Supply Chain & Merchandising

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.


 

Port Jefferson Station, N.Y.  -- Centro Properties Group US said that Five Guys Burgers & Fries has opened in Port Jefferson Station, N.Y.

The new 2,400-sq.-ft. restaurant is located at Nesconset Shopping Center, which is owned Centro Properties Group, based in New York City.
 

Stirling Properties, the developer of River Chase Shopping Center in the south Louisiana community of Covington, announced that Sam’s Club is coming to the center, planning a fall 2012 opening for the new 136,000-sq.-ft. warehouse club.

The largest open-air retail center in St. Tammany Parish, the 640,000-sq.-ft. River Chase is currently anchored by Target, Belk, J.C. Penney. Best Buy, Marshalls, Ross Dress for Less and a 14-screen Hollywood Theater.

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.

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.

Minneapolis -- Target Corp. reported Wednesday that earnings for the second quarter rose 3.7%, boosted by same-store sales growth and beating Wall Street expectations.

The retailer posted a profit of $704 million for the quarter ended July 30, compared with $679 million in the year-ago period. Revenue rose 4.6% to $16.24 billion, besting analysts’ expected $16.17 billion. Same-store sales rose 3.9%.

New Albany, Ohio -- Abercrombie & Fitch Co. reported Wednesday that profit for the second-quarter rose 64% to $32 million, up from $19.5 million, on increased demand in the United States and Europe.

Revenue rose 23% to $916.8 million, as previously reported, and same-store sales increased 9%.

Los Angeles -- CB Richard Ellis Group announced the promotion of two executives for its Global Corporate Services business.

Jim Wilson is being promoted to COO and Ken Loeber is being promoted to global chief sales officer for GCS.

In his new role, Wilson, a 23-year industry veteran, will be responsible for GCS’s major global service lines (Facilities Management, Project Management and Transaction Management) as well as continuing to have operational responsibility for more than 150 corporate clients across all global regions.