Wednesday, August 31, 2011

Dollar General Q2 profit edges up, to expand into three states, and launch e-commerce

Dollar General Corp. reported Tuesday that its second-quarter net income rose 3.5% to $146 million from $141.2 million in the year-ago period. Sales increased 11% to $3.58 billion; same-store sales rose 5.9%. Its results beat expectations. . . more

Hurricane Irene’s retail losers include department stores and apparel retailers

While it may take some to fully assess the damage, the impact of Hurricane Irene on retail sales is likely to split among retail sectors: Home-improvement stores selling emergency preparation products and clean-up items are likely to benefit the most from the storm, while apparel retailers and department stores selling non-essential items are likely to take a hit. . . more

Jobs reports show positive signs

Two jobs reports issued today showed modest improvement in U.S. employment.

A report from consulting firm Challenger, Gray & Christmas showed planned layoffs dropped 23 percent, to just over 51,000, in August, after rising for three straight months. That number hit a 16-month high last month, at just over 66,000.

Year over year, the total is up 47 percent from last August.. . . more

Some good news from Case-Shiller

The S&P/Case-Shiller Index, a leading indicator of U.S. housing prices, delivered some good news for a change on Aug. 30, reporting that home prices increased by 3.6% in the second quarter of 2011, after falling 4.1% during the previous quarter. Compared with the second quarter of 2010, however, the index still posted an annual decline of 5.9%.

As of June 2011, 19 of the 20 MSAs covered by the S&P/Case-Shiller and both monthly composites (20-city and 10-city) were up since May. Portland, the one exception, was flat. However, they were all down compared with June 2010. . . . more

Sears Holdings drills into Costco clubs with Craftsman tool offerings

Sears Holdings Corp. has agreed to sell its Craftsman tool line through Costco clubs nationwide, marking the Hoffman Estates-based retailer's boldest step yet in distributing exclusive in-house brands outside its namesake stores.

Craftsman hand tools, power tools and tool storage units will start appearing on Costco shelves as early as Saturday, Sears told the Chicago Tribune in an interview Tuesday. . . . more

Colony Place may host dealership

The Herb Chambers car dealership empire could be expanding to the former Sam’s Club property in Plymouth’s Colony Place.

Bill Hallisey, chairman of the board of selectmen in Plymouth, and Marc Garrett, the planning board chairman, recently met with Herb Chambers and property owner Joe Laham to revisit a plan to turn the abandoned, 120,000-square-foot big box store into three car dealerships.. . . more

Senate president meets with leaders of Sears

Sears Holdings Corp. CEO Lou D'Ambrosio met with Illinois Senate President John Cullerton Tuesday about the company's future in its Hoffman Estates headquarters.

Sears' tax-incentive deal with Hoffman Estates expires next year, and company officials have said they're “considering options” that could include relocating.. . . more

JoS. A. Bank Clothiers Reports 25% Increase in Profits for Q2

JoS. A. Bank Clothiers, Inc. announces that net income for the second quarter of fiscal year 2011 increased 24.7% to $20.6 million as compared with net income of $16.5 million for the second quarter of fiscal year 2010.

Total sales for the second quarter of fiscal year 2011 increased 22.4% to $230.7 million from $188.4 million in the second quarter of fiscal year 2010, while comparable store sales increased 14.7% and Direct Marketing sales increased 27.8%. . . . more

Net Lease Investors Remain Enamored With Drugstores

Net lease investors can’t seem to get enough of the drugstore sector with sales today being driven by a desire among both lenders and buyers for low risk assets with a steady income stream.

According to a report on the second-half outlook for net lease properties from Marcus & Millichap Real Estate Investment Services, drugstore sales were up 10 percent, supporting a 3 percent rise in the median price for the sector to $334 per square foot. Yields have fallen to the high-6 percent to mid-7 percent range.. . . more

Tuesday, August 30, 2011

Judge OKs Books-A-Million, Borders deal

A federal bankruptcy court judge has reportedly approved a deal allowing Books-A-Million to buy the leases of 14 Borders stores, including those in Bangor and South Portland.

