Retail

Bollingbrook, Ill. -- Ulta Beauty came out of the gate running in the first quarter, reporting better-than-expected income and revenue amid strong same-store sales and online growth. The retailer plans to expand square footage by approximately 13% in 2015, with the opening of 100 net new stores.

Ulta Beauty said its net income increased to $66.9 million in the quarter, ended May 2, compared to $50.0 million in the year ago period.

Armonk, N.Y. – IBM has released new industry-specific solutions with pre-built predictive analytics capabilities for industries including retail, to uncover and act on critical business insights. IBM is working with retail signature design partners including Urban Outfitters.

In what has become a familiar industry tale, the Belk department store chain’s investments in omnichannel drove first quarter sales growth but negatively affected profits.

Memphis, Tenn. – Fred’s Inc. beat Wall Street expectations for profit despite swinging to a net loss of $29,000 in the first quarter of fiscal 2015 from net income of $6.1 million in the same period the prior year. The retailer missed on net income of $509 million, up 2% from $498.3 million.

Higher salary and benefit costs helped move Fred’s into the red. Same-store sales climbed 0.8%.

Jerry A. Shore, CEO, said pharmacy is a critical component of Fred’s strategy for profitability moving forward.

On the heels of an expectation exceeding first quarter performance, Brown Shoe Company’s new “Caleres” corporate identity takes effect following the company’s shareholders meeting on May 28, which begs the question, what’s a Caleres?

Carpinteria, Calif. – America’s love affair with credit cards continues heating up. According to The Nilson Report, purchase volume at merchants for general purpose-type consumer and commercial credit, debit, and prepaid cards issued in the U.S. totaled $4.91 trillion in 2014, up 8.4% from 2013.

Credit cards increased their market share in purchase volume compared to debit and prepaid cards to 53.59% in 2014, up from 52.95% in 2013.

Bentonville, Ark. -- Walmart and the attorney for comedian/actor Tracy Morgan have reached a settlement agreement, ending a civil lawsuit related to a crash on the New Jersey Turnpike last June. The terms and conditions of the settlement with Morgan and the other plaintiffs remain confidential.

New York - Fairway Group Holdings Corp., the parent company of Fairway Market, moderately shrunk its net loss in the first quarter of fiscal 2015.

The retailer reported net loss of $8.54 million, down 3% from $8.84 million a year earlier. The decrease in the net loss was primarily attributable to a decrease in general and administrative expenses, production center start-up costs and direct store expenses, partially offset by lower gross profit and an increase in the income tax provision, interest expense and store opening costs.