News

Minneapolis -- Target Corp. announced plans to acquire online beauty retailer DermStore for an undisclosed sum.

The move will allow Target to further tap into the online beauty market, as well as continue its trend toward acquiring specialty businesses to ramp up its presence in various niche markets. In March, Target announced its acquisition of Chefs Catalog and Cooking.com in two separate transactions to create a subsidiary.

Fremont, Calif. -- The Men's Wearhouse has wrapped up its previously announced acquisition of Joseph Abboud (JA Apparel Corp.).

The cash transaction is valued at about $97.5 million; JA Holding will operate as a wholly owned subsidiary of The Men's Wearhouse.

 

New York -- Fashion presence Michael Kors Holdings Ltd. reported a first-quarter profit of $125 million, nearly double the $68.6 million profit of the year-ago period.

Revenue for the quarter ended June 29 soared 54% percent to $640.9 million, well above Wall Street’s expected $570.5 million. Same-store sales climbed 27.3%. In North America, which generates 86% of the company's business, same-store sales rose 25%.

Hoffman Estates, Ill. -- Sears Holdings has selected HighJump Software, a global provider of supply chain management software, to help the company manage its distribution network.

Rockville, Md. -- Goodwill Industries International teamed with AT&T to launch a free “Goodwill Locations/Locator” mobile app, currently available on iOS and Android mobile operating systems.

The mobile application provides users with a tool that currently has information about more than 4,800 Goodwill donation centers and stores across the United States and Canada.

The custom app was built by AT&T's Mobility Solutions Services, using the AT&T Mobile Application Development platform.

Toronto -- Staples Canada has rolled out back-to-school shopping centers in both its stores and online, using both offline and online venues to promote BTS trends, technology and supplies to Canadian school children and their parents.

Cary, N.C. -- C-store operator The Pantry reported that net income for the quarter ended June 27 dropped to $5.9 million from $14.8 million in the year-ago period.

Same-store merchandise revenue edged up 1.3%.


 

In a recent interview, Walgreens’ CEO Greg Wasson spoke at length about the ways in which the drug store chain is evolving. I thought the interview (posted online under the title Walgreens gets a modern makeover), was fascinating, particularly where Wasson explained the company’s bold plans to “reimagine” its stores.

By John Rossman, a managing director with Alvarez & Marsal

Pittsburgh – American Eagle Outfitters is lowering its earnings outlook for the second quarter of fiscal 2013 due to what the retailer characterizes as weak sales and margins. The company now forecasts earnings per share (EPS) for the quarter of about $0.10, down significantly from $0.21 in the second quarter of last year.