Other stores listed in the court filings as being part of the deal include those in Concord and West Lebanon, N.H., as well as stores in Connecticut, Maryland, Ohio and New Jersey. The deal gives Books-A-Million its first stores in New England, expanding its geographic footprint.. . . more

B&N’s Digital Sales Are Up, But Can’t Compensate For Falling Store Sales

Barnes & Noble’s digital sales continue to increase—but not enough to make up for falling in-store sales, the company announced in its Q1 2012 earnings report this morning.

Sales in Barnes & Noble’s roughly 700 brick-and-mortar stores were down again: They fell 3 percent this quarter, to $1 billion, and were flat compared to this time last year. . . . more

Borders liquidation expected to boost Barnes & Noble by up to $200 million

Barnes & Noble, the nation's largest bookstore chain, reported today that it's projecting a sales boost of between $150 million and $200 million as a result of Borders' dissolution.

The New York-based retailer said today that it is projecting a sales increase at stores open at least a year to increase 2 percent to 3 percent during its 2012 fiscal year, which started May 1. . . . more

U.S. Consumer Confidence Falls to Lowest Since April 2009

Confidence among U.S. consumers plunged in August to the lowest in more than two years as Americans’ outlooks for employment, incomes and business conditions soured.

The Conference Board’s index slumped to 44.5, the weakest since April 2009, from a revised 59.2 reading in July, figures from the New York-based private research group showed today. It was the biggest point drop since October 2008. Economists predicted the August gauge would fall to 52, according to the median forecast in a Bloomberg News survey.. . . more

Court approves Harry & David bankruptcy plan

A Delaware bankruptcy court has approved the reorganization plan of Harry & David Holdings Inc, clearing the way for the gift basket maker to emerge from bankruptcy under the control of senior noteholders.

The Medford, Oregon-based company said it expects to emerge from bankruptcy on or around September 13 of this year.. . . more

Saks Fifth Avenue OFF 5TH Unveils Additional Growth Plans

Saks Incorporated's Saks Fifth Avenue OFF 5TH today announced that it will continue to expand the company's store portfolio with addition of five new stores planned for 2012. This expansion is part of a long term growth opportunity for Saks Fifth Avenue OFF 5TH. The new stores will be located in upscale outlet, lifestyle, or strip centers, and each store will be designed in OFF 5TH's unique "luxury in a loft" format.

Five new stores are slated to open in 2012. The new locations will include outlets in Merrimack, NH, Syracuse, NY, Livermore, CA, Grand Prairie, TX, and Nashville, TN. The Merrimack store will be the first Saks Fifth Avenue OFF 5TH in New Hampshire, and the store in Nashville will be a replacement store for the one lost in the 2010 flood in Tennessee.  . . . more

Monday, August 29, 2011

Hockey chain has eye on goal: Scoring with Bruins’ used gear

Thanks to the team’s Stanley Cup win, this year’s sale of game-used Bruins [team stats] equipment — an annual unloading of beat-up, sweaty hockey gear — could turn into a mad dash for collector’s items. . . more

New Balance Experience store makes U.S. debut

New Balance has opened its first North American Experience Store, in New York City's Flatiron District. The approximate 4,000-sq.-ft. space is designed to reflect the heritage and spirit of the century-old brand. . . more

Charlie Sheen trick-or-treat? iParty gears up for Halloween

There’s the antics of loopy TV star Charlie Sheen and the sad demise of songbird Amy Winehouse, not to mention Arnold Schwarzenegger and a host of politicians behaving badly, notes Sal Perisano, chairman and chief executive of iParty Corp.


For Perisano’s Dedham-based chain of 53 party-goods stores, celebrity scandals help drive its all-important Halloween business --- a Hollywood star messes up, and college kids want to impersonate said star on Oct. 31. More scandals mean more iParty business, according to Perisano. . . more

Lowe’s rolls up its sleeves, addresses merchandising

Lowe's CEO Robert Niblock and his executive team outlined a series of initiatives they intend to implement -- or in some cases, accelerate -- to address some “gaps” they’ve identified through a critical analysis undertaken earlier in 2011. “We will go to market differently beginning in the second half of this year,” Niblock said.

