Corporate Governance

Stage Stores Inc. lowered its profit forecast for the year and said it plans to close at least 90 underperforming stores as the retailer invests more on digital.

The retailer said it expects the closures to enhance its capital efficiency, deliver higher productivity and allow it to invest more money in the online sales product mix and technology in general.

Nashville, Tenn. — Even as net sales climbed, Kirlkland’s Inc. missed Wall Street expectations with growing net loss in the second quarter of fiscal 2015. Increases in operating expenses and depreciation helped more than double net loss to $2.3 million from $1.1 million the same quarter a year earlier.

Net sales rose 10% to $233.6 million from $211.7 million. Same-store sales, including e-commerce, rose 4.8%.

Michaels is targeting online DIYers via a new strategic arrangement with a San Francisco startup.

The world's largest arts and crafts retailer has partnered with trend-driven online DIY marketplace Darby Smart to make crafting simpler and more accessible to everyone.

Issaquah, Wash. — A consumer lawsuit reportedly accuses Costco of knowingly purchasing shrimp from Thai providers that use slave labor and then misleading the public about the practice. According to the Puget Sound Business Journal, a California woman filed the suit in San Francisco federal court.

The CEO of Citi Trends says well-managed inventories and improved merchandising helped the company deliver strong sales growth in the second quarter.

Columbus, Ohio — L Brands Inc. met Wall Street expectations with profit and revenue in the second quarter of fiscal 2015. Net income grew 7% to $202.48 million from $188.36 million the same period a year earlier.

The cost of goods sold rose at a slower rate than net sales, helping boost profits. Net sales grew 4% to $2.76 billion from $2.67 billion. Same-store sales rose 3% overall, with the Victoria’s Secret and Bath & Body Works banners both posting a 3% same-store sales lift.

Walgreens locations in two western states will be getting new retail clinics through a new partnership with Providence Health and Services.

York, Penn. – The Bon-Ton Stores Inc. saw its net loss grow to $39.6 million from $36.2 million in a difficult second quarter of fiscal 2015. An early mortgage termination led to the increased loss.
Unseasonably cool weather and shrinking traffic drove net sales down 1% to $555.4 million from $563.5 million. Same-store sales fell 0.2%, although e-commerce sales grew in the double digits.