Seattle – Starbucks Corp. reported impressive financial performance in the third quarter of fiscal 2015 that could be described as downright perky. Net income jumped 22% to $626.7 million from $512.6 million the same quarter a year earlier, with higher pretax earnings offsetting higher income tax charges to produce profit growth.
Houston – Specialty retailer Charming Charlie is setting its sights beyond its North American store base. Charming Charlie opened the brand’s first locations outside of North America with two new retail stores in Dubai.
The stores, located at City Centre Mirdif and Ibn Battuta Mall, are operated by Apparel Group, Charming Charlie’s first international licensing partner, which has further growth planned for the brand in Qatar this year.
Abingdon, Va. - K-VA-T Food Stores Inc. is expanding in Tennessee and Georgia. K-VA-T, parent company of the Food City supermarket chain, will acquire 29 Bi-Lo stores located in Chattanooga, Tennessee and Northwest Georgia from Southeastern Grocers.
K-VA-T intends to continue to operate all of these stores under the Food City banner and hire the vast majority of their store associates.
New York – In a consumer culture obsessed with nostalgic “throwbacks,” a retail brand from the not-too-distant past is coming back. Specialty apparel brand Limited Too, which was consolidated into the Justice banner by then-parent company Tween Brands in 2009, is making a return.
Baltimore – Even a reduction in income taxes couldn’t fully offset the impact of rising expenses on profit at Under Armour during the second quarter of fiscal 2015. Net income decreased 17% to $15 million, compared with $18 million in the prior year's period.
The decline in net income came even as net revenues increased 29% to $784 million, compared with $610 million. Direct-to-consumer net revenues, which represented 32% of total net revenues for the second quarter, grew 33% year-over-year.
Framingham, Mass. – The future of technology looks cloudy, and IT professionals should be pleased. In a new study, International Data Corporation (IDC) predicts the number of new cloud-based solutions will triple in the next four to five years.
Bentonville, Ark. – Wal-Mart Stores Inc. is taking control of its e-commerce operations in China. The discount giant has acquired the 49% of its Chinese e-commerce arm Yihaodian it did not previously own, taking full ownership of its e-commerce business in China.
Seattle – Starbucks Corp. is snubbing Uber in new extension of its loyalty program. Starbucks is partnering with rival online transportation service Lyft to offer Lyft drivers and passengers the chance to earn points in its loyalty program.
New York – The changes continue at eBay. Jeff Wong, who ran eBay’s Business Incubation Group, has joined professional services firm Ernst & Young as chief innovation officer.
Wong will lead Ernst & Young’s newly formed Global Innovation Team. The team will identify emerging concepts and solutions and also work to develop new technologies, strategies and solutions.
The CEO of Tractor Supply Company credited strong marketing and merchandising initiatives with a significant increase in same store sales in the second quarter.
