggesting a slowdown in the manufacturing sector, survey showed on Tuesday.
BlackBerry reports $965 million loss
30/09/2013 - 13:19
On Friday, struggling mobile handset maker BlackBerry reported a loss of $965 million, or $1.84 per share diluted, for the three months ended August 2013, compared with a prior loss of $235 million.