News

New York -- CIT Group Inc., the largest commercial lender in the U.S. apparel industry, has stopped supporting deliveries from smaller manufacturers to J.C. Penney stores, the New York Post reported on Wednesday.

The reason for the crackdown could not be immediately confirmed, the report said, but insiders speculated that CIT got nervous after getting a peek at Penney’s financials.

PLEASANTON, Calif. — Safeway and the Safeway Foundation are holding an annual fundraising campaign together with the Muscular Dystrophy Association to support individuals and families affected by muscle disease. 

NEW YORK — Lower sales, weaker margins and higher costs at the Jones Group translated into a $3.4 million loss for the second quarter ended July 6, compared to a profit of $8.1 million in the year-ago period.

Revenue decreased 1.1% to $845.6 million from $855 million for the second quarter of 2012. Analysts estimated revenues of $832.06 million for the quarter. One bright spot for Jones Group was an almost 21% year-over-year increase in wholesale jeanswear sales.

Dodgeville, Wis. – Spending for back-to-school apparel looks strong this year, with more than 95% of parents willing to spend up to $100 just on an outfit for the first day of school. Results of the Lands’ End 2013 Back to School Survey also indicate 92% of parents say a backpack is the single most important back-to-school item for purchase this year.

Target’s second quarter just ended and if the dourest of back-to-school spending forecasts proves correct the company’s expectations for same-store sale growth in the range of 2% to 3% could prove optimistic and its third quarter outlook could come under pressure.

New York -- The Jones Group Inc. swung to a loss in the second quarter as the company was challenged with lower sales, weaker margins and higher costs.

Jones Group reported a loss of $3.4 million for the second quarter, compared to a profit of $8.1 million in the year-ago period.

Revenue decreased 1.1% to $845.6 million from $855 million for the second quarter of 2012. Analysts estimated revenues of $832.06 million for the quarter. One bright spot for Jones Group was an almost 21% year-over-year increase in wholesale jeanswear sales.

NEW YORK — Ahava, a leading skincare brand, has promoted Elana Drell Szyfer, currently CEO of the company in North America, to group CEO of Ahava globally. She replaces Yacov Ellis who has resigned his position to pursue new opportunities, following a 10-year tenure as CEO. 

AUSTIN, Texas — Whole Foods Market sees demand for 1,000 new stores in the U.S. and thinks Canada and the U.K. hold great promise as well, based on its sales increase of 12% to $3.1 billion for the third quarter ended July 7, from $2.7 billion for the same year-ago period.