eCommerce

Amid an $8.7 billion pending sale to an investment firm, PetSmart reported fourth quarter profit and revenue that exceeded Wall Street’s expectations.

For the period ended Feb. 1, the company posted a profit of $132.1 million, or $1.32 a share, up slightly from $131.5 million, or $1.28 a share a year earlier. Revenue grew 6% to $1.91 billion, topping the $1.87 billion analysts had predicted.

Net sales increased 6% to $1.9 billion, from $1.81 billion. Same-store sales growth, including sales from online websites, rose 2.6%.

New York – Activist investor Starboard Value LP, which holds a 4.5% ownership stake in Staples Inc., is telling Staples it needs to improve its board of directors to complete a proposed acquisition of Office Depot. In an open letter to members of the Staples board from Starboard Value managing member Jeffrey C. Smith, the combined companies’ board must have the “proper skill set” in place to oversee the integration.

Pittsburgh – American Eagle Outfitters Inc. soared past Wall Street expectations in the fourth quarter, helped by reduced promotions and discounts and the elimination of asset impairments. The teen retailer on Wednesday posted better-than-expected fourth quarter results and issued an upbeat outlook for the first quarter, projecting earnings of $0.09 to $0.12 per share, versus analysts' estimates of $0.07 per share.

New York -- Bealls Inc., the 100-year-old Florida-based department store retailer, is developing a specialty store concept, called Bunulu, which will debut by the end of 2015.

The new banner, which already has its own website, Bunulu.com, will target a younger demographic, and feature coastal-inspired active lifestyle apparel and accessories for both men and women. National brands will be featured.

By Steve Weber, nChannel

Shopping cart abandonment is a problem that costs retailers nearly $20 billion each year, according to a study by SurePayroll. If you’re putting effort into attracting customers and enticing them with products they’d like to buy, only to have them stop short of the finish line, you’re leaving money and opportunities for repeat business on the table.

Troubled retailer Abercrombie & Fitch continued to be out of favor with its teen target market in the fourth quarter, with declines in both income and sales. 

Looking ahead, the company said its priorities include increasing comparable sales trends in both its U.S. and international stores, making strategic investments in its omnichannel business, ongoing expense reductions, and selective expansion in high-growth international markets.

New York -- Dolce & Gabbana will open a flagship store in the 15,000-sq.-ft. 155 Mercer Street building in the SoHo area of New York City.

Thor Equities leased the entire building to the Italian luxury fashion house, which plans to re-create the original brownstone façade.

Originally built in 1855 as Firemen’s Hall, the historical property was most recently home to dance performance venue the Joyce Theater. The four-level building includes 50 ft. of frontage on Mercer Street.
 

New York – Online wedding retailer and services provider The Knot is relaunching a mobile-first e-commerce site designed to seamlessly engage, match and connect couples with the right local vendors, products and services they need for their wedding. The Knot reimagined the site from the ground up, leveraging learnings built on the success of its mobile apps, with mobile now accounting for more than 50% of the brand's traffic.