said its same-store sales fell 25% in November compared with the year-ago period, and the retailer expects the negative trend to continue for the rest of the quarter. The company said total November sales were $1.2 billion, down from $1.4 billion a year ago. Based on current trends, the company expects its fourth-quarter loss to widen from the 6 cents a share it reported in the third quarter, before various items. The company said November same-store sales declined more than 30% at its Old Navy unit, while same-store sales declines were in the mid-20% range at its domestic Gap stores.
Earnings Reports & Outlooks
EXFO Electro-Optical Engineering
lowered its first-quarter guidance and set plans to cut 10% of its workforce, citing the effects of the Sept. 11 attacks and the telecommunications slowdown. The Canadian fiber-optic equipment maker expects sales slightly above $20 million and an operating loss of 3 cents to 4 cents a share in the quarter ended Nov. 30. The company previously predicted revenue of $24 million to $28 million and an operating profit of 2 cents a share to a loss of 2 cents a share. The company is implementing expense reductions that it hopes can provide $6 million of annual pretax savings. The company will take a charge of $4 million on the cuts.
Mergers, Acquisitions & Joint Ventures
announced that it will acquire
in a stock deal worth $2 billion. The agreement, approved by the boards of directors of both companies, will give Cor shareholders 0.9873 shares of newly issued Millennium stock in exchange for each Cor share. Based on Wednesday's close, this would value each share of Cor at $35, a 77% premium. Millennium expects to add four Cor directors to its board of directors after the deal has closed.
agreed to buy
for $7.91 in cash, or $326 million. VidaMed sells a product for treating benign prostatic hyperplastia, or enlarged prostate, which affects up to 23 million men worldwide. Medtronic has held a minority stake in VidaMed since January 2000. The deal is expected to close in the first quarter of 2002.
XM Satellite Radio
raised $112.5 million in a public offering of 10 million common shares and said it closed a $66 million funding package with
. The company said it's now funded through the fourth quarter of 2002. The offering was underwritten by Morgan Stanley.