Retail, Third Quarter Earnings | featured news

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.

U.S. retail sales rose in September as Americans bought more cars and gasoline, while a gauge of consumer spending pointed to stronger-than-expected economic growth in the third quarter.

Wal-Mart Stores Inc. is reporting a 9.3 percent increase in third-quarter net income as the world's largest retailer benefits from cost controls and a robust international business.

The downward revision, to 2.2 percent growth from 2.8 percent, was partly because shoppers did not spend as much and construction was weaker than first thought.

Third-quarter earnings at the retailer fell 8.9 percent amid weak housing and renovation markets, but the retailer raised its full-year outlook.