FINANCE

Think online is the biggest challenge traditional retailers face? Think again.  

Retail tenants are not only reporting a strong performance for  the year so far, but are also optimistic about the next six months.  

H&M isn’t letting a weak second quarter performance stand in the way of its ambitious expansion plans.   The Swedish retailer’s profit in the quarter, which ended May 31, fell 17% to 5.357 billion Swedish kronor ($649.6 million), according to MarketWatch, as unusually cool weather dimmed sales of spring clothing and a strong U.S. dollar added to its costs. The strong dollar will have a negative impact on purchasing costs for the third quarter and a neutral effect in the fourth, the chain said.  

Specialty alcoholic beverage retailer BevMo is shuffling its leadership team as part of an organizational transformation initiative.  

Neiman Marcus is searching  for a buyer or investor, the New York Post reported.     Neiman Marcus CEO Katz recently visited China and while there met with potential buyers, including Anbang Insurance Group, which passed on an offer to buy the retailer,  the report said.  

Rite Aid Corp. reported disappointing first-quarter earnings and sales results in its first quarter amid pressure on pharmacy reimbursement rates.   The chain reported a loss of $4.6 million for the quarter ended May 28, after reporting a profit in the same period a year earlier. Excluding certain items, adjusted net income was $14.5 million, or 1 cent per diluted share, compared with 2 cents a year earlier.   The results fell short of Wall Street expectations.   

Two private equity firms have thrown their hats in the arena to buy Cabela’s.   The firms, New York-based Apax Partners and San Francisco-based TPG Capital,  are each meeting Cabela’s management as part of an auction for the 82-store chain, the New York Post reported.   Bass Pro Shops is also interested in Cabela’s, and has partnered with Goldman Sachs Group’s private equity arm to make an offer for its rival, according to Reuters.  

Wal-Mart Stores sent out a message to naysayers who say the chain’s best days are behind it.    Speaking at the Consumer Goods Forum conference in Cape Town, South Africa, Wal-Mart CEO Doug McMillion said the retailer expects to add $45 billion to $60 billion of new sales during the next three years.