News

Off-pricer’s Q1 earnings beat Street
Expansion-minded Ross Stores turned in a solid performance in its first quarter amid what its CEO called “uncertainty and volatility” in the retail environment. The off-price retailer, which is opening some 80 to 90 stores annually, reported earnings per share for the quarter ended April 29, 2017 of $.82, up from $.73 in the year-ago period. Net earnings grew to $321 million, compared to $291 million in the prior year.
Original Penguin, Aspen, Colorado
Original Penguin has opened a pop-up in Aspen. The 800-sq.-ft. shop reflects the brand’s upcoming new store concept, which is based on a well-balanced, playful aesthetic that the company’s describes as “mid-century quirk.” At the same time, the store design is quintessentially Original Penguin with nods to the retailer’s 60 years of heritage. Walnut wood textures against crisp, white backdrops create warmer tones throughout the store.

Study: Automation puts millions of U.S. retail jobs at risk

Automation may be mission-critical to operational longevity in the retail industry, but it could be creating a significant pool of “stranded workers.” Six million to 7.5 million retail jobs likely will be automated out of existence in the coming years, leaving a large portion of the retail workforce at risk of becoming “stranded workers.” Retail cashiers are at highest risk for automation technologies, and women hold 73% of these positions.
Teen retailer on hunt for new finance head

The Buckle is losing its finance chief. The apparel retailer on Thursday said that Karen B. Rhoads, senior VP of finance and CFO, will retire later this summer. She will continue to serve as a member of the board. Rhodes joined the Buckle in 1980, and has served as CFO since 1991. The retailer has hired an executive search firm to assist with the search for Rhoads’ replacement. Rhoads will remain in her role to support the search and to assist with the transition.
Analysis: Walmart is winning market share across many categories

Although Walmart is an old-school retailer, it is not afraid to learn new tricks and to shift its thinking. This youthful and innovative approach has helped it deliver another solid set of results in a highly competitive market.
Google ups the ante on mobile payments

Google is once again expanding its digital payment options. The company knows it can be difficult for shoppers to make online payments within third-party apps and mobile websites, as well as in Google Assistant, when they are on the run. A new service is easing this pain and giving users more options.
CBRE survey: Retail global expansion cools off; U.S. remains the most active

When it comes to expanding globally, the United States is the leader of the pack. That’s according to CBRE Group Inc.’s 10th annual study of international retail expansion, which surveyed 166 cities across 51 countries regarding how many international retailers had debuted in their markets in 2016. The survey found that retailers’ expansion into new markets increased by 2% in 2016, down from 3.1% in CBRE’s 2015 study.
NRF: Consumption tax system would cause retail spending, jobs to fall

The National Retail Federation continues to lead the charge against the consumption tax and the proposed border adjustment tax. The NRF on Thursday today urged Congress to focus on updating the existing federal income tax system rather than moving toward a consumption tax. Under either approach, Congress should reject a proposed $1 trillion border adjustment tax that would drive up prices for consumers and cost the economy jobs, NRF said.
Nike gets its footing — in the cloud

With its epic product launches, Nike’s digital channels can get unprecedented levels of interest and demand. And crashes are unacceptable. The athletic goods giant is on pace to hit $50 billion in revenue by 2020, a goal that Nike expects to hit with the support of its digital strategy, according to Mike Wittig, VP infrastructure, Nike.
Ralph Lauren taps veteran P&G exec as its new CEO

Ralph Lauren Corp. has named a 25-year Proctor & Gamble executive to head up its ongoing turnaround effort. The company appointed Patrice Louvet as president and CEO, effective July 17, 2017. At the time, he will also be appointed to the board. Louvet will dual report to founder Ralph Lauren in his capacity as executive chairman and to the company’s board.