Department Store

The Obama administration’s plan to revise federal overtime regulations would likely “hollow out” low- and mid-level management positions in the retail industry and result in a shift toward more hourly and part-time workers, according to a new National Retail Federation (NRF) report.

Seattle - Nordstrom Inc. is launching a text-based shopping service called TextStyle at all 116 U.S. stores. Customers can now make curated purchases from their salesperson or personal stylist using text messaging.

In 2014, the retailer launched Next, an opt-in, secure one-to-one service that lets Nordstrom customers communicate with their salesperson using their smartphone. TextStyle leverages the security, privacy and capabilities built into the Nordstrom Next texting service.

Record Mother's Day sales couldn't lift profit at Stage Stores Inc., which narrowed its loss but reported disappointing same store sales in the first quarter.

Houston – Stage Stores Inc. beat Wall Street expectations with a loss but missed with decidedly revenue in the first quarter of fiscal 2015. The retailer reported net loss of $8.64 million, an improvement from a net loss of $18.79 million the same quarter a year earlier.

Framingham, Mass. – The TJX Cos. enjoyed a successful first quarter of fiscal 2016 that included profit results surpassing Wall Street expectations. TJX reported net income of $474.6 million, up 4% from $454.32 million a year earlier.

Growth in expenses and cost of sales did not keep pace with revenue growth, resulting in higher pretax income that fueled the profit increase. Net sales rose 6% to $6.86 billion from $6.49 billion. Total same-store sales growth of 5%, driven by increased customer traffic, helped boost revenue.

Strong traffic continues to boost sales and profit at TJX Cos. Inc., which raised its annual guidance after reporting that earnings rose 4.5% in the first quarter.

The off-price retailer said that net sales for the first quarter ended May 2 increased 6% to $6.9 billion, and same store sales increased 5%. Net income for the first quarter was $475 million, and diluted earnings per share were 69 cents, an 8% increase over the prior year.

New York - BGC Partners Inc., a global brokerage company servicing the financial and real estate markets, has entered into an agreement to acquire Excess Space Retail Services Inc. Excess Space is a premier provider of real estate disposition, lease restructuring and lease renewal services, as well as related valuations for retailers nationwide and currently advises on 35.6 million-sq.-ft. of retail space in North America.

Ascena Retail Group may be looking to attract younger, more career-oriented shoppers with its $2.15 buyout of rival Ann Inc.