Department Store

New York – Ann Inc. beat Wall Street expectations with strong profit growth in the first quarter of fiscal 2015, but revenue growth fell short of the Street’s outlook. 
  The company, which  is being acquire by Ascena Retail Group for $2.2 billion, reported that its net income more than doubled to $13.6 million from $5.2 million the same quarter a year earlier, driven by lower restructuring charges and selling, general and administrative (SG&A) expenses that more than offset a softer gross margin.

The CEO of Gap Inc. says efforts to improve "product acceptance" at Gap and Banana Republic stores is a work in progress that continues to drain on the company's financial results, which included an 8% decline in its first-quarter profit.

Omaha, Neb. – Gordman’s Stores Inc. swung to net income of $400,000 in the first quarter of fiscal 2015 from net loss of $700,000 in the same period the prior year. Improved control of store, corporate and insurance expenses, as well the paydown of a loan, helped push Gordman’s into the black.
 

York, Pa. – Net loss at The Bon-Ton Stores Inc. widened to $34.1 million in the first quarter of fiscal 2015, from $31.5 million in the same quarter the prior year. Increased cost of sales and depreciation and amortization helped increase net loss.

Total sales inched up to $610.9 million from $607.5 million, while same-store sales increased 0.8%. E-commerce sales increased at a double-digit rate due to a higher conversion rate.

Fort Myers, Fla. – Chico’s FAS announced that CEO and president David F. Dyer intends to retire in spring 2016, at the end of the company’s fiscal year.

He will remain in his current role until a successor is appointed, and will remain on the board in the newly-created role of vice chairman until June 2016. The women’s specialty apparel retailer has retained executive search firm Herbert Mines Associates to assist in finding a new chief executive.

Demand for iPhone 6, big TVs and appliances surged at Best Buy in the first quarter, enabling the company to report a much-better-than expected same store sales increase.

One of Macy’s most glittering promotional events will be back this Fourth of July, and it will be bigger and bolder than ever.

Macy’s and New York City Mayor Bill de Blasio announced this week that Macy’s will once again sponsor the nation’s largest Independence Day pyrotechnic display. This year Macy's is expanding the event to two locations. The show will begin at approximately 9:20 p.m. and dazzle the shorelines of Manhattan, Queens and Brooklyn.

San Francisco – Williams-Sonoma Inc. exceeded Wall Street expectations with earnings and sales in the fiscal 2015 first quarter. From the same period the previous year, net income declined 3% to $44.79 million from $46.16 million.

Increases in cost of goods sold and selling, general and administrative (SG&A) expenses helped reduce net income. Net revenues rose 6% to $1.03 billion from $973.33 million. The West Elm banner had particularly strong sales growth.