Discount Store

CHICAGO — Most Valentine's Day celebrants plan to shop a week or less before the holiday, and many wait until Feb. 13 or 14 to make their final purchases, according to research by the NPD Group, a leading global information company.

Fort Worth, Texas -- In an unexpected move, RadioShack said late Thursday that Walgreen Co. divisional president Joseph Magnacca will take the helm of the beleaguered consumer electronics chain as its new CEO.

New York -- There were few missteps among the discounters in January, as most posted strong results, many surpassing Wall Street expectations.

Target reported a same-store sales rise of 3.1%, topping Wall Street expectations. Total sales surged 29.6% to $5.97 billion in January.

MEMPHIS, Tenn. — Fred's Super Dollar on Thursday reported sales for the five-weeks ended Feb. 2 were up 31% to $173.6 million. Comparable-store sales were up 28.6%. 

On an adjusted basis, which eliminates the one week ended Feb. 2, sales were up 2% and same-store sales were flat, Fred's added. 

Target salvaged its fourth quarter with a 3.1% increase in January same store sales that followed disappointing results in December and November.

Target said sales for the five weeks ended February 2, increased 29.6% to nearly $6 billion due to the inclusion of an extra week in the recent reporting period.

New York -- Department store retailers reported strong sales in January as shoppers responded positively to post-holiday clearance events.  

Overall, the 20 retailers reporting January comps saw an average rise of 5.1%, according to the International Council of Shopping Centers, which beat the mall trade group’s 3% forecasted rise.

Same store sale decelerated for The TJX Companies and Ross Stores during January even though both companies increased their full year profits forecasts.

TJX, operator of Marshalls and T.J. Maxx stores, said comps increased 3% during the period ended January 28. That figure was better than expected, but less than half the prior year gain of 7%. Sales for the five week period ended February 2 increased nearly 36% to $1.9 billion due to the inclusion of an additional week.

New York -- Although there were some surprising gains among retailers in January, for the most part results were expectedly mixed, as consumers took a hit on their take-home pay from higher payroll taxes but cooler weather gave a boost to others.