News

Nashville - Kirkland’s Inc. reported net income of $1.3 million in the third quarter of fiscal 2014, a 30% increase from $1 million the same quarter in the previous fiscal year. Higher gross profit helped boost net income.   The retailer beat Wall Street expectations with net income as well as with net sales of $117.2 million, up 10% from $106.1 million.  

Retail Strategy: Top Issues Facing Retail CIOs  David Dorf, Oracle   It wasn’t long ago that the main expectations for the retailer CIO were to keep the servers running, desktops patched, and store-based POS systems taking money.  Today, the CIO fulfills a more strategic role, one that impacts the organization’s ability to adapt to changing consumer preferences, preserve margins and serve customers.  Here is a look at the top issues facing retail CIOs today:   

Best Buy shared an optimistic view of the holiday season after posting a 3.2% third quarter comp increase at U.S. stores, but offered plenty of reasons why profitability could prove challenging.

As the NBA season gets fully under way, specialty retailer Lids is looking to capitalize on fan excitement by offering customizable and personalized NBA apparel and headwear for the first time ever.  

Shoppers will be able to customize the new Adidas NBA Swingman jersey with the name and number of any NBA player, or personalize the jersey with their own name and number in more than 70 Lids stores nationwide. Player-customization or personalization of NBA team logo Adidas and Mitchell & Ness headwear will also be an option in more than 800 U.S. Lids stores.  

Walmart customers shopping for a traditional Thanksgiving meal can plan a 10-person dinner for $32.64, or 34 percent less than average, according to the nation’s largest farm group.

As Dollar Tree moves forward with its acquisition of Family Dollar, the company reported an increase in same-store sales and expressed a favorable holiday outlook.

Dollar Tree's earnings per share increased 19% to $0.69 and its revenue increased 11.2% to $2.1 billion compared to the third quarter of fiscal 2013; these results were driven by comparable-store sales increasing 5.9% during the quarter compared to an increase of 3.1% in the prior-year period.

Lost in the crush of holiday related news this week was a supply chain visibility related announcement involving Walmart and an obscure company called I.D. Systems, Inc.

Walmart uses I.D. System’s trailer and tracking management services branded as VeriWise to manage a range of logistics assets. The new development this week involved a three year contract extension whereby Walmart will continue using I.D. System’s services.

As the pet supply industry continues to experience record growth, Petco is looking to expand its online offerings to include prescription services and more premium products.

Petco has agreed to acquire Drs. Foster & Smith, a Wisconsin-based online pet store founded by veterinarians. Drs. Foster & Smith specializes in pet care and education and is known for veterinary expertise on prescription medications and premium products for dogs, cats, fish, birds, reptiles, horses and small animals.

Never underestimate the creativity of unscrupulous customers is the key takeaway for all retailers following Walmart’s effort to implement a liberal price match policy this week.