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Costco’s July sales inch up

BY Alaric DeArment

ISSAQUAH, Wash. — Club-based mass merchandiser Costco had a slight increase in sales last month, compared with the same period last year.

Costco said Thursday that sales for July were $5.86 billion, an 8% increase over the $5.42 billion in sales it had in July 2009.

Sales for the 48-week period ending Sunday were $70.37 billion, compared with $64.44 billion during the same period last year.

 

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99 Cents Only sees Q1 sales, earnings boost

BY Gail Hoffer

CITY OF COMMERCE, Calif. — 99 Cents Only Stores reported that sales for the first quarter increased by 4.6% to $336.6 million and same-store sales increased 2.7%. Consolidated net income increased by $7.3 million to $16.8 million, or 24 cents per diluted share, versus $9.5 million in the prior year, or 14 cents per diluted share.

Eric Schiffer, CEO of 99 Cents Only Stores, stated, "For our second quarter of fiscal 2011, ending on Sept. 25, which is typically our most challenging quarter due to seasonal factors, we expect low single digit same-store sales and are targeting a 20% improvement in pre-tax profit margin compared to the second quarter of fiscal 2010. In addition to the seasonal factors that cause the September quarter to be less profitable than the June quarter, we expect higher freight costs versus last year’s second quarter and furthermore, we are investing in a store level merchandise ordering system, and will incur training and learning costs as we complete the roll out of phase one of this system to our stores this quarter.

"For fiscal 2011 we expect positive same-store sales in the low single digits and plan to open approximately 5% more stores in our existing markets, primarily in the second half of the year. "

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Faith Hill named Tide Loads of Hope ambassador

BY Allison Cerra

CINCINNATI Tide named five-time Grammy Award winner Faith Hill as the new ambassador for its Tide Loads of Hope program.

For nearly five years, Tide Loads of Hope has offered free laundry services to communities in the wake of major disasters, including Hurricanes Katrina, Gustav, Ike, the California wildfires and more.

“Since we launched Tide Loads of Hope, we’ve been inspired by the spirit of the communities we’ve touched. As we approach the fifth anniversary of Hurricane Katrina, we continue our promise to bring back the comfort of clean clothes to those in need,” said Suzanne Watson, Tide associate marketing director. “It is the same sense of compassion that inspires Faith Hill’s charitable spirit so we could not be more thrilled that Faith Hill has chosen Tide Loads of Hope as a cause worthy of her involvement.”

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