Corporate Governance

Sears Hometown and Outlet Stores saw net income for the second quarter drop to $9.1 million from $21.1 million a year earlier, due, in part, to expenses associated with its spinoff from Sears Holdings Corp, according to the company.

These results come a little more than a week after Sears Holdings saw revenues decrease to $8.9 billion for the quarter from $9.5 billion for the year-ago quarter. Fewer Kmart and Sears full-line stores accounted for approximately $210 million of that decline.

FREEPORT, Maine — L.L.Bean has introduced the One Fund Boston Tote made from the tarp used to protect the Fenway Park infield during its 100th anniversary in 2012.

The limited edition version of the company’s signature tote celebrates the spirit of Boston and its people, with 100% of the profits going to The One Fund Boston.

SALISBURY, N.C. — Food Lion will kick off its Children's Miracle Network Hospitals Fall Football Campaign this week. The campaign will run through Sept. 17 to support local children and their families receiving medical care from 26 children's hospitals.

New York -- DSW plans to test a smaller-store format that will run about 10,000 sq. ft., down from its average 22,000-sq.-ft. model.

DSW did not disclose where the tests would be. But CEO Mike McDonald told securities analysts that, if successful, the small-format stores “will create a new growth vehicle for DSW, which could significantly expand our store count potential,” Columbus Biz Insider reported.

DSW is on track to open 30 stores in 2013.
 

New York -- Analysts project that Francesca’s, a junior apparel and accessories retailer, will have the retail industry’s fastest rates of growth during the next three years, Bloomberg reported.

Francesca’s plans to expand to 900 stores, or double its current store count, in the next seven years.  The chain is projected by analysts to grow sales by 80% during the next three years, faster than any other apparel retailer, according to the report.

Memphis, Tenn. -- Fred's Inc.’s fiscal second-quarter net income fell to $3.3 million from $6.1 million because of a hefty tax benefit a year ago. The company’s adjusted results showed improved profitability, helped by increased customer traffic, higher traffic and lower costs.

The retailer cautioned, however, that its lower-income customers are still feeling economically pressured. Fred's said that it anticipates the operation environment will be challenging in the second half of the year.

New York - The use of cloud-based enterprise storage and production applications, as well as enterprise spending on cloud technology, has increased in the past year to a tipping point. According to the Verizon 2013 State of the Enterprise Cloud Report, between January 2012 and June 2013 the use of cloud-based storage grew 90% and use of cloud-based memory increased 100%, mostly due to the shift of business-critical applications to the cloud.

Other findings of the report include:

Atlanta – Chick-fil-A is running a “Breakfast on Us” cross-channel promotion that offers a free breakfast entrée to customers who make an online reservation for any Chick-fil-A restaurant. Beginning Aug. 29, customers can visit Chick-fil-AForBreakfast.com to reserve a breakfast entree of choice, as well as a time to redeem their breakfast item at a local Chick-fil-A restaurant between Sept. 9 and Spt. 14.

Aventura, Fla. — Best Buy has signed a long-term lease renewal for 45,729 sq. ft. at Aventura Commons in Aventura, Fla., according to the Berkowitz Development Group, the landlord.

Other national tenants in the 267,000-sq.-ft. center include Target, Whole Foods, PetSmart and Ulta.

New York -- Kite Realty Group has signed Gander Mountain into a 30,045-sq.-ft. space at Bayport Commons in Oldsmar, Fla., a northwest suburb of Tampa. CBRE represented Gander Mountain in the transaction.

A Super Target, Michaels and PetSmart. Anchor the 276,918-sq.-ft. center. About 64,400 people live within a three-mile radius of the center. The estimated average household income is $71,200.