Wednesday, July 22, 2015
National Industry News
Retail sales unexpectedly dropped in June, Commerce Department figures showed. Among retailers reporting monthly comp-store sales, L Brands was up 5%, Gap was down 1.0%, Rite Aid was up 2.1%, and Costco was up 2%. See our sales report on Page 4... Dollar Tree has completed its acquisition of Family Dollar Stores, opening the doors to a $19 billion company with more than 13,000 stores....Albertsons Cos. filed for an initial public offering. The number of shares set to hit the trading floor has not been disclosed. The IPO will bring an end to its ownership by the investor group led by Cerberus Capital Management, which purchased Albertsons and other grocery chains from Supervalu for approximately $3.3 billion in early 2013. Albertsons plans to use the IPO monies to pay down debt and fund other corporate initiatives. It also plans to open 8 new and replacement stores in 2015 and remodel a total of 115 existing stores across most of its operating divisions.