What exactly does this means for Lowe’s customers and vendors? The former can expect fewer promotional sales, more emphasis on “Every Day Low Pricing,” and a broader assortment on Lowes.com. If the customers are Spanish speakers, they can conduct their whole e-commerce transition in their native language on Lowe’s new Spanish website.. . . more

Toys ‘R’ Us: Could the buildup blow up?

Toy store's pre-IPO expansion strategy is puzzling

Since its start in 1948, Toys “R” Us has always found ways to evolve and grow. But its luck might be running out as the retail landscape is undergoing cosmic shifts. In other words, can an operator like Toys “R” Us survive the onslaught from rivals like Wal-Mart and Amazon? And will the stagnant U.S. economy make things even worse?

OK, it’s unlikely that Toys “R” Us will become obsolete. This seems a bit extreme. But it’s likely the problems will grow and grow.. . . more

Tiffany Q2 profit jumps 33%, to open 17 stores

Supporting continued strength in the luxury sector, Tiffany & Co. reported Friday that profit for the quarter ended July 31 soared 33% to $90 million, from $67.7 million a year earlier. Results surpassed Wall Street estimates, and the jewelry retailer raised its full-year profit outlook.

The retailer said it plans to open 17 company-operated stores between now and fiscal year-end Jan. 31, 2012, which includes six in the Americas, three in Europe and eight in the Asia-Pacific. One store in Japan is slated for closure.. . . more

Developers detail mixed-use project in Jamaica Plain

A development partnership involving SSG Development and New Boston Ventures has notified city planning officials of its intention to build a 208,000-square-foot mixed-use complex sandwiched between a residential neighborhood and an industrial section of Jamaica Plain.

Published Thursday by the Boston Redevelopment Authority, the plan for the 3.4-acre development site calls for a three-building complex featuring 42 residential units as well as 130,000 square feet of retail and storage facilities.. . . more

Consumer Spending Rises in July, Beats Forecast

Consumer spending climbed more than forecast in July as Americans dipped into savings to buy cars and cool their homes, showing the biggest part of the economy is holding up.

Purchases rose 0.8 percent, the biggest gain since February, after a 0.1 percent decline the prior month, Commerce Department figures showed today in Washington. The median estimate of 74 economists surveyed by Bloomberg News called for a 0.5 percent increase. Incomes grew 0.3 percent, pushing the savings rate to a four-month low. . . . more

Friday, August 26, 2011

Bebe Stores Q4 profit doubles, plans net new store growth

Bebe Stores reported Thursday that profit for the fourth quarter doubled to $4.7 million, from $2 million in the year-ago period. Revenue rose 8% to $132.3 million, compared with $122.1 million last year and beating Wall Street expectations of $126.1 million. Same-store sales grew 7%. . . more

Survey: Food trips to nontraditional stores on rise

A survey released Thursday by consumer research firm AlixPartners found that 51% of consumers visit traditional supermarkets for their grocery shopping, while 30% shop mass merchants such as Walmart for groceries. Drug stores pull 5% of grocery shoppers, as do dollar stores. . . more

Thursday, August 25, 2011

Collective Brands to close 475 underperforming stores as it considers selling itself

Collective Brands, parent company of Payless and Stride Rite shoe chains, announced Wednesday that it would close 475 underperforming stores over the next three years and has hired a firm to help it explore its options. The company hired Perella Weinberg Partners and Kurt Salmon as advisors to explore strategic alternatives.

Collective Brands reported a 2Q loss of $35 million on Wednesday, compared to a profit of $21.1 million a year earlier. The loss included a one-time charge of $83.6 million based mostly on the declining value of its stores and of Stride Rite’s trade name. The company currently operates 4,844 stores, of which 4,461 are Payless stores. . . more

Despite battles, Market Basket nets big success

The Demoulas family’s history of feuding has had little effect on the Market Basket chain’s success with shoppers seeking the best deals on their groceries, according to retail experts.


