News

Best Buy beats Street with Q1 profits, sales
Minneapolis – Domestic demand for large-screen TVs and mobile phones helped Best Buy Co Inc. beat Wall Street projections for profits and sales in the first quarter of fiscal 2016. Net earnings fell 72% to $129 million from $461 million a year earlier, largely due to corporate restructuring charges.
Ikea to support Canada growth with distribution center
Mississauga, Canada – Ikea plans to open a 397,000-sq.-ft. distribution center in Mississauga Ontario in October. The new facility will fulfil customer orders from the four existing Toronto-area stores and e-commerce purchases, as well as support growth plans for Ikea Canada to meet customers in new and existing markets.

The location will bring Ikea closer to the customer, which the retailer hopes will allow for an improved logistical setup enabling an increased range offer and shorter lead-times while contributing to sustainability goals.

Lumber Liquidators' troubles continue

The CEO of Lumber Liquidators has resigned just a few months after the company became embroiled in an investigation over wood products imported from China.

The company said Robert Lynch resigned “unexpectedly” and that it intends to commence a national search for Lynch's replacement. In the interim, Thomas D. Sullivan, the company's founder, will serve as the acting chief executive officer of the company.
L Brands beats Street again with strong profit in Q1

Columbus, Ohio -- L Brands Inc. continued its winning ways in its first quarter, reporting better-than-expected earnings. The parent company of Victoria’s Secret and Bath & Body Works also lifted its earnings forecast for the full year, but issued a weak forecast for the current quarter.

L Brands’ net income increased 59% to $250.47 million from $156.98 million in the year-ago period.

Net sales grew 5% to $2.51 billion from $2.39 billion last year.

Same-store sales rose 5%.
Bon-Ton propelled by online sales

Bon-Ton Stores Inc. cited growth in the e-commerce channel as among the reasons for the company's slight increase in same store sales in the first quarter.
Ashley Furniture to open e-commerce headquarters in Tampa

Tampa, Fla. -- Ashley Furniture Industries announced that it is establishing, through its wholly owned subsidiary, Ashcomm LLC, its U.S. e-commerce headquarters in Ybor City.

The headquarters office will occupy 70,000 sq. ft. of space in Centro Ybor in the heart of Tampa’s historic business and entertainment district. It will eventually house more than 100 employees in executive, administrative, marketing, design, and information technology positions for both the e-commerce business as well as other Ashley corporate operations.
Nebraska Furniture Mart, The Colony, Texas
Bath products and bras lift L Brands again

L Brands is showing that it continues to be a bright spot in a volatile specialty retail environment with its latest quarterly results.

The company raised its full-year adjusted earnings guidance to $3.50 to $3.70 a share, from its previous forecast for $3.45 to $3.65. The retailer reported profit of $250.5 million, or 84 cents a share, in the three months ended May 2, up from $157 million, or 53 cents a share, in the prior year period. Sales rose 5% to $2.5 billion.
Stein Mart net income dips; 10 stores planned

Jacksonville, Fla. – Earnings dipped at Stein Mart Inc. during the first quarter of fiscal 2015, even as net sales improved. Net income fell 3% to $13.6 million from $14.1 million a year earlier, with higher loan interest expense a major contributor.

Net sales increased 7% to $353.5 million, from $328.9 million. Same-store sales rose 4.8%. Higher store traffic and e-commerce sales boosted same-store sales results.
Macy's to toast the 4th with a bigger bang

One of Macy’s most glittering promotional events will be back this Fourth of July, and it will be bigger and bolder than ever.

Macy’s and New York City Mayor Bill de Blasio announced this week that Macy’s will once again sponsor the nation’s largest Independence Day pyrotechnic display. This year Macy's is expanding the event to two locations. The show will begin at approximately 9:20 p.m. and dazzle the shorelines of Manhattan, Queens and Brooklyn.