Department Store

FRAMINGHAM, Mass. — TJX reported that net sales for the second quarter of fiscal 2013 increased 9% to $5.9 billion and consolidated comparable-store sales increased 7%. Net income for the second quarter was $421 million and diluted earnings per share were 56 cents, a 24% increase over 45 cents per share last year.

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.
   

From J.C. Penney to Target to Selfridges, retailers across the spectrum are giving over valuable floor space to in-store shops. Here are some interesting observations on the phenomenon from Joanna Felder, VP intelligence and brand strategy at Chute Gerdeman, Columbus, Ohio.

Shop-in-shops offer retailers the magic formula of flexibility, brand-enhancing cachet and the ability to attract new customer segments. The opportunity has never been better for young, entrepreneurial hip brands to find a mainstream home.

HOUSTON — Stage Stores has signed an agreement with Alliance Data Retail Services, making it the provider of a full suite of private label credit card services geared toward driving sales and brand loyalty to grow Stage Stores’ customer base. In addition, Alliance Data and Stage Stores will collaborate to develop and launch a new, simplified loyalty program, with enhanced benefits and incentives exclusive to cardholders.

Houston -- Stage Stores and Alliance Data Systems Corp. announced Monday they have forged private-label credit card renewal agreement.

Hoffman Estates, Ill. -- A report released Monday by the Associated Press said that Sears Holdings Corp. would be spinning off its Hometown and Outlet stores, along with some hardware stores, into a separate, publicly traded company.

Earlier this year, Sears had revealed it would split the companies but had not indicated the new organization would be a separate public entity.

There are approximately 1,238 Hometown, Outlet and hardware stores. Five Hometown stores have been closed, along with eight hardware stores and one Outlet unit.

Plano, Texas -- J.C. Penney Co. reported Friday a bigger-than-expected second-quarter loss of $147 million, compared with net income of $14 million in the same period last year.

Sales plummeted 22% to $3.02 billion from $3.9 billion, and same-store sales tumbled 21.7% after an 18.9% fall in the first quarter. Wall Street had forecast revenue of $3.2 billion.

Facing the investment community on Friday, CEO Ron Johnson admitted to some strategic pricing mistakes, but said he and his team will stay the course.