Strategy

By Ramsey Mansour, [email protected]

New Albany, Ohio -- Abercrombie & Fitch Co. said Wednesday that overseas strength pushed its net income to $25.1 million for the first quarter, compared with a loss of $11.8 million a year earlier.

As previously reported, revenue rose 22% to $837 million, helped by a 64% surge in international revenue.

Fort Myers, Fla. -- Chico's FAS said Wednesday that profit for the first quarter was $45.9 million, compared with $35.4 million in the year-ago period.

Net sales increased 11.5% to $537.2 million, from $481.6 million in last year's first quarter. Consolidated same-store sales rose 7.7%.

The operator of Chico’s, White House|Black Market and Soma Intimates said it anticipates opening 21 net new stores in the May-June 2011 time frame.

Framingham, Mass. – Staples reported Wednesday that first-quarter profit rose 5% to $198.2 million, compared with $188.8 million a year earlier. Results were boosted by overseas strength and increased buying by small businesses in North America.

But results were softer than expected, and the company cut its full-year earnings guidance. Its earnings outlook for the second quarter and the year are below Wall Street estimates.

Revenue rose 2% to $6.18 billion, from $6.06 billion a year ago. Same-store sales slipped 1%.

Westborough, Mass. -- BJ’s Wholesale Club reported Wednesday that profit for the quarter ended April 30 rose to $33.7 million, beating its guidance range of $29.5 million to $31.5 million.

Net sales for first quarter 2011 increased 10% to $2.77 billion and same-store club sales rose 6.3%.

Columbus, Ohio -- The Bath and Body Works unit of Limited Brands said Tuesday it has named former Lands’ End president Nick Coe as its new CEO.

Current CEO Diane Neal, at the helm since 2007, will remain in that role through the summer. After that, she will transition into an advisory role with the company and work from San Francisco, according to the company.

Before working a Lands' End, a subsidiary of Sears Holdings Corp., Coe held senior merchandising jobs at Gap’s Banana Republic and at Levi Strauss.
 

Beachwood, Ohio -- Shopping center owner and developer Developers Diversified Realty Corp. said Wednesday it will raze Terrell Plaza shopping center in San Antonio, Texas, and an existing two-story enclosed mall at Tamarac Square in Denver, Colo., to accommodate Target Corp.’s construction of two new stores.

DDR said it intends to redevelop adjacent retail space at both centers.

Minneapolis -- Despite weakened sales in the first quarter ended April 30, Target Corp. saw net income rise 2.7% on the strength of its credit-card business.

The retailer reported on Wednesday net income of $689 million in the first quarter, up from $671 million in the year-ago period.

Total revenue rose 2.2% to $15.94 billion. Same-store sales rose 2%.

Analysts expected revenue of $16.02 billion.

BENTONVILLE, Ark. — Walmart reported first-quarter earnings that were above the company's guidance, reflecting stability and strength in global operations, according to president and CEO, Mike Duke.

Walmart's net income was $3.4 billion, or 98 cents per diluted share, compared with net income of $3.3 billion, or 87 cents per diluted share. 

Atlanta-based Home Depot reported first quarter earnings of $812 million, up 12% from earnings of $725 million in the first quarter last year.

Sales declined 0.2% to $16.8 billion, while comparable store sales were negative 0.6%. Comp-store sales for stores in the United States were negative 0.7%.