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San Antonio — The Progressive Retailers Organization was at the Westin La Cantera Hill Coun
Atlanta — The Home Depot reported higher sales, comp sales and net earnings in its fiscal first quarter, ended May 5.
Sales were $19.1 billion for the first quarter, a 7.4 percent compared with the prior year. Due to the 14th week in the fourth quarter of fiscal 2012, first-quarter sales benefited from a seasonal timing change that added approximately $574 million to sales.
On a like-for-like basis, comp-store sales for the first quarter of fiscal 2013 were positive 4.3 percent, and comp sales for U.S. stores were positive 4.8 percent, the chain said.
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Minneapolis — Best Buy reported an $81 million loss for the first fiscal quarter, ended May 4, compared with year-ago profits of $158 million, as promotions and more competitive pricing took their toll.
Total revenue fell 9.6 percent to $9.4 billion and comp-store sales slipped 1.3 percent for the three-month period.
Indianapolis — Weaker sales and margins, and higher taxes and costs, led to sharply lower fourth-quarter and full-year profits for hhgregg.
For the fourth quarter, ended March 31, net income fell 81 percent to $9.9 million as net sales slipped 2.6 percent to $597.6 million and comp-store sales declined 9.8 percent.
Bentonville, Ark. — Wal-Mart Stores reported slightly higher net sales and income for the first quarter, ended April 30.
Net sales for the first quarter were $113.4 billion, an increase of 1 percent over last year. Net sales last year benefited by 1 percent from the extra day due to leap year. On a constant currency basis, net sales would have increased 1.8 percent to $114.2 billion.
Consolidated net income attributable to Walmart for the first quarter was $3.8 billion, up 1.1 percent.
Hauppauge, N.Y. — Voxx reported a double-digit sales gain and relative flat profits in its fiscal year, ended Feb. 28.
Net sales for the fiscal year were $835.6 million, an increase of 18.2 percent when compared with net sales of $707.1 million reported for the prior fiscal year.
Net income in fiscal 2013 was $22.5 million as compared with net income of $25.6 million for the prior year. Operating income was $41.7 million for the year, compared with $43.9 million in the comparable year-ago period.
Osaka, Japan — Sharp Electronics reported a wider loss on flat sales for its fiscal year, ended March 31 and has replaced its president.
The net loss was 545.3 billion yen for the year, compared with a net loss of 376 billion yen in the prior year. Operating loss was 146.7 billion yen compared with the prior year’s 37.5 billion yen loss. Net sales were up 0.9 percent to 2,478.5 billion yen for the year.
Tokyo — Pioneer Electronics reported higher net sales but lower operating profits and a net loss for its fiscal year, ended March 31.
Consolidated net sales grew 3.5 percent year on year, to 451,841 million yen, due to increased OEM sales of car navigation systems and consumer-market sales of car audio products.
Operating income declined 52.1 percent year on year, to 5,997 million yen, due to an increase in selling, general and administrative (SG&A) expenses and a lower gross profit margin, among other factors.
Osaka, Japan — Panasonic reported a loss of 754.3 billion yen ($7.42 billion) for fiscal 2013, which ended in March.
In fiscal 2012, the company reported a 772.2 billion yen loss. The company said sales for fiscal 2013 declined 7 percent from the previous year, to 7.3 trillion yen ($71.9 billion).
Panasonic is in the midst of a major restructuring effort to improve its profit performance, but the company said that, thus far, the results were below expectations.
El Segundo, Calif. – DirecTV Tuesday reported a 5.6 percent decline in first-quarter profits but still managed to tally subscriber gains in Latin America and the United States.
The company reported earnings of $690 million, last quarter, compared with a $721 million profit from the year-ago period.
But on an adjusted basis, earnings rose to $826 million. Revenue rose 8 percent to $7.58 billion.
DirecTV reported a $166 million charge tied to the devaluation of Venezuelan currency earlier this year.
Tokyo — Nikon reported that net sales rose, but net and operating profits were down by double digits for its fiscal year, ended March 31.
Nikon said in its imaging products business, the interchangeable-lens market climate “took a sharp turn for the worse from the middle of the third quarter. Additionally, the compact digital camera market continued to shrink.” Sales for its precision equipment instruments business were also off.
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