Thursday, August 30, 2018

National Retail News

US retail sales rose by 0.5% in July, Commerce Department figures showed. Excluding autos and gas, sales climbed 0.6%. 9 of 13 major retail categories showed increases, highlighted by 1.3% gains at clothing stores and food services and drinking establishments. Food and beverage stores reported a 0.6% advance, the biggest since December. Among retailers still reporting monthly sales, L Brands was flat and Costco was up 8.3%. See sales reports below. The planned merger between Albertsons Cos. and Rite Aid has been called off due to concerns that investors wouldn’t approve of the $24 billion price tag hours before they were set to vote on it. Albertsons and Rite Aid announced the proposed merger in February, in a deal that was approved by the boards of both drug chains. Under the terms of the agreement, neither Rite Aid nor Albertsons will be responsible for any payments to the other party as a result of the termination.

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