Finance & Capital Management

Fort Meyers, Fla. -- Chico's FAS Inc.'s second-quarter net income surged a better-than-expected 22% amid increased sales across its brands. The retailer, which has now topped analyst estimates for the last three quarters, raised the low-end of its 2012 revenue outlook, citing its performance for the first half of the year. 

Chico's earned $52.4 million for the period ended July 28, compared with $42.8 million in the same  period last year.

San Francisco -- Williams-Sonoma Inc. said its second-quarter net income rose 10%, fueled by double-digit sales growth at its Pottery Barn and West Elm stores. The results beat analysts’ expectations and the company also raised its profit and sales predictions for the full year.

For the quarter ended July 29, Williams-Sonoma earned $43.4 million, up from $39.3 million in the same period last year.

Foothill Ranch, Calif. -- The Wet Seal said it has hired financial advisors and adopted a poison pill that discourages an investor from acquiring 10% of the company.

The move comes as Clinton Group, an investor with a 3.9% stake in the chain, has been putting pressure on the company to put itself on the block.

“We took this action to ensure the board has sufficient time to consider any option,” said Wet Seal chairman Harold Kahn.

DALLAS — Tuesday Morning's net loss widened to $2 million, or 5 cents per diluted shared for its fourth quarter, from $1.4 million, or 3 cents per diluted share for the same period last year.

MINNEAPOLIS — Best Buy reported dismal second quarter results Tuesday morning, missing analysts’ estimates by a wide margin one day after the company raised eyebrows by selecting a CEO with no retail experience to engineer a turnaround.

NEW YORK — Barnes & Noble saw increased sales and a narrower loss for its first quarter thanks in large part to the steamy series, "Fifty Shades of Grey."
 
“During the first quarter, we continued to see improvement in both our rapidly growing Nook business, which saw digital content sales increase 46% during the quarter, and at our bookstores, which continue to benefit from market consolidation and strong sales of the 'Fifty Shades' series,” said William Lynch, CEO of Barnes & Noble.

New York -- California and Indiana have the highest statewide sales taxes in the country, but Tennessee and Arizona take top billing when local sales taxes are added to the calculation, according to a new analysis by the Tax Foundation, a Washington, D.C.-based think tank that monitors fiscal policy at the federal, state and local levels.

New York -- Casual Male is shifting its focus to its Destination XL (DXL) format. By the end of 2015, the company expects to have closed all 400 Casual Male stores and have 225 to 250 DXL units, according to Women’s Wear Daily.

The DXL stores feature a wide array of merchandise, including both private label and name brands, and price points that range from the lower-end to the more upscale. By the end of 2012, the company expects to have 51 DXL stores in operation, the report said.

Topeka, Kan. -- Collective Brands stockholders voted at a special meeting on Tuesday to approve the sale of the company for about $1.32 billion.

Collective, which owns the Payless and Stride Rite shoe store banners, had announced in May that it accepted a purchase offer from a group that includes Wolverine Worldwide Inc., Blum Capital Partners and Golden Gate Capital.

Chicago -- Chicago high-end fashion retailer Mark Shale said Tuesday it has filed for reorganization bankruptcy.

The 83-year-old company is seeking strategic alternatives, including a partner to fortify the business, according to president Rich Myers.

The three existing stores – all in Chicago – will continue to operate during the reorganization process.