News

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.

Abercrombie & Fitch Co.'s revitalization efforts appear to be paying off, as the teen retailer says same store sales are rapidly improving.

Issaquah, Wash. – Costco Wholesale Corp. reported rising profit in the third quarter of fiscal 2015. But a surging dollar and low gas prices resulted in sluggish sales growth and an unusual same-store sales decline, the company’s first quarterly drop since 2009.

Net income increased 9% to $516 million from $473 million, aided by relatively flat operating expenses.

Total revenue for the quarter, ended May 10, increased 1% to $26.1 million, below Wall Street expectations, from $25.8 million last year.

“A name badge stating a sales associates’ name, title and area of expertise is a personalized introduction to the customer, one that the survey clearly establishes as a pathway to developing better customer relations with the retailer, as well as generating more sales and frequent visits,” says Marla Kott, CEO of Imprint Plus.

St. Louis -- Brown Shoe Co., which will soon change its name to Caleres, reported a strong first quarter, with net earnings rising 24.8% to $19.3 million amid better-than-expected same-store sales and strong margins.

Net revenue rose 1.9% to $602.3 million from $591 million in the year ago period. Same-store sales rose 3.1%.

Gross margin of 41.3% was up approximately 30 basis points year-over-year, while operating margin of 5.0% was up approximately 10 basis points.

Bentonville, Ark. -- Walmart and the attorney for comedian/actor Tracy Morgan have reached a settlement agreement, ending a civil lawsuit related to a crash on the New Jersey Turnpike last June. The terms and conditions of the settlement with Morgan and the other plaintiffs remain confidential.

Boston – The stereotype of the beleaguered customer service representative who can’t keep up may have some truth to it. A recent study from Glance Networks, a provider of visual engagement, found that 73% of customer service professionals have difficulty meeting their performance metric goals.

With hurricane season fast approaching, the Home Depot wants to encourage residents to shop its stores for storm-related gear by hosting nearly 700 storm workshops on May 30 from Texas to Maine.