Discount Store

Omaha, Neb. -- Midwestern discount department store retailer Gordman’s Stores said Friday that profit for the quarter ended April 28 rose 10.6% to $8.1 million, compared with $7.3 million in the year-ago period.

Sales rose 13.8% to $133.9 million, from $117.7 million. Same-store sales climbed 4.7%.

“We are pleased with our overall performance and remain confident in our ability to realize our sales and profit guidance for fiscal 2012," said Jeff Gordman, president and CEO.

There was an increase in the number of circulars retailers released in the month of April, while page counts increased only slightly.

Austin, Texas -- NetSpend Holdings said Thursday it has entered into a distribution agreement with Family Dollar to sell the NetSpend Visa prepaid debit card at the discounter’s store locations nationwide.

Family Dollar and NetSpend plan to make the prepaid cards available in more than 7,200 locations beginning this month, NetSpend officials said.
 

Goodlettsville,Tenn. — Dollar General has awarded grants to more than 593 nonprofit organizations, libraries and schools through the chain's literacy foundation.

Union, N.J. -- Bed Bath & Beyond Inc. said that it has reached a definitive agreement to acquire Cost Plus in an all cash transaction. The deal is valued at some $495 million, according to Reuters.

Based in Oakland, Calif., Cost Plus currently operates 259 stores under the names World Market, Cost Plus World Market, Cost Plus Imports, and World Market Stores in 30 states.

New York -- As plus-size apparel retailer Avenue Stores emerges from bankruptcy under new ownership, it will do so with a much streamlined store presence.

Paul Halpern, chief investment officer of Versa Capital Management, which bought the chain out of Chapter 11 bankruptcy in February for $32 million, said the current store count of 415 to 420 will be reduced to about 300 to assure profitability.

Has anyone else noticed that more and more consumers seem to be “cross-shopping” than ever before? I’m talking about those people who shop both the high-end luxury retailers and the discount or even dollar stores. I recently read an article that indicated one-quarter of all Nordstrom shoppers also shop at the Dollar Store. And, I started to ask myself if this trend is here to stay.
 

HOFFMAN ESTATES, Ill. — "Modern Family" star, Sofia Vergara, is expanding her brand at Kmart with the launch of a new, exclusive home collection. The actress' apparel line launched at Kmart and on Kmart.com in the fall of 2011.