Costco ‘shocked’ by one-day sales of $3.5M on Alibaba’s TMall site

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Costco will expand more heavily into China after it sold $3.5 million worth of goods over a 24-hour period with the help of Alibaba.

In October, the Seattle-area retail giant announced it was partnering with Alibaba to enter the China market for the first time. In doing so, Costco planned to sell some of its merchandise, including some of the Kirkland brand products, to consumers visiting the Tmall e-commerce platform.

As part of an Alibaba announcement today regarding Tmall Global’s performance, Costco said it sold $3.5 million worth of merchandise on Singles Day, which is China’s equivalent Cyber Monday.

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Lowe’s CEO: Our transformation is gaining momentum

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Lowe’s CEO Robert Niblock cited the recovering U.S. economy as among the reasons why the company plans to focus more on market differentiation and omnichannel retailing.

The company said it will outline these and other strategic priorities in a meeting with investors on Dec. 11 in North Carolina.

“We’re at a great point in our company’s evolution. The housing market and broader economy are recovering just as our transformation is gaining momentum,” Niblock said. “We’re building on our past success and finding new ways to serve and connect with customers.”

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Costco off to great start with Q1 beat

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The holiday season started strong at Costco where U.S. same store sales advanced 7 percent during the company’s first quarter ended Nov. 23.

Total company sales during the period increased 7 percent to nearly $26.3 billion from $24.5 billion. Membership income grew slightly slower, advancing 6 percent to $582 million. Same stores sales excluding the effects of the strengthening U.S. dollar and fuel price deflation were 7 percent and U.S. and international locations.

Profits during the period increased to $496 million, or $1.12 per share, three cents better than analysts’ consensus forecast, compared to $425 million, or 96 cents a share the prior year.

Costco end the quarter with a total of 671 warehouses, including 474 in the United States and Puerto Rico, 88 in Canada, 34 in Mexico, 26 in the United Kingdom, 20 in Japan, 11 in Korea, 10 in Taiwan, seven in Australia and one in Spain.

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Home Depot Acquires HD Supply Hardware Solutions

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Atlanta-based Home Depot will acquire HD Supply Hardware Solutions from its former HD Supply unit for an undisclosed sum, the companies announced Tuesday.

HD Supply Hardware Solutions, based in Aliso Viejo, Calif., is a supplier of business hardware, fasteners, ropes and chains, mainly to Home Depot, which accounts for 98 percent of the company’s sales.

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