Department Store

NEW YORK — Despite a significant decrease in net income, Saks delivered sales growth as it continues to improve its operating performance. Saks Inc. reported net income for the third quarter of $17.8 million, or 11 cents per diluted share, compared with net income of $36.3 million, or 20 cents per diluted share. 

Washington, D.C. -- Retail sales rose more than projected in October, according to figures released Tuesday by the Commerce Department. The report showed that retail sales were up 0.5% in October following a 1.1% increase in September.

Excluding automobile sales, retail sales rose 0.6% in October — the best showing since March. And when excluding autos and sales at gasoline stations, sales rose 0.7%, also the biggest increase since March.

Milwaukee -- Bon-Ton Stores Inc. said Monday that its CEO Bud Bergren will retire his position once the company finds and hires his successor.

When a new CEO is in place, Bergren will transition to chairman; current executive chairman Tim Grumbacher will vacate the chair but remain a director. Bergren has been CEO since 2004.

The succession plans comes on the heels of same-store sales dips in October and a downwardly modified outlook for the year.
 

WASHINGTON — Retail sales edged up slightly during the month of October, the U.S. Census Bureau announced Tuesday.

Adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, sales totaled $397.7 billion. Retail trade sales rose 0.6% above September and 7.3% above the year-ago period.

Adjusted grocery store sales increased to $46.8 million from $46.3 million in September, while health and personal care stores saw adjusted sales of $23.3 million from $23.1 million last month.

Framingham, Mass. -- Staples Inc. reported Tuesday that profit for the third quarter climbed 13% to $326.4 million, from $288.7 million a year earlier. Earnings met Wall Street expectations.

Revenue rose 1% to $6.57 billion from $6.54 billion, missing analysts’ expected $6.71 billion. North American retail unit revenue was flat at $2.7 billion, with same-store sales down 1%. International revenue slid 7% on a local currency basis to $1.3 billion, leading the retailer to adjust its full-year forecast downward.

The Canada served up to Americans when they visit the country’s pavilion at Disney’s Epcot Center in Orlando is one of lumberjacks, lakes and abundant wildlife roaming virgin forests. While those elements exist, according to Jeff Doucette, a resident of Calgary in the Western province of Alberta and founder of the strategic consulting firm Sales Is Not Simple, the Canada portrayed at the Disney resort is far removed from the average Canadian’s daily existence and the marketplace Target will enter in 2013.

Plano, Texas -- J.C. Penney Co. reported Monday a loss of $143 million for the quarter ended Oct. 29, compared with a profit of $44 million in the year-ago period. Sagging comps and shrinking margins led to the performance decline.

For the quarter, sales dropped 4.8% to $3.99 billion, reflecting the company’s exit from its catalog and catalog outlet businesses, which it sold off during the quarter. 

As previously reported, same-store sales dipped 1.6%.

High on the list of things that can go wrong with Target’s entry into Canada is Quebec. The large province accounts for about 23% of the nation’s nearly 35 million residents, and because French is the official language, it means Target decision to acquire Zeller’s leases means it is essentially entering two international markets simultaneously.