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Walmart now to put Jet.com site in NYC

After attempts to open a store in New York City, Walmart Inc. plans to open a warehouse in the Bronx for Jet.com, a retail startup it bought two years ago.

Hoboken, N.J.-based Jet.com plans to open the e-commerce warehouse this fall to help expand into faster same- and next-day grocery deliveries in the Big Apple, company spokesman Meredith Klein said in an email. Once open, the center will exclusively deal with Jet.com inventory -- groceries and general merchandise -- and require hundreds of workers as the company grows.

This "marks an important milestone as Jet continues building momentum with urban consumers across major metropolitan markets," Klein wrote.

Since placing Jet founder Marc Lore in charge of Walmart's U.S. e-commerce business, the retail startup has narrowed its focus to millennials and wealthier, urban customers in areas where Walmart has few or no stores nearby, The Wall Street Journal reported Tuesday. None is in New York City.

In recent months, Jet has been testing a subscription service in Manhattan that offers same- or next-day delivery to users who order items via text message.

-- Nathan Owens

Bank to air 2Q report after market's close

Bank of the Ozarks will release its second-quarter earnings report today after the market closes, the Little Rock bank said.

Bank leaders' comments on the second quarter will be released simultaneously.

Analysts are projecting that Bank of the Ozarks will have net income of 89 cents per share for the period.

A conference call discussing the quarter will be held Thursday at 10 a.m. Interested parties may access the call by dialing (844) 818-5110 and asking for the Bank of the Ozarks call.

Bank of the Ozarks has 252 offices in Arkansas, Georgia, Florida, North Carolina, Texas, Alabama, South Carolina, New York, California and Mississippi. It had $22 billion in total assets as of March 31.

-- David Smith

State index off trend as day ends in loss

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, dropped 3.20 to 447.63 Tuesday while other U.S. indexes posted gains.

Total volume for the index was 17.6 million shares.

"U.S. stocks rose for the seventh session over the past eight trading days, as investors look forward to another strong corporate earnings season," said Chris Harkins, managing director with Raymond James & Associates in Little Rock.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Business on 07/11/2018

Print Headline: Walmart now to put Jet.com site in NYC Bank to air 2Q report after market's close State index off trend as day ends in loss

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