Best Buy raised its fourth-quarter same-store sales growth forecast to between 1% and 3%, which is still lower than the 5.4% and 4.5% reported in the second and third quarters, respectively. Competition for electronics sales ramps up during the holiday season, and Best Buy's sales growth typically slows as rivals including Walmart, Target and Amazon roll out deals.
Activist investor Sandell Asset Management has proposed a debt-backed plan that would take Barnes & Noble private and value the retailer at around $650 million, sources said. The retailer said the offer isn't "bona fide" as it lacks the participation of chairman and founder Leonard Riggio, who owns an 18% stake in the company.
Low prices and off-price strategies paid off for Gap and Ross Stores, both of which reported third-quarter same-store sales growth that beat analysts' estimates. The results reflect consumers' willingness to spend on fashion at brick-and-mortar stores if the price is right.
Smart & Final Stores reported strong results for the third quarter, including an increase in same-store sales. The company said it's been increasing promotional spending to compete with traditional grocers and touted its success in the e-commerce realm, including the launch of a direct-order site, delivery services and a test of a click-and-collect service at about 12 Smart & Final and Cash & Carry stores.
Sweden-based IKEA opened its largest Southeast Asia store in Malaysia this week, a 502,815-square-foot space boasting 54 showrooms. The retailer assembled a selection of furniture tailored to local tastes after making visits to area homes, said Annie Chandler, store manager.
Furniture and kitchen goods retailer Williams-Sonoma will buy technology startup Outward in a $112 million deal, the company said. Williams-Sonoma, whose banners include its namesake stores, Pottery Barn and West Elm, said it will incorporate Outward's augmented reality, 3D imaging and other tools into its customer service platform.
Walmart has worked to incorporate sustainability as a "shared value" within the business rather than something separate, says CEO Doug McMillon. In addition to the long-term economic benefits of sustainability, he said, Walmart understands that customers want to feel positive about the products they buy.
General Electric will acquire new companies to streamline its supply chain operations in an effort to boost profit margins while reducing costs overall. Though vague in details, the company's investor update indicated a rigorous revamping.
Apple released the iOS 11.1.2 update to address an iPhone X issue that made it temporarily unresponsive in cold weather. The update also fixed a distortion issue on Live photos and video.
Albertsons has acquired an equity stake in the Latino grocery chain El Rancho Supermercado for an undisclosed amount. The deal will give the 16-store chain, based in Garland, Texas, the means to speed growth plans and open stores in new markets in the state, El Rancho President Salah Nafal said.
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