News

Foot Locker stumbles in Q2 with big earnings miss
Foot Locker reported grim results for its second quarter, and suggested that it may be mulling store closures.
Target unveils three new brands
Target Corp. is giving shoppers an early look at three new private brands that will debut in its stores starting in late August. The retailer has posted details about the brands, along with photos from their look books, on its website. The three new collections are part of 12 private-label brands Target plans to launch during the next 18 months. Here is a look at the three brands:
A New Day

Alibaba’s surging e-commerce sales boost June quarterly earnings

Alibaba Group’s e-commerce business’ profit increase contributed to a blockbuster quarter for China’s top online player. For the period ended June 30, China’s largest online retailer reported total revenue of 50.1 billion RMB ($7.1 billion U.S.), an increase of 56% year-over-year. This beat analysts' estimates of 47.7 billion RMB, according to Thomson Reuters. Net income was 14 billion RMB $2 billion U.S.).
Fast-casual chain steps up its mobile experience

Chipotle Mexican Grill is making a move to retain existing customers and attract new ones. The fast-casual chain is partnering with Deloitte Digital to transform its mobile customer experience. The creative digital consultancy within Deloitte Consulting LLP, will redesign Chipotle's iOS and Android ordering apps, a move that will improve digital ordering and enhance the customer experience. The new apps will launch in the fall, with additional channels following by the end of the year.
Analyst: Walmart shows that traditional retail can thrive if they adapt, evolve

The second quarter numbers show that Walmart remains firmly on the front foot and is more than holding its own in a challenging and competitive retail market. It is particularly pleasing to see sales growth accelerate since Q1 -- a clear sign that the various initiatives and investments are paying dividends.
Two high-profile Walmart acquisitions will find a home on jet.com

A discount giant is using its newest acquisitions to connect with its millennial shoppers. During an earnings call, Walmart revealed that it’s trendy, upscale Bonobos or ModCloth brands will soon be sold via jet.com. This move highlights how Walmart plans to leverage its Jet division to target the millennial shopper, according to Business Insider.
L Brands tops Q2 estimates but lowers guidance as Victoria’s Secret continues to struggle

L Brands is still being dragged down by its decision to eliminate swimwear and apparel from Victoria's Secret. The company reported a better-than-expected profit of $138.9 million, or earnings per share of 48 cents per share for the quarter, compared with analysts' expectations of 44 cents per share. Revenue totaled $2.76 billion, better than the $2.75 billion analysts had forecast.
Value-apparel retailer posts Q2 loss; pulls back on expansion

The Cato Corp. swung to a loss in the second quarter amid continuing negative sales trends. The apparel retailer reported a net loss of $0.9 million, or a loss of $0.03 per diluted share, for the quarter ended July 29, compared to net income of $15.9 million, or $.57 per diluted share, for the year ago period. Sales for the second quarter fell 13% to $205.0 million, down from $236.7 million last year. Same-store sales plunged 14%.
eBay helps social media powerhouse boost marketplace sales

Facebook is getting in on the “daily deals” game. The social media giant is teaming up with eBay to bolster third-party sales. Through the collaboration, Facebook’s Marketplace service — a section on its mobile app — now features a selection of inventory from eBay’s Daily Deals program, according to TechCrunch.
Gap strong in Q2, raises outlook

Gap Inc. beat the Street in its second quarter with both bottom and top line gains, boosted by its Old Navy division and fewer discounts. The apparel retailer earned $271 million net income, or 68 cents per share, in the quarter that ended July 29. That's up from $125 million, or 31 cents per share, a year ago.