News

During the fourth quarter, Tuesday Morning Corporation continued working on the final phase of its turnaround program. Judging by its comparable-store sales trend, increased inventory turnover and improved cash position, the company’s plan is working.

Charlotte, N.C. -- The Cato Corporation reported that net income rose 6% to $15.7 million for the second quarter ended Aug. 2, from $14.8 million last year.

Sales increased 6% to $243.8 million, from $229.4 million last year. Same-store sales increased 3%.

"Second quarter same-store sales were in line with our year-to-date trend," said John Cato, CEO. "However, we continue to expect the second half earnings per diluted share will be within our original guidance range.”

Aaron's has tapped EVP and CFO Gilbert L. Danielson as interim CEO, effective following the previously announced retirement of Ronald W. Allen August 31.

The company announced Allen’s intentions to retire just under two weeks after posting disappointing second-quarter results.

New York -- A new Nielsen survey found that nearly 20% of consumers have already started their back-to-school shopping, and 75% plan to start within the next few weeks.

More parents are starting their shopping earlier than in the past, as 18% of survey respondents had already started their back to school shopping as compared to 7% at the same time last year. On the flip side, 15% are choosing to wait longer, while 50% do not plan to do any back to school shopping this year.

Describing second-quarter earnings as "unacceptable," Sears Holdings chairman and CEO Edward Lampert added that his company's transformation is continuing and online sales are growing.

The company reported second-quarter net loss of $573 million, compared with a loss of $194 million in the same quarter last year. Revenues decreased $858 million to $8.0 billion for the quarter ended Aug. 2, 2014,

Grapevine, Texas -- GameStop Corp. on Thursday reported a second-quarter profit of $24.6 million, up from $10.5 million in the year ago period.

Revenue rose 25% to a better-than-expected $1.73 billion, helped by new game releases as well as solid sales of gaming hardware.

Secaucus, N.J. -- The Children's Place, Inc. reported a loss of $10.7 million in the quarter ended Aug. 2, compared to a loss of $23.6 million in the year-ago period. Sales edged up to $384.6 million, from $382.4 million for second quarter 2013.

Same-store sales increased 0.8%.

Stein Mart CEO Jay Stein is focused on the company’s growth strategy, which includes plans to continue expanding the company’s e-commerce business, following second-quarter results.

Total sales for the quarter increased 2.5% to $298.2, while comparable store sales increased 1.3%. Gross profit for the quarter was $84.2 million, or 28.3% of sales.