News

Charles & Colvard shrinks Q2 loss on lower tax expense
Morrisville, N.C. — While specialty jewelry retailer Charles & Colvard Inc. saw sales decline and many expenses rise in the second quarter of fiscal 2015, a sharp decrease in income tax expense allowed the retailer to reduce net loss to $4.05 million from $6.19 million in the prior-year period.

Net sales declined 5% to $7.48 million from $7.84 million.
Blue Nile crests beyond Street with Q2 profit, sales
Seattle – Online jewelry retailer Blue Nile Inc. had profit and sales results in the second quarter of fiscal 2015 that crested beyond Wall Street expectations. Net income rose 4% to $2.3 million from $2.2 million the same quarter a year earlier.

An increase in interest and other income, as well as cost of sales growth that did not match the growth pace of sales, drove the increase in net income. Net sales rose 7% to $113.69 million from $106.57 million.

CST profit, revenue miss Street in Q2

San Antonio – Convenience and fuel store operator CST Brands Inc. was not able to rev up profits and sales to Wall Street expectations in the second quarter of fiscal 2015. Increased total operating expenses helped drive net income down 22% to $25 million from $32 million a year earlier.

Operating revenues also fell 22%, to $2.55 million from $3.26 million. Lower per gallon selling prices for both the U.S. and Canadian retail segments, as well as a weaker Canadian dollar, negatively impacted revenues.
NRF: Retailers increase imports with eye toward holidays

Washington, D.C. — Import cargo volume at the nation’s major retail container ports is expected to increase 3.6% in August 2015 from the same month in 2014 as retailers begin to bring in merchandise for the holiday season. According to the monthly Global Port Tracker report released by the National Retail Federation (NRF) and Hackett Associates, imports for the year are expected to be up 4.2% from 2014.
Closing the Gap Between Online and the Store

Consumers don’t see “channels.” They are time-starved and information-rich, and use technology that they carry around in their pockets and purses to find the best solutions to their lifestyle needs.

The practice in retail of creating different brand experiences in different channels has gone beyond being an inconvenience to shoppers. It is the central challenge that retailers are grappling with today.
Young entrepreneurs group hopes to get Microsoft grant

New York — Where would the retail industry would be without entrepreneurs? The growth of retail is dependent on individuals who identify opportunities and take risks. Now, an organization that fosters that mentality among a future generation of difference-makers needs your vote!

Enactus USA, formerly called Students In Free Enterprise or SIFE, is looking to earn a $500,000 grant from Microsoft in the tech company’s #UpgradeYourWorld campaign which runs through August 23.
Ron Johnson’s Enjoy attracts investors

New York — Ron Johnson’s newest venture has secured a big round of additional funding.

Enjoy Technology, the online e-commerce start-up founded by the former J.C. Penney chief and Apple store executive, announced it has secured $50 million in a round of Series B funding led by Highland Capital.
Report: Sephora expanding omnichannel lineup with subscription service

New York — Sephora is enhancing its omnichannel appeal by taking a page out of Birchbox’s playbook.

The beauty giant will test a beauty subscription service, called Play! By Sephora, in Boston, Cincinnati, and Columbus, Ohio, in September, reports Women’s Wear Daily, with additional markets to be added in 2016.
Dollar General vet returns

Goodlettsville, Tenn. — A familiar face has returned to head up merchandising at Dollar General.

Dollar General said James W. “Jim” Thorpe had rejoined the company as executive VP and chief merchandising officer, effective immediately. Thorpe previously served as Dollar General’s senior vice president and general merchandise manager from May 2006 until he retired in July 2012.
Dollar General names new head merchant

A familiar face has returned to lead Dollar General’s merchandising organization following the departure of David D’Arezzo who leaves the 12,000 unit retailer after serving as chief merchandising officer for 20 months.
Petco makes some big executive moves

Petco is making several changes to its leadership team as the retailer focuses on key omnichannel initiatives.

The pet specialty retailer announced that CEO Jim Myers will also be taking on the role of chairman, Brad Weston has been named president, Steve Lossing has been named senior vice president of operations, and Rebecca Frechette has been named senior vice president in charge of merchandising.
Entrepreneurial election underway for retail industry

Imagine where the retail industry would be without entrepreneurs? The growth of retail is dependent on individuals who identify opportunities and take risks. Now, an organization that fosters that mentality among a future generation of difference-makers needs YOUR vote!

Enactus USA, the organization formerly known as Students In Free Enterprise or SIFE, is looking to earn a $500,000 grant from Microsoft in the company’s #UpgradeYourWorld campaign which runs through August 23.