News

NRF: Consumers are tightly holding on to their tax refunds
Retailers shouldn’t expect consumer tax refunds to equate into a sales boom anytime soon. A record low number of Americans will spend their tax returns this year, while the second-highest number on record will put the money into savings, according to the annual tax return survey released by the National Retail Federation and Prosper Insights & Analytics. The study, which is based on responses from 7,609 consumers, was conducted Feb. 1 - Feb. 8.
Report: Jet.com shoppers get a taste of Walmart’s private label lines
Walmart’s house brands are getting a new audience — millennials. Jet.com, which caters to the cost-conscious Gen Y segment, has started offering private label brands — Great Value, Equate and Sam’s Choice — from its parent company, Walmart, according to Bloomberg.

HSN’s sluggish fourth quarter still beats analyst estimates

A disruptive retail climate and underperforming categories took their toll on HSN during the fourth quarter. HSN’s net income was $43.5 million for the quarter, or 82 cents per share, ended December 31, 2016, compared to $59.7 million for the same period last year. This exceeded analysts’ estimates of 74 cents per share.
Bankrupt women’s apparel chain gets a buyer

The Limited is in line to get a new lease on life. Sycamore Partners has won the auction for the e-commerce business and intellectual property of the bankrupt women's apparel retailer with a bid of $26.8 million, according to Reuters.
Apple's spaceship-styled, energy-conserving home office to lift off in April

Apple is preparing to unveil its latest development: Apple Park. The name of Apple’s new spaceship-looking home office, Apple Park is a 175-acre campus located in California’s Santa Clara Valley. The new building, slated to open in April, will welcome more than 12,000 people over a six-month period. Construction of the campus and parklands is scheduled to continue through the summer, Apple said.
NRF and retailers to U.S. Supreme Court: Let swipe card fees ruling stand

Payment card fees is a sore subject for the retail industry — especially with the possibility that a settlement is being revisited by parties seeking an appeal. The National Retail Federation and the Retail Industry Leaders Associa-tion requested that the U.S. Supreme Court let stand an appeals court rul-ing that struck down a controversial 2012 settlement of a class action lawsuit over Visa and MasterCard’s swipe card fees.
Chico’s turns a profit in Q4

Better inventory management and reduced promotions are helping to keep Chico’s FAS on the right financial path. For the 13 weeks ended January 28, 2017, Chico’s reported net income of $13.5 million compared to a net loss of $21.1 million for the same period last year.
Havertys beats Q4 estimates

Better control over pricing and inventory helped boost Havertys fourth quarter earnings, beating analyst expectations. Net sales for the quarter ended December 31, 2016, increased 2.2% to $220.6 million, compared to analyst expectations of $220.61 million. Same-store sales rose 2.5%, and the average written ticket was up 2.6%, while custom upholstery written business rose 1.9%.
RCG acquires Flint center for $14.2 million

RCG Ventures has purchased Oak Brook Square in Flint, Michigan, for $14.2 million. Anchored by TJ Maxx and Hobby Lobby, the 152,073-sq.-ft. center is located across the street from the Genesee Valley Mall in Flint’s largest trade zone.
Report: Lowe’s terminates more than 500 employees

Lowe’s is the latest retailer making job cuts. The home improvement retailer has laid off more than 500 full-time corporate employees company-wide — its latest effort to streamline the company and boost profitability, the Charlotte Observer reported.
Discounter preps for new warehouse in New York

Staying true to its recently announced growth plan, Dollar General is preparing to break ground on a new distribution center.
Connected devices: The new point-of-sale?

Visa and IBM have a vision — that any device connected to the Internet of Things can securely process payments. And this means “any device.”