“Occasionally you’ll hear people talk about the falling out (among the founder’s heirs) from years ago, but that’s pretty rare,” said Mike Paglia, senior analyst at Kantar Retail, a research firm in Cambridge. “Your typical everyday shopper, they’re going there for the prices, they’re going there for the assortment.”. . . more

A Potential Silver Lining Amid the Crisis of Confidence

The shakeout continues through the aftermath of the U.S. debt downgrade and ongoing concerns regarding European sovereign debt. Making matters worse, discouraging domestic economic readings are mounting with the latest coming from manufacturing and for-sale housing. Accounting for the usual lag in vital economic indicators, these readings confirm that consumers and businesses began pulling back even before the mishandling of the U.S. debt-ceiling resolution and the downgrade of U.S. debt that sent equity markets around the world into a tailspin. The magnitude of the additional weight the current fear factor will place on economic activity will take time to assess, but real estate owners and investors need to be prepared for economic stagnation — if not a contraction — over the next several months. The good news is that all property types have stabilized over the past year and the sector is much better positioned than it was going into the 2008-2009 period. . . more

Nontraditional Units Spurring Rising Roll's Growth

In a fierce competition to attract tenants to commercial office spaces in major markets around the country, it turns out Rising Roll Gourmet has found its ideal position. The fast-casual franchise’s gourmet sandwiches, salads, soups, and breakfast dishes have become such a hot commodity among local business crowds, that landlords started to not only waive the restaurant’s rent, some are actually paying Rising Roll Gourmetas much as $30,000 annually just to be in their buildings. . . more

Far East Movement

With some help from Chipotle’s announcement that it would open an Asian fast-casual concept, ShopHouse Southeast Asian Kitchen, in 2011, Eastern flavors today are more on restaurateurs’ minds than ever before.


According to a recent Technomic report, today’s diners are becoming more familiar with Asian cuisines and are helping Asian concepts to healthy growth.

“If we look at our Top 500 restaurant chains, for example, limited-service Asian chains increased their growth 9.3 percent, which really is humongous considering the industry itself grew 1.5 or 2 percent,” says Mary Chapman, a director at Technomic. . . more

Investors Show Faith in JC Penney, Barnes & Noble’s Future

Recent stock market volatility has had at least one beneficial effect on the retail sector—it’s spurred investment in some publicly-traded retail chains.

Amid the brutal selling, two large national retailers—department store JC Penney and bookseller Barnes & Noble—reached deals to receive sizable equity infusions.

While driven by the fact that the shares for each firm were trading at deep discounts, the moves also illustrate investors’ faith in the long-term prospects for the two chains. . . more

Flood of Distress Retail Not Forthcoming, RCA Figures Show

The retail sector may be moving to the next stage in the cycle of distress resolution. In the second quarter of the year, the volume of new retail centers entering distress fell to $1.6 billion, the lowest figure since the third quarter of 2008, according to Real Capital Analytics (RCA), a New York City-based research firm.


At the end of June, the level of outstanding distress for U.S. retail properties was $26.7 billion, only 3 percent higher than a year earlier. . . more

Wednesday, August 24, 2011

With Borders Gone, Who's Next?

Right out of the box, we'll tell you that we haven't the foggiest. I suppose we have a number of names that make the Watch List, but no particular retailer stands out. While we continue to see fallout from some furniture operators and other independents, there is no significant chain that jumps out at us regarding a looming bankruptcy.


Rite Aid has been a concern, but comp store sales at the pharmacy chain have recently turned positive. Rite Aid has not shown a recent profit, but as it continues to pare unprofitable stores count, chances that the company will hang around for a while continue to improve. The long term outlook, however, may not be so promising. . . more

Books-A-Million swings to loss

Books-A-Million on Tuesday reported a second-quarter loss of $2.9 million, compared with a net income of $1.9 million in the year-ago period. The chain faulted lower sales as consumers move away from traditional books and pressure from the liquidation sales Borders Group is conducting. . . more

