Strategy

In a second-quarter earnings season characterized by weather-depressed sales figures, Oak Brook, Ill.-based Ace Hardware Corp. managed to show a gain in revenues.

For the three months ended July 2, Ace saw revenues increase 0.5% to $1.021 billion. For the six-month period, sales increased 1.6% over the same two quarters in 2010.

BIRMINGHAM, Ala. — Reading into the Books-A-Million results, its easy to see how the liquidation at Borders took a toll on the book retailer's second quarter. Books-A-Million reported that net sales for its second quarter decreased 11.4% to $106.4 million from net sales of $120 million in the year-earlier period. Comparable-store sales for the second quarter declined 12.9% compared with the 13-week period in the prior year.

By Jeff Weidauer, [email protected]

New York City -- Mexican billionaire Carlos Slim, through his Inmobiliaria Carso SA investment fund, spent $8.8 million to up his stake in Saks, according to Bloomberg. 

Slim, who was Saks’s largest shareholder before the purchases and last acquired the New York-based retailer’s shares in April 2009, raised his stake to 16% from 15.7%, the report said. Slim has made it a practice to add to his investment holdings when the markets slump.

Berkley, Calif. -- Andronico's Community Markets has filed for Chapter 11 bankruptcy protection.

The company is seeking debtor-in-possession financing that would allow it to sell itself to a private investment group that would keep its seven stores in Northern California in operation.

Boulder, Colo. -- Organic grocer Sunflower Farmers Market said Monday that it will open a second location in San Jose in 2012, the company’s fourth in the Bay Area.

Sunflower said it will anchor West Valley Shopping Center, and is slated to open the 32,000-sq.-ft. store in second quarter 2012.

New York City -- Former Duane Reade CEO Tony Cuti was sentenced on Monday to three years in prison in connection with accounting fraud at the New York-based drug store chain.

Cuti, who is to report to prison on Jan. 31, 2012, also must pay a $5 million fine.

San Francisco -- Williams-Sonoma reported Tuesday that profit for the second quarter surged 28% to $39 million, citing online strength and international sales for the improved performance.

Revenue rose 5% to $815 million.

The company has raised its outlook.

San Francisco -- Gap said Tuesday it plans to open stores in both Vietnam and Guam as part of the retailer’s efforts to ramp up overseas expansion.

A Gap store is slated to open in Vietnam in October, followed by a Banana Republic store in late 2012.

The first two Gap stores will open in Ho Chi Minh City as part of a franchise deal with Imex Pan Pacific, with additional stores set for Hanoi in 2012.

Cape Town, South Africa -- A Tuesday report by Bloomberg said that Shoprite Holdings Ltd. has announced plans to speed up its store expansion this year as it faces increased competition from Wal-Mart Stores.

South Africa’s largest retailer by market value, Shoprite said it will add 106 stores by June 2012. That compares with 96 openings in the same period last year. The company currently operates 1,246 stores.