People love shopping for bulk food at Costco's giant warehouses, something they can't do at no-store having Amazon . And that's great news for Costco as it tries to defend its turf vs. a disruptive digital foe, according to a new survey from Barclays
If Sears Holdings Corp. (SHLD) had one foot in the grave coming into the year, then it has just dipped the second foot into a six foot hole. The dying retailer said in a new filing on Friday that same-store sales since the start of the year crashed 11.9% between its two banners. Excluding one-time gains related to the sale of the Craftsman tool business and certain real estate, Sears lost between $190 million to $230 million. That is worse than a year ago when it lost $181 million. Sears also announced the departure of CFO Jason Hollar, who had only been on the job for about six months. The company hinted strongly it will move to shutter more stores beyond the round of 150 closures it just completed.
is on track to cut fixed costs by $1 billion in 2017, one of the targets set in talks with activist Nelson Peltz's Trian Fund Management, and CEO Jeffrey Immelt expects the reductions to pick up speed later in the year. The Boston-based conglomerate reduced expenses by about $375 million in the three months through March before boosting spending in its digital manufacturing business and raising wages by about $80 million, executives said on an earnings call. Operating earnings from manufacturing businesses including power, jet engines, locomotives and medical devices rose 9.6% to $3.6 billion in the first quarter, according to a company presentation Friday.