Strategy

Framingham, Mass. -- TJX Cos. reported Tuesday that net income for the quarter ended July 28 soared 20.9% to $421.1 million, up from $348.3 million and marking the discounter’s third consecutive quarter of rising profits.

Revenues beat projections by climbing 8.7% to $5.95 billion.

The owner of the Marshalls and T.J. Maxx chains raised its full-year profit forecast.

Pittsburgh -- Dick's Sporting Goods reported Tuesday that net income for the quarter ended July 28 slid to $53.7 million, from $73.8 million in the same quarter a year ago. The sporting goods retailer blamed the lackluster profit performance partly on weakness from newly acquired JJB Sports and adverse weather in the first quarter.

Sales climbed 10% to $1.4 billion, meeting Wall Street expectations. Same-store sales rose 3.8%, consisting of a 2.9% increase at Dick’s stores, a 4.4% rise at Golf Galaxy, and a 34.6% increase in its e-commerce business.

Purchase, N.Y. -- A SpendingPulse report Tuesday by MasterCard Advisors, in partnership with Wells Fargo, found that July spending at small retailers slowed to 6% year over year. 

This was lower than June’s small retailer growth rate of 8%. The July report also found that with or without food service and gasoline sales, July’s small business growth was the lowest for the past 12 months.

FRAMINGHAM, Mass. — TJX reported that net sales for the second quarter of fiscal 2013 increased 9% to $5.9 billion and consolidated comparable-store sales increased 7%. Net income for the second quarter was $421 million and diluted earnings per share were 56 cents, a 24% increase over 45 cents per share last year.

Glenwillow, Ohio -- Fashion retailer Dots announced Tuesday it has named former Wal-Mart Stores senior VP Lisa Rhodes as its new CEO.
   
Rhodes, who led Wal-Mart’s U.S. apparel merchandising division, has been charged with leading Dots’ march toward 1,000 stores, also announced Tuesday.
    
Prior to her role at Wal-Mart, Rhodes was executive VP and chief merchandising officer for Maurice’s.
   

IRVING, Texas — Michaels Stores has recognized 12 vendor partners for their contributions to Michaels' success over the past year.

Atlanta -- The Home Depot reported Tuesday that profit for the second quarter rose to $1.5 billion from $1.4 billion in the same quarter last year.

Sales edged up 1.7% to $20.6 billion, and same-store sales climbed 2.1% overall and 2.6% in the U.S.

"As expected, second-quarter sales reflected the pull forward of seasonal activity into the first quarter," said Frank Blake, Home Depot chairman and CEO. "But we saw continued demand for core products and delivered second-quarter earnings above our expectations."

Bentonville, Ark. -- Wal-Mart Stores Inc. indicated Tuesday it has received the OK from Chinese regulators to move forward with its majority stake in e-commerce company Yihaodian.

According to a report by Wall Street Journal, which cited a Wal-Mart spokesperson in Beijing, the approval will allow Wal-Mart to expand its online presence in China. Under the deal, Wal-Mart will increase its stake in Yihaodian from 18% to 51%.

Financial terms of the transaction have not been disclosed.