Department Store

Washington Prime Group and O’Connor Capital Partner announced the formation of a joint venture partnership in seven open-air retail centers. WPG will be the controlling partner with a 51% stake.   The seven properties are:   • Arbor Hills in Ann Arbor, Michigan;  • Classen Curve/Nichols Hills Plaza/The Triangle at Classen Curve in Oklahoma City;  • Gateway Center in Austin, Texas;  • Palms Crossing in McAllen, Texas;

At headline level, Target's results are a lot better than feared. The pace at which total and comparable sales are declining has eased over the prior quarter, and the company helped itself to a 7.7% increase in net earnings. Against a tumultuous retail backdrop, this is a not so terrible performance.  

Ralph Lauren Corp. has named a 25-year Proctor & Gamble executive to head up its ongoing turnaround effort.     The company appointed Patrice Louvet as president and CEO, effective July 17, 2017. At the time, he will also be appointed to the board. Louvet will dual report to founder Ralph Lauren in his capacity as executive chairman and to the company’s board.  

Target Corp.’s efforts to turnaround its business appear to be taking hold — at least based on its better-than-expected first quarter performance.     The discounter broke through the gloom that has characterized many other retailers’ first quarter results with earnings and sales that beat the Street and its own expectations. The company also gave a brighter outlook for the full year.   

Urban Outfitters reported disappointing results for its first quarter, weighed down by heavy promotional activity at its namesake and Anthropologie banners.    The company’s net income fell 60% to $11.94 million, or $0.10 per share, down from $29.56 million, or $0.25 per share, in the year-ago period. Analysts had expected the company to earn $0.16 per share,   

A month after it announced it would close 400 stores, the other shoe has dropped at Rue 21.   The Warrendale, Pennsylvania-based retailer announced it has filed for Chapter 11 bankruptcy protection and entered into agreements with some of its lenders to reduce the company's debt and provide additional capital in support of its restructuring. The company, which expects to continue normal business operations throughout the process, listed its assets and liabilities in the range of $1 billion and $10 billion, according to its court filing.

The TJX Companies had a rare sales miss in its first quarter, and gave second quarter guidance below expectations.    Net sales for the first quarter, ended April 29, increased 3% to $7.8 billion. Analysts had expected $7.88 billion. Consolidated same-store sales increased 1% over last year’s 7% increase, just missing analyst’ estimates.   

Walmart is the subject of a federal lawsuit involving its alleged treatment of pregnant workers.