Sports Authority CEO resigns, replaced on interim basis by Jo-Ann Stores CEO

David Campisi, CEO and president of Sports Authority has suddenly resigned after just 17 months in the position, according to The Denver Post and other newspapers. Campisi joined Sports Authority in 2004 and served in various executive roles prior to being named chief executive and president in 2010. No reason has been given for the departure. . . more

American Eagle Q2 profit more than doubles

American Eagle Outfitters' second-quarter net income more than doubled to $19.7 million from $9.7 million in the year-ago period. The teen retailer credited the jump on increased revenue, growing online sales and fewer markdowns. . . more

Toys ‘R’ Us opening 21 stores and remodeling 23 locations in 2011

Toys “R” Us is on track to open 21 stores across 13 states by yearend, including 11 “R” Superstores and 10 “Side-by-Side” locations. (The “R” format combines full-size Toys “R” Us and Babies “R” Us stores under one roof.)

The new reflect the company’s strategy to bring Toys “R” Us and Babies “R” Us together under one roof in an integrated store format, providing customers with a streamlined shopping environment. . . more

Tuesday, August 23, 2011

Smith & Wollensky makes Boston its base

Smith & Wollensky is establishing its corporate headquarters in Boston’s financial district, a few blocks from a restaurant the steakhouse chain is opening next month along Fort Point Channel. . . more

Spencer Gifts to make Manhattan debut

Spencer Gifts, a mainstay of malls across North America, has leased its first-ever location in Manhattan. The 60-year-old chain operates more than 600 stores in the United States, Canada and Puerto Rico. . . more

Anthony’s Coal Fired Pizza fires up expansion

While the rest of the country is tightening its belt, Anthony Bruno is piling on the cheese. In the last three years, the owner of Anthony’s Coal Fired Pizza has expanded his pizzerias from eight in South Florida to a big slice of the Northeast that includes New York, New Jersey, Pennsylvania and Delaware. Anthony’s now totals 25. And he’s not stopping: Bruno plans on continuing to grow in Florida and the Northeast and this year successfully squashed a competing pizzeria in Manalapan that copied his signature dishes. . . more

Yogurt Chains Give Power to the People .

A growing number of frozen-yogurt chains are trying a new strategy to keep business hot in a cool economy: do it yourself. Some new chains—and some of the biggest existing ones—are letting customers portion out their own dessert, add toppings and then pay by the ounce. The idea: Snackers are lured in by the expanded choices the stores offer—and may end up digging deeper than they would otherwise. . . more

Casual Male to open 13 additional DXL stores by yearend

Casual Male Retail Group continues to roll out its DestinationXL format, with the opening of its eighth store, in Fairless Hills, Pa. DXL is an all-inclusive destination that encompasses Casual Male’s four existing apparel businesses, Casual Male XL, Rochester Big & Tall, Shoes XL and B&T Direct. . . more

Friday, August 19, 2011

Retailers Raise Prices to Offset U.S. Labor Costs

Retailers and restaurants are raising consumer prices to help compensate for higher labor costs, which increased the most in almost three years during the second quarter.

Fifty-three percent of these companies with annual sales of $10 million to $500 million have lifted prices during the last 12 months, up from 32 percent a year ago.. . . more

Wal-Mart Banking on Smaller Formats to Drive U.S. Growth

The time may have come for Wal-Mart Stores Inc., the ultimate big-box retailer, to shift its focus from superstores to smaller convenience stores in its effort to drive U.S. growth.

Today, the retailer remains in command of the U.S. retail market, in spite of several quarters of less-than-stellar performance in its U.S. division. Yet the Bentonville Behemoth will have to step up its game if it wants to hold onto that position against competitors including Target, the dollar stores and discounters like Kohl’s and TJX Cos. Inc.. . . more

Gap's profits drop 19% in Q2

Gap reported Thursday that profit for the quarter ended July 30 dropped 19% to $189 million, compared with $234 million in the year-ago period.

The retailer, which operates the Gap, Old Navy and Banana Republic banners, cited aggressive merchandise pricing reductions for the profit decline.. . . more

Liberty acquires 17% stake in Barnes & Noble for $204 million

Barnes & Noble revealed late Thursday that media conglomerate Liberty Media has acquired a stake in the bookseller for $204 million.

