News

A day after Home Depot reported strong second-quarter results, it was Lowe's turn to deliver strong quarterly earnings.

And the Mooresville, North Carolina-based retail giant did just that. The company reported net earnings of $1.04 billion for the quarter ended Aug. 1, marking a 10.4% increase over the second quarter last year. Sales for the quarter were up 5.7% to $16.6 billion, as comparable-store sales were up 4.4%.

Framingham, Mass. -- Staples Inc. reported Wednesday that its net income in the second quarter declined 20% to $81.88 million, from $102.53 million in the prior year.  

Its results included $101 million of pre-tax restructuring and other related charges primarily associated with its closure of 80 stores, along with its plan to close approximately 40 stores in North America during the second half. (Staples had previously announced the planned closings.)

Sales were down 2% to $5.22 billion, which topped analysts' estimates.

The app imoji, which allows users to create emoji characters from photos, announced Wednesday that it had secured $2 million in venture funds from Joe Lacob and Goodwater Capital. The app has been available in Apple’s app store for less than a month.

San Antonio -- CST Brands announced the signing of a definitive agreement to acquire the convenience store assets, franchisor rights and associated trademarks of Nice N Easy Grocery Shoppes.

Nice N Easy operates 77 corporate and franchise stores in Central New York. The company operations include thirty-three company operated stores along with forty-four franchise locations.

Clothing and shoe retailer Sam Edelman’s upcoming fall advertising campaign will feature supermodel Kate Upton.

This season is Upton’s third as a model for the company. The campaign will be the first to advertise for Sam Edelman’s line of apparel, and features shots of Upton by Mert Alas and Marcus Piggott, who photographed her in London.
 

Despite a net income drop of 70% in the second quarter ended Aug. 2, American Eagle’s results were still better than analysts’ expectations.

The retailer earned $5.8 million, down from $19.6 million a year earlier. Revenue decreased 2% to $710.6 million from $727.3 million. Analysts expected revenue of $689.5 million in the quarter. Same-store sales decreased 7%.

Minneapolis -- Target Corp. on Wednesday reported a 61.7% drop in Q2 earnings. The chain also lowered slashed its annual profit outlook as it continues to deal with weak results in Canada, sluggish U.S. sales and the lingering effects of its data breach.   

Target earned $234 million in the quarter ended Aug. 2, down from $611 million in the year-ago period.

Revenue rose 1.7% to $17.4 billion, slightly above the $17.38 billion analysts had expected.