Finance & Capital Management

Houston -- Stage Stores Inc.'s second-quarter net income dropped 18% and the department store operator lowered its expectations for the year.

The retailer earned $9.6 million in the quarter that ended Aug. 3, compared to $11.7 million last year.

Revenue rose more than 3% to $395.3 million, missing Wall Street expectations.

HOFFMAN ESTATES, Ill. — Sears Holdings saw revenues decrease to $8.9 billion for the quarter ended August 3, from $9.5 billion for the year-ago quarter. Fewer Kmart and Sears full-line stores accounted for approximately $210 million of that decline. 

Hudson, Ohio -- Jo-Ann Fabric and Craft Stores named Tom Williams as senior VP of store operations and human resources. He replaces Ken Haverkost, who is retiring effective Aug.31.

In addition to retaining his current responsibilities overseeing all corporate human resources functions for Jo-Ann, Williams will assume responsibility for leading the store operations organization, covering more than 18,000 employees and more than 800 stores. He will continue to serve as chairman of the company’s benefits advisory committee

Grapevine, Texas -- GameStop’s net income for the second quarter fell to $10.5 million in the year-ago period, but its performance was better than analysts expected. The chain issued a higher-than-expected full-year forecast saying that it expects next-generation gaming consoles to fuel consumer demand.

Total revenue was down 10.7% to $1.38 billion in the quarter ended July 31. Same-store sales dropped 10.7%

Framingham, Mass. -- Staples said Wednesday that its second quarter net income dropped 15% amid store closings, declining traffic and lower sales of computers, ink and toner. The retailer also cut its full-year earnings and revenue forecasts, citing the weaker-than-expected results.

Staples earned $102.5 million for the period ended Aug. 3, compared to $120.4 million last year.

Signs of a rebounding housing market were evident in Lowe's sales for the second quarter ended Aug. 2, which were $15.7 billion, up 10.3% from $14.2 billion in the same quarter last year.

Comp-store sales for the world's second-largest home improvement retailer were up 9.6%, as net earnings jumped 16.2% to $1.48 billion.

Washington, D.C. -- The National Retail Federation issued the following statement from VP for government affairs public relations J. Craig Shearman in reaction to the Federal Reserve’s announcement Wednesday that it will appeal a U.S. District Court judge’s ruling that the cap it set on debit card swipe fees in 2011 was too high.

New York -- CBL & Associates Properties has announced the appointment of A. Larry Chapman to its board of directors.

Chapman is a retired 37-year veteran of Wells Fargo. He most recently served as group head of the bank’s commercial real estate lending business, responsible for the group’s 75 nationally located real estate loan production offices and 1,500 full time employees.