By Lisa Johnston
New products on display at the American International Toy Fair, held in N
The Woodlands, Texas — Conn’s was firing on all cylinders in the third quarter as double-digit comp increases across nearly all product categories contributed to record sales and profits.
Net income more than doubled to $24.4 million for the three months, ended Oct. 31, on total revenue of $310.9 million, a 50.6 percent increase, while comp-store sales soared 35.1 percent.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.
New York – Revenues at Barnes & Noble’s Nook business fell in the second quarter and first half, but EBITDA losses shrank in both periods compared to the year-ago periods.
The Nook business segment consists of the company’s digital businesses, including digital content, devices and accessories.
Minneapolis – Seasonal markdowns and higher expenses led to a 46 percent decline in Target’s third-quarter profits, to $341 billion.
Total revenues edged up 1.9 percent to $17.3 billion for the three months, ended Nov. 2.
In the U.S., sales rose 2 percent to $16.6 billion, aided by the opening of nine new stores, while comp sales increased 0.9 percent on higher average basket size but fewer average transactions.
Hoffman Estates, Ill. – Sales declines and continued investments in its digital shopping platform led to a $534 million third-quarter loss for Sears Holdings.
The red ink increased from a $498 million loss in the year-ago period.
Revenues fell 7 percent to $8.3 billion for the three months ended Nov. 2, and U.S. comp store sales declined 3.1 percent on weakness in CE, major appliances and other core categories.
Mooresville, N.C. – Lowe’s said better execution and a strengthening home-improvement market helped spur sales and earnings in the third quarter.
Profits increased 26 percent to $499 million for the three months, ended Nov. 1, while sales rose 7.3 percent to $13 billion and comp sales increased 6.2 percent.
Framingham, Mass. — Staples said aggressive expense management helped deliver third-quarter profits of $135.2 million following a year-ago loss of more than half a billion dollars.
Sales struggled though, falling 4 percent to $6.1 billion for the three months, ended Nov. 2, as a result of 107 store closures across Europe and North America and unfavorable currency exchange rates.
Atlanta – Continued improvements in the housing market and Home Depot’s own operational performance led to strong third-quarter sales and earnings gains for the No. 1 home improvement chain.
Profits rose 48 percent to $1.4 billion and net sales increased 7.4 percent to $19.5 billion for the three months ended Nov. 3, while comp sales also grew 7.4 percent companywide and increased 8.2 percent in the U.S.
Minneapolis — Cost controls and improved operational efficiencies returned Best Buy to profitability in the third quarter.
Net earnings for the three months, ended Nov. 3, rose to $54 million, compared with a year-ago loss of $10 million.
But poor international sales were a drag on net revenues, which were flat at $9.3 billion. Comp sales also stalled due to offshore weakness, although the 0.3 percent increase was an improvement over last year’s 5.1 percent comp decline.
Bentonville, Ark. – Walmart reported modest sales and earnings increases for the third quarter, ended Oct. 31, and mixed results for CE.
Net income rose 2.8 percent to $3.7 billion on continued cost reductions, while net sales edged up 1.6 percent to $114.9 billion. Excluding the negative impact of currency fluctuations, net sales rose 2.7 percent.
Dish Network surprised analysts Tuesday, reporting third quarter net new subscriber additions that far exceeded consensus estimates while its broadband service appears to be gaining steam.
Dish added 35,000 net new video customers in the quarter, well above analysts’ consensus estimates of a loss of 39,000 customers. Dish also added 75,000 broadband subscribers in the quarter, bringing its total number of high-speed data customers to 385,000, up 24% from the second quarter.