Discount Store

Bentonville, Ark. — Wal-Mart Stores Inc. is rearranging how responsibilities are handled by its merchandising executives. According to the Wall Street Journal, an internal company memo indicates that among the changes is a promotion to chief merchandising and marketing officer for Wal-Mart China for Marybeth Hays, currently serving as senior VP of home for Wal-Mart U.S.

Hays will replace John Furner in that role. Furner will return to the U.S. in an unspecified position.

Hoffman Estate, Ill. — A one-time gain of $2.7 billion from the creation of its publicly-traded Seritage Growth Properties real estate investment trust (REIT) pushed Sears Holdings Corp, into the black for the first time since 2012. Sears reported net income of $208 million in the second quarter of fiscal 2015, compared to a net loss of $573 million the same period the prior fiscal year.

The CEO of Citi Trends says well-managed inventories and improved merchandising helped the company deliver strong sales growth in the second quarter.

London, U.K. — Online retailing giant Amazon.com is the retail industry's fastest growing social media brand. According to the latest Retail Social Media Benchmark results from eDigitalResearch, Amazon tops both the Facebook and Twitter social media rankings.

Amazon climbed to the benchmark's top spot, thanks in part to its recent Prime Day sales event, having gained more than 1.2 million new followers on its Twitter account since the last wave back in March.

On the heels of announcing accelerated plans for expansion in the Northeast and Midwest, Stein Mart has reported impressive sales results for the second quarter.

The Florida-based off-price retailer reported net income of $4.1 million, up 58% from $1.7 million the prior year quarter. Sa,e store sales rose by 3%. Net sales rose 4% to $311.58 million from $298.16 million.

Jacksonville, Fla. — Profit almost doubled at Stein Mart Inc. during the second quarter of fiscal 2015. Stein Mart reported net income of $4.1 million, up 58% from $1.7 million the prior year quarter.

A slow pace of growth in cost of merchandise sold and essentially flat selling, general and administrative (SG&A) expenses helped drive strong profit growth. Net sales rose 4% to $311.58 million from $298.16 million.

Minneapolis – Target Corp. exceeded Wall Street projections with net earnings of $753 million in the second quarter of fiscal 2015, a 221% increase from $234 million the same period the prior fiscal year. Declining selling, general and administrative (SG&A) expenses and loss from discontinued operations helped boost profits as sales climbed.

Target reported net sales of $17.4 billion, up 2.8% over the same period last year.

Target’s better than expected second quarter profits, same store sales, rate of e-commerce growth and an increased full year forecast stood in sharp contrast to the disappointing results Walmart reported a day earlier.