Markets & Finance

Wal-Mart Sees Higher Sales in September


Wal-Mart Stores (WMT

) posted 3.3% higher U.S. sales results in August for stores that had been open at least a year, or 10% higher total sales. The retailer expects 2% to 4% higher US same-store sales in September.

The drug maker Novartis (NVS

) offered to acquire the remaining 58% of biotech company Chiron( CHIR

) shares it doesn't already own for $40 per share in cash.

Gap (GPS

) posted 9% lower sales results in August for stores that had been open at least a year, and 5% lower total sales. The retailer had slightly lower merchandise margins for the period.

Target (TGT

) posted 6.3% higher same-store sales in August and 12% higher total sales.

Ann Taylor Stores (ANN

) posted 3.7% higher sales in August for stores that had been open longer than a year, and 16% higher total sales. The clothing retailer named Laura A. Weil chief operating officer, COO, who is leaving her position as chief financial officer and executive vice president at American Eagle Outfitters.

Starbucks (SBUX

) posted 7% higher sales in August for company operated stores that had been open longer than a year, and 21% higher total sales. S&P reiterated its hold investment recommendation on the cafe operator.

The clothing company Haggar (HGGR

) agreed to be acquired by the investment groups Infinity Associates, Perseus, and Symphony Holdings for $212 million at $29 per Haggar share.

Aeropostale (ARO

) posted 1.3% higher sales results in August for stores that had been open longer than a year, and 22% higher total sales.

Whole Foods Market (WFMI

) said it sees a $5 million to $6 million impact on its fourth quarter sales due to Hurricane Katrina.

7-ELEVEN (SE

) Seven-Eleven Japan (SEJ

) is to commence its tender offer for the convenience store operator at $32.50 cash per 7-Eleven share representing a 15% premium. Seven-Eleven Japan already owns about 72.7% of 7-Eleven.

Pier 1 Imports (PIR

) posted 12% lower sales in August for stores that had been open at least a year, or 8.3% lower total sales. The home products retailer maintains its 12 cent to 14 cent second quarter loss projection.

Harris( HRS

) agreed to acquire all shares of Leitch Technology for $14 Canadian dollars per share, at a total consideration of about $450 million. The technology company expects its transaction to be accretive to fiscal year 2007 earnings per share by 6 cents a share.

Barr Pharmaceuticals (BRL

) received final approval from the Food and Drug Administration for its generic 30 mg, 60 mg, and 180 mg versions of Aventis Pharmaceuticals' Allegra Tablets.

Neiman-Marcus (NMG

) posted 8.2% higher sales results in August for stores that had been open at least a year, and a 6.7% total revenue rise.

Corinthian Colleges (COCO

) posted 13 cent earnings per share during the fourth quarter compared to 20 cents during the same period last year, as its higher costs offset an 11% net revenue rise. The secondary education company expects to see 8 cent to 10 cent first quarter earnings per share, including charges.

Talbots ( TLB

) posted 2.3% higher sales results in August for stores that had been open at least a year, and 9% higher total sales for the period.

Wet Seal (WTSLA

) posted 48% higher sales results in August for stores that had been open at least a year, and 15% higher total sales.

Nordstrom (JWN

) posted 8% higher sales results in August for stores that had been open at least a year, and 9.5% higher total sales.

Wilsons The Leather Experts( WLSN

) posted 7.9% lower sales results in August for stores that had been open at least a year, and 9.5% lower total sales.

Bebe Stores (BEBE

) posted 17% higher sales results in August for stores that had been open at least a year, and 26% higher total sales. The clothing retailer is comfortable with its 14 cents to 17 cents first quarter earnings per share forecast, but notes that business was not as strong during the last week of August. Bebe now sees its first quarter same-store sales up in the high teens.

Chico's FAS (CHS

) The clothing designer posted 14% higher sales results in August for stores that had been open at least a year, and 32% higher total sales.

Shoe Carnival (SCVL

) posted 2% higher sales results in August for stores that had been open at least a year, and 7% higher total sales.

Limited Brands (LTD

) posted 3% lower sales results in August for stores that ahd been open at least a year and unchanged total sales.

American Eagle Outfitters (AEOS

) posted 12% higher sales in August for stores that had been open at least a year, and 19% higher total sales. The apparel retailer reiterated its 25 cent to 26 cent third quarter earnings per share guidance. Laura Weil, the executive vice president of finance and chief financial officer, is leaving American Eagle to become a chief operating officer at Ann Taylor Stores.


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