News

Wet Seal may file for bankruptcy
Wet Seal may file for bankruptcy protection if it fails to immediately resolve its liquidity issues, the company said.
RSR: Saving money top priority of holiday shoppers
New York - Fifty-one percent of consumers say saving money is their top priority this holiday season, and 40% are driven by finding the right product. Those are among the findings of a recent survey conducted by RSR.

Walmart China focus of Bloomberg expose

Walmart’s integrity suffered a blow this week in a Bloomberg piece with the inflammatory headline, “How Walmart made its crumbling China business look so good for so long.”
99 Cents Only Stores reaching for new heights

Despite the rollout of its new “Go Taller” initiative, 99 Cents Only Stores reported a decline in same store sales and profits in the third quarter.

Same store sales decreased 0.7% compared with the prior year quarter. The company reported a loss of $3.8 million in the third quarter, compared to posting an income of $1 million in the prior year quarter. Net loss as a percentage of total sales was -0.8% for the third quarter compared with net income as a percentage of sales of 0.2% for the third quarter of fiscal 2014.
Restoration Hardware beats Street with large Q3 profit

Corte Madera, Calif. – Restoraton Hardware Holdings Inc. (RH) beat Wall Street forecasts with net income of $19.4 million in the third quarter of fiscal 2014, more than double net income of $9.5 million in the same period a year earlier.
More losses, more cost-cutting at RadioShack

RadioShack CEO Joe Magnacca contends the company’s core strategies are working even though evidence of the success was hard to see between a steep third quarter loss and double digit same store sales decline.

Same store sales were down 13.4% in the third quarter ending Nov. 1, driven by traffic declines and soft performance in the mobility business, the company said. Total sales and operating revenue were $650.2 million, compared with $775.4 million last year.
Men’s Wearhouse Q3 profit plunges 82% on Jos. A. Bank costs

Fremont, Calif. – Men's Wearhouse Inc.'s third-quarter profit plunged 82%, mainly on expenses related to its June 2014 acquisition of rival Jos. A. Bank Clothiers Inc. The retailer reported a profit $6.8 million in the third quarter of fiscal 2014, from $38.2 million in the year-ago-period and below Wall Street projections.
RadioShack looks to slash costs as as Q3 loss widens and sales keep falling

Fort Worth, Texas - There’s no quick turnaround in sight for RadioShack. On Thursday the struggling chain reported a wider-than-expected third-quarter loss and detailed cost costs that include staff reductions and more store closings to boost earnings by some $400 million annually.
Report - Starboard Value increases stake in Staples

New York – Activist investor fund Starboard Value has reportedly purchased a 6% stake in Staples Inc. and upped its ownership of Office Depot from 8.6% to 10%. According to the Wall Street Journal, Starboard Value may be positioning itself to pressure the two office supply retailers to merge.
Toys 'R' Us mum on Q4 outlook

Expense control and a more rational promotional environment helped Toys “R” Us reduce the size of its third quarter operating loss but the company had little to say about its outlook for Christmas sales and profits.