Consumer Affairs & Relations

Bentonville, Ark. -- Wal-Mart Stores reported Thursday that net income for the second quarter rose 5.7% to $4.02 billion, compared with $3.8 billion in the year-ago period. Total revenue increased 4.5% to $114.3 billion, but missed Wall Street’s forecasted $115.8 billion in revenue.

Same-store sales in the quarter advanced 2.2%, edging Wall Street expectations but trailing last quarter’s 2.6% same-store sales gain.

Sales for the second quarter ended July 28 increased 10.5% to $1.7 billion thanks to a 4.5% increases in same store sales and the addition of 77 new Dollar Tree stores, the company announced Thursday. Net income increased 25.6% to $119.2 million and earnings per share increased 30.8% to 51 cents. The profit performance met analysts’ estimates, but guidance for the third quarter in the range of 47 cents to 51 cents was a penny less than the 52 cents Wall Street expected and shares of the company sold off sharply after the earnings report.

PLEASANTON, Calif. — A new era is beginning at Ross Stores, as the company set out plans to elect a new CEO in 2014. At the same time, the company continues to put its trust behind vice chairman and CEO Michael Balmuth, agreeing to extend Balmuth's employment agreement through May 2016.

City of Industry, Calif. -- Hot Topic reported Wednesday a loss of $800,000 for the second quarter, tightened from a $6.2 million loss in the prior-year quarter.

Revenue rose 4.6% to $157.8 million compared with $150.9 million, and same-store sales increased 3.9%.
 

Sam’s Club is temporarily suspending is membership fee this weekend to engage in Texas’ tax-free holiday and promote new member sign ups.

The tax-free holiday for back-to-school product runs Aug. 17 to 19 in Texas, home to 74 of Sam’s 613 U.S. clubs. During the same three day period Sam’s will allow non-members to shop its clubs.

New York -- The Deloitte Consumer Spending Index, released on Wednesday, decreased slightly in July, marking the first decline since February 2012. 

The Index tracks consumer cash flow as an indicator of future consumer spending.

Pure Balance is the name of the “ultra-premium” dry dog food Walmart launched this week.

RESTON, Va. — U.S. online retail recorded its eleventh consecutive quarter of positive year-over-year growth and seventh consecutive quarter of double-digit growth, according to ComScore.

U.S. online retail spending reached $43.2 billion for the second quarter, up 15% over a year ago, according to ComScore.