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  • INDUSTRY NEWS

    • On May 26, 2017, it was reported that Costco reported third quarter proved net income jumped 28.4% to $700 million, compared to last year's $545 million. For the 36-week period, net income rose 12.1% to $1.76 billion. Net sales increased 6% to $84.82 billion.
    • On May 26, 2017, it was reported that the chairman of Star Furniture Company, Melvyn L. Wolff, has passed away on May 25th at the age of 86.
    • On May 26, 2017,it was reported that Big Lots posted a strong first quarter, beating profit expectations. The chain reported income of $51.5 million, for the quarter ended April 29, 2017. This compares to $38.7 million in the year-ago period. Same-store sales decreased 0.9%. Net sales decreased 1.2% to $1.30 million, a result of the comparable store sales decline and a lower store count year-over-year.
    • On May 25, 2017, it was reported that Dollar Tree's profit declined in the first quarter amid an impairment charge related to its divesture to Dollar Express. The company's net income fell to $200.5 million, in the quarter ended April 29, from $232.7 million, in the year-ago period which included a tax rate benefit. Dollar Tree said it recorded an impairment charge of $50.9 million in the quarter ended April 29, due to non-payment by Dollar Express for stores bought from the company. Dollar Express is in the process of liquidating and is in default of its obligations and not cooperating, Dollar Tree said. Consolidated net sales increased 4.0% to $5.29 billion, from $5.09 billion last year. Same-store sales rose 0.5%, lower than analysts expected. Same-store sales for the Dollar Tree banner increased 2.5%. Same-store sales for the Family Dollar banner decreased 1.2%.