Marketing

Minneapolis -- Target Corp. reported Wednesday that earnings for the second quarter rose 3.7%, boosted by same-store sales growth and beating Wall Street expectations.

The retailer posted a profit of $704 million for the quarter ended July 30, compared with $679 million in the year-ago period. Revenue rose 4.6% to $16.24 billion, besting analysts’ expected $16.17 billion. Same-store sales rose 3.9%.

GRAND RAPIDS, Mich. — Meijer announced that it is strengthening its commitment to local suppliers by increasing the amount of fruits and vegetables it sources from Midwest farms by 5% this year.  The announcement was made today by Mark Stevenson, produce director at the Grand Rapids, Mich.-based supercenter chain.

FRAMINGHAM, Mass. — TJX announced that net sales for the second quarter of fiscal 2012 increased 8% to $5.5 billion and consolidated comparable-store sales increased 4%. Net income for the second quarter was $348 million and diluted earnings per share were 90 cents, compared with 74 cents per share last year. 

HOFFMAN ESTATES, Ill. — Sears Holdings announced Tuesday that Robert Schriesheim will join the company as EVP and CFO.  Schriesheim, who starts with the company immediately as EVP, will assume his responsibilities as CFO effective Aug. 22.

Schriesheim, 51, most recently was CFO for Hewitt Associates, leading the company's global financial and administrative roles until its merger with Aon Corp.

PITTSBURGH — The combination of new store growth, a 2.5% same-store sales increase and expanding gross margins enabled Dick’s Sporting Good to produce earnings per share of 52 cents and exceed analysts’ estimates by two cents. However, a cautious outlook regarding the future caused the company’s third quarter profit forecast to be two cents less than analysts forecast, and same-store sales were projected to grow in the low single digits.

NEW YORK — Saks Inc. reported a second-quarter net loss of $8.4 million, or 5 cents per diluted share. For last year’s second quarter, the company posted a net loss of $32.2 million, or 21 cents per share. 

Revenue rose 13% to $670.2 million from $593.1 million, beating Wall Street's $657.4 million. Same-store sales surged 15.5%, surpassing Saks' expectations.

New York City -- Nordstrom announced Monday that its new Treasure&Bond concept will open in SoHo on Friday, according to a report by the New York Times. The boutique-style store, which represents a new market entry for Nordstrom, will be a fraction of the size of a typical Nordstrom department store and all profits will be donated to charity. Merchandise is funkier, but is not discount like its Nordstrom Rack sister. 

New York City -- Barneys New York said Monday it is teaming up with pop singer Lady Gaga on a holiday campaign and Christmas window display to be called Gaga’s Workshop.

The luxury department store retailer said that, in addition to the Gaga-themed window display, it will devote an entire floor of its Madison Avenue flagship to Gaga’s Workshop. The campaign will also feature limited-edition gift items and specially themed holiday shopping bags and packaging.

Albuquerque, N.M. -- Kroger Co. said Tuesday that its Smith's Food & Drug Stores division has completed the installation of photovoltaic energy panels at two Albuquerque, N.M. stores.

The solar energy output from these two store systems is 320,000 kWh, eliminating the need for that amount of energy from fossil fuel sources. It is estimated this energy savings would heat and cool 30 homes in New Mexico for one year; is the equivalent of planting 57 acres of trees; or removing 40 cars from the road.

New York City -- Saks reported Tuesday that it has tightened its losses in the quarter ended July 30, posting a loss of $8.4 million compared with a loss of $32.2 million in the year earlier period.

The luxury retailer cited increased full-price selling for the improvement, but warned Wall Street that it was heading into the fall selling season with caution because of the uncertain economic conditions.