Research Topic

PHOENIX — Even in a tough economy, consumers are reluctant to cut back spending on their pets, as was made clear by PetSmart's whopping 32% growth in earnings and strong sales performance during the third quarter.

The retailer reported reported earnings of 50 cents per share, up 32% compared with 38 cents per share in the third quarter of 2010. Net income totaled $56 million in the third quarter of 2011, compared with $46 million in the third quarter of 2010.

Washington, D.C. -- The NRF Foundation, the research and education arm of the National Retail Federation, has announced the top 10 retailers for excellent customer service selected by shoppers in the seventh annual NRF Foundation/American Express Customers’ Choice survey.

The survey, which asked 9,374 shoppers which retailer provides the best customer service, was conducted by BIGresearch.

According to shoppers, the ten finalists for customer service, in alphabetical order, are:

Washington, D.C. -- Holiday shoppers are expected to spend $155.43 on average for gift cards this season, and total gift-card spending is projected to reach $27.8 billion, according to a survey released Friday by the National Retail Federation.

New York City -- One in four consumers will start their holiday shopping this week, according to a survey of more than 1,000 U.S. consumers conducted this fall by Oracle. The report, “Oracle Holiday Shopping Snapshot 2011,” finds that Black Friday and Cyber Monday still reign supreme when it comes to getting consumers out to shop.

In other findings:

By industry estimates, concrete-slab moisture-related floor-covering failures cost retailers, building owners and contractors more than $1 billion every year. But it’s not just new spaces that present a challenge in this regard. With infill the name of the game in retail development, retailers that open stores in existing spaces also need to be on full alert to the potential for flooring problems.

New York City -- Mattress Firm Holding Corp. raised about $105.6 million after pricing its initial public offering at the top of its expected range.

The retailer priced the IPO of 5.6 million shares at $19 each. It had expected shares to sell initially for $17 to $19 each.

Mattress Firm said it will use most of the offering's net proceeds — about $95 million after expenses — to repay $84.4 million in debt and pay fees to its biggest shareholder, Boston private equity firm J.W. Childs.

Nashville, Tenn. -- Kirkland’s net profit in its fiscal third quarter as operating expenses and cost of sales rose, and same-store sales declined. But its results still beat Wall Street's expectations. The company earned $1.2 million, compared with $2.3 million a year earlier.

Operating expenses rose 8% to $31.3 million, while the company's cost of sales rose 7% to $60.9 million.

Sales rose 5% to $97.1 million, from $92.7 million. Same-store sales were down 3.6%.
 

Foothill Ranch, Calif. -- The Wet Seal reported Thursday that net income for the third quarter rose to $3.7 million, from $2.6 million a year earlier.

Sales increased to $152.1 million from $146.4 million. Same-store sales declined 0.9% on a consolidated basis.

The company had six store openings and two store closings at Wet Seal and four store openings and no store closings at Arden B during the third quarter. It expects to have 22 net Wet Seal store openings and three net Arden B store openings for the full year.
 

WASHINGTON — Up to 152 million people plan to shop Black Friday Weekend, compared with the 138 million who planned to do so last year, according to a preliminary Black Friday shopping survey, conducted for the National Retail Federation by BIGresearch. According to the survey, 74 million people say they will definitely hit the stores and another 77 million are waiting to see if the bargains are worth the hassle of Black Friday.

HUDSON, Ohio — While many retailers are boasting about opening on Thanksgiving Day night to give shoppers an early start on the Black Friday weekend, Jo-Ann Fabric and Craft Stores is going in a different direction and will stay closed for the holiday.