Local & State
Todd & Moore sells team sales division
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Todd & Moore Sporting Goods of Columbia has sold its team sales division to Texas-based BSN Sports, the companies announced Thursday. Seven Todd & Moore salesmen are joining BSN. Todd & Moore will continue to operate its retail store on Huger Street.
Florence downtown building being redeveloped
Ground has been broken on a $10 million redevelopment of an old building in downtown Florence. Local media outlets reported the ceremony at the Kress Building was Wednesday for the mixed-use development.
The project will bring offices, a rooftop bar, retail shops, a corner restaurant and apartments to the site. It also will have a micro-distillery. The project is scheduled to be completed late next year. Developers hope it will bring as many as 200 new jobs to the downtown area and have been working with preservationists to make sure the appearance of the nearly 100-year-old building remains historically accurate.
Nation & World
Experts: Gasoline prices to remain low
Those low gas prices on station signs aren’t going away soon, the government says. In a dramatic shift from previous forecasts, the Energy Department predicted Wednesday that the average price of gasoline in the U.S. will be $2.94 a gallon in 2015. That is a 44-cent drop from an outlook issued just a month ago.
If the sharply lower estimate holds true, U.S. consumers will save $61 billion on gas compared with this year.
Rising oil production, particularly in the U.S., and weak spots in the global economy have led to a sharp reduction in oil prices over the past four months.
Wal-Mart quarterly revenue grows
Wal-Mart Stores, the world’s largest retailer, on Thursday reported a quarterly upturn in comparable-store sales for the first time in almost two years, but warned of headwinds ahead of what is expected to be a highly competitive holiday season.
Wal-Mart said diluted earnings per share came to $1.15 in the third quarter, narrowly beating the consensus of $1.12 a share among analysts surveyed by Reuters, and above the $1.14 it booked in the same quarter last year.
Total revenue for the quarter grew 2.9 percent from the previous year, to $119 billion, for the 13-week period ended Oct. 31. In the United States, comparable sales – or sales in stores open for at least a year – rose 0.5 percent, the first uptick in seven quarters.
Users will have until Nov. 20 to comment on the new policy. A final version will go into effect soon after that.
Tablet sales, revenues declining
The U.S. tablet market posted an 8 percent decline in revenue during the back-to-school season, leaving the once-thriving product category in a tough spot as the holidays draw near.
The number of tablets sold during that period rose 3.5 percent compared to last year, suggesting shoppers were more interested in cheaper tablets, according to market research company The NPD Group. The bad news has continued into the fall. Over the last eight weeks, tablet unit sales declined 16 percent and revenue dropped 18 percent.
Staff writer Andrew Shain, The Associated Press, The New York Times and Los Angeles Times contributed.