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  • Target profit flat in Q2; raises outlook

    Minneapolis -- Target Corp. reported Wednesday that profit for the second quarter remained essentially flat at $704 million.

    Sales advanced 3.5% to $16.45 million, boosted by a 3.1% same-store sales rise in the quarter but missed Wall Street’s expected $16.75 million in revenue.

  • MasterCard Advisors report: Small retailers’ sales growth slows in July

    Purchase, N.Y. -- A SpendingPulse report Tuesday by MasterCard Advisors, in partnership with Wells Fargo, found that July spending at small retailers slowed to 6% year over year. 

    This was lower than June’s small retailer growth rate of 8%. The July report also found that with or without food service and gasoline sales, July’s small business growth was the lowest for the past 12 months.

  • TJX Cos. profit surges 21% in Q2

    Framingham, Mass. -- TJX Cos. reported Tuesday that net income for the quarter ended July 28 soared 20.9% to $421.1 million, up from $348.3 million and marking the discounter’s third consecutive quarter of rising profits.

    Revenues beat projections by climbing 8.7% to $5.95 billion.

    The owner of the Marshalls and T.J. Maxx chains raised its full-year profit forecast.

  • Michael Kors profit more than doubles in 1Q, revenue rises 71%

    New York CIty -- Michael Kors Holdings Ltd. reported Tuesday that first-quarter profit more than doubled to $68.6 million, from $24.1 million in the year-ago period.

    Revenue surged 71% to $414.9 million, after the company opened 76 new stores and grew same-store sales by 37%. Wall Street forecast revenue of $368.3 million.
     

  • A rare misstep for Dick’s Sporting Goods

    The addition of new stores and a 3.8% same-store sales increase enabled Dick’s Sporting Goods to report record second-quarter results, so long as a botched investment in a leading U.K retailer is excluded.

    Sale for the quarter ended July 28 increased 10% to $1.4 billion due primarily to a 3.8% comps increase combined with the addition of four new stores. The 3.8% increase consisted of a 2.9% increase at Dick’s Sporting Goods stores, a 4.4% increase at Dick’s Golf Galaxy stores and a 34.6% increase in the company’s e-commerce business.

  • Dots names former Wal-Mart exec as new CEO, unveils plans to grow to 1,000 stores

    Glenwillow, Ohio -- Fashion retailer Dots announced Tuesday it has named former Wal-Mart Stores senior VP Lisa Rhodes as its new CEO.
       
    Rhodes, who led Wal-Mart’s U.S. apparel merchandising division, has been charged with leading Dots’ march toward 1,000 stores, also announced Tuesday.
        
    Prior to her role at Wal-Mart, Rhodes was executive VP and chief merchandising officer for Maurice’s.
       

  • Dick's Sporting Goods profit slips in Q2, on track to open 38 stores in 2012

    Pittsburgh -- Dick's Sporting Goods reported Tuesday that net income for the quarter ended July 28 slid to $53.7 million, from $73.8 million in the same quarter a year ago. The sporting goods retailer blamed the lackluster profit performance partly on weakness from newly acquired JJB Sports and adverse weather in the first quarter.

    Sales climbed 10% to $1.4 billion, meeting Wall Street expectations. Same-store sales rose 3.8%, consisting of a 2.9% increase at Dick’s stores, a 4.4% rise at Golf Galaxy, and a 34.6% increase in its e-commerce business.

  • Report: Sears considering sale of Lands End

    New York City -- The New York Post reported Tuesday that Sears Holdings Corp. may be mulling over a sale of its Lands End unit. The move would dovetail with the massive restructuring effort the company has launched.

    According to the report, chairman Eddie Lampert has been meeting with investors to discuss the divestiture of Lands End.
     

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