Discount Store

Big Lots topped Street estimates in its second quarter as shoppers continue to seek out bargains.    Net income rose 28.2 % to $29.1 million, or $0.67 per diluted share, in the quarter ended July 29, 2017, from adjusted income of $23.4 million, or $0.52 per diluted share, in the year-ago period. Analysts had expected the company to earn $0.62 per share  

Restaurants, off-price retailers, dollar stores and furniture outlets are likely to remain firmly in the brick-and-mortar corner even with the continued rise of online shopping.   That is according to a new report by JLL, which explores the relationship between how shoppers value goods and the way 13 retail categories will be sold.  

Sears Holdings Corp.'s second-quarter earnings beat the Street as it benefitted from cost-saving initiatives. But it continued to struggle with weak traffic and declining sales, and added 28 more locations to its long list of store closings.    Sears reported that its second-quarter loss narrowed to $251 million, or $2.34 per share, in the quarter ended July 29, helped by cost savings resulting from the streamlining of operations and store closings.  

Dollar Tree turned in a strong quarterly performance that blew past profit and sales forecasts as consumers' love affair with dollar stores shows no signs of abating.    Net income rose to $233.8 million, or 98 cents per share, in the second quarter ended July 29, from $170.2 million, or 72 cents per share, in the year-ago period. Excluding items, Dollar Tree earned 99 cents per share, beating the analysts' estimate of 87 cents per share.  

An 11-year veteran of Canadian department store giant HBC is stepping down.    HBC, whose banners include Hudson's Bay, Saks Fifth Avenue, and Lord & Taylor, announced that Don Watros, president of HBC International, has made the decision to leave, effective September 29, 2017. The company did not name a successor.   

Target Corp. has tapped a McKinsey & Company veteran to head up its innovation efforts.    The retailer appointed Minsok Pak as executive VP, chief strategy and innovation officer. He replaces Casey Carl, who left the company in May.   

Retailers still have time to capitalize on their second biggest selling season of the year.   Only 45% of households with children in grades K-12 had completed of their shopping as of early August, according to the National Retail Federation’s annual survey conducted by Prosper Insights & Analytics. That’s down from 52% at the same time in 2013 and 48% last year.     

Discount footwear retailer DSW topped analysts’ predictions for the second quarter fueled by an unexpected increase in same-store sales.   Net income was $28.6 million, or 35 cents a share, in the quarter that ended July 29, compared with $25 million, or 30 cents a share, in second quarter 2016.   Sales rose 3.3% to $680.4 million. Same-store sales edged up 0.6%, the first positive comp quarter since 2015. Analysts had expected same-store sales to fall 2%.