Finance & Capital Management

Grand Rapids, Mich. – A rival Midwestern grocery chain is reportedly accusing regional mass merchandiser Meijer Inc. of offering unfairly low prices on grocery products. According to the Milwaukee Business Journal, Milwaukee-based law firm Gonzalez Saggio & Harlan has filed five complaints against Meijer from an unnamed client who is grocer with stores in Wisconsin.

Lumber Liquidators has hired a new executive to help it fight off an avalanche of legal troubles that has hammered the flooring retailer.

While Abercrombie & Fitch and Aeropostale continue to struggle against sharp sales declines, American Eagle has managed to win back shoppers, if its second quarter results are any indication.

Minneapolis – Target Corp. exceeded Wall Street projections with net earnings of $753 million in the second quarter of fiscal 2015, a 221% increase from $234 million the same period the prior fiscal year. Declining selling, general and administrative (SG&A) expenses and loss from discontinued operations helped boost profits as sales climbed.

Target reported net sales of $17.4 billion, up 2.8% over the same period last year.

Target’s better than expected second quarter profits, same store sales, rate of e-commerce growth and an increased full year forecast stood in sharp contrast to the disappointing results Walmart reported a day earlier.

Framingham, Mass. – Staples Inc. met Wall Street expectations with declining profit in the second quarter of fiscal 2015. Costs related to restructuring and the pending acquisition of Office Depot drove net income down 56% to $36 million, from $82 million in the second quarter of the previous fiscal year.

Net sales fell 5% to $4.94 billion, from $5.22 billion. North American store closures and unfavorable foreign exchange rates pushed sales totals downward. Same-store sales in North America (including online) fell 3%.

Los Angeles – Fast-casual pizza chain PizzaRev is cutting into the Mexican market. PizzaRev has signed a franchise agreement with Grupo Galería to bring PizzaRev to Mexico.

The agreement calls for 20 PizzaRev restaurants to be developed throughout Mexico City and the states of Mexico, Nuevo León and Coahuila. The group is the largest Carl’s Jr. franchisee in Mexico and opened the first international store for PizzaRev parent company Buffalo Wild Wings outside of Canada.

Oak Brook, Ill. – Increased retail operating expenses, primarily related to store acquisitions and advertising, helped reduce profit at Ace Hardware Corp. during the second quarter of fiscal 2015. Net income totaled $57.5 million, a 13% drop from $66.5 million the same quarter a year earlier.

Consolidated revenues fared better, rising 6% to $86.2 billion from $84.8 billion.