News

On Thursday, Aug. 25, Sears Holdings Corp., on the heels of another dismal quarter, announced it had accepted a capital infusion in the way of a $300 million loan by CEO Eddie Lampert’s hedge fund.

GameStop Corp.’s revenue fell short of expectations in the second quarter as a lack of new game titles cut into its core business.   Sales fell 7.4% to $1.63 billion in the quarter ended July 30. Same-store sales fell 10.6 %.    Net income rose 10% to $27.9 million, in line with Wall Street projections.  

Michaels Cos. said increased spending cut into its bottom line in the second quarter. The chain lowered its same-stores outlook for the rest of the year, citing a “choppy” retail environment.    For the quarter ended July 30, the company posted a profit of $35.6 million, compared with $35.7 million in the year-ago period, amid spending to integrate recently-acquired arts and craft wholesaler Lamrite West and the timing of distribution expenses.  

Ulta Beauty on Thursday posted another spectacular quarter amid surging sales. It was the ninth consecutive quarter that the beauty retailer topped expectations.    Ulta reported net income for the quarter, ended July 30, rose 21.3% to $90.0 million compared to $74.2 million in the year ago period.    Net sales increased 21.9% to $1.07 billion from $877.0 million in the year-ago quarter.   

Beauty and skin-care figure prominently in Kohl’s multi-year turnaround plan.   The retailer recently finished adding beauty departments to all its stores, the Dallas Morning News reported, and even managed to do it couple years ahead of schedule.  

Various forms of online sales tax legislation have been introduced in Congress over the past 15 years but none have won passage. And now there is a new proposal.     

Staples wants to make back-to-school shopping virtually effortless.    The retailer announced a new beta test available on its mobile iOS app. Customers can now send a photo of their child’s back-to-school list via the Staples Easy System on the app and a Staples associate will populate the customer’s shopping cart with everything they need.      

Signet Jewelers Ltd. reported its first drop in same-store sales in six years in its second quarter as the company continues to deal with rumors that it swapped expensive diamonds for cheaper stones.   Signet, whose banners include Zale, Kay Jewelers and Jared, posted a 2.3% drop in same-store sales in the quarter ended July 30. Wall Street analysts had expected a slight increase.   Net sales fell 2.6% to $1.37 billion.  

Neiman Marcus is making it easier for customers to select their sunglasses.      The luxury department store retailer is launching a new technology, called the Sunglass Memory Mirror, in partnership with MemoMi and Luxottica Wholesale NA. The mirror, which is really a digital screen, allows sunglass shoppers to better engage with the product and create shareable shopping experiences.     

The cranes have arrived at the 92-acre lot along Clovis Avenue in Fresno, California, to erect the parking garage at what will be Fancher Creek Town Center, and the locals couldn’t be happier.   “I think it’s super. We need something. You have to catch the freeway and go up north to get to anything,” resident Diana Williams told KFSN news in Fresno this week.