Victoria’ Secret parent L Brands August same-store sales fall 4%

Victoria’s Secret parent L Brands Inc. said Thursday same-store sales fell 4% in August, with the exit from the swim and apparel categories at Victoria’s Secret having a negative impact of about 2 percentage points. Total sales for the month fell 1% to $842.1 million. Shares were not yet active premarket, but are down 45% in 2017, while the S&P 500 has gained 9.8%.

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From:: Stock Market News

Dollar General shares up 1.7% premarket after sales beat

Dollar General Corp. shares rose 1.7% premarket Thursday, after the discount store chain posted better-than-expected sales for its second fiscal quarter and raised the low end of profit guidance for the year. The company said it had net income of $295 million, or $1.08 a share, in the quarter, compared with $307 million, or $1.08 a share, in the year-earlier period. Sales rose 8.1% to $5.83 billion. The FactSet consensus was for EPS of $1.09 and sales of $5.80 billion. Same-store sales rose 2.6%, ahead of the FactSet consensus of 1.6%. Chief Executive Todd Vasos said sales growth was driven by an increase in average transaction amount as well as positive traffic to stores. The company finalized the acquisition of Acquired Stores, adding about 285 new stores to its network. It is now expecting fiscal 2017 EPS of $4.35 to $4.50, compared with earlier guidance of $4.25 to $4.50. Sales are expected to grow 5% to 7%, while same-store sales are expected to come in at the high end of a range of slightly positive to up 2%. The FactSet consensus is for full-year EPS of $4.50 and same-store sales growth of 1.5%. Shares have gained 3.6% in 2017, while the S&P 500 has gained 9.8%.

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From:: Stock Market News

Irma likely to grow into fourth hurricane of the season on Thursday

As parts of Texas and Louisiana continue to deal with devastating flooding left in the wake of Hurricane Harvey, Tropical Storm Irma is intensifying steadily in the eastern Atlantic Ocean. The National Hurricane Center said Irma is likely to grow into the fourth hurricane of the season sometime Thursday. Irma presents no immediate threat to any land areas, but that could change. The center of the storm is located about 590 miles to the west of the Cabo Verde Islands and is moving westward at 10 to 15 mph, as of about 5 a.m. Eastern Thursday. For the next five days, Irma will continue its general westward movement on the south side of a ridge of high pressure called the Bermuda High, the center said. Irma will not reach the longitude of the Lesser Antilles (eastern Caribbean) until the middle of next week. It’s too early to determine if this new system will pose any threat to the Lesser Antilles or if it will eventually pose a threat to other locations, including the U.S.

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From:: Stock Market News

Toshiba continues chip-unit negotiations with three potential buyers

Toshiba Corp. said late Wednesday that it is in ongoing negotiations with three potential buyers for its memory chip unit. In a statement, Toshiba said the suitors include a consortium led by Bain Capital and, reportedly, Apple Inc. ; a consortium that includes Western Digital Corp. ; and a consortium that includes Hon Hai Precision Industry Co. , aka Foxconn. While Toshiba originally sought an Aug. 31 deadline to sell its chip unit, the company said negotiations have not yet reached a point where the board is ready to agree to a sale. Toshiba is seeking to sell its chip unit to raise capital, reportedly around $18 billion, following massive losses by its U.S. nuclear subsidiary, Westinghouse Electric Co., which filed for bankruptcy earlier this year.

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From:: Stock Market News

Judge blocks tough Texas anti-sanctuary city law

A federal judge late Wednesday temporarily blocked a Texas law targeting sanctuary cities from taking effect. U.S. District Judge Orlando Garcia of San Antonio questioned whether the law, passed earlier this year by Texas Republicans, was constitutional. It outlawed cities from adopting sanctuary policies and threatened fines and jail time for officials who do not cooperate with the law. It also allowed police officers to question the immigration status of anyone they detain. A number of Texas cities sued, claiming the law would erode public trust and discourage undocumented immigrants from reporting crimes, and unfairly punish local officials. The law was scheduled to take effect Friday. The stay granted Wednesday is in effect while the lawsuit proceeds.

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From:: Stock Market News

Mueller working with New York attorney general in Manafort probe: report

Special counsel Robert Mueller is working with New York Attorney General Eric Schneiderman in his investigation into former Trump campaign chairman Paul Manafort, Politico reported late Wednesday. Investigators from the two teams have shared evidence of potential financial crimes, Politico said. The cooperation could be an indication that the probe into potential ties between President Donald Trump’s campaign team and Russian officials is gaining steam. Politico noted that it could also provide Mueller with more leverage, since presidential pardons apply only to federal crimes, not state crimes. Schneiderman has been an outspoken opponent of Trump, and last year won a $25 million settlement after an investigation into Trump University. He also joined a lawsuit earlier this year against Trump’s immigration ban.

