Mass Merchant

Pittsburgh -- Dick's Sporting Goods reported Tuesday that net income for the quarter ended Oct. 27 surged 21% to $50.1 million, compared with $41.5 million in the same period last year. The retailer cited strong online sales for the improved performance.

Revenue rose 11% to $1.31 billion, just edging Wall Street’s expected $1.3 billion, and same-store sales rose 5.1%. Online sales soared 46.7% in the quarter, comprised of a 3.9% jump at namesake stores and a 2.3% increase at Golf Galaxy.
 

Toronto -- Sears Canada Inc. reported Tuesday a loss of $21.85 million, compared with a loss of $44 million in the same period last year.

Revenue dropped 6.8% to $1.04 billion, and same-store sales slid 5.7%.

New York -- Target plans to open at 9 p.m. on Thanksgiving Day to kick of its Black Friday promotional efforts and will follow up with additional deals that become available at 4 a.m.

The company is also rewarding its REDcard holders by allowing them early access to select Black Friday sale items at Target.com.

New York -- Walmart’s U.S. employees will pay between 8% and 36% more in premiums for its medical coverage in 2013, Reuters reported.  

For its most popular plan, which covers individuals, the payment per bi-weekly paycheck is going up by $2, or 13%, the report said. Some other plans would have higher increases.

Minneapolis -- Best Buy has hired Sharon McCollam, formerly CFO of Williams- Sonoma Inc., as CFO, beginning Dec. 10.

McCollam, 50, had been COO and CFO at the home goods retailer before retiring. She also takes the title of chief administrative officer at Best Buy.

McCollam replaces James Muehlbauer, who said he was leaving in October. Muehlbauer will continue to advise the company until the end of the fiscal year in February.

Target plans to open at 9 p.m. on Thanksgiving Day to kick of its Black Friday promotional efforts and will follow up with additional deals that become available at 4 a.m.

The company is also rewarding its REDcard holders by allowing them early access to select Black Friday sale items at Target.com.

New York -- Dillard’s third quarter merchandise sales for the quarter ended Oct. 27 increased 4% to more than $1.4 billion, same-store sales increased 5% and operating profits increased 84% to nearly $73 million. Gross margins expanded 40 basis points to 37.1% and same-store inventory levels were down 1%.

Washington — Target, Walmart and McKesson were each recognized Friday as one of America’s more community-minded companies as part of the The Civic 50 — the first scientific evaluation to rank the companies that best use their time, talent and resources to improve the quality of life where they do business. 

The survey was conducted by the National Conference on Citizenship and Points of Light, and was published in the Nov. 9 issue of Bloomberg Businessweek.