Target's Earnings Rise
Minneapolis, MN, May 13--First-quarter earnings at Target Corp. jumped 25% as the company's namesake discount store continued to carry its other two sluggish divisions.
Today's Flooring News
Keep up to date with the most recent news in the flooring industry. Today's News...As it happens! We update this news several times a day so you can stay connected.
New York Carpet Store Closing After 86 Years
Catskill, NY, May 14--The doors of Oren's Furniture open today for the beginning of the end, according to the Daily Freeman.
Business Inventories Up
Washington, DC, May 14--Business inventories increased 0.7% to a seasonally adjusted $1.205 trillion in March, after a revised 0.8% advance in February, the Commerce Department reported Friday.
Sears to Trim Size of Sears Grand Stores to Boost
Hoffman Estates, IL, May 14--In recent months, Sears, Roebuck and Co. has opened two freestanding Sears Grand stores--each exceeding 200,000 square feet.
New York Attorney General Shuts Down Flooring Webs
Albany, NY, May 13--The state Attorney General's office has shut down the website of Beaverhome.com, a flooring company formerly in Niagara Falls.
Home Depot Acquires Mexican DIY Chain
Atlanta, GA, May 13--Home Depot today announced it has signed a definitive agreement to acquire Home Mart, the second largest Mexican home improvement retailer.
Producer Prices Up
Washington, DC, May 13--U.S. inflation in the production pipeline stayed mild last month despite strong economic growth, validating the Federal Reserve's view that it will not need to raise interest rates rapidly this year.
Sears Sees Potential for 500 Sears Grand Stores
Hoffman Estates, IL, May 13--Sears, Roebuck and Co., which until now has announced plans for only five freestanding Sears Grand discount stores, now believes its new off-mall format has the potential for up to 500 locations.
Retail Sales Fall in April
Washington, DC, May 13--Retail sales retreated more than expected during April, pulled back by an auto sector decline.
Oil Prices Crimp Profits for Carpet Industry
New York, NY, May 12--According to a report from Reuters a rapid surge in oil prices has pulled the rug out from under the U.S. carpet industry.