Sam’s Club, a division of Wal-Mart Stores, Inc. announced changes to the business unit’s U.S. real estate portfolio, with the closure of 63 clubs around the country. The company will convert up to 12 of the impacted clubs to eCommerce fulfillment centers in a move that will speed delivery of online orders, with the balance of the facilities closing over the next few weeks. Currently, Walmart and Sam’s Club operate more than 5,400 locations across the U.S.; after the actions announced today the company will have 597 clubs. The action was taken after a thorough performance review. “Transforming our business means managing our real estate portfolio and Walmart needs a strong fleet of Sam’s Clubs that are fit for the future,” said John Furner, president and CEO of Sam’s Club. “We know this is difficult news for our associates and we are working to place as many of them as possible at nearby locations. Our focus today has been on those associates and their communities, and communicating with them.” Sam’s Club Shares Changes to Club Fleet
Costco Wholesale Corporation (“Costco” or the “Company”) (NASDAQ: COST) today announced its operating results for the 16-week fourth quarter and the 52-week fiscal year ended August 28, 2016.
Net sales for the fourth quarter were $35.73 billion, an increase of two percent from $34.99 billion in fiscal 2015. Net sales for the fiscal year were $116.07 billion, an increase of two percent from $113.67 billion last year.
Net income for the fiscal year was $2.35 billion, or $5.33 per diluted share, compared to $2.38 billion, or $5.37 per diluted share, last year. Net income last year was positively impacted by a $57 million ($.13 per diluted share) tax benefit in connection with a second-quarter special cash dividend.
Costco ended its 2016 fiscal year and currently operates 715 warehouses, including 501 in the United States and Puerto Rico, 91 in Canada, 36 in Mexico, 28 in the United Kingdom, 25 in Japan, 12 in Korea, 12 in Taiwan, eight in Australia and two in Spain. The Company plans to open up to an additional nine new warehouses (including one relocation) before the end of calendar year 2016. Costco also operates e-commerce web sites in the U.S., Canada, the United Kingdom, Mexico, Korea and Taiwan.
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