News

Target Q2 earnings fall but top Street; plants red flag for full year
Target Corp. on Wednesday reported second quarter earnings that exceeded Wall Street expectations, but the discounter lowered its guidance for the full year amid declining sales and what it called a “difficult retail environment.” Net income for the quarter was $680 million, or $1.16 cents per share, versus $753 million, or $1.18 per share in the year-ago quarter. Adjusted per-share earnings were $1.23, easily outdistancing analysts’ projections of $1.12.
Teen retailer back in favor
Urban Outfitter Inc. turned in a better-than-expected performance in the second quarter amid increased sales and fewer promotions and markdowns. “Urban has now regained its position as the brand leader for young people,” said Urban Outfitters CEO Richard A. Haynes during the chain’s quarterly conference call.

Hastings Entertainment center in Tennessee is acquired

The Northfield Crossing Shopping Center in Murfreesboro, Tennessee, that featured a Hastings Entertainment store has been purchased by Baker Storey McDonald Properties on behalf of an unnamed client. Terms of the sale were not disclosed. Meanwhile, RCS Real Estate Advisors announced it would be auctioning off 120-plus store leases for the bankrupted music, movie, and video game retailer. The chain’s inventory was purchased by Hilco Merchant Resourses and Gordon Bros. Retail Partners in a Chapter 11 filing.
Why is Target spending $20 million on restrooms?

Target Corp. is taking action to put an end to the controversy that erupted in the wake of its transgender bathroom decision. The retailer will spend $20 million to ensure that each of its stores have a single-occupancy, unisex bathroom by next year, MarketWatch reported.
How one retailer uses Snapchat

Rent the Runway has launched a Snapchat service to help its customers find the right fit. The company, which rents out brand-name dresses, outfits and accessories, is prompting its followers on Snapchat to send a video, image or text that address concerns around how a certain dress might fit on their body type, Glossy.com reported. But that’s just the beginning.
Barnes & Noble fires CEO

That didn’t take very long. Barnes & Noble on Tuesday announced the abrupt departure of CEO Ronald D. Boire, who has held the position for just under a year. In a short and bluntly-worded statement, the book-seller announced that its board had determined that Boire “was not a good fit for the organization and that it was in the best interests of all parties for him to leave the company.”
Off-pricer turns in another strong performance; continues to grow footprint

There was no stopping TJX Cos. in its second quarter. But it sounded a cautious note about its third quarter. For the quarter ended July 30, TJX posted a profit of $562.2 million, better than analysts’ forecasts, up from $549.3 million in the year-ago period. Revenue increased 7% to a better-than-expected $7.88 billion. Same-store sales rose 4%, above expectations for an increase of 2% to 3%.
PREIT sells Washington Crown Center to Kohan

PREIT announced it had completed the sale of the Washington Crown Center in Washington, Pennsylvania, to the Kohan Retail Investment Group for $20 million. The 674,000-sq.-ft. mall — 25 miles south of Pittsburgh on I-70 — is anchored by Bon-Ton, Macy's, Gander Mountain, and Sears.
Ralphs rolls out online grocery shopping in California

Ralphs is inviting customers to take advantage of the convenience of online grocery shopping at its Carlsbad, Calif., store, and the retailer plans to expand the service company-wide by the end of the year.
Walmart goes on the offense against shoplifting

Walmart has launched an unusual program to combat crime in its stores. In an experiment, the chain is dealing with shoplifters on its own terms through an initiative called “Restorative Justice,” Time.com reported.