News

After a weaker-than-expected showing in June, Target needs a solid performance in July to deliver on its second quarter sales and profit expectations.

June same-store sales increased a modest 2.1%, well below a 4.4% increase in May, but the deceleration didn’t cause the company to adjust its second quarter guidance. The company expects second quarter earnings adjusted to exclude expenses related to its entry in Canada to range from $1.04 to $1.14 and earnings that include the Canadian costs to range from 94 centers to $1.04.

Indianapolis — In light of poor performance in its video category, electronics retailer Hhgregg has lowered its fiscal 2013 guidance.

Hhgregg is expecting net sales for its first quarter to be approximately $490 million, an increase of approximately 13.5% as compared with the $431.5 million of net sales reported in the fiscal first quarter last year. The company attributes the sales growth to the net addition of 30 new stores during the quarter.

LOS ANGELES — Katie Bayne, president and general manager of sparkling beverages for Coca-Cole North America, has been elected to the American Film Institute's board of trustees.

NEW YORK — Macy’s has partnered with celebrity chef Marcus Samuelsson for an exclusive cookware collaboration with celebrity chef and Macy’s Culinary Council member, Marcus Samuelsson. The “Marcus Samuelsson American Table for Belgique” collection will launch in September 2012, exclusively at Macy’s and on Macys.com.

With recent reports indicating Best Buy Founder and former Chairman Richard Schulze is not expected to present a buyout option to the board in the immediate future, some of the buzz about the iconic electronics retailer has died down. But the handwringing and public speculation about Best Buy’s future has me thinking about what will—or perhaps, should—come next for the brand.

Seattle -- Tommy Bahama has partnered with FiftyOne Global Ecommerce, a provider of global e-commerce services to U.S. retailers, to immediately expand the Tommy Bahama’s international reach by delivering goods to 100 countries around the globe.

Having past the calendar’s mid-point, we thought it would be interesting to take a look at the most viewed stories of the year to date on Chainstoreage.com. (Based on the results, it’s clear that J.C. Penney is shaping up as THE story of 2012.) Here are the Top 10 stories of the first six months:

Framingham, Mass. -- When comparing social media investment to other emerging technology areas, retailers more than any other industry are making strong investments, according to a new study by International Data Corp.