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  • Amazon to collect sales tax—and build two DCs—in New Jersey

    New York -- Amazon.com Inc. will begin collecting 7% sales tax from New Jersey residents starting in July 2013. The online giant announced the agreenment on Wednesday at the Statehouse in Trenton, N.J.  It also announced it will build two distribution centers in New Jersey.

    Each warehouse will measure about one million square feet. The centers will create a projected 1,500 full-time jobs and would enable the state of New Jersey to collect an estimated $30 to $40 million in tax revenue.

  • J. Crew Q1 profits nearly double; same-store sales jump 16%

    New York -- J. Crew Group recorded a boost in first-quarter net income on strong sales. Profits nearly doubled to $30.7 million in the quarter ended April 28, from $16.2 million in the year-ago period.

    Revenue grew 23% to $503.5 million, with same-store sales increasing 16%. Store sales were up 26% to $354 million, while direct sales grew 19% to $143.4 million.

  • Pier 1 Q1 same-store sales up 7.2%

    FORT WORTH, Texas -- Pier 1 reported that same-store sales rose 7.2% in the first quarter, helped by strong holiday assortments. First-quarter revenue was up 8% to $361 million, beating Wall Street's estimate of $360.7 million.

    President and CEO Alex Smith said Thursday that the shoppers have been buying the retailer's Easter, spring, Mother's Day and Memorial Day products.

  • Kronos labor index: Job market more favorable for applicants

    Chelmsford, Mass. -- Kronos Inc. said Thursday that its Retail Labor Index for May, which characterizes the current state of the demand and supply sides of the labor market within the U.S. retail sector, rose to 4.1%. (This index is defined as the ratio of hires to applications within a given month, expressed as a percentage. A level of 3.0% means that for every 100 applications received, three hires occurred).

    The May reading of the Retail Labor Index reflected a moderate decline in hiring outpaced by a sharp drop in applications.


  • Fresh Market Q1 profit soars 43%; on track to open up to 16 stores in 2012

    Greensboro, N.C. -- Fresh Market reported Wednesday that profit for the first quarter climbed 43% to $19.3 million, from $13.5 million in the year-ago period.

    Revenue rose 23% to $324.8 million, compared with $264.5 million in the previous year and surpassing Wall Street’s expected $310.6 million in revenue.  Same-store sales increased 8.2%. The strong performance across the board prompted the grocer to bump its outlook for the year.

  • Report: J.C. Penney to add more promotions

    New York -- J.C. Penney appears to be relenting a bit on the strict non-promotional strategy launched by CEO Ron Johnson.

    In a report on CNBC.com, Deutsche Bank analyst Charles Grom said the chain has added five "Best Price Friday" events to its calendar. The first took place the Friday of Memorial Day weekend, and another is scheduled for Black Friday in November. Others may occur at peak sales times, according to Grom.

  • Survey: Spending by young adults more impacted by green behavior

    New York -- A survey released Wednesday by Harris Interactive found that spending can be impacted by concern for the environment. While that has remained constant among many age groups, more young adults ages 18-to-24 say they are taking the environment into consideration when making purchases.

  • Consumer sentiment at highest level since fall 2007

    New York -- Consumer confidence in May rose to the highest level since October 2007, according to the Thomson Reuters/University of Michigan final index of consumer sentiment. The index rose increased to 79.3 from 76.4 the prior month. 

    Industry analysts said a decline in gas prices and an improving housing market is helping offset slower job growth and volatile stock prices.

    Estimates for the confidence measure ranged from 76 to 79, according to a Bloomberg survey of 60 economists.
     

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