Research Topic

Minneapolis -- Best Buy Co. reported Tuesday that profit for the second quarter tumbled 91% to $12 million, compared with $128 million in the year-ago period. Revenue declined nearly 3% to $10.55 billion, missing Wall Street’s estimated $10.65 billion in revenue. Same-store sales fell 3.2% overall, more than the 2.6% drop expected by analysts.

New York -- California and Indiana have the highest statewide sales taxes in the country, but Tennessee and Arizona take top billing when local sales taxes are added to the calculation, according to a new analysis by the Tax Foundation, a Washington, D.C.-based think tank that monitors fiscal policy at the federal, state and local levels.

The retail industry, yours truly included, has had a watchful eye on J.C. Penney ever since CEO Ron Johnson took over and announced his plans to revamp the iconic retailer. Many experts have shared their concerns over the new direction and, as the second quarter numbers would indicate, cause for concern is clearly warranted. With overall sales plummeting nearly $1 billion dollars, and earnings plunging from an expected $41 million profit to an $81 million loss, the company is down $1.7 billion in sales and $260 million in earnings in the first half of the year, compared to 2011.

St. Louis -- Forty-five percent of customers shopping in-store at bricks-and mortar-locations will walk out and complete their purchase online for a discount as low as 2.5%, according to new showrooming research from GroupM Next.

This number jumps to 60% of shoppers who will leave and purchase a product online for a savings of 5%. When discovering an online discount of 20%, a small percentage of shoppers (13%) stay and complete their purchase in store.

New York -- Apple Inc. became the most valuable public company of all time on Monday, after its market value climbed beyond $620 billion to surpass a milestone set by Microsoft Corp. more than 10 years ago, Reuters reported.

Apple shares reached a high of $664.74 on Monday morning, giving them a total value of $623.14 billion. This broke past the record of $620.58 billion set by Microsoft back in 1999, according to the report.

Kearney, Neb. -- The Buckle reported Thursday that net income for the period ended July 28 dipped 2% to $23.2 million, compared with $23.6 million in the year-ago period, but matching forecasts.
 
Net sales rose 2% to $215.5 million, just missing Wall Street’s expected $215.9 million in revenue. Same-store sales dipped 0.8%.

New York -- Aeropostale reported Friday that net income for the second quarter was $100,000, compared with $2.9 million last year.

Sales increased 4% to $485.3 million, from $468.2 million in the year-ago period. Same-store sales, including the e-commerce channel, were essentially flat, compared with a 12% decrease last year. Excluding e-commerce, same-store sales dipped 1%, compared with a 14% decrease last year.

The company has lowered its third-quarter guidance.
 

Nashville, Tenn. -- Kirkland reported Friday a loss of $2 million in the second quarter, widened from a loss of $480,000 in the year-ago period. Revenue edged up 1% to $91 million, missing Wall Street’s expected $94.4 million in revenue.

Same-store sales declined 3.6%.

The retailer has cut its earnings and revenue outlooks for the year.