Discount Store

America is on sale for foreign tourists thanks to the weak U.S. dollar, and it has been a boon for retailers who operate stores in key destinations. Nowhere was this phenomenon more evident than last week when Tiffany & Co. reported spectacular second quarter results that were aided by a 41% sales increase at its flagship New York store. That location is frequented by tourists, and so is the Saks flagship New York location, which reported a second quarter comp increase in the neighborhood of 15%.

MEMPHIS, Tenn. — Southeastern discount banner Fred's on Thursday morning reported that the consumer continues to be challenged by economic pressures. "In key markets we continue to see swings in sales [tied to] the payroll cycle," Bruce Efird, Fred's president and CEO, told analysts during a conference call this morning. Efird also reported an increase in government assistance utilization.

The world is full of powerful women, but a recent listing of the 100 most powerful by Forbes indicates that, with a few exceptions, they don’t think many are involved in the retail and consumer packaged goods world.

COLUMBUS, Ohio — Despite a comps dip during its second quarter, Big Lots performance was enough for the company to raise its fiscal 2011 guidance.

Big Lots reported net income of $35.7 million, or 50 cents per diluted share, for the second quarter of fiscal 2011 ended July 30.  This compares with net income of $38.9 million, or 48 cents per diluted share, for the second quarter of fiscal 2010. 

ENGLEWOOD, Colo. — Sports Authority announced that Darrell Webb has been named as interim CEO of the company, replacing David Campisi who is resigning as CEO and president of the company. 

As previously reported by Retailing Today, Webb currently serves as the chairman and CEO of Jo-Ann Stores. Webb previously has held senior positions at The Kroger Company, Fred Meyer Stores and Quality Food Centers. Webb will retain his position as chairman of Jo-Ann Stores while serving as Interim CEO of Sports Authority. 

CHESAPEAKE, Va. — The discount store channel continues to thrive, as evidenced by Dollar Tree's strong second-quarter performance.

The company reported that sales for its second quarter ended July 30 increased 11.9% to $1.54 billion from $1.38 billion for the same period last year.  Comparable-store sales increased 4.7%, on top of a 6.7% increase for the second quarter 2010.

Dollar Tree's earnings rose an impressive 26.2% to 77 cents per diluted share from 61 cents per diluted share for the prior-year quarter. 

Blend equal parts easy prior year comparisons, the recent easing of gas prices with the pass through of product inflation , and Walmart could be looking at the recipe for same-store sales growth. If not in the third quarter, then certainly by the fourth quarter, which is the line in the sand the company has drawn for its U.S. business.

HOFFMAN ESTATES, Ill. — Sears Holdings turned in disappointing sales and earnings for its second quarter as the company strives to turn around its performance in a weaker consumer spending environment.

Sears Holdings reported a net loss of $146 million, or $1.37 per diluted share, for the second quarter compared with a net loss of $39 million, or 35 cents per diluted share for the same period last year.