Retail News Highlights: Costco Wholesale Corporation (COST)’s Hearing, Best Buy Co., Inc. (BBY) CEO Hubert Joly & J.C. Penney Company, Inc. (JCP)

Editor’s Note: Costco Wholesale Corporation (NASDAQ:COST), Best Buy Co., Inc. (NYSE:BBY), J.C. Penney Company, Inc. (NYSE:JCP)

LAWRENCE: Costco seeks delay on its hearing (Packet Online)
The Costco Wholesale Corporation (NASDAQ:COST)’s application for approval to build a store on Quakerbridge Road, which was set to be heard by the Planning Board Monday night, was postponed at the applicant’s request. The applicant wants to resolve several “open” technical items before seeking approval from the Lawrence Township Planning Board and Mercer County authorities, said Municipal Engineer James Parvesse. Costco Wholesale Corporation (NASDAQ:COST) wants to build a 156,000-square-foot store and a 16-pump gasoline station on a portion of a 36-acre tract on the corner of Quakerbridge Road and Lawrence Station Road. The store and gasoline station would be built on 19 acres of the parcel.

Best Buy Co., Inc. (NYSE:BBY)

Best Buy CEO dumps large stake to pay for divorce (CNN)
Best Buy Co., Inc. (NYSE:BBY) CEO Hubert Joly has led a turnaround at the company that’s sent shares soaring. And that’s turned into a very big payday for his ex-wife. On Tuesday Joly disclosed in a filing that he sold 451,153 shares of the company for a total of $16.7 million. He paid $6.3 million to exercise stock options, so he netted just over $10 million through the sale. The company issued a statement saying the sale was prompted by his need to pay a divorce settlement.

J. C. Penney Reiterated at Neutral (
We have maintained our Neutral recommendation on J.C. Penney Company, Inc. (NYSE:JCP). Moreover, shares of J. C. Penney currently hold a Zacks Rank #3 (Hold). J.C. Penney has taken several strategic initiatives to drive traffic and conversion. The company brought back promotions, which we believe could be a successful sales driver as it is witnessing a favorable response owing to the key back-to-school season. We believe J.C. Penney Company, Inc. (NYSE:JCP)’s well diversified supplier base, compelling national and private-label brands, effective marketing campaigns, point-of-sale technology initiatives as well as effective cost and inventory management should drive sales and margin trends over the long term.

Costco Gets Ready To Open New Orleans Store (WWNO)
New Orleans is getting ready to offer big box warehouse retail shopping inside city limits. A Costco is to open later this month. Employees at the Costco Wholesale Corporation (NASDAQ:COST) are just about done stocking shelves in the nearly 150,000-square-foot store. Customers are stopping by to sign up at the South Carrolton Avenue warehouse near Xavier University. They pay an annual fee in order to buy food and other items at cut-rate prices. General Manager Pete Carter walked through the changing inventory.

Best Buy Offering up to $262 For Your Nexus 4 (IntoMobile)
Best Buy Co., Inc. (NYSE:BBY) is offering a sweet trade-in deal for Nexus 4 owners. Best Buy is offering up to $262.50 for an 8 or 16GB model of the LG Nexus 4. As long as the device is in decent condition and has all of the required peripherals, the trade-in could net you a decent chunk of Best Buy credit. Best Buy will give Nexus 4 owners $262.50 for a device in perfect condition, $250 in good condition and $112.50 for a device in poor condition. Unsurprisingly, Best Buy Co., Inc. (NYSE:BBY) is offering $0 for a broken Nexus 4. That, I assume goes without saying, but the company felt the need to list that price as well.