Capital spending for the retail industry is expected to increase 16% in 2011 to $42.5 billion, with all sub-segments projecting double-digit percentage increases (except for mass merchants, whose growth is projected to rise 9%), according to a survey by Equity Research.
Consumers grew more confident in April amid job gains and slightly declining gas prices. The Thomson Reuters/University of Michigan final index of consumer sentiment increased to a three-month high of 74.3 from 69.8 in April.
Hhgregg has reported net income of $14.6 million for the fourth quarter ended March 31, or net income per diluted share of 36 cents, compared with net income of $10 million, or 25 cents per diluted share, for the comparable prior year period.
For the first time, Big Lots is expanding its retail operations outside of the United States with the announcement that it has agreed to purchase all of the outstanding stock of Liquidation World Inc., an Ontario based retailer which operates 92 closeout stores in Canada.