Corporate Governance

Dick’s Sporting Goods on Tuesday hit a home run, posting second quarter results that surpassed analysts’ expectations and lifting its earnings forecast for the year.   Dick's reported net income of $91.4 million for the quarter ended July 30, up from $90.8 million in the year-ago period.   Net sales increased 7.9% to $1.97 billion. Online penetration for the second quarter was 8.5% of total net sales, compared to 7.3% last year. Same-store sales increased 2.8%.   

There was no stopping TJX Cos. in its second quarter. But it sounded a cautious note about its third quarter.   For the quarter ended July 30, TJX posted a profit of $562.2 million, better than analysts’ forecasts, up from $549.3 million in the year-ago period.   Revenue increased 7% to a better-than-expected $7.88 billion. Same-store sales rose 4%, above expectations for an increase of 2% to 3%.  

Skechers continues to expand its global footprint.   The brand on Tuesday opened a flagship store in the shopping center at the new World Trade Center in lower Manhattan. With some 1,545 stores worldwide, Skechers anticipates having more than 1,600 locations up and running by yearend.  

The big get bigger.   The Home Depot reported record sales and net income as it revised upward its expectations for the full year.   The world’s largest home improvement retailer Tuesday morning posted second quarter sales of $26.5 billion, up 6.6% from the second quarter a year ago. Comparable store sales were up 4.7%, and up 5.4% in the U.S.   Net earnings were $2.4 billion, up from $2.2 billion.  

Consumers cooled their spending in July.

Tilly’s has appointed Jon Kubo to serve in the company’s newly created position of chief digital officer, effective Aug. 15.   Kubo will oversee e-commerce and digital marketing to define a long-term vision for the specialty retailer’s digital commerce efforts and create consistency in digital consumer experiences across all interaction points.  

Tanger Factory Outlet Centers, Inc., acquired 100% ownership of Tanger Outlets Savannah, adjacent to the Savannah International Airport. The deal it made with its lone partner in the 420,000-sq.-ft. center included a $15 million cash payment and assignment of all outparcels on the property.   "The center is currently 99% occupied and is undergoing a second expansion to accommodate retailer demand for space," said Steven B. Tanger, president and CEO.   

Publix Super Markets is expanding its online outreach by launching the company’s first blog for engaging with customers.   The blog, called Publix Checkout, was created with the customer in mind, the company says. Blog posts will range in topic from recipes, community initiatives and sustainability ideas to holiday entertaining, health and wellness and more. Visitors to the blog can comment on posts or share them on social media sites.  

Chicago-based Newport Capital Partners purchased a 69,749-sq.-ft. center anchored by Pick ‘n Save the Milwaukee area. Terms of the deal, brokered by Mid-American Real Estate Corp., were not disclosed.    Other tenants in the center at the Intersection of I-41/45 and Mayfair Road in Wauwatosa include Firehouse Subs, Mattress Firm, and Supercuts. The sellers were New York-based DRA Advisors and Atlanta-based RCG Partners.  

A Securities Exchange Commission investigation into some loans applied for by CBL & Associates is unfounded, the company maintained in announcing the results of an independent investigation.