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Back-to-school boosts Wal-Mart sales Sunday, Sep 7, 2008 By Roby Brock Noting that "customers responded well" to back-to-school offerings, Wal-Mart recorded stronger-than-expected sales growth in August. The retail giant posted total company sales of $30.67 billion, an 8.7 percent increase over one year ago. Same-store sales, a key economic barometer, rose 3 percent, excluding fuel sales. This week, Wal-Mart also debuted its new Asian headquarters in Hong Kong, which will focus on the company's expansion efforts in China, India and Japan. Dillard's struggles with August sales Dillard's Department Stores reported a 7 percent drop in overall sales in August, in part blaming Hurricane Gustav for some of the decline. For the four weeks ended Aug. 30, Dillard's posted sales of $500.8 million compared to sales of $537 million one year ago. The Little Rock-based mall retailer said same-store sales fell 7 percent during the month. Dillard's has reported a decline in same-store sales in 15 of the last 18 months. AT&T launches TV service in Arkansas After two years of preparation, AT&T launched its U-verse service, which includes cable competitor Internet protocol television (IPTV). AT&T's newest combo product offers TV, broadband, home phone and wireless services all on one bill. The new television option features up to 320 channels, 45 of which are touted as high-definition. AT&T is offering the service in Central Arkansas, but says it plans to expand statewide in the coming months. Chesapeake and BP America partner in Fayetteville Shale Chesapeake Energy Corp. and BP America announced a joint venture whereby BP will acquire a 25 percent interest in Chesapeake's Fayetteville Shale assets in Arkansas for $1.9 billion. As a result of the transaction, BP will own approximately 135,000 net acres in the unconventional natural gas play and Chesapeake will own approximately 405,000 net acres. Chesapeake said it will continue acquiring leases in the Fayetteville Shale play and BP will have the right to a 25 percent participation in any additional leases. Last month, BP purchased assets from Chesapeake in the Arkoma Basin Woodford Shale for $1.7 billion. Car-Mart sales, profit surge America's Car-Mart saw its quarterly revenues rise a surprising 28.9 percent to $75.7 million as the Bentonville-based used car chain more than doubled its first-quarter profits from one year ago to $5.3 million. Same-store revenues were also impressive, increasing 28.5 percent for the quarter. Company officials emphasized that Car-Mart should continue its sales surge in light of current economic conditions. "We are poised to attract those individuals and families that may be unable to purchase a vehicle from more traditional sources in view of the current credit tightening by other used auto lenders," CEO Hank Henderson said. Baldor buys Canadian company Motor and generator maker Baldor Electric Co. of Fort Smith acquired Poulies Maska Inc. of Ste-Claire, Quebec, Canada. Terms of the deal were not disclosed. Maska is a designer, manufacturer and marketer of sheaves, bushings, couplings and related mechanical power transmission components. The company has 180 employees primarily located in Canada and a new facility in China. Maska's 2007 sales were approximately $33 million. H&R Block buys Arkansas franchises Publicly traded tax preparer H&R Block signed a definitive agreement to acquire the operator of its franchise units in Arkansas, Texas and Oklahoma for approximately $278 million in cash. The transaction is expected to close before Oct. 31. The 621-office franchise is owned by Block Texas and was founded in 1957. According to the company's Web site, there are 83 H&R Block locations in Arkansas. Children's Hospital breaks ground on $115 million wing Arkansas Children's Hospital broke ground on a new four-story, $115 million wing that will revamp the hospital's emergency room, add 75 new clinic rooms and provide 54 more patient beds. Funding to build the 260,000 sq. ft. facility will come from cash reserves, philanthropic donations and projected bond issues. The new south wing is expected to open for occupancy in the fall of 2011. ------- Roby Brock, a freelance journalist based in Little Rock, writes weekly for the Arkansas News Bureau. His weekly television program airs at 10 p.m. Sundays in Central and Northwest Arkansas. His e-mail address is roby@talkbusiness.net; his Web site address is www.talkbusiness.net. |
