Five global retailers team up for venture capital fund
ZAANDAM, the Netherlands – Five of the world’s leading grocery retailers have come together to establish a pioneering collaborative venture capital (VC) fund, W23 Global.
Money
Mastercard to raise credit and debit card fees
WASHINGTON – Almost immediately after agreeing to reduce “swipe” fees charged to merchants to process credit card transactions, Mastercard plans to increase fees for both credit and debit card transactions by more than $250 million this month, the Merchants Payments Coalition said Wednesday.
NRF: Economy ‘sturdy’ despite slower growth
WASHINGTON – Despite expectations for slower growth of both gross domestic product and retail sales, the economy should continue to do well the remainder of this year, National Retail Federation chief economist Jack Kleinhenz said today.
Merchants group criticizes proposed ‘swipe’ fee settlement
WASHINGTON – A proposed agreement that would reduce “swipe” fees that retailers pay each time a shopper pays with a Visa or Mastercard is “a bad deal for merchants,” according to the Merchants Payments Coalition (MPC), a lobbying group advocating for a more competitive and transparent card system.
Costco posts 5.7% net sales gain in second quarter
Costco Wholesale Corp. posted net sales of $57.33 billion for the second quarter of its 2024 fiscal year, an increase of 5.7% from the $54.24 billion posted in the same quarter last year. Net sales for the first 24 weeks increased 5.9%, to $114.05 billion, from $107.68 billion last year. The company
Kroger’s Q4 earnings beat expectations
Kroger reported flat sales for the fourth quarter and fiscal year ended February 3, but profits beat expectations. The retailer reported a $736 million profit on sales of $37.1 billion for the three-month period. Kroger noted that identical sales (excluding fuel decreased 0.
Target’s earnings top expectations, but sales lag
Target reported fourth-quarter sales and earnings that beat analyst expectations, boosting its shares in pre-market trading. But total sales for the year declined, the company said. Target reported that GAAP and adjusted earnings per share of $2.98 was 57.
NRF Economist: Inflation remains key
WASHINGTON – Inflation and the Federal Reserve’s efforts to bring it under control will remain big factors in the economy this year, according to National Retail Federation Chief Economist Jack Kleinhenz.“With the U.S.
FTC sues to block Kroger-Albertsons merger
The Federal Trade Commission has filed a lawsuit to block Kroger’s proposed $25 billion merger with Albertsons Cos., contending that consumers will see higher prices and workers will see lower wages if the deal goes through.
