Mass Merchant

Target is set to report second quarter earnings Wednesday morning, and let’s just say it would be a surprise if there were any surprises. The company is pretty thorough when it comes to managing investor expectations and provides commentary regarding whether analysts’ estimates are too high or too low.

That was the case at the end of the first quarter when the company indicated the then consensus estimate of $1 a share for the second quarter was too high, or as CFO Doug Scovanner indicated “above the midpoint of a reasonable range of likely outcomes.”

Plano, Texas -- J.C. Penney Co. reported Friday that net income for the quarter ended July 30 was flat at $14 million, citing aggressive markdowns for a lackluster performance that fell below Wall Street expectations.

Revenue dipped to $3.91 billion from $3.94 billion in the year-ago period. Same-store sales increased 1.5%.

According to J.C. Penney, its focus on the middle-to-lower-income shoppers creates a challenge, as those consumers face economic uncertainty heading into the back-to-school and holiday shopping seasons.

New York City -- Target announced that the British take-out chain Pret A Manager will open a location in CityTarget in Chicago.

The new, smaller Target format is set to open in the Windy City in 2012.

Walmart is due to report second quarter results on Tuesday, and the same-store sales and traffic trends at the company’s U.S. stores division will dominate the discussion.

Topeka, Kan. -- Collective Brands’ Payless ShoeSource announced that it will rebuild its tornado-demolished store in Joplin, Mo., with a new 3,100-sq.-ft. store at the same location.

PLANO, Texas — While such higher-end apparel retailers as Nordstrom and Dillard's boasted impressive quarterly earnings and sales, those that cater to the middle class didn't deliver quite as strongly. Case in point, JCPenney, which reported net income of $14 million, or 7 cents per share, for the second quarter ended July 30. Net income for the same period last year was $14 million, or 6 cents per share.

Washington, D.C. -- A report released Friday by the Commerce Department said that retail sales in the U.S. rose 0.5% in July, the most in four months and demonstrating that consumers may be holding their own in a tumultuous economy.

The 0.5% increase matched the Bloomberg News median forecast followed a 0.3% gain in June that was larger than estimated. Excluding auto sales, purchases rose more than projected.

BENTONVILLE, Ark. — Senior leadership within Walmart’s merchandising organization continues to undergo a transformation, as the retailer’s chief merchandising officer Duncan Mac Naughton on Friday announced another round of personnel moves.