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From:: Stock Market News

Best Employers Include Several Mortgage Firms

Among recently recognized best employers were several mortgage banking firms, a pair of banks and a mortgage service provider. One home lender has been designated as a “cool” employer.

United Shore Financial Services LLC has made the Cool Places to Work 2017 list from Crain Communications Inc. The 2,100-employee staff as of June 30 is limited to 40-hour work weeks.

The Birmingham, Michigan-based company is cool because of its on-site Starbucks, a gourmet cafeteria and a convenience store. It also has an annual fair for employees and their families, as well as a daily dance party.


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From:: Financing

Shoe Carnival shares rally on earnings beat

Shoe Carnival Inc. shares surged in the extended session Wednesday after the shoe retailer topped Wall Street estimates for the quarter. Shoe Carnival shares rallied 16% to $19.05 after hours. The company reported second-quarter net income of $3.9 million, or 24 cents a share, compared to $4.1 million, or 22 cents a share, in the year-ago period. Revenue rose to $235.1 million from $231.9 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 20 cents a share on revenue of $231.3 million. For the year, Shoe Carnival estimates earnings of $1.35 to $1.45 a share on revenue of $1.01 billion to $1.02 billion. Analysts expect earnings of $1.39 a share on revenue of $1.01 billion.

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From:: Stock Market News

CFPB shuts down California credit repair company for lying to consumers

Prime Marketing Holdings, a California credit repair company, was already on the radar of the Consumer Financial Protection Bureau, as several of its associated companies were fined earlier this year by the Bureau for misleading consumers and charging illegal fees for credit repair services. Now, the CFPB is doling out its punishment against Prime Marketing and banishing the company from the credit repair business. …read more

From:: Real Estate Wire

‘We Are One Family’: Real Estate Community Bands Together for Harvey Relief

By Susanne Dwyer

With Hurricane Harvey rescue efforts underway in Southeast Texas, REALTORS® from all corners of the country are stepping up to provide relief.

The National Association of REALTORS® (NAR) is encouraging its members to donate to the REALTORS® Relief Foundation (RRF), which provides housing assistance for disaster victims.

“There will be many families in the Greater Houston area who need our help,” said NAR President Bill Brown in a statement. “It will take time to know the full impact of Hurricane Harvey, but we know the devastation will be widespread and that our support will be necessary.”

“This may require our REALTOR® family’s largest effort since Hurricane Katrina—or even 9/11,” wrote Martin Edwards, president of the RRF, in an internal memo to NAR directors and staff. “Hopefully, REALTORS® across America will heed the call to donate without precedent, as the on-the-ground membership in Texas will be stretched beyond belief.”

Indeed real estate brokerages directly in and surrounding the path of the storm as well as from around the country are extending support. Local brokerages including Coldwell Banker D’Ann Harper, REALTORS®, ERA Colonial Real Estate and Latter & Blum, Inc. REALTORS® shared some of their experiences.

Many affiliates of D’Ann Harper steered their boats toward Houston to help rescue stranded residents, says President Leesa Harper Rispoli, and the company is working to transport much-needed supplies, as well.

“Our company is working with the Red Cross and pet/animal shelters for donations,” Harper Rispoli says. “We have had several agents team together and take their boats to Houston to assist in the water rescue. We also have had many offices and agents come together to take supplies to the Port Aransas and Rockport area.

“This catastrophic event has affected not only our agents and families, but several of our sister companies along the coast,” says Harper Rispoli. “Our great franchisor of Coldwell Banker has pledged to match donated funds for our sister companies to rebuild. It is great to be surrounded by support and giving hearts. We believe we are one family…together!”

ERA Colonial launched a fundraiser for the Houston Food Bank, with the goal of raising $7,700—a cause, and sum, near and dear to CEO Tom DeWine’s heart.

“The Houston Food Bank is such a local and longstanding group, and I wanted to make sure we focused on something that was very local,” DeWine says. “We set a relatively modest goal—I picked a zip code that I had lived in when I was in Houston in the late ’90s, and when I knew that a lot of flooding was occurring [there], I set the first four numbers of that zip code, 7700, as the goal.”

ERA Colonial has achieved approximately 38 percent of its goal (at press time), and will match up to 50 percent of donations, with net proceeds going to the Houston Food Bank. The fundraiser is open now through the next two weeks on YouCaring.

The company is also lending a hand through an upcoming philanthropic event, its 19th Annual Fish Fry and 5K Fun Run Walk, …read more

From:: Finance and Economy