Finance & Capital Management

Arlington, Va. -- A report says that only one in five debit and credit cards are ready for the EMV shift.

As retailers spend billions to upgrade their point of sale terminals to accept new chip cards before the Oct. 1 liability shift deadline, the nation’s largest card network acknowledged that a staggering number of magnetic “swipe” cards have not been replaced with new cards.

Markdowns and the costs of expansion hurt Lululemon profits in the second quarter, but the athleisure retailer did post an impressive jump in same store sales.

Lynnwood, Wash. -- It was tough going for Zumiez Inc. in the second quarter as its profit fell 57% amid increased promotional activity.

The skate and surf apparel retailer reported net income of $3.2 million in the quarter, compared to net income of $7.5 million in the year-ago period. The results included include costs of approximately $0.4 million, for charges associated with the acquisition of Blue Tomato.

Total net sales for the quarter increased 1.8% to $179.8 million, from $176.7 million a year ago.

Ollie’s Bargain Outlet delivered strong sales growth in its first quarter as a public company and expects the second half of the year will see more of the same from its rapidly expanding store based and extreme value positioning.

Dallas -- Corner Bakery Café is expanding in Pennsylvania with the addition of eight stores throughout northern Pittsburgh. A group of franchisees with extensive real estate and retail experience is opening the new stores.

Corner Bakery Café is also targeting southern Pittsburgh for franchise growth. The retailer has more than 190 company-owned and franchise stores currently open, and franchise agreements representing commitments for 398 units.
 

Cincinnati — Kroger on Thursday announced the appointment of four executive VPs to lead key lines of business.

Whole Foods Market is encountering a peculiar wave of opposition as it looks to expand growth opportunities in a new target market in California.

A petition is circulating in the Silver Lake area of Los Angeles area to get Whole Foods Market's planned "365" value format converted into a traditional Whole Foods Market store.

Minneapolis – A “merchandising misstep” took its toll on Christopher & Banks in its second quarter as sales decreased more than expected.

The company posted a net loss of $710,000 in the quarter, compared to earnings of $3.36 million in the year-ago period.