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%.

Los Angeles -- CB Richard Ellis Group announced the promotion of two executives for its Global Corporate Services business.

Jim Wilson is being promoted to COO and Ken Loeber is being promoted to global chief sales officer for GCS.

In his new role, Wilson, a 23-year industry veteran, will be responsible for GCS’s major global service lines (Facilities Management, Project Management and Transaction Management) as well as continuing to have operational responsibility for more than 150 corporate clients across all global regions.

BOISE — Privately owned Albertsons LLC, which operates more than 200 pharmacies across six states, has named Stewart Edington VP pharmacy operations.

Edington has been with Albertsons stores since 2003, when he was hired as a pharmacy manager and worked in the company’s Phoenix stores. In 2006, Edington joined Albertsons LLC as the division pharmacy manager for the company's Florida stores, a position he has held for the last five years.

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.

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.
 

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 — 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.

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.