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FINANCE

  • Second quarter promising so far for Havertys

    The second quarter of fiscal 2016 is not yet over for home furnishings retailer Havertys, but shareholders may have reason to be optimistic.   Havertys reported that sales for the quarter to date are up approximately 3.6% from the same period last year and comparable store sales are up 3.2%. Total written sales for the quarter to date are up approximately 7%, and written comparable store sales rose 6.7%.   

  • Coming soon to Nordstrom — cars

    The nation’s highest-profile electric car-marker is taking an unusual route to get its product out in front of potential customers.

  • Grocer to debut new store brand

    Brookshire Grocery Co. is expanding with a new neighborhood format.    The Tyler, Texas-based supermarket operator will open 26 locations this summer under its new Spring Market banner. The stores will be on the sites of former Walmart Express stores that Brookshire is in the process of acquiring. (The acquisition is scheduled to close in July.) The locations range from southern Louisiana to west Texas.  

  • Bed Bath & Beyond acquires home décor site — probably for a steal

    Bed Bath & Beyond made another move to boost its online offerings by acquiring a home furnishings and home décor flash-sales site.

  • Music, books retailer files Chapter 11

    Draw Another Circle, the parent company of Texas-based Hastings Entertainment, has filed for Chapter 11 bankruptcy protection, with hopes of finding a buyer for its Hastings superstores.    

  • Luxury department store reports decline in sales and profit

    The combination of a cool spring and the continued pullback in luxury apparel spending took a toll on Neiman Marcus Group in the company’s third quarter.    The department store retailer’s profit plunged 80% in the period ended April 30, down to $3.8 million from $19.8 million in the year-ago period.    Total revenue for the quarter fell 4.2% to $1.17 billion, down from $1.22 billion a year ago.   Same-stores sales fell 5%.   

  • Retail sales rise in May

    Solid. That’s how many industry analysts described retail sales in May.   Driven partly by rising gasoline prices, sales increased 0.5% in May, the Commerce Department said Tuesday, above the 0.3% gain economists expected. Excluding automobiles, gasoline stations and restaurants, retail sales rose 0.2% unadjusted over April, according to the National Retail Federation.   

  • Teen apparel retailer gets final approval for DIP financing

    Aéropostale has received final approval for $160 million in debtor in-possession financing provided by Crystal Financial LLC.

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