Department Store

Purchase, N.Y. -- A SpendingPulse report Tuesday by MasterCard Advisors, in partnership with Wells Fargo, found that July spending at small retailers slowed to 6% year over year. 

This was lower than June’s small retailer growth rate of 8%. The July report also found that with or without food service and gasoline sales, July’s small business growth was the lowest for the past 12 months.

Framingham, Mass. -- TJX Cos. reported Tuesday that net income for the quarter ended July 28 soared 20.9% to $421.1 million, up from $348.3 million and marking the discounter’s third consecutive quarter of rising profits.

Revenues beat projections by climbing 8.7% to $5.95 billion.

The owner of the Marshalls and T.J. Maxx chains raised its full-year profit forecast.

NEW YORK — American designer, Narciso Rodriguez, will begin an advisory role on Aug. 20 with Banana Republic in partnership with its EVP design and creative director, Simon Kneen, beginning with the fall 2013 collection. In an effort to build upon the strengths of the brand, Banana Republic has created this advisory role specifically for Rodriguez.

New York CIty -- Michael Kors Holdings Ltd. reported Tuesday that first-quarter profit more than doubled to $68.6 million, from $24.1 million in the year-ago period.

Revenue surged 71% to $414.9 million, after the company opened 76 new stores and grew same-store sales by 37%. Wall Street forecast revenue of $368.3 million.
 

Glenwillow, Ohio -- Fashion retailer Dots announced Tuesday it has named former Wal-Mart Stores senior VP Lisa Rhodes as its new CEO.
   
Rhodes, who led Wal-Mart’s U.S. apparel merchandising division, has been charged with leading Dots’ march toward 1,000 stores, also announced Tuesday.
    
Prior to her role at Wal-Mart, Rhodes was executive VP and chief merchandising officer for Maurice’s.
   

New York -- A report released Tuesday by Capital Business Credit found that, overall, importers and manufacturers who sell to America's major retailers are preparing for a surprisingly stronger winter shopping season than expected.

According to the quarterly "Global Retail Manufacturers and Importers Survey," 77% of importers of retail goods believe the fall/winter season will be the same or stronger than last year.

As a leading retailer, you know what your customer wants, and you’ve done the hard work of building the right assortment, sourcing from the right factories, and making it available in time for the season. Now you need to make sure that your customers can have what they want when they want it.   

Washington, D.C. -- Fueled by strength from department stores, electronics and the automobile sector, retail sales advanced 0.8% in July, the first gain in four months, according to a report released Tuesday by the Commerce Dept.

The bigger-than-expected increase followed a 0.7% decline in June that was weaker than first reported. Bloomberg forecast a 0.3% rise in July. The results have buoyed feelings overall that the economy may be improving, albeit at a moderate pace.