Discount Store

Hoffman Estates, Ill. -- Sears Holding Corp. reported Thursday a loss of $132 million for the quarter ended July 28, narrowed from a loss of $146 million in the year-ago period. The retailer cited expense cutting and reduced inventory for the performance improvement.

Sales for the second quarter ended July 28 increased 10.5% to $1.7 billion thanks to a 4.5% increases in same store sales and the addition of 77 new Dollar Tree stores, the company announced Thursday. Net income increased 25.6% to $119.2 million and earnings per share increased 30.8% to 51 cents. The profit performance met analysts’ estimates, but guidance for the third quarter in the range of 47 cents to 51 cents was a penny less than the 52 cents Wall Street expected and shares of the company sold off sharply after the earnings report.

Bentonville, Ark. -- Wal-Mart Stores reported Thursday that net income for the second quarter rose 5.7% to $4.02 billion, compared with $3.8 billion in the year-ago period. Total revenue increased 4.5% to $114.3 billion, but missed Wall Street’s forecasted $115.8 billion in revenue.

Same-store sales in the quarter advanced 2.2%, edging Wall Street expectations but trailing last quarter’s 2.6% same-store sales gain.

PLEASANTON, Calif. — A new era is beginning at Ross Stores, as the company set out plans to elect a new CEO in 2014. At the same time, the company continues to put its trust behind vice chairman and CEO Michael Balmuth, agreeing to extend Balmuth's employment agreement through May 2016.

Chesapeake, Va. -- Dollar Tree Inc. reported Thursday that profit for the quarter ended July 28 soared 26% to $119.2 million, compared with $94.9 million in the year-ago period.

Sales rose 10.5% to $1.7 billion, just missing Wall Street’s expected $1.71 billion. Same-store sales grew 4.5%.

However, the company’s outlook fell short of Wall Street expectations, saying that it expects revenue between $1.71 billion and $1.75 billion in the third quarter while Wall Street expects $1.77 billion.
 

I’ve written before about the ongoing trend of some of the biggest names in retail downsizing. Now I’m seeing how brands like Target, Wal-Mart and Office Depot are rolling out smaller new store formats in urban environments, and it has me thinking about how this downsizing phenomenon might be even more important than many people realize.

Savannah, Ga. -- Despite narrowing its loss in the second quarter from $10 million to $7.9 million this quarter, Citi Trends still missed Wall Street expectations.
 
Revenue edged up 2% to $132.3 million, which also missed analysts’ forecast. Wall Street expected sales of $133.9 million.
 
Same-store sales slipped 4%.
 

GLENWILLOW, Ohio — Fashion retailer Dots has named former Walmart SVP, Lisa Rhodes as its new CEO.

Rhodes, who led Walmart's U.S. apparel merchandising division, has been charged with leading Dots’ march toward 1,000 stores.

Prior to her role at Walmart, Rhodes was EVP and chief merchandising officer for Maurice’s.