Target suffered disappointment in a fourth quarter that only just achieved the low end of its expectations and will invest in lower prices not long after reports emerged that Walmart is experimenting with a new pricing model.
For the fourth quarter ended January 31, Wal-Mart Stores posted company net income of $3.76 billion, or $1.22 per diluted share, versus $4.57 billion, or $1.43 per diluted share, in the year-earlier period.
Although the company could not post GAAP net or per diluted per share loss as it determines income tax effects of goodwill impairment, Rent-A-Center reported that its fourth quarter loss before income taxes was $170.9 million versus $1.13 billion loss in the period a year prior including a $1.17 billion goodwill impairment charges taken in the core business segment in the United States.
Kirkland’s reported a comp decline in the fourth quarter after weak traffic in December.
Amazon.com delivered significant sales and profit gains in the fourth quarter and the full fiscal year, with general merchandise revenues in North America advancing sharply.
Supervalu posted a net loss in its third quarter, following the recent sale of its Save-A-Lot business.
Costco Wholesale Corp. posted a December comparable sales gain of 3%, excluding the effects of fuel and foreign exchange rate volatility, with comps in the United States up 3%, those for Canada up 4% and those for other international markets up 4%.
Overstock reported a sales rise in the third quarter, although the company posted a net loss.
Aaron’s posted a slight uptick in earnings and sales in its third quarter, but comps fell behind.