How 7-Eleven became the world's biggest convenience store
7-Eleven, home of the 50-ounce Double Gulp and the Pina Colada Slurpee, has helped revolutionize the way we shop at convenience stores.
Generations of consumers have turned to the 90-year-old brand for gas, Cokes and smokes. But in March 2019, it launched its first Evolution Store. These redesigned shops feature a growler station with craft beer, a taqueria and Scan & Pay technology that allows customers to bypass the checkout line.
As of January, there were five Evolution stores in Dallas, San Diego, New York's Manhattan and Washington, D.C. The company plans to add 10 venues this year.
7-Eleven, the world's largest convenience retailer with 12,000 locations across North America, is betting healthier food options and services aided by technology will help redefine its future.
Watch the above video to find out more.
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New York (CNN Business)Victoria’s Secret is continuing to shrink its store count. Its parent company L Brands announced that it plans to permanently close between 30 to 50 stores in the United States and Canada this year.
The reduction comes after it closed 241 stores in 2020, leaving it with 848 stores across the two countries. This time a year ago, it had more than 1,100 locations.
L Brands warned last year that it would close more Victoria’s Secret locations, leaving the beleaguered lingerie retailer’s future murky after plans to spin it off fell through. L Brands still plans to offload Victoria’s Secret.
“Over the next six months, we will continue to work toward the separation of the two businesses, proceeding down a dual track to prepare for either a spin-off or a sale,” the company said in a statement.
L Brands’ stronger brand, Bath & Body Works, is expanding with the opening of about 50 stores in North America. The company said that its future will be “almost entirely” at off-mall locations and it will close 20 to 40 locations in malls. Its total store count of 1,736 in the US and Canada remains about even compared to last year.
Shares of L Brands (LB) rose slightly in premarket trading following its earnings report late Wednesday. Its fourth-quarter earnings topped analysts expectations, with strong sales at Bath & Body Works offsetting same-store declines at Victoria’s Secret.
Federal Signal Q4 Profit Tops Estimates
Federal Signal Corp. (FSS) reported fourth quarter adjusted earnings per share of $0.44 compared to $0.48, a year ago. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.41, for the quarter. Analysts’ estimates typically exclude special items.
Fourth quarter net sales declined to $294.8 million from $314.4 million, prior year. Analysts expected revenue of $291.59 million, for the quarter.
For 2021, the company projects adjusted EPS of between $1.73 and $1.85.
CANADA STOCKS-TSX opens lower as materials drag
Feb 25 (Reuters) – Canada’s main stock opened lower on Thursday, as weakness in materials stocks outweighed upbeat earnings by lenders Toronto-Dominion Bank and Canadian Imperial Bank of Commerce.
* At 9:30 a.m. ET (14:30 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 21.77 points, or 0.12%, at 18,462.76.
Stock Alert: Bilibili Up 10% On Quarterly Results
Shares of Bilibili Inc. (BILI) are currently gaining over 10% after the online entertainment platform’s fourth-quarter results trumped Wall Street view.
BILI is currently trading at $141.50, up $14.36 or 11.29%, on the Nasdaq.
Fourth-quarter loss was RMB843.7 million or $129.3 million, compared to RMB387.2 million last year. Adjusted loss per share were $0.29 per share.
Revenues increased 91% to RMB3.84 billion or $588.5 million.
Analysts polled by Thomson Reuters estimated a loss of $0.32 per share on revenues of $557.31 million.
Further, the number of average monthly paying users increased by 103% year-on-year to 17.9 million in fourth quarter.
Looking ahead to first quarter, Bilibili expects revenues of between RMB3.70 billion to RMB3.80 billion.
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New York (CNN Business)The US economy fared ever so slightly better in the fourth quarter of 2020 than initially thought. The nation’s gross domestic product grew at an annualized and seasonally adjusted rate of 4.1%, the Commerce Department reported in its second reading of the data on Thursday.
That’s up from the annualized and seasonally adjusted 4% growth rate reported in late January, but slightly less than the 4.2% economists had predicted.
The small improvement reflects higher residential and inventory investments and increased state and local government spending. These upticks were partially offset by consumer expenditure being revised lower.
In a normal year, an annualized GDP growth rate of 4.1% would be reason to pop some champagne. But in the abnormal world of the pandemic, it leaves the United States way too far in the hole.
The slight bump doesn’t change much in the overall economic picture of last year. The US economy still contracted 3.5%, the worst decline since 1946. This number was not changed from the previous data estimate published in January.
For reference, US GDP, which is the broadest measure of economic activity, dropped by 2.5% in 2009, the height of the financial crisis.
–This is a developing story. It will be updated
Principal Financial Sees 18%-20% Growth In 2021 Non-GAAP Operating EPS
Principal Financial Group (PFG) expects 18%-20% growth in 2021 total company non-GAAP operating earnings per share compared to 2020 on a reported basis; 8-10% growth in earnings per share excluding significant variances in both periods; and $1.4 billion -$1.8 billion of capital deployments, including $600 million -$800 million of share repurchases.
The company said it estimates 300,000 U.S. COVID-19 related deaths in 2021, heavily weighted to the first quarter. COVID-19 sensitivity implies an estimated $(40) million pre-tax and $(30) million after-tax impact to full year total company non-GAAP operating earnings from the direct mortality and morbidity impacts.