The move, while celebrated by Barnes & Noble, is thought to be a disappointment for investors, who wanted the John C. Malone-controlled Liberty Media to buy Barnes & Noble outright. Liberty’s current investments include Starz Entertainment, home shopping channel QVC and the Atlanta Braves baseball team.. . . more

Del Frisco's to open smaller Grille sibling

Del Frisco’s Restaurant Group is opening the first unit of its newest concept, Del Frisco’s Grille, in New York City Saturday, and plans to open another four to six such restaurants every year for the next several years. Del Frisco’s Grille is a smaller, more casual and bar-centric version of its nine-unit Del Frisco’s Double Eagle Steakhouse concept.
Along with the new concepts potential for overseas expansion, Mednansky said he anticipated the new concept to potentially “backfill” the nine markets in which Del Frisco’s currently operate — Dallas; Fort Worth; Denver; Houston; Charlotte, N.C.; Las Vegas; Boston; Philadelphia and New York — as well as to be the first point of entry for new markets, such as Atlanta.. . . more

Thursday, August 18, 2011

GameStop's profit falls on weak sales, shares drop

Video game retailer GameStop Corp said on Thursday that its quarterly profit fell as sales of video game hardware and software products underperformed.

Sales of traditional video game products such as consoles have been struggling globally as gamers turn to lower-priced online games or play games on tablets and phones.. . . more

Alcohol sales may hold cure for downtown Wellesley

Granting liquor licenses to smaller restaurants is one of a number of options Wellesley officials and business leaders are exploring to help reverse an uptick in downtown retail vacancies.

A town task force is hammering out recommendations on ways to reenergize Wellesley Square, with a public meeting slated for next month.. . . more

Mass. unemployment rate remains at 7.6%

The Massachusetts economy added 12,700 jobs in July as the state’s unemployment rate held steady at 7.6 percent, the Executive Office of Labor and Workforce Development reported this morning.

The current national unemployment rate is 9.1 percent. In the Bay State, the private sector gained 11,600 jobs as six of 10 sectors of the local economy added workers, the executive office said. . . more

Chico's Q2 profit soars 42%, announces purchase of Boston Proper

Chico’s FAS reported Wednesday that its profit for the second quarter surged 42% to $43.4 million, up from $30.5 million a year earlier. Revenue rose 18% to $551.4 million, topping Wall Street’s expected $536.3 million, and same-store sales increased 12.8%. By brand, same-store sales were up 11.9% at Chico and Sonoma Intimates, and comps were up 14.9% at White House | Black Market.

Capping the positive performance news, Chico’s also said Wednesday that it has made a deal to acquire Boston Proper Inc. for $205 million cash.. . . more

Sears Holdings loss widens in Q2

Sears Holdings Corp. reported Thursday that its losses for the second quarter widened more than expected to $146 million, compared with a loss of $39 million in the year-ago period.

The operator of Sears and Kmart stores cited aggressive merchandise markdowns as one reason for the poor performance. This is the second consecutive quarterly loss of the company, and its fourth in the last five quarters.. . . more

The Problem With J.C. Penney

In February, Mike Ullman, the man on the Segway, will ride out through the doors of the corner office of the executive suite in the headquarters building and go off to do other things.

When he goes, his tenure will be reduced to a few words in some corporate history tome somewhere. It will read: “Myron ‘Mike’ Ullman, the ninth CEO of J.C. Penney Co. Inc., served between Allen Questrom, who rescued the company from certain bankruptcy, and Ron Johnson, who came from Apple Inc. and …”. . . more

US senator sees regs on online taxes years off

Republican U.S. Sen. Bob Corker said Tuesday that it could be three or four years before Congress passes national guidelines on tax collections by online retailers like Amazon.com Inc.

Corker told reporters after a speech to the Smith County Chamber of Commerce that he understands the complaints of local retailers.

