Retail

New York -- A Wednesday report by Women’s Wear Daily quoted activist investor Bill Ackman, whose Pershing Square Capital Management is the largest shareholder of J.C. Penney Co., as saying that he won’t abandon the retailer following this week’s CEO shake-up.

"We are not going anywhere," Ackman told WWD in his first public comments since Ron Johnson was fired as CEO on Monday. "In fact, we're going the other direction. We're digging in."

Pittsburgh -- American Eagle Outfitters said Wednesday it has named Kitty Yung to the position of EVP/president of Asia Pacific, charged with supporting the chain’s global geographic and channel growth “while aligning with our strategic plan of fortifying core assets, growing North America and transforming to a global omni-channel competitor …,” said Robert Hanson, CEO.

By Mark Ledbetter, [email protected]

There's a season for everything, and that's no less true for retailers. Merchants have historically enjoyed a central position in the retail universe, driving everything from pricing to availability. How quickly things have changed. Today, try telling a 19-year-old that she can't get a discount on the slightly frayed jeans she found on the discount rack. She'll buy a similar pair online and Tweet about it so fast, it will make your head spin!

Green Bay, Wis. -- Shopko said Wednesday that it has named Michael B. Cooper as senior VP marketing for the company, charged with leading the branding strategy and marketing initiatives.  

Cooper joined Shopko from Office Depot, where he was most recently VP marketing, and directed the office supply retailer’s strategic planning and allocation of the company’s marketing budget.

Arlington, Va. -- A statement by The Retail Industry Leaders Association regarding President Obama’s 2014 budget proposal was issued Wednesday, saying, “While we applaud the President for recognizing the urgent need for revenue neutral corporate tax reform, his proposal falls short of the bold reforms needed.” said Bill Hughes, SVP government affairs.  

Union, N.J. -- Bed Bath & Beyond Inc. reported Wednesday that net income for the quarter ended March 2 increased 14% to $373.9 million, compared with $351 million in the year-ago period. But the retailer’s guidance for the current quarter came up short.

Sales leaped 24.5% to $3.401 billion, from $2.732 billion, and same-store sales rose 2.5%.

For the fiscal year, net earnings rose 12% to $1.038 billion), from $989.5 million. Full-year revenue rose 14.9% to $10.915 billion, and same-store sales for fiscal 2012 increased 2.7%.

Matthews, N.C. -- Family Dollar Stores reported Wednesday that net income for the quarter ended March 2 edged up to $140.1 million, compared with $136.4 million in the year-ago period.

Sales increased 17.7% to $2.89 billion from $2.46 billion, and same-store sales rose 2.9%.

Dallas -- Tuesday Morning Corp. said total sales for the third quarter ended March 31 increased 3.1% to $178.1 million, from $172.7 million in the year-ago period.

Same-store sales rose 2.8%, boosted by increases in average transaction value and customer traffic.
 
For the nine-month period ended March 31, revenue at stores open at least a year increased 3.7% and total sales rose 3.2% to $636.2 million, from $616.4 million.

The company plans to release its full third-quarter results on April 25.