Corporate Governance

Ross Stores didn’t let a surprisingly strong third quarter comp increase go to its head and maintained a cautious view of consumer spending.

Sales at the company increased 8% to nearly $2.6 billion and same store sales increased 4%. Net income increased to $193 million, or 93 cents a share, from $172 million, or 80 cents a share.

Irving, Texas - Net income increased 36% to $64 million in the third quarter of fiscal 2014 compared to $47 million in the same quarter last year at The Michaels Companies. A decrease in selling, general and administrative (SG&A) expenses helped boost profits. Net sales increased by 1% to $1.13 billion from $1.12 billion, while same-store sales decreased by 0.8%. Michaels plans to open two new stores in the fourth quarter of fiscal 2014.

In an effort to create even more buzz for its holiday promotions, Macy’s will give away $1 million in prizes during Black Friday weekend.  

Using the Macy’s mobile app, customers shopping in-store will be able to scan QR codes to enter the giveaway during doorbuster hours, beginning at 6 p.m. on Thanksgiving Day through 1 p.m. on Nov. 28, and then again on Saturday, Nov. 29, from 7 a.m. to 1 p.m.

Jacksonville, Fla. – Increased selling, general and administrative (SG&A) expenses helped drive Stein Mart Inc. to a net loss of $1.2 million in the third quarter of fiscal 2014, compared to net income of $28,000 in the same quarter a year earlier. Despite this push into the red, Stein Mart plans to open open at least 10 new stores and relocate two stores in 2015, as well as close two stores.  

As Dollar Tree moves forward with its acquisition of Family Dollar, the company reported an increase in same-store sales and expressed a favorable holiday outlook.

Dollar Tree's earnings per share increased 19% to $0.69 and its revenue increased 11.2% to $2.1 billion compared to the third quarter of fiscal 2013; these results were driven by comparable-store sales increasing 5.9% during the quarter compared to an increase of 3.1% in the prior-year period.

Worthington, Ohio - Amazon and Nordstrom shoppers plan to increase their holiday spending the most compared to other shoppers, according to a survey by Prosper Insights & Analytics.  The report, “Holiday 2014: Retailers to Watch,”  finds that while overall holiday spending plans are up this holiday season, shoppers will still be looking for sales and big discounts and spending only what they have to, making waves for retailers to navigate this year.   

Best Buy shared an optimistic view of the holiday season after posting a 3.2% third quarter comp increase at U.S. stores, but offered plenty of reasons why profitability could prove challenging.

LYNDHURST, N.J. - Citizen Watch Company of America opened its first-ever global flagship, in Times Square, New York City.    The 1,300-sq.-ft. foot store is designed to appeal to amateur and serious watch enthusiasts alike, with interactive and hands-on displays and exclusive offerings, Multiple 360- degree cases allow for shopping from either side of the case and provide easy movement throughout the store.