Finance & Capital Management

MEMPHIS, Tenn. — Fred's on Thursday reported sales of $452.7 million, up 1% compared with the year-ago period, for the second quarter ended July 30. On a comparable-store basis, second-quarter sales decreased 0.4% versus an increase of 2.5% in the same period last year.

"July's sales performance was consistent with the first two months of the quarter as external economic factors, including high unemployment and reductions in government aid, continued to have a negative impact throughout the Southeast," stated Bruce Efird, Fred's CEO.

MINNEAPOLIS — July same-store sales at Target increase 4.1% on top of a prior year gain of 2%, with increase transaction size the primary driver of an increase toward the upward end of the company’s guidance.

New York City -- The nation’s specialty apparel retailers reported mixed results in July. as Hot Topic and Limited Brands turned in strong performances, while Gap and Aeropostale stumbled.

Hot Topic said its same-store sales rose 7.3% in July. far exceeding the 0.5% rise in analysts’ forecast. Hot Topic said the measure rose 6.2% at its namesake stores and rose 11.8% at its plus-sized Torrid division. The teen retailer also raised its second-quarter outlook.

Costco and BJ’s Wholesale Club continue to produce solid sales growth aided by high gas prices, shoppers desire to save money and their ability to pass through food price inflations.

El Segundo, Calif. -- Fresh & Easy Neighborhood Market has added 25 compressed natural gas (CNG) vehicles to its distribution fleet as part of a partnership with Ryder System. The new vehicles produce 20% to 30% less emissions than comparable diesel vehicles and are part of the company’s ongoing efforts to reduce emissions.

New York City -- CVS Caremark said Thursday its profit dipped 1% in the second quarter to $816 million as its pharmacy benefits management business weathered lower prices on contract renewals. Revenue rose 11% to $26.63 billion from $24.01 billion.

Revenue from CVS drugstores increased 3.6% to $14.83 billion. Same-store sales were up 2%, with pharmacy sales up 2.6%  and front-end revenue up 0.8%.

CVS opened 41 stores during the second quarter and operated 7,266 retail drugstores at the end of the period.

BOSTON — Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors, has named Robert Paglia COO. Paglia will focus on the oversight of Gordon Brothers Group's operating, financial planning, human resource, administrative, corporate marketing, and information technology functions in support of the firm's global platform of integrated operating and capital solutions, the company reported.

Plano, Texas -- A Wednesday report by the Wall Street Journal said that J.C. Penney Co. has launched a voluntary early-retirement program for certain employees over 55 years old.