Department Store

Framingham, Mass. – The TJX Companies, Inc. reported increased net sales during first quarter fiscal 2014. Revenue rose almost 7% from the same quarter a year earlier to about $6.2 billion, while same store sales grew 2% on top of an 8% increase from last year. Net earnings totaled $453 million.

CEO Carol Meyrowitz said that a flexible business model allowed TJX to have a profitable quarter despite adverse weather conditions. “Flowing the right merchandise at the right time continued to be key to strong merchandise margins,” she said.

MENOMONEE FALLS, Wis. — Kohl’s has donated $1.5 million to Children’s Hospital of Wisconsin on behalf of Kohl’s Cares, the company’s philanthropic arm. 

The money will fund the Kohl’s Cares Grow Safe & Healthy program designed to make Wisconsin kids and families aware of safety risks in and out of their homes, and the necessary steps to help avoid injury. The $1.5 million gift represents the largest corporate donation to Children’s Hospital of Wisconsin this year.

Minneapolis – Best Buy reported a net loss of almost 10% for first quarter fiscal 2014, seeing its revenue drop from roughly $10.34 billion the prior year to $9.38 billion. Increased price competition and the closure of 49 large-format stores contributed to the electronics retailer’s decline in revenue. A shift in the Super Bowl, which typically drives TV sales, to the prior quarter and reduced non-core sales also impacted revenue.

Philadelphia – Urban Outfitters, Inc. reported stronger than expected net sales, which drove a 39% increase in net earnings. The specialty retailer reported record total net sales of $648 million during first quarter fiscal 2014, up 14% from $568 million in the same quarter last year. Net earnings for the quarter were $47 million, higher than analyst expectations and up 39% from first quarter fiscal 2013.

New York – Saks Incorporated reported a roughly 5% increase in total sales between first quarter 2012 and first quarter 2013, although net income dropped during that same time period. Total sales for the first quarter of this year were $793.2 million, up from $753.6 million in the first quarter of last year. However, net income of $20 million for first quarter 2013 was down close to 40% from $32.7 million for first quarter 2012. Same store sales increased 5.9%.

MINNEAPOLIS — Store closures and a shift in this year’s Super Bowl affected Best Buy’s results for the 13-week period ended May 4. 

Bellevue, Wash. – Real estate development firm Kemper Freeman is moving ahead with a $1.2 billion expansion of The Bellevue Collection, a regional shopping center located in Bellevue, Wash. The expansion will add two million sq. ft. of retail, office, hotel, residential, dining and entertainment space. The currently four million-sq.-ft. property already houses more than 250 stores and restaurants.
 

San Francisco – Pinterest, the social sharing network that many retailers use to promote products, is allowing users to share more information with their pins. Pins may now include data such as pricing, availability and where to buy products, recipe information and detailed information about movies.

So far, retailers including Home Depot, Anthropologie, eBay, Neiman Marcus, Nordstrom and Wal-Mart are partnering with Pinterest to make more product information available on pins originating from their e-commerce sites.