Shoppers buy more; Groupon gains; Visa Inc. stake disclosed
February 13, 2016 12:00 AM
Shoppers take part in Black Friday shopping at a Target store in Chicago on Nov. 27.
Shoppers buy more than expected in January, sending retail sales up 0.2 percent
Consumers indulged in more retail sales than expected in January, a positive sign for retailers after a disappointing holiday season. Last month’s sales climbed 0.2 percent to $449.9 billion from December, the Commerce Department said. Wall Street analysts had predicted an increase of 0.1 percent. Retail sales were up 0.4 percent, when gas sales were stripped out. December sales also were revised upward to 0.2 percent, from an initial estimated decline of 0.1 percent. The uptick could signal that consumers are ready to open their wallets after not splurging in the months leading up to Christmas.
Groupon gains most since 2011 on strong North American sales
Groupon Inc. jumped the most since its first day of public trading after the company reported fourth-quarter results that beat analysts’ estimates, driven by purchases in North America. The online marketplace said profit excluding some costs was 4 cents a share, compared with the average analyst estimate for a break-even quarter. Groupon surged 29 percent to $2.89, the biggest single-day increase since Nov. 4, 2011 — its first trading day after its initial public offering at $20 a share. Even with Friday’s gains, the shares are down 61 percent over the past 12 months.
Visa Inc. stake disclosed in mobile-payments company Square
Visa Inc. took a significant stake in mobile-payments company Square Inc. prior to its initial public offering, according to a regulatory filing with the Securities and Exchange Commission. The global credit card and financial services firm acquired some 4.19 million Class B shares in 2011 that do not publicly trade. It has the right to convert 3.52 million to Class A shares. If it were to do so, Visa would have a 10 percent stake.
Victoria’s Secret CEO resigns; L Brands’ chief takes over
Sharen Jester Turney, who has run Victoria’s Secret for the past decade, is stepping down from the L Brands Inc. division, leaving CEO Les Wexner directly in charge of his company’s biggest business. Ms. Turney, who became CEO of the lingerie chain in 2006, will remain an adviser. The 59-year-old said she is leaving the Columbus, Ohio-based company “to prioritize my family and my personal life and consider what’s next for me professionally.” The shake-up raises questions for L Brands, which gets almost two-thirds of its revenue from Victoria’s Secret. Ms. Turney was seen as a possible successor to Mr. Wexner, a billionaire who turns 79 this year.
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