Analyst predicts same-store sales growth for Wal-Mart
A Barclays Capital analyst raised his first-quarter profit estimate on Wal-Mart (NYSE: WMT), saying the company should post a rise in same-store sales.
Analyst Robert Drbul raised his quarterly estimate by $0.02 to $0.77 and lifted his March same-store sales estimate to between 2 percent and 4 percent growth. His prior expectation was a gain between 1 percent and 3 percent.
Drbul, who rates the stock "overweight," said Wal-Mart has been focusing on cutting down inventory and is actively managing expenses, partly with job cuts. Last month, the company said it would lay off 650 workers, as it looks to cut costs.
Previously, Wal-Mart forecast first-quarter earnings of $0.72 to $0.77 per share, and said it expects same-store sales, excluding fuel, to increase 1 percent to 3 percent.
adidas files lawsuit in Canada against Payless
adidas AG and adidas Canada Ltd. have filed a lawsuit in the Federal Court of Canada against Payless ShoeSource over trademark infringement, claiming that shoes sold by Payless infringe on the company's three-stripes logo.
adidas filed a similar lawsuit in the United States that was litigated for seven years and went to trial, resulting in a $304 million award to adidas last May. The award was later cut to $65.3 million and the case is under appeal.
Payless is owned by Collective Brands (NYSE: PSS), which is the parent of Saucony and Hind.
--Compiled by Wendy Geister
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