U.S. retailer Best Buy Co Inc (BBY.N) reported a better-than-expected quarterly profit on Thursday and announced more aggressive cost cuts this year, sending its shares up nearly 6 percent in morning trading.
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Staples Inc (SPLS.O) reported weaker-than-expected quarterly results on Wednesday on dismal sales in international markets such as Europe and Australia, prompting the largest U.S. office supply retailer to cut its outlook for the year.
OfficeMax Inc (OMX.N) said Wednesday that Chief Financial Officer Bruce Besanko would leave the third-largest U.S. office supply chain next month to take up the same post at supermarket operator Supervalu Inc (SVU.N).
Stung by leftover inventory because of a wet, cold spring and unsure about consumer spending, many retailers are ordering conservatively for the second busiest selling season of the year behind the end of the year holiday period, according to executives in shipping, banking and manufacturing.
Hasbro Inc is cutting about 170 jobs as the second-largest U.S. toy company tries to recover from sluggish sales during the holiday season.
