Discount Store

Dollar General Corp. reported lower-than-expected revenue for the second quarter amid increasing competition and reduced food stamp coverage.   The company’s net income was $306.52 million, or $1.08 per share, in the quarter, compared to net income of $282.35 million, or $0.95 per share, in the year-ago period.   Net sales increased 5.8% to $5.39 billion, compared to $5.10 billion last year.   

The Michaels Companies, named Denise Paulonis as executive VP – CFO, effective Aug. 29. The appointment is part of the retailer’s previously announced CFO succession plan.   Paulonis, currently senior VP – finance, succeeds Chuck Sonsteby, vice chairman and CFO. He will continue to serve as vice chairman and will retain executive responsibility for the growth and integration of Lamrite West and the management of Aaron Brothers stores.    

Los Gatos Village Square

Location: 15466 Los Gatos Boulevard, between California Highways 85 and 17 in Los Gatos, California

Size: 46,235 sq. ft.

Developer: Donahue Schriber Realty Group

Grocery anchor: Trader Joe’s

Key tenants: Pet Food Express, See’s Candies, The UPS Store, AAA Automobile Club, Baja Fresh Mexican Grill

A little over one year since it acquired rival Family Dollar, Dollar Tree reported revenue that missed Wall Street expectations amid lower customer traffic.     Dollar Tree and other discounters are also feeling the impact of a recent change by some states regarding the criteria for the Supplemental Nutrition Assistance Program (SNAP), which has made thousands of households ineligible for benefits.      

Back to school sales appear to be rebounding this year after experiencing sluggish growth over the past three years (2013-2015).   That’s according to First Data’s Back-to-school SpendTrend report, which is based on aggregate same store sales activity in the First Data point-of-sale network.   Some of the most significant findings include:  

Shopko Stores confirmed Monday that executive VP of retail at Andre Persaud has left the company.

Citing costs due to strategic rebuilding initiatives, Tuesday Morning Corp. reported a loss of $3.9 million in the fourth quarter ended June 30; however, revenue edged up to $222.8 million and same-store sales increased 6%.   According to CEO Steve Becker, pre-announced priorities – including real estate, merchandising, marketing, infrastructure and talent – continue to stay at the forefront of the chain’s activities and have positively impacted top-line performance.    

Photo: Marko Kokic, Red Cross   As the national media continues to largely ignore Louisiana’s cries for help after 6.9 trillion gallons of rain pummeled the southern part of the state between Aug. 8 and Aug. 14, retailers such as Target Corp. have answered the call.