J.C. Penney Gets Increase in Line of Credit from $1.75 Billion to $2.25 Billion
Homefurnishing Retail
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Shares in African Bank Limited fall nearly 4 percent, adding to a nearly 20 percent plunge on Friday after South Africa's biggest unsecured lender flagged as much as 28 percent decline in half-year profit. African Bank, which also runs furniture stores, said last week its results were hit by the write off of loans and slack consumer spending.
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Shares in African Bank Limited fall nearly 4 percent, adding to a nearly 20 percent plunge on Friday after South Africa's biggest unsecured lender flagged as much as 28 percent decline in half-year profit. African Bank, which also runs furniture stores, said last week its results were hit by the write off of loans and slack consumer spending.
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Shares of beleaguered retailer JC Penney rose more than 7 percent in after-hours trading on Thursday after billionaire financier George Soros disclosed a 7.9-percent stake.
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Despite signs the consumer may be starting to pull back, discount stores and home retailers remain attractive investment opportunities, says one analyst.
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Three more top executives at J.C. Penney have left the ailing retailer, the New York Post reported, following the ouster of Chief Executive Ron Johnson.
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Home Depot expects 3 percent growth in 2013, the same it saw in 2012 as economic growth remains steady, CEO Frank Blake told CNBC.
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After a difficult January, when shoppers first felt the effect of a payroll tax hike that lowered take-home pay by 2 percent, some retailers got a little relief in February from growing employment and a rising stock market.
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The decision to do away with sales last year had no testing behind it. So it is not a mystery why J.C. Penney has done a 180 when it comes to its promotional stance.
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Stocks are up as Bears are not yet in control of the narrative. There were no surprises from Bernanke, though he did give a rather spirited defense of QE and low interest rates.
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Macy's Chief Executive Terry Lundgren said he was shocked when Martha Stewart told him in 2011 that she was starting a new alliance with rival J.C. Penney.
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Furniture retailer Ikea says it has halted all sales of meatballs in Sweden after Czech authorities detected horse meat.
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JC Penny and Macy's are going head to head today at the New York Supreme Court over whether Martha Stewart's contract with Macy's prevents JC Penney from selling Martha Stewart Living Omnimedia products in certain categories, reports CNBC's Courtney Reagan.
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Retail sales barely rose in January as tax increases and higher gasoline prices restrained spending. Separately, import and export prices rose slightly less than expected in the month.
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Retailer J.C. Penney increased its borrowing capacity under a bank credit facility by $100 million to $1.85 billion and expanded an option to borrow more at a later date, raising concerns among analysts as it works on a turnaround.
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*2011/ 12 net profit up 8 pct to 3.2 bln euro. *Focus on Europe, N.A., Russia, China, India. STOCKHOLM, Jan 23- IKEA Group, the world's biggest furniture retailer, posted a record net profit on Wednesday for the 2011/ 12 year, helped by sales and market share growth as budget design enticed austerity-hit shoppers.
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Samir Arora, Fund Manager, Helios Capital Management explains why he is optimistic about IKEA's expansion in India.