Department Store

The retail industry, yours truly included, has had a watchful eye on J.C. Penney ever since CEO Ron Johnson took over and announced his plans to revamp the iconic retailer. Many experts have shared their concerns over the new direction and, as the second quarter numbers would indicate, cause for concern is clearly warranted. With overall sales plummeting nearly $1 billion dollars, and earnings plunging from an expected $41 million profit to an $81 million loss, the company is down $1.7 billion in sales and $260 million in earnings in the first half of the year, compared to 2011.

Dallas -- Neiman Marcus Group said Tuesday it has named Joseph Weber as senior VP and chief human resources officer, effective Sept. 4.

Weber joins the retailer from Bank of America Corp., where he was most recently head of human resources EMEA, Latin America and Canada. 

New York -- Casual Male is shifting its focus to its Destination XL (DXL) format. By the end of 2015, the company expects to have closed all 400 Casual Male stores and have 225 to 250 DXL units, according to Women’s Wear Daily.

The DXL stores feature a wide array of merchandise, including both private label and name brands, and price points that range from the lower-end to the more upscale. By the end of 2012, the company expects to have 51 DXL stores in operation, the report said.

New York -- Barnes & Noble reported Tuesday that it lost $41 million in the first quarter, compared with a loss of $56.6 million in the same period last year.

Results were bolstered by sales of e-books and other digital content, said CEO William Lynch.

Overall revenue rose 2% to $1.45 billion, and same-store sales climbed 4.6%. Sales in the retail segment also rose 2% -- to $1.1 billion.
 

DALLAS — Tuesday Morning's net loss widened to $2 million, or 5 cents per diluted shared for its fourth quarter, from $1.4 million, or 3 cents per diluted share for the same period last year.

Topeka, Kan. -- Collective Brands stockholders voted at a special meeting on Tuesday to approve the sale of the company for about $1.32 billion.

Collective, which owns the Payless and Stride Rite shoe store banners, had announced in May that it accepted a purchase offer from a group that includes Wolverine Worldwide Inc., Blum Capital Partners and Golden Gate Capital.

As a prelude to the upcoming World Retail Congress in London (September 19- 21), five retail leaders who will be speaking at the event participated in the following Q&A:

What would you say is the biggest issue facing retailers today?
 

Dallas -- Tuesday Morning Corp. said Monday that it lost $2 million in the quarter ended June 30, widened from a loss of $1.4 million in the same period last year. The retailer cited costs associated with terminating its CEO for the weakened showing.

Sales were nearly flat at $196.4 million, and same-store sales inched up a slight 0.2%. For the full year, the company recorded net income of $3.9 million, compared with $9.6 million in the prior year. Sales slipped 1% to $812.8 million.