Mergers & Acquisitions

Columbus, Ohio -- Express Inc. reported a 25% increase in net income for the second quarter. But the retailer slashed its profit outlook for the year and said that same-store sales barely rose last quarter and that it expects about the same for the rest of the year.

Express earned $15.8 million for the quarter ended July 28, better than analysts expected, compared with $12.6 million in the year-ago period.

Revenue increased 2% to $454.9 million, short of the $467 million analysts had expected. Same-store sales inched up 1%.

New York -- A group of Rona Inc.'s dealers on Wednesday released an open letter on Wednesday that criticized the proposed takeover of the Canadian home-improvement retailer and distributor by Lowe’s Cos., Reuters reported.

The letter, which was addressed to Lowe's CEO Robert Niblock, was signed by merchants that operate 164 affiliate or franchise Rona stores.

Fort Meyers, Fla. -- Chico's FAS Inc.'s second-quarter net income surged a better-than-expected 22% amid increased sales across its brands. The retailer, which has now topped analyst estimates for the last three quarters, raised the low-end of its 2012 revenue outlook, citing its performance for the first half of the year. 

Chico's earned $52.4 million for the period ended July 28, compared with $42.8 million in the same  period last year.

New York -- Dutch brand apparel brand Scotch & Soda plans to open eight additional stores in the United States by the end of the year, Women’s Wear Daily reported. The company was acquired by Sun Capital Partners Inc. in 2011.

Stores are planed for New York, Los Angeles, Las Vegas, Boston and San Francisco, according to the report. Unlike the existing Scotch & Soda locations in Miami and New York, the new units will be company-owned.

 

MINNEAPOLIS — Best Buy reported dismal second quarter results Tuesday morning, missing analysts’ estimates by a wide margin one day after the company raised eyebrows by selecting a CEO with no retail experience to engineer a turnaround.

Chicago -- A report released Monday by Jones Lang LaSalle found that the U.S. retail real estate continued to show signs of stability in second quarter 2012.

According to Jones Lang LaSalle’s Mid-Year Outlook, the modestly positive outlook was led by major markets with strong demographic and population growth, a lack of new, high-quality supply and improving leasing velocity.

Minneapolis -- Best Buy Co. reported Tuesday that profit for the second quarter tumbled 91% to $12 million, compared with $128 million in the year-ago period. Revenue declined nearly 3% to $10.55 billion, missing Wall Street’s estimated $10.65 billion in revenue. Same-store sales fell 3.2% overall, more than the 2.6% drop expected by analysts.

Topeka, Kan. -- Collective Brands stockholders voted at a special meeting on Tuesday to approve the sale of the company for about $1.32 billion.

Collective, which owns the Payless and Stride Rite shoe store banners, had announced in May that it accepted a purchase offer from a group that includes Wolverine Worldwide Inc., Blum Capital Partners and Golden Gate Capital.