Teens’ demand for slime to fidget spinners helped boost Five Below’s first quarter sales, comps and earnings well above expectations.   For the first quarter ended April 29, the teen value retailer reported a net income of $8.4 million compared to $6.8 million in the first quarter of fiscal 2016. Meanwhile, the chain’s sales increased almost 21% to $232.9 million, from $192.7 million in the first quarter of fiscal 2016.  

Hudson’s Bay Co.’s is taking advantage of the views and design of its iconic Calgary building in a new way.   Through a partnership with restaurant group Oliver & Bonacini, the retailer is transforming the entire sixth floor of its 104-year-old building into an event venue. The 18,000-sq.-ft. space, called The Hudson, features meeting rooms on either side of a large common area, and two large event spaces that can accommodate up to 700 people, according to The Calgary Herald.  

A lawsuit accusing a natural-foods grocer of overcharging customers has been revived.   On Friday, June 2, the 2nd U.S. Circuit Court of Appeals in New York City ordered Whole Foods Market to face a proposed class-action lawsuit accusing it of overcharging shoppers in New York City. The suit claims the chain overstated the weight of pre-packaged food in its supermarkets, according to Reuters.  

Gymboree Corp. could be filing Chapter 11 sooner than expected.   Struggling to manage its debt and churn a profit, Gymboree missed an interest payment due June 1, for its outstanding 9.125% senior notes due 2018. The missed payment was reported in a filing on Thursday, June 1, by the Securities and Exchange Commission, according to CNBC.   

For the second time in less than three years, Kmart was hit by a malicious hack.   On Wednesday, May 31, Kmart’s parent company, Sears Holdings revealed that the chain was the victim of a security incident. The company became aware of the attack, which involved unauthorized credit card activity, following certain customer purchases made at some of its Kmart stores. Shoppers were alerted to the breach via email Wednesday evening.   

Higher customer spending and lower advertising costs not only boosted Dollar General Corp.’s profits, but contributed to better-than-expected first quarter earnings.   For the period ended May 5, the discounter’s net sales increased by 6.5% to $5.61 billion, compared to $5.27 billion in first quarter 2016. Net income fell to $279.5 million, or $1.02 per share from $295.1 million, or $1.03 per share, a year earlier. However, this still beat the average analysts' estimate of $1 per share, according to Thomson Reuters.

Wages

Federal $15/Hr Minimum Wage . As promised, U.S. Senator Bernie Sanders with support from Democratic Leadership introduced a bill this week to raise the federal hourly minimum wage to $15 by 2024 to index it to inflation starting in 2025. Passage is highly unlikely, although Democratic leadership has vowed to make the Fight for $15 a larger focus of the party platform.
 

Despite a rough first fiscal quarter, Express remains committed to its ongoing plan to manage costs, optimize its store fleet and improve profitability.   For the quarter ended April 29, the specialty apparel retailer posted a net loss of $4.5 million, or $0.06 per share. This included a net negative $0.03 per share impact related to certain discrete tax items and the exit of Canada.   

RadioShack Corp. has entered into the newest chapter of its financial saga.   The company, which recently filed for bankruptcy protection, closed 1,000 stores over the Memorial Day weekend. This move leaves the chain with a mere 70 company-owned stores and 500 dealer stores in operation across the U.S., according to Fortune.  

Product innovation, an enhanced digital experience, and its first-ever global brand campaign boosted Lululemon’s first quarter earnings — however these gains are not swaying the company’s restructuring plans.   The athleisure brand is currently restructuring Ivivva, its activewear brand for girls. The division will operate primarily as an e-commerce business, supported by only a select number of stores in key communities across North America.