The New York hedge-fund company, Pershing Square Capital Management LP, has taken control of 16.8% of JC Penny stock; while Vornado, a real estate investment trust, acquired 9.9%. Led by co-investment manager, William Ackman, Pershing Square announced its purchase on Friday, making it the largest shareholder of the department store conglomerate.
As international markets outgained the United States by more than double, Costco, the largest membership warehouse club chain in the United States, posted a profit of $432 million. Beating out the original estimates of financial analysts, the company’s profits increased by 16% in the 4th quarter – outshining last year’s mark of $374 million. Membership fees helped contribute to the 8% rise in revenue to $24.12 billion, slightly under Wall Street’s projection of $24.23 billion.
In a move to show support for nationwide sustainable energy initiatives, Home Dept will be donating up to $1 million to “Habitat for Humanity”. During the month of October, the company will be allocating funds from10% of its sales from products of its Energy Star-qualified appliances. Partnering in 2009 with “Habitat for Humanity”, The Home Depot Foundation continues to contribute to the construction of sustainable buildings.
In a survey taken by the OC&C Proposition Strength Index, Amazon.com ranked first among consumers’ selection of the highest quality retailer. Costco, the Apple Store, Barnes & Noble and Lowe’s also scored high marks. The global strategy firm’s consumer study, which surveyed 2,700 people, was conducted in an effort to better understand the level of customer satisfaction toward the top 50 retailers in the United States.
Co-founder of The Home Depot, Bernie Marcus, expressed his small-business mentality in a candid discussion on the financial news network conglomerate, CNBC. By aligning himself with American entrepreneurs, Blake touched on a variety of topics ranging from Obama’s healthcare bill to his affinity for company CEO, Frank Blake.
In a move meant to serve their customers and save the environment, Lowe’s has opened recycling centers nationwide. Cell phones, batteries and plastic shopping bags will be among the items that customers can drop off at the new energy efficient centers. All recycled material will be used to manufacture new products. The company hopes this new initiative will help reduce unnecessary waste within each branch’s respective community.
As a way to improve operations, HOME DEPOT’S upper management is deploying its top executives to work along side its field employees in various stores. Up to 170 executives will rotate through three seasonal programs to insure participation by all the company’s top directors
Home Depot CEO, Frank Blake, and executive VP of all U.S branches, Marvin Ellison, met with business analysts at the Goldman Sachs Retailing Conference in New York to discuss the company’s efforts to simplify nationwide operations. The retail conglomerate presented its intention to increase the speed of supply distribution by implementing key technological improvements to its chain management center.
In an effort to remain cautious, The Home Depot and Lowe’s slightly downplayed their second quarter gains; citing the present instability in the housing industry as a reason for their tempered positive financial results. 70% of Home Depot’s 40 markets showed an increase, yet the company saw negative comps in the Pacific Northwest and Canada.
Steve Olsen has been named as the new SVP of merchandising for San Jose, Calif.-based Orchard Supply Hardware store. He brings a wealth of experience by previously serving as VP of merchandising of supplies, strategy and services for Office Depot…Read More