"The brick and mortar stores have turned out to be places where people look at the product and try it on and see if it works for them," he said. "And then they go to the Internet and actually buy the product without sales taxes.. . . more

Wednesday, August 17, 2011

Developer offers new details on Copley tower

Simon Property Group is moving forward with plans for a 47-story tower at Copley Place that would be Boston’s largest residential building, saying it would ensure the complex “maintains its status as the most attractive retail destination in the Boston metropolitan area.’’

The overall size and form would remain the same; 318 residences, a new and larger Neiman Marcus store, and additional restaurants and shops would be included in the project, across Dartmouth Street from the MBTA’s Back Bay Station.. . . more

Currency rates, new stores help Staples income rise

Staples Inc. said today its second-quarter net income rose 36 percent. International revenue was strong, and customers at its North American stores spent a little more, although traffic was lighter.
Office suppliers have suffered during the recession and its aftermath, as consumers and small businesses hold back on spending. In an effort to improve results, Staples is opening smaller stores and offering more electronics like tablets and e-book readers.
Still, Staples has fared better than its smaller rivals Office Depot and OfficeMax, leaving some analysts to speculate about consolidation in the industry. . . . more

Target’s 2Q profits up 3.7 percent

Target Corp., buoyed by its push into groceries and incentives it offers credit cardholders, posted a 3.7 percent increase in second-quarter profit.

As a result of its strategy, Target had a 3.9 percent increase in revenue at stores opened at least a year __ a key indicator of a retailer's health because it excludes results from stores that recently opened or closed. That was up from a 2 percent pace in the first quarter. . . . more

BJ’s Wholesale sees increase in Q2 net income

BJ’s Wholesale Club saw its net income rise during the second quarter according to a statement issued by the company.

Westborough, Mass.-based BJ’s said that net income for the quarter ending June 30 was $45.7 million, up from $35.8 million in the second quarter of 2010. Same-store sales -- sales at stores open at least a year, a key industry indicator -- increased by 7.8 percent, including a contribution from sales of gasoline of 4.0 percent.. . . more

Saks, Wal-Mart show widening U.S. consumer split

At luxury department store chain Saks Inc, customers were buying more designer suits at full price.

At Wal-Mart Stores Inc, more customers were shopping with food stamps.. . . more

Bd's Mongolian Grill signs multi-unit deal for Pennsylvania

bd's Mongolian Grill has signed a multi-unit development agreement with Steel City Mongolian Grill to franchise bd's restaurants and continue to expand the brand in Western Pennsylvania.

Steel City Mongolian Grill, an eight-person team comprised of seven business professionals and a 35-year restaurant industry veteran, plans to open five bd's Mongolian Grill locations in and around Pittsburgh. . . . more

Nordstrom in New York to Use an Alias

After flirting for years with a move into New York City, Nordstrom is opening a full-priced store in Manhattan. But the store will not have Nordstrom in its name, or even feel like a Nordstrom.

Called Treasure & Bond, the new store will open Friday in SoHo and will be less than a tenth the size of a typical Nordstrom department store. . . . more

Tuesday, August 16, 2011

Dick's Sporting Goods 3Q View Spooks Shareholders

Dick’s Sporting Goods scored a 43% leap in second-quarter profits, but the retailer issued a cautious third-quarter outlook.
 
Sales increased 6.6% to $1.31 billion, but that narrowly trailed the Street’s view of $1.32 billion. Same-store sales were up 2.5%.. . . more

TJ Maxx Parent Sees Higher Net Income

Store Lures In Budget-Conscious Shoppers
 
TJX Companies Inc., parent of T.J. Maxx and other discount stores, says its second-quarter net income rose 14 percent as it lured in budget-conscious shoppers.
 
Revenue rose 8 percent to $5.47 billion and net income was up 14 percent to $348 million from $305 million.. . . more

Wal-Mart profit up, U.S. sales fall 0.9 percent

Wal-Mart Stores Inc said on Tuesday that sales at its U.S. discount stores open at least a year fell 0.9 percent during its second quarter, marking the ninth straight quarterly decline as it tries to bring bargain hunters back to its stores.
 
In May, Wal-Mart said same-store sales at the Walmart chain in the United States, excluding fuel, would be down 1 percent to up 1 percent.. . . more