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99 Cents Only Stores shrinks Q4 net loss

BY Dan Berthiaume

CITY OF COMMERCE, Calif. — 99 Cents Only Stores Inc. shrank its net loss to $2.3 million in the fourth quarter of fiscal 2015, compared to net loss of $14.7 million for the fourth quarter of fiscal 2014.  Net loss decreased primarily due to a previously disclosed workers' compensation charge in the previous fourth quarter.
 
Net sales slightly rose 1% to $512.6 million from $505.7 million. Same-store sales climbed 2.8%. 
 
"We are pleased with the progress that we have made during what was a transformative year, as we executed on key elements of our long-term strategic plan,” said Stephanie Gonthier, president and CEO. “We opened a record 40 net new stores during the year and completed a major store remodeling program, while at the same time upgrading many of our legacy IT systems. We made significant progress in enhancing our seasonal and general merchandise offerings and continue to work hard on expanding the selection of everyday consumables in our store.”
 
For the full fiscal year, 99 Cents Only swung to net income of $5.5 million from a net loss of $10.9 million. Net sales increased 5% to $1.93 billion from $1.84 billion. Same-store sales climbed 0.4%.
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Target, MasterCard reach $19 million breach settlement

BY Ryan Chavis

MINNEAPOLIS — Target Corp. has entered into a settlement agreement with MasterCard International Inc.to resolve losses from the data breach that Target experienced during the fourth quarter of 2013. Under the agreement, alternative recovery offers will be made by MasterCard to eligible MasterCard issuers worldwide that claimed to have been affected by the data breach. 
 
Target has agreed to fund up to $19 million pre-tax in alternative recovery payments. The settlement is conditioned on issuers of at least 90% of the eligible MasterCard accounts accepting their alternative recovery offers. Assuming that all conditions to consummation of the settlement have been satisfied, accepting issuers will be paid by the end of the second quarter of 2015. 
 
“We are hopeful that Target’s agreement to pay up to $19 million to settle the claims of MasterCard and its issuers will result in a high level of issuer acceptance,” said Scott Kennedy, president, financial & retail services at Target “Target intends to continue to defend itself vigorously against any assessments made by MasterCard on behalf of MasterCard issuers that do not accept their offers.” 
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Report: Loblaw, Uber team up for ‘Click & Collect’ grocery promotion

BY Antoinette Alexander

BRAMPTON, Ontario — Canadian grocer Loblaw has teamed up with ride-sharing service Uber to make it easier for shoppers without cars to pick up groceries they’ve ordered online, according to a report in The Global and Mail.

Loblaw’s “Click & Collect” service, which is being tested at three Toronto-area locations, enables shoppers to order their groceries online and then pick them up in store.

According to the report, the promotion lasts until the end of the day on April 20 and offers a free ride worth up to $30 (Canadian) to and from a Loblaw store for Click & Collect pickup.

In a statement sent to The Globe and Mail, Loblaw SVP, e-commerce Jeremy Pee said the grocer selected Uber versus other taxi companies to target those people in Toronto “who have already declared an interest in tech-based convenience.”
 

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