News

NEW YORK— J.Crew Group reported that first-quarter revenues decreased 1% to $409.5  million and comparable company sales (which include same-store sales, direct sales and shipping and handling revenues) were down 3% compared with an increase of 16% for the same period last year.

Store sales decreased 3% to $281.2 million, with comparable-store sales decreasing 6%.  Comparable-store sales increased by 15% in the first quarter of fiscal 2010. 

They both serve on the Walmart board of directors and were re-elected by shareholders at the company’s annual meeting last week, but for some reason they also drew the largest number of negative votes, according to results of the election Walmart filed with the Securities and Exchange Commission late Thursday.

The Heluva Good! Sour Cream Dips 400 takes place next weekend at the Michigan International Speedway, and Walmart stores near the track are rolling out the checkered carpet to capitalize on race fever. A variety of special events will be held at stores near the track beginning on Wednesday, June 15.

Like many of you, I just got back from RECon, and I’m still processing what I saw and heard. One thing that was interesting to me was the fact that it seemed like burger concepts were on everybody’s site plans, from In-N-Out Burger to Smashburger and Five Guys. If you like a good burger -- and, who doesn’t -- this is great news. If you are a developer or landlord though, I think you should proceed with some caution.

Houston -- Men's Wearhouse reported Wednesday that its net income more than doubled in the first quarter, rising to $27.2 million from $13.6 million in the year-ago period. The company cited its expansion into the corporate uniform market for its improved performance.

Results topped both Wall Street and internal company forecasts.

Revenue rose nearly 23% to $580 million from $473 million. The retailer sold nearly $60 million in corporate apparel and other uniforms, up from $3.7 million in the same period a year ago.

MCKINNEY, Texas — Blockbuster announced that it is rewarding good students with its "Good Grades, Free Rental" program. Children in kindergarten through 12th grade who earn a B average or better on their report cards can head to participating Blockbuster stores nationwide to receive a free, one-day, non-new release movie rental.

Express is launching a store design concept created by the hot Japanese design firm Wonderwall. The new format, debuting at King of Prussia Mall, King of Prussia, Pa., has a modern, sophisticated look and combines elements of refined chic with more unconventional materials. It also introduces social media into Express’ store environment. The same concept is sets to launch at Kenwood Towne Center in Cincinnati.

MINNEAPOLIS — Target ended last year with sales of $67.4 billion and earnings per share of $4, but if company chairman, president and CEO Gregg Steinhafel has his way, within six or seven years earnings per share will double to $8 and sales will top $100 billion.