News

Profit and same-store sales slide at Urban Outfitters
Urban Outfitters' profit and sales fell in the second quarter even as it topped Wall Street expectations. Urban Outfitters said it earned $49.91 million, or 44 cents a share, in the quarter, down from $76.91 million, or 66 cents a share, in the year-ago period, as the retailer Analysts had expected the company to earn $0.37 per share, amid heavy discounting. Total net sales fell 2% to $873 million, from $891 million a year ago. Analysts had expected sales of $862 million.
Surging online and customer traffic boost Target; ups remodels
Target Corp. came roaring back in its second quarter from a year-long sales slump amid evidence that its investments in online and store remodels are paying off. The discounter raised its outlook for the year. Sales rose 1.6% to $16.43 billion in the quarter ended July 29, beating analysts' estimates of $16.30 billion. Same-store sales rose 1.3%, also more than analysts had expected. Comparable digital sales surged 32%.

TJX to open 260 stores this year

Off-price powerhouse TJX Companies still seems plenty of room for store expansion — particularly in the home good sector. The retailer, which reported strong second quarter results on Tuesday, has more than 3,800 stores worldwide and will open 260 new locations this year. Long term, it sees the opportunity for 5,600 stores with it current banners, or about 1,700 more locations than it currently operates.
Survey: 36% of shoppers made purchases on Prime Day

The third annual Amazon Prime Day attracted more shoppers than ever, with many attracted by personalized marketing efforts. Thirty-six percent of respondents confirmed they made a purchase on Amazon Prime Day in a survey from Periscope by McKinsey, which conducted online research with U.S. shoppers to explore their attitudes and actions regarding the online giant's mega-sale. This was a substantial increase on the 22% who said they had actively shopped for Prime Day deals in 2016.
RILA announces first-ever tech awards

The Retail Industry Leaders Association (RILA) is looking for a few good tech innovators. The group has put out a call for applications for its first annual (R)Tech Retail CEO Innovation Awards. The awards will highlight innovations that enable retail's future. Winners will be invited to showcase, pitch and network with the retail chief executives at RILA's annual Retail CEO Forum Jan. 21-23 in Tucson, Arizona.
Brick-and-Mortar Retailers’ Secret Weapon: Conversion Rate Optimization

Given the difficult business conditions so many brick-and-mortar retailers are facing, it’s baffling that conversion rate optimization (CRO) hasn’t become more of a focus if not an obsession. In the online world, CRO has become an industry onto itself, spawning a global community of consultants and service providers, formal methodologies and over a hundred books dedicated to the topic on Amazon alone. There is only one book on brick-and-mortar conversion listed on Amazon.
The five most loved brands are....

A social media giant and an online retail giant are the most loved brands in the world. Facebook took the top spot, followed by Amazon, in NetBase's third annual "Top 100 Global Brand Love List." Rounding out the top five were eBay, Apple, and Snap.
Study: Millennials don't act — or shop — alike

Retailers need to update their approach to targeting millennials. That's according to a new report by management consulting firm L.E.K., which provides insight into Millennials and their predecessors Gen X and the Baby-Boom generation.
Saks Fifth Avenue to roll out new salon concept — with augmented reality

Saks Fifth Avenue is debuting a new salon concept with a futuristic edge.
Analyst: Urban Outfitters, Anthropologie off pitch when it comes to apparel

While Wall Street cheers Urban Outfitters for not doing quite so badly as forecast, the reality is that this is a lousy set of results. Not only are the numbers sequentially worse than a pretty dire first quarter, but they also show that many of the initiatives put into play remain a long way from delivering.