Same-store sales up at Wal-Mart, Target
According to the International Council of Shopping Centers, June sales at 50 retailers in the United States rose 2.4 percent, up from an initial forecast of between 1.5 percent and 2 percent. Last year, sales rose 3 percent in June.
At Wal-Mart, same store sales increased 2.4 percent. Total company sales, including Sam’s Club stores and international sales, were up 9.4 percent to $35.8 billion and $32.73 billion in June of last year.
At Target, same store sales were up 3.3 percent. Total sales were up 7.6 percent to $5.5 billion from $5.1 billion last year.
At Costco, same store sales rose 6 percent. Total sales rose to $6.35 billion for June, up 10 percent from $5.78 billion in June of last year.
Fastenal net earnings up in Q2
Fastenal, the chain of industrial and construction supply stores, saw net earnings rise 17 percent to $60.3 million from $51.5 million in last year’s second quarter.
Net sales totaled $519.7 million, an increase of 13.3 percent over $458.8 million last year.
The company reiterated its intention to focus less on growing stores, which it called the “primary growth driver” in previous years, and more on adding outside sales personnel into existing stores.
Additionally, Fastenal said rising fuel costs in the second quarter partially cut into profit.
Winona, Minn.-based Fastenal owns and operates 2,000 stores in 50 states.
Executive appointment at Tim-Br Marts
Canadian buying group Tim-Br Marts has hired Jacques Deschnes to the new position of building products category manager.
Deschnes will oversee a number of key building material programs, including siding, roofing, insulation and drywall.
Prior to Tim-Br Marts, Deschnes worked as a purchasing agent in the manufacturing and modular home building industries. Fluent in French, he will serve as a liaison with Tim-Br Marts dealers and suppliers in Quebec.
The buying group includes independent retailers, commercial dealers and manufacturers in the Canadian home-improvement industry. Tim-Br Marts represents more than 600 member locations across Canada, with $2 billion in annual purchases and more than $3.4 billion in retail sales.