News

It is a good thing Target has been experimenting with smaller stores in the United States. The experience, limited as it is, will come in handy when the company begins opening stores in former Zellers locations in early 2013.

Plano, Texas -- J.C. Penney Co. reported Monday a loss of $143 million for the quarter ended Oct. 29, compared with a profit of $44 million in the year-ago period. Sagging comps and shrinking margins led to the performance decline.

For the quarter, sales dropped 4.8% to $3.99 billion, reflecting the company’s exit from its catalog and catalog outlet businesses, which it sold off during the quarter. 

As previously reported, same-store sales dipped 1.6%.

PLANO, Texas — JCPenney, which reported sales and income decreases for the third quarter, has brought on two new executives to join fellow Apple alumnus, CEO, Ron Johnson. 

Philadelphia -- Urban Outfitters Inc.’s third-quarter profit fell 31% amid a decline in same-store sales and as merchandise markdowns continued to weigh on margins.

For the quarter ended Oct. 31, Urban Outfitters posted earnings of $50.7 million, down from $73.1 million in the year-ago period.

Gross margin narrowed to 35.4% from 41.1%, partly due to increased merchandise markdowns at Anthropologie and Urban Outfitters. Total inventories grew by $78 million.

PLEASANTON, Calif. — Safeway dedicated Veterans Day weekend to pay tribute to past and present service members and raise money for an organization that provides programs and outreach to those who were severely injured while serving their country.

Beginning Veterans Day, Nov.  11 through Nov. 13, all U.S. Safeway stores helped raise funds for the Wounded Warrior Project.

High on the list of things that can go wrong with Target’s entry into Canada is Quebec. The large province accounts for about 23% of the nation’s nearly 35 million residents, and because French is the official language, it means Target decision to acquire Zeller’s leases means it is essentially entering two international markets simultaneously.

Unemployment is a double-edged sword when it comes to the retail industry. The high single-digit rate in the United States means retailers can be more selective in their choice of hourly workers but the downside of fewer people working is less money sloshing around the economy for shoppers to spend. The situation in Canada is the opposite of the United States, and there are some major implications for Target.

WAYNE, N.J. — Toys"R"Us has become the latest retailer to join the trend of starting "Black Friday" on Thanksgiving night. The company announced that, for the first time, it will open its doors at 9 p.m. on Nov. 24. On Nov. 24, customers will also find the company's Thanksgiving-weekend circular, whichis filled with more than $12,500 in savings, including doorbusters, Thursday through Saturday discounts and free gift-with-purchase offers, Toys"R'Us said.