News

Chicago -- Retailers project a 3.1% increase in sales on Black Friday, according to a survey of top retail chief marketing officers by BDO USA, LLP. This optimism follows last year's modest projection of 1.6% growth, which preceded record sales over Thanksgiving weekend.

York, Pa. -- Bon-Ton Stores narrowed its fiscal third-quarter loss narrowed partly on lower expenses.

For the period ended Oct. 27, Bon-Ton lost $10.1 million, compared with a loss of $22 million a year earlier.

Revenue rose 2% to $668.7 million from $656.1 million. Same-store sales rose 1.9%.

NEW YORK, N.Y. — Sean John Corporate has named Jeff Tweedy as the fashion brand’s new president, effective immediately. Tweedy will report directly to Sean John chairman and founder Sean "Diddy" Combs, and will be responsible for all aspects of the company's operations, including strategic brand development, design and all the Sean John licensing and retail partners.

STAMFORD, Conn. — Nestle Waters North America has named Tim Brown as its new president and CEO. Brown replaces current Nestle Waters North America president and CEO Kim Jeffery, who plans to assume a non-executive chairman position effective Feb. 1, 2013.

Minneapolis -- Target Corp. reported Thursday net income of $637 million for the third quarter, compared with $555 million in the prior-year period and beating Wall Street expectations.
 
The retailer previously reported that sales rose 3.4% to $16.60 billion in the quarter, and same-store sales climbed 2.9%.

Target is forecasting a fourth-quarter earnings range that at the high-end tops estimates.

CONSHOHOCKEN, Pa. — IKEA intends to submit plans to the City of Burbank, California, for a new, larger location to replace its current one in the Los Angeles area.

City of Industry, Calif. -- Hot Topic Inc. reported Wednesday that profit for the third quarter jumped 38% to $4.3 million, from $3.1 million in the year-ago quarter.

Revenue edged up 2% to $179.4 million from $175.8 million, missing Wall Street’s expected $182.9 million in revenue.

Same-store sales rose a slight 0.2%.

Walmart maintained an optimistic outlook for the holiday season despite 1.5% third quarter comp increase that reflected a modest deceleration in sales momentum seen earlier this year.