Retail, Quarterly Earnings | featured news

Retail sales contracted in March for the second time in three months, a sign the American economy may have stumbled at the end of the first quarter.

Costco's fiscal second-quarter net income climbed 39 percent as it pulled in more money from membership fees, sales improved and it recorded a large tax benefit. The wholesale club operator earned $547 million, or $1.24 per share, for the period ended Feb. 17. That compares with $394 million, or 90 cents per share, a year earlier.

Amazon.com Inc shares hit a record on Tuesday after it reported better-than-expected quarterly profit, fueled by the growth of higher-margin businesses during the fiercely competitive holiday quarter.

Best Buy Co. reported another dismal quarter on Tuesday, recording a loss in the third quarter, hurt by a continued sales slump and charges related to restructuring. Shares fell more than 11 percent in morning trading to its lowest level in more than a decade.

J.C. Penney Co. reported a bigger-than-expected loss in the third quarter on plummeting sales as customers continue to reject its move get rid of blockbuster sales in favor of everyday low pricing.

Best Buy's worse-than-expected second-quarter earnings may provide ballast for the company's founder and his hope to buy it back. But the results also raise the question of whether the struggling retailer has time to turn itself around, in public or in private.

The company reported net income of $7 million, or 1 cent a share, on sales of $12.8 billion. It was less profit than analysts had estimated, but the revenue was in line with forecasts.

RadioShack Corp. said today that it’s eliminating its dividend to shareholders as it reported a second quarter loss. The Fort Worth-based consumer electronics retailer reported a net loss of $21 million, or 21 cents a share, compared with a profit of $24.9 million, or 24 cents a share a year ago. Total sales increased 1.2 percent from a year ago and same-store sales were flat.

Macy's reported higher fiscal-first-quarter earnings on solid sales gains and constraints on overhead costs.

Amazon.com Inc's quarterly earnings beat Wall Street's most bullish expectations as the world's largest Internet retailer brought costs under control and saw early success selling more digital products through its new Kindle Fire tablet, sending its shares up almost 15 percent.