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Retail

  • Best Buy profit tops Street, helped by cost cutting

    MINNEAPOLIS — Best Buy said it earned $266 million in the second quarter, compared with a profit of $12 million in the year-ago period, amid cost cuts. Its results beat Wall Street expectations.

    Revenue for the quarter, ended Aug. 3, edged down to $9.3 billion, from $9.34 billion last year. Analysts expected $9.13 billion. Same-store sales fell 0.6%, including a 0.4% decline domestically. Online sales rose 10.5%.

  • TJX Q2 profit jumps14%, ups annual forecast

    FRAMINGHAM, Mass. — TJX Cos. reported that its fiscal second-quarter net income rose a better-than-expected 14%. The off-price retailer also increased its profit outlook for the year.

    The company earned $479.6 million for the quarter, which ended on Aug. 3, up from $421.1 million in the same quarter last year.

  • Forest City Ratner selects Boingo Wireless for Wi-Fi deployment

    LOS ANGELES — Boingo Wireless announced a new agreement with Forest City Ratner Cos. to provide free-to-shopper wi-fi at the company’s high-traffic shopping center the Atlantic Terminal Mall, in Brooklyn, N.Y., that serves more than 40 million shoppers and commuters annually.
     

  • Survey: Back-to-school shoppers looking for best deals

    Los Angeles -- A new survey by PriceGrabber confirms that consumers are determined to think frugally when shopping for back-to-school this year, with 57% of respondents saying they will attempt to buy more items that are "on sale," while 42% say they will comparison shop for the best price. 

  • Urban Outfitter’s Q2 profit surges 25%

    PHILADELPHIA — Urban Outfitters’ second-quarter net income jumped to $76 million for the three months ended July 31, 2013.

    Total company net sales for the second quarter increased 12% to a record $759 million. Same—store sales, including the company’s direct-to-consumer channel, increased 9%.

    Comparable retail segment net sales increased 38% at Free People, 9% at Anthropologie and 5% at Urban Outfitters. Wholesale segment net sales rose 17%.

  • Target to open in King of Prussia, Pa.

    Minneapolis -- Target announced plans to open a store in King of Prussia, Pa., in July 2014. 

    The new store, located on West DeKalb Pike, will be part of the Valley Forge Shopping Center. This will be the first Target store in the city of King of Prussia.

    “Pennsylvania continues to be a strong market for Target, and we’re eager to expand our presence in the state this year,” said Samir Shah, Target’s senior VP of stores, Northeast. 

     

  • Report: Hollister must redesign store entrys for accessibility

    New York -- A federal judge in Denver gave Hollister Co. until Jan. 1, 2017, to modify its store entrances to make them wheelchair accessible, according to an advocacy group for the disabled, at a rate of 77 stores per year, the Associated Press reported.  

    The entrances of some Hollister locations are designed to resemble a front porch, complete with steps. 

  • Cabela’s closes on $350 million securitization

    SIDNEY, Neb. — Cabela’s Inc. announced that its Cabela’s Credit Card Master Note Trust successfully completed the sale of $350 million of Asset-Backed Notes, Series 2013-II.

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