Mass Merchant

MINNEAPOLIS — Target reported second quarter earnings per share of $1.03 that beat analysts’ estimates by a nickel, and the company elevated its full year profit forecast amid ongoing success of key initiatives.

Retail sales increased 5.1% to $15.9 billion from $15.1 billion thanks to a 3.9% same-store sales increase and the addition of several new stores. Operating profit for the retail business increased at a slower rate, rising 4.6% to $1.147 billion from $1.096 billion.

Westborough, Mass. -- BJ's Wholesale Club reported Wednesday that net income for the quarter ended July 30 increased 28% to $45.7 million, compared with $35.7 million in the year-ago period.

The warehouse club operator said revenue rose 11% to $3.05 billion from $2.75 billion, beating an expected $2.98 billion. Revenue from membership fees increased to $51.8 million from $47.5 million, while net sales rose to $2.98 billion from $2.69 billion. Same-store sales rose 7.8%, including a 4% contribution from fuel sales.

Jackson, Miss. -- Altar’d State, retailer of apparel and accessories, as well as home goods, personal care products, and books and music, opened a new store at the Renaissance at Colony Park, in Jackson, Miss., on Aug. 13.

Located across from P.F. Chang’s, between Talbots and Cellular South, Altar’d State makes it a practice to support charitable causes in each community it locates in. 

South Denver’s Park Meadows regional mall is officially 15 years old -- and it is celebrating throughout the month of August with free community entertainment and activities, culminating in a free community pancake breakfast August 30, 2011.

MINNEAPOLIS — Customers can save on back-to-school shopping by trading in used electronics and video games for store credit, Target said.

The mass merchandiser said it expanded its Electronics Trade-In service to 1,490 stores with Target Mobile centers, and also added new product categories. The chain offers the program under a partnership with consumer electronics upgrade and trade-in company NextWorth, giving customers credit in return. The service is accepting calculators, DVDs, video games, Nintendo DS units, cell phones, iPods and iPads.

Framingham, Mass. -- Staples reported Wednesday that profit for the quarter ended July 30 rose 36% to $176.4 million, compared with $129.8 million in the year-ago period. The quarter included the first weeks of the back-to-school shopping season.

Revenue rose 5% to $5.82 billion, beating Wall Street’s expected $5.64 billion. Same-store sales were flat.


 

Erie, Pa. -- Youngstown, Ohio-based Cafaro Co. said that Jos. A. Bank Clothiers and Fox Head will be opening at the company’s Millcreek Mall, near Erie, Pa., in early November.

Jos. A. Bank will be located in the Promenade section of the mall. Motocross apparel retailer Fox Head will set up shop on the Macy’s Court.

Millcreek Mall Complex, in Millcreek Township, Pa., comprises more than 2 million sq. ft. of shopping, lodging, dining and entertainment. 
 

Chattanooga, Tenn. -- CBL & Associates Properties announced that Jimmy Neely and Kyle Capshaw have joined the company's leasing department.

Neely joins CBL as a senior leasing manager responsible for Hanes Mall in Winston Salem, N.C., and Randolph Mall in Asheboro, N.C. He previously held various positions with Colonial Property Trust of Birmingham, including leasing, development and peripheral property.