Corporate Governance

The CEO of Michaels says an improved merchandising strategy and a focus on the customer experience helped drive sales growth at the specialty retailer in the second quarter.

Total sales increased 3.8% to $984.3 million in the second quarter ended Aug. 1 at Michaels and same store sales increased 2.9%. Michaels reported a profit of $35.7 million, or 17 cents a share, vs. a loss of $46.8 million, or 26 cents a share, a year ago.

New York -- Macy’s is set to unveil its new store banner, the off-price Macy’s Backstage, in the Queens borough of New York City and Huntington, New York, on Sept. 2.

The store offers a no-frills shopping experience, according to the Associated Press, which was given a sneak peek at the new format.

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Indianapolis -- Simon announced the opening of an additional 250,000 sq. ft. of outdoor shopping space, significantly increasing the footprint of Chicago Premium Outlets in Aurora, Illinois. New stores including Saks Fifth Avenue Off 5th, Columbia Sportswear, UGG Australia, Vince, and the first Midwest outlet stores for Robert Graham and Clarins have joined existing brands such as Coach, Cole Haan, Michael Kors, Nike Factory Store, Skechers, Under Armour, and Vera Bradley who have expanded their presence.

Ulta Beauty is continuing to deliver blockbuster financial results by attracting blockbuster numbers of shoppers to its stores. 

The beauty retailer reported a 7% increase in customer traffic for the second quarter ended Aug. 1 and average spending rose by 3%. The company also raised its outlook for the second time this year: Comps are now targeted at rising 9%, rather than the 8% the Ulta team forecast in May. 

New York -- In a long-awaited decision, the National Labor Relations Board has made it easier for contract workers and other temporary employees to more easily unionize.

Business groups and associations, including the National Retail Federation, criticized the decision.

Birmingham, Ala. – Books-A-Million needs more best-sellers.

A lack of hit books hit fiscal results of Books-A-Million Inc. during the second quarter of fiscal 2015. Net loss grew to $5.8 million from $3 million the same quarter a year earlier, with costs and expenses rising or staying flat in the face of slipping revenues.

Net sales dipped to $107.9 million, from $108.3 million. Same-store sales dropped 0.3%.

Oak Brook. Ill. - Retail Properties of America Inc. has signed two new leases at its Gateway Plaza shopping center located in Southlake, Texas. Buybuy Baby and Cost Plus World Market, at Gateway Plaza located in Southlake, Texas. Buybuy Baby and Cost Plus World Market are both expected to open in fourth quarter 2015.

The 365,200-sq.-ft. power center is anchored by Kohl's, T.J. Maxx, Old Navy, Ulta Beauty and Bed Bath & Beyond, as well as many other prominent national retailers and restaurants.
 

Moorestown, N.J. – Destination Maternity Corp. swung to a loss in a generally difficult second quarter of fiscal 2015.

Costs related to store closures and headquarters relocation helped drive the retailer to a net loss of $2.68 million from net income of $321,000 a year earlier.