News

Chico’s swings to loss in Q3
Fort Myers, Fla. – Chico’s FAS Inc. reported a net loss of $28.5 million in the third quarter of fiscal 2014, compared to net income of $35.8 million in the third quarter of the previous fiscal year and below Wall Street predictions. Non-cash goodwill and trade name impairment charges drove Chico’s into the red. Sales totaled $665.6 million, an increase of 1.5% compared to $655.6 million. Same-store sales dropped 1.6%.
Fred's Super Dollar reports Q3 loss
Fred's Super Dollar has reported total sales for the third quarter of $476.2 million, up 3%. However, Fred's net loss totaled $10.4 million, or minus 28 cents per diluted share, compared with net income of $7.3 million, or 20 cents per share in the year-ago period.

Macy’s launching online video ads on Facebook

New York - Macy's continues its aggressive social media push with the launch of online video ads on Facebook starting on Thanksgiving evening. The ads are part of the retailer’s Black Friday weekend campaign. The ads will feature cartoon character SpongeBob SquarePants, who will also appear in the Macy’s Thanksgiving Day parade. They will target women age 21 and over.
Retail Rap: Holi-delays?
Corner Bakery Cafe on the Fast Track

Corner Bakery Cafe is in a growth mode. The company, which was acquired in 2011 by Roark Capital Group, an Atlanta-based private equity firm, is entering new markets and opening locations across the country, from New York City to Las Vegas. It will end the year with 185 cafes (114 company-owned and 71 franchised). The company plans to more than double its U.S. footprint by 2017 through a combination of franchised and company-owned cafes.

Gary Price, a restaurant executive with over 20 years of experience, joined Corner Bakery Cafe as president in October 2012.
Predictions

For children on a long journey, the typical refrain is, “Are we there yet?” However, for retail IT practitioners and executives, the challenge is not in waiting to get “there,” but figuring out what “there” even is. The question for the IT journey on which retailers are now traveling can be more appropriately phrased as, “Where are we going?”
Mattel and Walmart toy with airport shoppers

Shopping is going to get a little bit easier for travelers rushing through the Toronto airport this holiday season thanks to Mattel and Walmart Canada.

The retailer and the toy supplier have teamed up to install a Virtual Toy Store at Toronto Pearson International Airport.

The installation features three LCD screens that consumers can personalize and control via a mobile device to browse and shop brands such as Barbie, Hot Wheels, Fisher-Price, Thomas & Friends, Mega Bloks, and Monster High.
Overtime Pay

Retailers are facing a growing onslaught of lawsuits from current and former managers and assistant managers who claim their employers should have paid them for overtime under the Fair Labor Standards Act (FLSA). The managers’ assert that much of what the work managers and assistant managers do is not truly managerial and, therefore under the FLSA, they should not be exempt from receiving overtime pay for any time worked over 40 hours in a week.
DSW steps up, beats Q3 expectations

DSW Inc. exceeded Wall Street expectations for net income and sales in the third quarter.

Net income fell a less than expected 10% to $49.5 million from $54.9 million the same quarter a year earlier, with higher operating expenses and lower pretax income contributing to the decline.

Sales totaled $670 million compared to $633 million in the prior-year quarter and same-store sales rose 2.6%.
Chief merchandiser of Walmart out

BENTONVILLE, Ark. — The merchandising organization at Walmart is being transformed again following the departure of executive VP and chief merchandising officer Duncan Mac Naughton. His departure, in turn, served as the linchpin for several other high level moves.