News

Williams-Sonoma’s second quarter results may have met Wall Street expectations, but shares dropped nearly 12% as a result of the company’s weak guidance for the third quarter of fiscal 2014 — which will include earnings from most of the back-to-school season.

For the quarter, the company posted net revenues of $1.04 billion, an almost 6% increase from $982 million a year ago. Total same-store sales increased 5.7%. Direct-to-customer revenues climbed 9.4%.

San Francisco – Williams-Sonoma Inc. reported that its third quarter income rose 4% to $50.7 million from $48.9 million in the year-ago period, in line with forecasts. But the retailer issued a disappointing outlook for the current quarter.

Second quarter net revenues grew 6% to $1.04 billion, from $982 million in the year-ago period.

Total same-store sales increased 5.7%. Direct-to-customer revenues grew 9.4%.

HSN has re-energized its seasonal offerings with "The Fashion Edit," the company's annual fall fashion series, now through September 24.

New Albany, Ohio – Challenged by fast-fashion competitors and teens more interested in technology than clothing, Abercrombie & Fitch reported on Thursday that its revenue decreased 5.8% to $890.6 million in the second quarter, missing Wall Street projections. Its income, however, beat estimates, and rose 13% to $12.9 million, from $11.4 million a year earlier. The company cited an ongoing profit improvement initiative as driving its net income growth.

Soft traffic and promotional activity have continued to put Guess’ North American stores under pressure, but the retailer said it is encouraged by its North American online business, which soared 50% in the second quarter.

The company reported net earnings of $22 million, a 50.5% decrease compared to adjusted net earnings of $44.3 million for the year ago period, which prompted the retailer to cut its fiscal year outlook.

Sales for the quarter decreased 4.8% to $608.6 million, from $639 million a year ago. Same-store sales decreased 5.4%.

Atlanta – Bitcoin digital currency platform provider BitPay has become a Demandware Link Technology Partner. Demandware’s clients will now be able to easily add bitcoin as a form of payment due to BitPay’s development of a pre-built integration between its payment processing services and the Demandware Commerce platform.  

Digital talent is a hot topic among retail CEOs today — primarily, where to find enough talent to develop the organization’s “digital DNA” at every level and in every area of the business. With digital talent within retail in short supply, we now have to proactively go further afield — whether in travel, finance, the tech industry or elsewhere — to identify and woo the digital experts our companies need to grow.

Walmart’s seemingly endless Foreign Corrupt Practices Act investigation and mounting expenses drew the attention of the New York Times again this week which explored arcane legal issues that have muzzled a former Walmart lawyer.