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Department Store

  • Comp-store sales slip at the Bon-Ton Stores

    YORK, Pa. — Bon-Ton Stores pointed to inclement weather in its markets and higher gas prices in the Northeast and Midwest for overall sales weaknesses which translated into a same-store sales decrease of 6.4% for the second quarter ended Aug. 3.

    The unfavorable shift in consumer spending patterns affected the company’s total sales for the quarter, which decreased 6.3% to $557 million, compared with $595 million for the prior-year period.

  • J.C. Penney adopts poison pill as protection against hostile takeovers

    Plano, Texas -- J.C. Penney Co. isn’t taking any chances. The retailer on Thursday announced it has adopted a one-year shareholder’s rights plan to protect itself against any future hostile takeover efforts.

  • Abercrombie & Fitch Q2 results disappoint; outlook below estimates

    New Albany, Ohio -- Abercrombie & Fitch Co. earned $11.4 million for the second quarter, down from $17.1 million in the year-ago period, amid a 10% drop in same-store sales. The retailer, whose results missed analysts' estimates, also gave a third-quarter earnings forecast well below Wall Street expectations.

    Abercrombie & Fitch and many other teen retailers have struggled of late, with their sales impacted not only by financially constrained consumers but also by the inherent fickle nature of their customer base.

  • Stein Mart comp-store sales rise

    Stein Mart is preparing to launch its e-commerce business. The company expects the initiative to have a negative bottom line impact this year, in part, because of startup costs.

    For the second quarter ended Aug. 3, however, the company is enjoying total sales of $291 million, up 3.8% from the prior-year quarter. Comparable store sales increased 6.4%. 

  • Stage Stores Q2 profit drops 18%

    Houston -- Stage Stores Inc.'s second-quarter net income dropped 18% and the department store operator lowered its expectations for the year.

    The retailer earned $9.6 million in the quarter that ended Aug. 3, compared to $11.7 million last year.

    Revenue rose more than 3% to $395.3 million, missing Wall Street expectations.

     

  • Stein Mart Q2 profit jumps 48% on same-store sales

    Jacksonville, Fla. -- Stein Mart Inc. reported that its second-quarter net income increased 48%, helped by higher same-store sales. The retailer also announced that the SEC is conducting an investigation related to Stein Mart's restatement of prior years' financial statements and its change in its auditors.

    For the quarter ended Aug. 3, Stein Mart earned $3.4 million up from $2.3 million in the same quarter of 2012.

    Revenue increased 4%, to $291 million from $280.4 million. Same-store sales rose 6.4%.

  • Comps keep sliding at Sears and Kmart

    HOFFMAN ESTATES, Ill. — Sears Holdings saw revenues decrease to $8.9 billion for the quarter ended August 3, from $9.5 billion for the year-ago quarter. Fewer Kmart and Sears full-line stores accounted for approximately $210 million of that decline. 

  • Sears Q2 loss widens amid weakening sales and loyalty program discounts

    Hoffman Estates, Ill. -- Sears Holdings’ second-quarter loss widened as the company was challenged with store closings, weak sales and deep discounts. Its performance was also impacted by the lingering effects from its spinoff of its Hometown and Outlet Stores banner.

    For the period ended Aug. 3, Sears lost $194 million, compared with a loss of $132 million in the year-ago period.

    Revenue dropped 6% to $8.87 billion, from $9.47 billion. Same-store sales fell 1.5%, with a 2.1% drop at Kmart and a 0.8% drop at Sears.

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