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Mass Merchant

  • Wal-Mart Q2 profit rises, but sales miss Street

    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.

  • Survey: Nearly half of consumers feel BTS promotions are improved

    Los Angeles -- A PriceGrabber back-to-school survey released on Wednesday found that 48% of consumers believe retailers are offering better back-to-school shopping promotions this year.

    According to the survey, 88% of consumers chose 'sales' as the top retailer promotion that will entice them to make a back-to-school purchase this year. Forty-nine percent of shoppers cited coupons; 44% noted that "free items with purchase" would persuade them to buy; and 34% selected sales available online only.

  • Rock Hill Galleria, Rock Hill, S. C.

    Rock Hill Galleria has unveiled plans for a number of large-scale developments slated for the 470,000-sq.-ft. regional mall. 

    Entertainment destination Revolutions will open a 66,640-sq.-ft. location at Rock Hill Galleria, featuring 30 state-of-the-art bowling lanes, a lazer maze and arena, bumper cars, arcade, restaurant and bar, sports theatre, plus live music and dancing. Opening is anticipated for winter 2012.

  • Soma Intimates to open at Willow Grove Park

    Willow Grove, Pa. -- Philadelphia-based Pennsylvania Real Estate Investment Trust said that Soma Intimates will open a 2,369-sq.-ft. store this fall at Will Grove Park, located in Willow Grove, Pa.

    Accessory boutique Laila Rowe will also open this fall, in a 1,181-sq.-ft. space.

    Willow Grove Park is a three-level, 1.2 million-sq.-ft. regional shopping mall anchored by Bloomingdale’s, Macy’s, Sears and Nordstrom Rack.
     

  • Better BTS promotions offered by retailers this year

    LOS ANGELES — Nearly half of consumers polled in the latest PriceGrabber survey respondents said that retailers are serving up better back-to-school promotions this year, compared with 2011.

  • Citi Trends narrowed loss in Q2 but missed Street

    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%.
     

  • Former Walmart exec named CEO of Dots

    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.
      

  • Wal-Mart Mexico hit with new tax and money-laundering allegations

    Mexico City -- Multiple reports on Wednesday revealed that Wal-Mart Stores’ Mexican arm has been leveled with new allegations concerning tax evasion and money-laundering schemes.

    The accusations against Walmex were outlined in a letter by U.S. Rep. Henry Waxman, sent Tuesday to Wal-Mart CEO Michael Duke and suggesting that the company “"may have had compliance issues relating not only to bribery, but also to 'questionable financial behavior' including tax evasion and money laundering in Mexico."

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