News

Irvine, Calif. – A lower tax rate and slowed growth in cost of sales and selling, general and administrative (SG&A) expenses helped Tilly’s Inc. more than double net income to $1.3 million in the first quarter of fiscal 2015, compared to $600,000 the same quarter a year earlier.

Total net sales were $120.2 million, an increase of 8% compared to $111.1 million. Same-store sales rose 2%.

Memphis, Tenn. – Fred’s Inc. beat Wall Street expectations for profit despite swinging to a net loss of $29,000 in the first quarter of fiscal 2015 from net income of $6.1 million in the same period the prior year. The retailer missed on net income of $509 million, up 2% from $498.3 million.

Higher salary and benefit costs helped move Fred’s into the red. Same-store sales climbed 0.8%.

Jerry A. Shore, CEO, said pharmacy is a critical component of Fred’s strategy for profitability moving forward.

Hamilton, Bermuda – Signet Jewelers Ltd. topped Wall Street earnings estimates for the first quarter of fiscal 2016. Signet earnings rose 10% to $118.8 million, from $96.6 million the same quarter the previous fiscal year.

Total sales were $1.53 billion, up 45% compared to $1.06 billion. The increase was primarily driven by the addition of the Zale division. Same-store sales increased 3.6%. E-commerce sales were $76.9 million, up 98.7%, with Zale e-commerce sales a major driver.

Armonk, N.Y. – IBM has released new industry-specific solutions with pre-built predictive analytics capabilities for industries including retail, to uncover and act on critical business insights. IBM is working with retail signature design partners including Urban Outfitters.

CHATTANOOGA, Tenn. -- CBL & Associates Properties announced the opening of the redevelopment at CoolSprings Galleria in Nashville (Franklin), Tenn. Designed to significantly enhance the offerings at the shopping center, the redevelopment of the former Sears location includes adding a mix of new fashion stores and fine dining options as well as a new mall entrance to improve mall circulation.

Columbus, Ohio -- Express turned in a strong first quarter performance, with its profits and revenue surpassing Wall Street estimates. The retailer boosted its full-year earnings forecast and also issued second-quarter earnings guidance above analyst projections.

“2015 is off to a strong start,” said David Kornberg, president and CEO. “Our customers responded with enthusiasm to our assortment while we intensified our inventory discipline and scaled back our promotional activity.”

Brian Cornell, CEO and chairman of Target Corp., has focused on digital innovation since he took the top spot at the chain last August. He recently participated in a Q&A at the high-profile tech event, the Code Conference, in Ranchos Palos, California.  

Here are some highlights from his conversation, as posted on Target’s very own Bullseye View blog.

New Albany, Ohio – Abercrombie & Fitch Co. posted a wider-than-expected loss and drop in revenue for its first quarter. But the teen apparel retailer, which is in the middle of a brand update to improve its controversial image, sounded a positive note, noting that its comparable sales continued to improve in May and that it expects sales to continue to improve in the second half.

The Walmart Foundation is investing in job training efforts in Florida by giving more than $1 million in grants to 21 nonprofits across the state.

"Through these grants, more than 20 deserving nonprofit organizations will be able to continue funding vital local programs across the state,” said Senate President Andy Gardiner. “Thanks to Walmart and the Walmart Foundation for recognizing the impact these programs have on so many lives. We appreciate their continued investment in communities throughout Florida."

Dollar General elevated COO Todd Vasos to the role of CEO, filling a position held by Rick Dreiling who is sticking to his original retirement timetable after losing out to Dollar Tree in the bidding for Family Dollar.