Retail

Eden Prairie, Minn. – The loss of a large tax benefit caused Supervalu’s net income to plummet 49% in the first quarter of fiscal 2015 to $43 million from $85 million in the year-ago period.

Revenue slipped to $5.23 billion from $5.24 billion.

Once again, weak ammunition, shooting, optics and firearm sales at Cabela's caused comparable-store sales to slip 14.2%. But CEO Tommy Millner focused on positives, such as new store performance.

By Sandy Skrovan, U.S. research director at Planet Retail

Despite a still-challenging economic climate, Loblaw’s profit in the second quarter beat analysts’ expectations, and was bolstered by strong sales in its recently acquired Shoppers Drug Mart.

Sales at the pharmacy and beauty retailer, which contributed to Loblaw’s net sales for the first time this quarter, accounted for more than a quarter of the food retailer’s total sales of C$10.31 billion in the quarter.

St. Louis – Build-A-Bear Workshop Inc. reduced its net loss to $4.3 million in the second quarter of fiscal 2014 from $6.2 million in the second quarter of fiscal 2013.

Consolidated net sales fell 7.7% to $75.4 million, from $80.4 million. Consolidated same-store sales dropped 4.9%.

Build-A-Bear cited the net closure of 10 stores from the prior year as helping to reduce revenues. CEO Sharon John said the company is poised for a strong second half of the fiscal year.

Urban Outfitters has gone big — really big — in New York City, opening a 57,000-sq.-ft. “lifestyle center” store in Manhattan’s Herald Square area. The space, the brand’s largest location to date, is big on in-store shops and includes such extras as a hair salon, bookshop, coffee bar and photography shop (with a booth for printing Instagram snapshots). All this is featured along with Urban’s menswear, womenswear and home collections.

Supervalu posted $5.23 billion in net sales for the first quarter, a decrease of 0.1% from $5.24 billion last year; but president and CEO Sam Duncan expressed confidence in the company’s performance, saying it is off to a solid start across business segments.

“Our first quarter results reflect the investments we are making this year to position the company for future success and I am pleased with our operating performance,” said Duncan.

Salt Lake City – A 23% increase in Overstock.com’s sales and marketing expense helped reduce its second quarter fiscal 2014 net income to $1.9 million, down 48% from $3.7 million in the same period a year earlier. Revenue grew 13% to $332.5 million, from $293.2 million.

Patrick M. Byrne, CEO and chairman of Overstock.com, cited increases in technology spending as helping the company to quickly conceive and execute new ideas such as a recently launched consumer credit facility.