Department Store

DALLAS — J.C. Penney Co. posted a wider-than-expected loss in the second quarter on a nearly 12% drop in revenue. But even though Penney’s results were worse than expected, there were small signs that interim CEO Myron Ullman may be starting to stop the bleeding related to former CEO Ron Johnson’s failed transformation of the chain.

The quarter was the first entirely under the watch of Ullman, who returned to Penney in April to undo the strategy put in place by Johnson, who planned to transform Penney stores into a series of branded in-store shops.

In the 1980s, animated public service commercials featuring McGruff the Crime Dog exhorted viewers that: “Together, we can take a bite out of crime.” Two decades later, department store retailer J.C. Penney is taking that spirit of teamwork to cooperatively use technology to combat retail crime in the greater Chicago area.

Barnes & Noble’s founder, chairman and largest shareholder, Leonard Riggio, is calling off his offer to buy the company’s retail business, following a worse-than-expected net loss of $87 million for the first quarter, compared to a loss of $39.8 million in the year-ago period. 

DALLAS — Closeout retailer Tuesday Morning announced the appointment of Michael Rouleau to CEO, effective immediately. Rouleau, who was appointed interim chief executive in March 2013, will also continue to serve on the company's board of directors, which he joined in November 2012.

DALLAS — Closeout retailer Tuesday Morning has named Michael Rouleau as the company’s CEO. Rouleau, who was appointed interim chief executive in March 2013, will also continue to serve on the company's board of directors, which he joined November 2012.

DALLAS — Although J.C. Penney reported a wider-than-expected loss in the second quarter on a nearly 12% drop in revenue, small signs suggest that interim CEO Myron Ullman may be starting to turn things around.

The quarter was the first entirely under Ullman’s watch. Ullman returned to the retailer in April to undo the strategy put in place by Ron Johnson, who planned to transform J.C. Penney stores into a series of branded in-store shops.

FRAMINGHAM, Mass. — TJX Cos. reported that its fiscal second-quarter net income rose a better-than-expected 14%. The off-price retailer also increased its profit outlook for the year.

The company earned $479.6 million for the quarter, which ended on Aug. 3, up from $421.1 million in the same quarter last year.

PHILADELPHIA — A favorable customer response to product offerings at Urban Outfitters contributed to the retailer’s net income of $76 million for the three months ended July 31.

Total company net sales for the second quarter increased 12% to a record $759 million. Same-store sales, including the company’s direct-to-consumer channel, increased 9%.

Comparable retail segment net sales increased 38% at Free People, 9% at Anthropologie and 5% at Urban Outfitters. Wholesale segment net sales rose 17%.