Department Store

PHILADELPHIA — Urban Outfitters, which caters to a clientele with a unique and forward-looking approach to fashion and lifestyle merchandise, missed the mark during the second quarter, reporting a 21% profit decline and a same-store sales slip of 2%.

The company reported that earnings for the quarter were $56.7 million compared $71.7 million a year earlier. The company blamed increased expenses related to investments in e-commerce, retail catalogs and technology for the performance slip.

FRAMINGHAM, Mass. — TJX announced that net sales for the second quarter of fiscal 2012 increased 8% to $5.5 billion and consolidated comparable-store sales increased 4%. Net income for the second quarter was $348 million and diluted earnings per share were 90 cents, compared with 74 cents per share last year. 

Hoffman Estates, Ill. -- Sears Holdings Corp. said Tuesday it has named Robert A. Schriesheim as executive VP and CFO.

Schriesheim’s position as executive VP is effective immediately, and he will begin his CFO duties on Aug. 22.

Schriesheim most recently was CFO for Hewitt Associates, leading the company's global financial and administrative roles until its merger with Aon Corp. He replaces acting CFO Bill Phelan.

New York City -- Barneys New York said Monday it is teaming up with pop singer Lady Gaga on a holiday campaign and Christmas window display to be called Gaga’s Workshop.

The luxury department store retailer said that, in addition to the Gaga-themed window display, it will devote an entire floor of its Madison Avenue flagship to Gaga’s Workshop. The campaign will also feature limited-edition gift items and specially themed holiday shopping bags and packaging.

HOFFMAN ESTATES, Ill. — Sears Holdings announced Tuesday that Robert Schriesheim will join the company as EVP and CFO.  Schriesheim, who starts with the company immediately as EVP, will assume his responsibilities as CFO effective Aug. 22.

Schriesheim, 51, most recently was CFO for Hewitt Associates, leading the company's global financial and administrative roles until its merger with Aon Corp.

Philadelphia -- Urban Outfitters reported Monday that profit for the quarter ended July 31 dropped 21% to $56.7 million, from $71.7 million a year earlier. The company blamed increased expenses related to investments in e-commerce, retail catalogs and technology for the performance slip.

The operator of Urban Outfitters, Anthropologie, Free People and Terrain clothing stores saw revenue rise 10% to $609.2 million, beating analysts’ expected $604.1 million.

Same-store sales slipped 2%.

 

New York City -- Saks reported Tuesday that it has tightened its losses in the quarter ended July 30, posting a loss of $8.4 million compared with a loss of $32.2 million in the year earlier period.

The luxury retailer cited increased full-price selling for the improvement, but warned Wall Street that it was heading into the fall selling season with caution because of the uncertain economic conditions.
 

NEW YORK — Saks Inc. reported a second-quarter net loss of $8.4 million, or 5 cents per diluted share. For last year’s second quarter, the company posted a net loss of $32.2 million, or 21 cents per share. 

Revenue rose 13% to $670.2 million from $593.1 million, beating Wall Street's $657.4 million. Same-store sales surged 15.5%, surpassing Saks' expectations.