Legislative, Regulatory & Legal

Jacksonville, Fla. -- Stein Mart Inc. reported that its second-quarter net income increased 48%, helped by higher same-store sales. The retailer also announced that the SEC is conducting an investigation related to Stein Mart's restatement of prior years' financial statements and its change in its auditors.

For the quarter ended Aug. 3, Stein Mart earned $3.4 million up from $2.3 million in the same quarter of 2012.

Revenue increased 4%, to $291 million from $280.4 million. Same-store sales rose 6.4%.

Washington, D.C. -- The National Retail Federation issued the following statement from VP for government affairs public relations J. Craig Shearman in reaction to the Federal Reserve’s announcement Wednesday that it will appeal a U.S. District Court judge’s ruling that the cap it set on debit card swipe fees in 2011 was too high.

New York -- A federal judge in Denver gave Hollister Co. until Jan. 1, 2017, to modify its store entrances to make them wheelchair accessible, according to an advocacy group for the disabled, at a rate of 77 stores per year, the Associated Press reported.  

The entrances of some Hollister locations are designed to resemble a front porch, complete with steps. 

The National Retail Federation and the Retail Association of Nevada hosted Rep. Mark Amodei, R-Nev., at a retail roundtable discussion. More than a dozen community retailers and small business owners gathered to address the industry’s challenges and public policy priorities.

New York -- Walmart is expanding its omni-channel integration by testing the use of lockers to fill online orders, company officials said during the chain’s second-quarter earnings call on Thursday.

“While this test is still in the early stages, the initial read on customer satisfaction and acceptance is very encouraging, with 90% of the customers who have used the service providing positive feedback,” Walmart U.S. CEO Bill Simon said during the call.

New York -- J. C. Penney disclosed in a Securities and Exchange Commission filing on Friday that it entered into a Registration Rights Agreement with Bill Ackman’s Pershing Square and its affiliates that gives him an out to completely walk away from the company. Under the deal, Ackman can make up to four requests to Penney to register the sale of his restricted common stock.

"It is paving the way for (Pershing Square) to sell the stock if they choose to do so," Imperial Capital analyst Mary Ross Gilbert said in a Reuters report.

While second quarter sales were less than expected, one area where Walmart exceeded plan was expenses incurred related to Foreign Corrupt Practices Act and compliance matters.

The company said it spent $82 million on efforts in those areas compared to the $65 million to $70 million it though it would spend at the start of the year. Expenses during the first half of the year totaled $155 million.

Washington, D.C. -- The National Retail Federation and the Retail Association of Nevada hosted Rep. Mark Amodei, R-Nev., at a retail roundtable discussion. More than a dozen community retailers and small business owners gathered to address the industry’s challenges and public policy priorities.